Inland Empire Is No.1 in Growth. The Inland Empire, fed by migrants from coastal California, is the fastest-growing urban area in the United States, according to a survey released Thursday by the U.S. Census Bureau. "It's a move to the interior of California," said William Frey, a demographer with the Brookings Institution. "It's a flight from the coast." He said the move inland was not just by the white middle class. "It's a rainbow movement," he said. "This is equal opportunity, middle-class flight." Frey said factors for luring people to the Inland Empire included more affordable housing, better school systems and a rapidly expanding economy. Click here to read more.
Buyers irked by late notice on closing fees. It's the No. 1 complaint that realty agents make about the home mortgage lending process. And it bugs their clients as well: the failure of settlement or escrow officials to provide copies of the final settlement sheet in advance of closing. In a new nationwide survey of real estate agents, 50% cited the absence of HUD-1 closing documents for review a day ahead of the settlement as their biggest gripe. Agents told pollsters that although required by government regulations, settlement sheets rarely arrive in advance — thereby denying home buyers an opportunity to see an itemized list of all their charges and fees. Click here to read more.
They had a plan, then reality intruded. Four friends thought they could 'flip' a house, but cost overruns, bad timing got in the way. Among other things, they learned:
• Not everyone enjoys remodeling by committee.
• The real estate market is fickle and can shift in just a few months.
• High-end upgrades don't necessarily reap big profits.
• Timing is everything, and it's harder to sell during the holidays.
• The surest way to make a profit in speculative remodeling is by getting spectacular bargains on fixer-uppers. Click here to read more.
Bargains forecast. After a dry spell, foreclosures are on the rise. But landing a deal requires know-how. The foreclosure process — initiated by a lender when a homeowner falls anywhere from 30 to 90 days behind on payments — offers several stages at which buyers can make such a bargain purchase: directly from a homeowner whose loan is in default because of missed payments; at a public auction after an owner has defaulted; or through a real estate agent, for property that has reverted to the lender because no minimum bid was made at the auction. Foreclosures have been at historically low levels during the last few years. Steep appreciation gave homeowners plenty of equity to tap if they got into financial trouble and buyer demand made it easy to sell homes quickly and at a profit. "Over half the loans on the books today are less than 3 years old," said Douglas Duncan, chief economist of the Mortgage Bankers Assn. "Loans tend to peak in terms of going into delinquency in years three to five." Adjustable-rate loans have become more popular in the last couple of years, he added. These loans tend to have a higher rate of delinquencies than fixed-rate mortgages. Plus, in the last five years more high-risk buyers have qualified for mortgages. "Borrowers who have not always paid car loans or credit card bills on time," Duncan said, "and are at greater risk of missing mortgage payments." "A lot of people make the mistake of thinking the right place to start is at the auction sale," said Sharga of RealtyTrac.com. But "that's the highest risk point of the foreclosure buying process," he said, because the buyer is limited to a drive-by inspection of the house and doesn't know the condition inside. "Unless you've done your homework, you could be liable for other liens," such as a second mortgage, he added. "You probably want to work with a professional to get through the first purchase." That's why home buyers frequently turn to agents. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Sunday, April 23, 2006
Wednesday, April 19, 2006
Real Estate News for Wednesday, April 19th, 2006
Home Sales Continue to Decline: Transactions in the Southland drop for the fourth straight month in March. The median price rises year over year. The median price paid for a home in Los Angeles, Orange, Riverside, San Diego, Ventura and San Diego counties rose 14%, to a record $501,000, from a year earlier and was up 4.4% from February. The number of homes changing hands in the region fell 9.7% on a year-over-year basis to 29,905. It was the fourth consecutive month that sales volume fell, further evidence that the region's once-robust housing market has shifted into lower gear. Sales activity and price increases reached a peak about two years ago. Both have been ticking down on a year-over-year basis since. Experts call that a return to more typical market conditions. About 50% more homes are on the market than a year ago, and they are typically taking longer to sell — from an average of 27 days a year ago to about 48 today. But "homes priced right" are being snapped up, even as mortgage rates have ticked higher, he said. Not surprisingly, the biggest annual percentage increase in March occurred in San Bernardino County, where the median-priced home rose 23.2% to $367,000, the lowest in the region. Riverside was the only county to record an increase in sales, which rose 6% as the median gained 9% to a record $413,000. Click here to read more.
Housing Starts Decline 7.8% as Interest Rates, Inventories Rise. U.S. builders started work on the fewest houses in a year in March as rising mortgage rates and record inventories of unsold homes discouraged new projects. Housing starts declined 7.8%, more than economists had expected, to an annual rate of 1.96 million, the Commerce Department said Tuesday. The figures suggested that the Federal Reserve's strategy of raising interest rates in quarter-point intervals is guiding the economy to a slower pace of growth and keeping inflation under control. Click here to read more.
Booming economy driving up rents in Inland Empire. Apartment rents are increasing more rapidly in many of the West's major markets, and the Inland region is near the top of the curve, according to statistics being released today. The average apartment rent in March rose by at least 4 percent in nine of the 20 Western markets surveyed by RealFacts, a Novato-based real-estate research firm. Rents increased 7.3 percent in the two-county Inland region between the first quarter of 2005 and first quarter of 2006, up from a growth rate of 6.2 percent the previous year. Chris Bates, who directed the research project for RealFacts, said rent increases in the Inland Empire last year were the largest of any area within the 15 states in the West and Southwest that RealFacts surveys. He attributed that in part to the Inland region's healthy economy and rising interest rates that prevent more people from buying homes. Also he noted that the Inland Empire's apartment stock is relatively new and its new apartment communities tend to be aimed at a luxury market. Bates said nonetheless the Inland Empire's average rent of $1,097 is not extraordinarily high, ranking only 10th among the 22 metropolitan markets in California that RealFacts monitors. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Housing Starts Decline 7.8% as Interest Rates, Inventories Rise. U.S. builders started work on the fewest houses in a year in March as rising mortgage rates and record inventories of unsold homes discouraged new projects. Housing starts declined 7.8%, more than economists had expected, to an annual rate of 1.96 million, the Commerce Department said Tuesday. The figures suggested that the Federal Reserve's strategy of raising interest rates in quarter-point intervals is guiding the economy to a slower pace of growth and keeping inflation under control. Click here to read more.
Booming economy driving up rents in Inland Empire. Apartment rents are increasing more rapidly in many of the West's major markets, and the Inland region is near the top of the curve, according to statistics being released today. The average apartment rent in March rose by at least 4 percent in nine of the 20 Western markets surveyed by RealFacts, a Novato-based real-estate research firm. Rents increased 7.3 percent in the two-county Inland region between the first quarter of 2005 and first quarter of 2006, up from a growth rate of 6.2 percent the previous year. Chris Bates, who directed the research project for RealFacts, said rent increases in the Inland Empire last year were the largest of any area within the 15 states in the West and Southwest that RealFacts surveys. He attributed that in part to the Inland region's healthy economy and rising interest rates that prevent more people from buying homes. Also he noted that the Inland Empire's apartment stock is relatively new and its new apartment communities tend to be aimed at a luxury market. Bates said nonetheless the Inland Empire's average rent of $1,097 is not extraordinarily high, ranking only 10th among the 22 metropolitan markets in California that RealFacts monitors. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Tuesday, April 18, 2006
Real Estate News for Tuesday, April 18th, 2006
Southland Builders Optimistic on Market: Outlook for home sales in the West contrasts with that in the U.S. overall, a survey shows. The latest housing forecast: Sunny in California and the West, and gloomy just about everywhere else. A survey this month by the National Assn. of Home Builders and Wells Fargo & Co. found that optimism among builders of single-family homes across the country fell to its lowest level since November 2001, because rising mortgage rates and rapid price increases have finally slowed demand. Today builders are having a harder time keeping up with demand in part because government regulations act as curbs on overbuilding. "We are not providing the amount of housing that the demographics and the growing population are demanding — that's why" regional builders remain positive about the housing market, Moss said. Click here to read more.
SoCal Home Prices Edge Over $500,000. Southern California's median home price edged over the $500,000 level for March despite deteriorating sales, according to a real estate report released today. It was the first time the regional figure had crossed $500,000, though some counties had reached that level before. The median sales price for all residential properties in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties jumped 14.1% from the same month last year to $501,000, according to the research firm DataQuick Information Systems. Sales, however, dropped more than 9.7% on a year-over-year basis to 29,509 new and existing homes. San Bernardino County led the region with a 23.2% spike in the median sales price to $367,000. San Diego County, which has experienced a pronounced slow down in sales activity, came in last with an increase of 5.7% to $504,000. Orange County, the Southland's most expensive market, posted a 10.3% increase in the median sales price to $623,000. The median price rose 14% in Ventura County to $610,000. The Los Angeles County median sales price, which was reported last week, climbed 15% to $506,000. "We still expect the annual increase in median to go down into the single digits sometime this summer," said DataQuick President Marshall Prentice in a statement. "San Diego County is still the market furthest along in this cycle. Price increases there have been below ten percent the last eleven months." Click here to read more.
Mortgage rates at highest in nearly 4 yrs. Rates on 30-year mortgages climbed this week to their highest point in nearly four years, a development that could put a further crimp in housing activity. Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.49 percent for the week ending April 13. That was up from 6.43 percent last week and was the highest since mid-July of 2002. Mortgage rates rose as Wall Street investors fretted that an improving jobs climate could drive up wages and thus inflation, analysts said. Those fears were fanned by a government report last week showing the unemployment rate dropped to 4.7 percent in March. Click here to read more.
SoCal home sales slowed in March, but prices hit new high. Sales of homes in six Southern California counties slowed for the fourth consecutive month in March, compared to last year, even as the median home price edged past the half-million dollar mark for the region, a real estate research firm said Tuesday. The median price of a home in Los Angeles, San Diego, Orange, Riverside, San Bernardino and Ventura counties was $501,000 last month, up 14.1 percent from March 2005, when it was $439,000, and up 4.4 percent from February, according to La Jolla-based DataQuick Information Systems. Four counties - Los Angeles, San Diego, Orange and Ventura - had median prices above $500,000, with Los Angeles County crossing the threshold for the first time. The biggest annual percentage increase during the month occurred in San Bernardino County, where median priced homes rose 23.2 percent to $367,000. San Diego County saw the smallest uptick in prices at 5.7 percent, DataQuick said. Annual price increases have held in the mid-teens since April 2005. Click here to read more.
Real estate legacy launched after '06 quake. Part 2: Coldwell Banker managers say company preserves founders' focus. Today, Coldwell Banker is the largest real estate franchisor, with about 126,000 sales associates working in about 3,800 offices and 29 nations. That compares to 2,453 offices and 55,195 sales associates in 1995. In August the real estate brand will celebrate its 100th anniversary. The history of the company is tied to a great catastrophe. It all began with an eye-opening jolt at 5:12 a.m. on April 18, 1906, 100 years ago today, and followed with a horribly violent minute-long quake that triggered dozens of fires. The fires raged for days and left San Francisco in ruins. The toll was severe. The disaster killed an estimated 3,000 people in the San Francisco Bay Area, left about 225,000 of San Francisco's 400,000 residents homeless and leveled 28,000 buildings, according to a compilation of reports by the U.S. Geological Survey. The fires burned an area spanning 4.7 square miles. The economic loss: $400 million in 1906 dollars. In those days, the average three-bedroom home cost $2,400. With major disasters there often follows a period of chaos and lawlessness, confusion and turmoil. There are villains and heroes, wrongdoers and do-gooders, opportunists and entrepreneurs. In this trying time, Coldwell built a business, a brand and a reputation that has stood the test of time and steered the course of the real estate industry. Click here to read more.
Strong jobs market can't keep US housing from cooling. Prices could flat-line quickly even without an economic shock - and there are signs it is already happening. Traditionally, home price corrections have occurred when there's been a combination of a high supply of homes and a contracting labor market. At least, that's been the case over the past 21 years, in 63 U.S. markets that experienced price declines of 10% or more, noted Richard DeKaser, chief economist for financial holding company National City Corp. (NCC). Fast forward to 2006, however, and there are growing signs of weakness, with the most overheated regional housing markets of the past five years cooling even though the labor market remains firm. The unemployment rate is currently at 4.7%, a level economists say represents full employment. Hot Markets Cool The Most: In markets like Florida and California, which benefited disproportionately from the housing boom over the last five years relative to other parts of the country, the softening is more apparent. Click here to read more.
National Foreclosures Decrease 13 Percent in March According to RealtyTrac(TM) U.S. Foreclosure Market Report. Foreclosures Up 63 Percent From March 2005. Colorado, Georgia, Indiana Post Highest Foreclosure Rates. California reported 11,073 properties entering some stage of foreclosure in March, the second most of any state, and the state's foreclosure rate registered slightly above the national average thanks to a 22 percent increase from the previous month. Click here to read more.
Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
SoCal Home Prices Edge Over $500,000. Southern California's median home price edged over the $500,000 level for March despite deteriorating sales, according to a real estate report released today. It was the first time the regional figure had crossed $500,000, though some counties had reached that level before. The median sales price for all residential properties in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties jumped 14.1% from the same month last year to $501,000, according to the research firm DataQuick Information Systems. Sales, however, dropped more than 9.7% on a year-over-year basis to 29,509 new and existing homes. San Bernardino County led the region with a 23.2% spike in the median sales price to $367,000. San Diego County, which has experienced a pronounced slow down in sales activity, came in last with an increase of 5.7% to $504,000. Orange County, the Southland's most expensive market, posted a 10.3% increase in the median sales price to $623,000. The median price rose 14% in Ventura County to $610,000. The Los Angeles County median sales price, which was reported last week, climbed 15% to $506,000. "We still expect the annual increase in median to go down into the single digits sometime this summer," said DataQuick President Marshall Prentice in a statement. "San Diego County is still the market furthest along in this cycle. Price increases there have been below ten percent the last eleven months." Click here to read more.
Mortgage rates at highest in nearly 4 yrs. Rates on 30-year mortgages climbed this week to their highest point in nearly four years, a development that could put a further crimp in housing activity. Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.49 percent for the week ending April 13. That was up from 6.43 percent last week and was the highest since mid-July of 2002. Mortgage rates rose as Wall Street investors fretted that an improving jobs climate could drive up wages and thus inflation, analysts said. Those fears were fanned by a government report last week showing the unemployment rate dropped to 4.7 percent in March. Click here to read more.
SoCal home sales slowed in March, but prices hit new high. Sales of homes in six Southern California counties slowed for the fourth consecutive month in March, compared to last year, even as the median home price edged past the half-million dollar mark for the region, a real estate research firm said Tuesday. The median price of a home in Los Angeles, San Diego, Orange, Riverside, San Bernardino and Ventura counties was $501,000 last month, up 14.1 percent from March 2005, when it was $439,000, and up 4.4 percent from February, according to La Jolla-based DataQuick Information Systems. Four counties - Los Angeles, San Diego, Orange and Ventura - had median prices above $500,000, with Los Angeles County crossing the threshold for the first time. The biggest annual percentage increase during the month occurred in San Bernardino County, where median priced homes rose 23.2 percent to $367,000. San Diego County saw the smallest uptick in prices at 5.7 percent, DataQuick said. Annual price increases have held in the mid-teens since April 2005. Click here to read more.
Real estate legacy launched after '06 quake. Part 2: Coldwell Banker managers say company preserves founders' focus. Today, Coldwell Banker is the largest real estate franchisor, with about 126,000 sales associates working in about 3,800 offices and 29 nations. That compares to 2,453 offices and 55,195 sales associates in 1995. In August the real estate brand will celebrate its 100th anniversary. The history of the company is tied to a great catastrophe. It all began with an eye-opening jolt at 5:12 a.m. on April 18, 1906, 100 years ago today, and followed with a horribly violent minute-long quake that triggered dozens of fires. The fires raged for days and left San Francisco in ruins. The toll was severe. The disaster killed an estimated 3,000 people in the San Francisco Bay Area, left about 225,000 of San Francisco's 400,000 residents homeless and leveled 28,000 buildings, according to a compilation of reports by the U.S. Geological Survey. The fires burned an area spanning 4.7 square miles. The economic loss: $400 million in 1906 dollars. In those days, the average three-bedroom home cost $2,400. With major disasters there often follows a period of chaos and lawlessness, confusion and turmoil. There are villains and heroes, wrongdoers and do-gooders, opportunists and entrepreneurs. In this trying time, Coldwell built a business, a brand and a reputation that has stood the test of time and steered the course of the real estate industry. Click here to read more.
Strong jobs market can't keep US housing from cooling. Prices could flat-line quickly even without an economic shock - and there are signs it is already happening. Traditionally, home price corrections have occurred when there's been a combination of a high supply of homes and a contracting labor market. At least, that's been the case over the past 21 years, in 63 U.S. markets that experienced price declines of 10% or more, noted Richard DeKaser, chief economist for financial holding company National City Corp. (NCC). Fast forward to 2006, however, and there are growing signs of weakness, with the most overheated regional housing markets of the past five years cooling even though the labor market remains firm. The unemployment rate is currently at 4.7%, a level economists say represents full employment. Hot Markets Cool The Most: In markets like Florida and California, which benefited disproportionately from the housing boom over the last five years relative to other parts of the country, the softening is more apparent. Click here to read more.
National Foreclosures Decrease 13 Percent in March According to RealtyTrac(TM) U.S. Foreclosure Market Report. Foreclosures Up 63 Percent From March 2005. Colorado, Georgia, Indiana Post Highest Foreclosure Rates. California reported 11,073 properties entering some stage of foreclosure in March, the second most of any state, and the state's foreclosure rate registered slightly above the national average thanks to a 22 percent increase from the previous month. Click here to read more.
Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Sunday, April 16, 2006
Real Estate News for Sunday, April 16th, 2006
My computer has been freaking out lately. My fonts are all wacky and my real estate forms software keeps showing weird rectangular boxes and symbols instead of words. Not good! But I've finally fixed my browser, and I'll work my way to fixing everything else. If today's post looks different, it's because I've been fiddling around with fonts. This is the first time I've used Blogger's "Compose" option, I used to do everything in html, and maybe from now on, I won't. Okay, now for today's real estate news.
It's a vacation on the house: Southland homeowners are renting out and reaping the rewards. Since Southern California is a popular vacation destination, it was probably only a matter of time before homeowners began seeing tourist dollar signs on their front doors as well. Transient rentals — in which people turn the keys to their homes over to strangers for anywhere from two days to six months in exchange for wads of cash — have picked up with a vengeance. Although no one is keeping track of the numbers, the anecdotal evidence is strong, particularly in beach communities. Click here to read more.
Inland Empire: Where the L.A. Dream Landed. The region, once a blue-collar bedroom community, is creating its own good jobs. Now its upscale amenities and housing rival the coast's. The Inland Empire's era as just a quiet bedroom community is ending. The region, often seen as a manufacturing and transportation hub, with less-expensive homes for those willing to commute to Los Angeles and Orange counties, is rapidly moving beyond its blue-collar roots into a more urbane future. Increasingly, Western Riverside and San Bernardino counties are featuring the type of upscale houses, stores and entertainment long found in Los Angeles and other coastal enclaves. White-collar professionals such as Entner are finding attractive jobs there, no longer commuting westward. Tall office buildings are sprouting, along with more $1-million-plus homes. The region's median income now surpasses that of Los Angeles County. It is creating more jobs than Orange and San Diego counties are creating put together. Riverside and San Bernardino counties boast more residents than Oregon. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
It's a vacation on the house: Southland homeowners are renting out and reaping the rewards. Since Southern California is a popular vacation destination, it was probably only a matter of time before homeowners began seeing tourist dollar signs on their front doors as well. Transient rentals — in which people turn the keys to their homes over to strangers for anywhere from two days to six months in exchange for wads of cash — have picked up with a vengeance. Although no one is keeping track of the numbers, the anecdotal evidence is strong, particularly in beach communities. Click here to read more.
Inland Empire: Where the L.A. Dream Landed. The region, once a blue-collar bedroom community, is creating its own good jobs. Now its upscale amenities and housing rival the coast's. The Inland Empire's era as just a quiet bedroom community is ending. The region, often seen as a manufacturing and transportation hub, with less-expensive homes for those willing to commute to Los Angeles and Orange counties, is rapidly moving beyond its blue-collar roots into a more urbane future. Increasingly, Western Riverside and San Bernardino counties are featuring the type of upscale houses, stores and entertainment long found in Los Angeles and other coastal enclaves. White-collar professionals such as Entner are finding attractive jobs there, no longer commuting westward. Tall office buildings are sprouting, along with more $1-million-plus homes. The region's median income now surpasses that of Los Angeles County. It is creating more jobs than Orange and San Diego counties are creating put together. Riverside and San Bernardino counties boast more residents than Oregon. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Friday, April 14, 2006
Real Estate News for Friday, April 14th, 2006
Real Estate Weekly: Your Source for This Week's Real Estate Stories. 1. Is this a case of the rich getting richer? Or is it just good old-fashioned Econ 101 at work? Actually it's both. 2. Hot homes go cold. 3. Where the buyers aren't. 4. Bubble? The market won't pop, housing expert predicts. 5. Vacation homes defy a slowing market. 6. What to do about a last-minute mortgage switch. 7. Inflation fears drive mortgages up. 7. How an influx of new homes could affect one's family life. 8. Local trends matter most in home-buying decision. 9. Bargain hunting overseas for retirement properties. Click here to read more.
One-Third of Residential Real Estate Transactions Have Title Issues, According to Survey. According to a 2005 member survey by the American Land Title Association (ALTA), title problems were found in 36 percent of all residential real estate transactions (new and resale homes, and refinances), up from 25 percent in 2000. The "Abstracter and Title Agent Operations Survey" tracks changes in the title industry, including the number of orders received and percentage of title issues discovered and repaired prior to closing or escrow. According to Rande Yeager, president of ALTA, "The most frequent curative action taken last year was obtaining releases and/or obtaining pay-offs for discovered liens, such as prior or existing first or second mortgages, unpaid child and spousal support, outstanding taxes, and other judgments against the property." The next most common curative action, according to Yeager, was obtaining releases for assignment on deeds of trust/and or mortgages, followed closely by recording errors of names, addresses, or legal descriptions of the property. Click here to read more.
Survey: Brokers, agents favor consolidated MLS. An overwhelming majority of real estate agents and brokers believe a consolidated Multiple Listing Service would improve their productivity, according to a survey by the Northern California Real Estate Exchange. The group of six Northern California MLS organizations, which are working to merge into a regional system, polled their 40,000 members in March. Of the 2,275 real estate agents and brokers that responded, over 80 percent of brokers said a single MLS would "definitely improve the productivity of their business." Currently, agents and brokers in some areas have to work with two or more MLS organizations, which provide information of available homes and home sales. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
One-Third of Residential Real Estate Transactions Have Title Issues, According to Survey. According to a 2005 member survey by the American Land Title Association (ALTA), title problems were found in 36 percent of all residential real estate transactions (new and resale homes, and refinances), up from 25 percent in 2000. The "Abstracter and Title Agent Operations Survey" tracks changes in the title industry, including the number of orders received and percentage of title issues discovered and repaired prior to closing or escrow. According to Rande Yeager, president of ALTA, "The most frequent curative action taken last year was obtaining releases and/or obtaining pay-offs for discovered liens, such as prior or existing first or second mortgages, unpaid child and spousal support, outstanding taxes, and other judgments against the property." The next most common curative action, according to Yeager, was obtaining releases for assignment on deeds of trust/and or mortgages, followed closely by recording errors of names, addresses, or legal descriptions of the property. Click here to read more.
Survey: Brokers, agents favor consolidated MLS. An overwhelming majority of real estate agents and brokers believe a consolidated Multiple Listing Service would improve their productivity, according to a survey by the Northern California Real Estate Exchange. The group of six Northern California MLS organizations, which are working to merge into a regional system, polled their 40,000 members in March. Of the 2,275 real estate agents and brokers that responded, over 80 percent of brokers said a single MLS would "definitely improve the productivity of their business." Currently, agents and brokers in some areas have to work with two or more MLS organizations, which provide information of available homes and home sales. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Thursday, April 13, 2006
Pictures
NEW! I finally have some pics up for everyone to enjoy. :) If you ever wonder why I'm never in any pictures, it's because I'm the one behind the camera! Just click on the thumbnails to enlarge the photos.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Monday, April 10, 2006
Real Estate News for Monday, April 10th, 2006
Los Angeles Foreclosures Increase Dramatically in the First Quarter Of 2006, According to Default Research. The number of foreclosures in Los Angeles County increased by 63 percent in the first quarter of 2006 compared to 2005, according to Default Research (www.defaultresearch.com), the rapidly growing real estate research company for foreclosure properties. "With rising interest rates, the economy slowing down in that part of California, and a quarter of L.A. residents working at jobs that do not pay a living wage, the significant increase in foreclosures is a very alarming trend in the largest county in the nation," said Serdar Bankaci, president and chief executive officer of Default Research, Inc. "The rising foreclosures are due to the 'average Joe' buying a house he cannot afford because of inflated home prices. Then, with the rising interest rates, he cannot pay for the mortgage," said Bankaci. "Many of the homeowners used 'aggressive financing' to buy homes they could not afford." Click here to read more.
You can't keep U.S. economy down. Strength, diversity allow it to reinvent itself repeatedly. The sheer strength and diversity the world's biggest economy is displaying makes Canada's rag-tag collection of oil rigs, nickel mines and banks look like a lemonade stand by comparison. An overwrought housing market may be hanging over the United States like a thundercloud, its two great car companies may be teetering on the brink of bankruptcy and its shoppers may have frittered away their last dollar of home equity but, man, that economy sure knows how to reinvent itself. For sure, the housing boom, which has driven growth for the past several years, seems to be fading as home sales and prices sink. It will also likely cause problems for the wider economy. By some estimates, housing and all jobs connected with it, such as real estate and legal, have been the source of 40% of all job creation since the 2001 recession, not to mention a steady stream of cash from home equity withdrawal -- a huge US$900-billion last year. But the United States is not all about housing. "We're going through a very significant transition -- away from housing and consumer spending -- towards corporate investment and exports, travel and tourism," Mr. Cochrane said. Click here to read more.
Bubble? What Bubble? Part 1: Midwest remains wallflower in nation's housing dance. Though experts are divided over what the next 90 days may bring for the housing market as a whole, they all agree on one point: Each region of the nation has its own unique set of circumstances, and how those factors shape the attitudes of home buyers and sellers over the next several weeks will also help to decide how local home sales and prices will fare through the rest of this year and beyond. This four-part series looks at regional trends that are emerging as the peak spring home-buying season gets under way. Click here to read more.
Web Sites Take Aim at Real Estate Commissions. Online sites can save money, but there can be other benefits to using a traditional real estate broker. "Brokers do provide good professional advice," he said. "And when you operate in a market where you're not getting as much of that advice, I think you lose something. You have to trade that off against the cost savings." There are laws in 15 states banning outright rebates for the buyers, and there are other states that have certain minimum requirements for what constitutes a legitimate selling agent. But elsewhere, experts say people interested in pursuing the online discount route should be the type of person that does their own homework. After all, there won't be a realtor coming by with flyers for the front door, yard signs for the front lawn or baked cookies to help a seller's kitchen "show" well. Click here to read more.
California Real Estate Agents Learn Strategies to Help Homeowners Avoid Foreclosure. Real estate agents are arming themselves with tools that will help them help their clients avoid foreclosure. By enlisting a strategy known as the short sale, a property in pre-foreclosure with negative equity, agents and brokers across the nation are studying up on how to negotiate with mortgage lenders when their clients are in over their head. In a traditional listing, Realtors™ help their clients list, market, and sell their home to a buyer. In the case of a short sale transaction, the agent or broker not only lists, markets and sells the home, but the broker also negotiates directly with the lender to settle the mortgage payoff at a discount of the balance due on the note. “This type of real estate listing is challenging, but also very rewarding because everybody wins in this situation. The bank or lender wins, the buyer wins, the seller wins and the broker who closes the deal wins because the lender pays their commission. I teach Realtors™ how to perfect this important strategy because I think it’s only going to grow as a market sector in the coming years.” Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
You can't keep U.S. economy down. Strength, diversity allow it to reinvent itself repeatedly. The sheer strength and diversity the world's biggest economy is displaying makes Canada's rag-tag collection of oil rigs, nickel mines and banks look like a lemonade stand by comparison. An overwrought housing market may be hanging over the United States like a thundercloud, its two great car companies may be teetering on the brink of bankruptcy and its shoppers may have frittered away their last dollar of home equity but, man, that economy sure knows how to reinvent itself. For sure, the housing boom, which has driven growth for the past several years, seems to be fading as home sales and prices sink. It will also likely cause problems for the wider economy. By some estimates, housing and all jobs connected with it, such as real estate and legal, have been the source of 40% of all job creation since the 2001 recession, not to mention a steady stream of cash from home equity withdrawal -- a huge US$900-billion last year. But the United States is not all about housing. "We're going through a very significant transition -- away from housing and consumer spending -- towards corporate investment and exports, travel and tourism," Mr. Cochrane said. Click here to read more.
Bubble? What Bubble? Part 1: Midwest remains wallflower in nation's housing dance. Though experts are divided over what the next 90 days may bring for the housing market as a whole, they all agree on one point: Each region of the nation has its own unique set of circumstances, and how those factors shape the attitudes of home buyers and sellers over the next several weeks will also help to decide how local home sales and prices will fare through the rest of this year and beyond. This four-part series looks at regional trends that are emerging as the peak spring home-buying season gets under way. Click here to read more.
Web Sites Take Aim at Real Estate Commissions. Online sites can save money, but there can be other benefits to using a traditional real estate broker. "Brokers do provide good professional advice," he said. "And when you operate in a market where you're not getting as much of that advice, I think you lose something. You have to trade that off against the cost savings." There are laws in 15 states banning outright rebates for the buyers, and there are other states that have certain minimum requirements for what constitutes a legitimate selling agent. But elsewhere, experts say people interested in pursuing the online discount route should be the type of person that does their own homework. After all, there won't be a realtor coming by with flyers for the front door, yard signs for the front lawn or baked cookies to help a seller's kitchen "show" well. Click here to read more.
California Real Estate Agents Learn Strategies to Help Homeowners Avoid Foreclosure. Real estate agents are arming themselves with tools that will help them help their clients avoid foreclosure. By enlisting a strategy known as the short sale, a property in pre-foreclosure with negative equity, agents and brokers across the nation are studying up on how to negotiate with mortgage lenders when their clients are in over their head. In a traditional listing, Realtors™ help their clients list, market, and sell their home to a buyer. In the case of a short sale transaction, the agent or broker not only lists, markets and sells the home, but the broker also negotiates directly with the lender to settle the mortgage payoff at a discount of the balance due on the note. “This type of real estate listing is challenging, but also very rewarding because everybody wins in this situation. The bank or lender wins, the buyer wins, the seller wins and the broker who closes the deal wins because the lender pays their commission. I teach Realtors™ how to perfect this important strategy because I think it’s only going to grow as a market sector in the coming years.” Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Sunday, April 09, 2006
Real Estate News for Sunday, April 9th, 2006
Four of the Bay Area's top residential real estate agents on what it takes to relate to the upper class. But in the upper reaches of the region's housing market, these four women dominate their respective territories. Though they emphasize that they buy and sell homes at all price levels, they are best known for trading in the multi-million dollar mansions of the rich and famous. Combined, Malin Giddings, Diane Gilfether, Mary Gullixson and Olivia Hsu Decker sold nearly $450 million worth of Bay Area real estate last year. Click here to read more.
Investors.com: Real Estate Weekly -- April 7. Energy Saving for the Home. Whether you're thinking of the big picture of our global environment or just the small-screen version of your own pocketbook, saving energy is never a bad idea. Big energy savers on most older homes include new windows, siding and roofs. While modern versions of those home products are tremendously more energy-efficient than their counterparts of the 1960s and 1970s -- and there are a lot of those '60s and '70s homes ripe for upgrade -- tackling such home-improvement projects is an expensive proposition. Strictly from a financial-payback perspective, that kind of investment might not pay off for 10 years or more. Homeowners waste a collective $1 billion a year or more on energy for devices that are turned off -- computers being a key culprit there. (Notice all those little blinking lights on everything.) One easy solution: Put all your devices on a power strip and turn off the strip itself when the appliances aren't in use. Click here to read more.
Quick connections: Competitive agents are embracing text messaging and podcasts to reach buyers. Agents, being agents, are continually looking for new ways to acquire listings and communicate with prospective buyers. Text messaging has joined other innovations, including podcasts, which allow real estate agents to produce audio and video commercials for their listings and zap them to people who request them on the Internet. Several companies have begun offering high-tech services in the last year. House4Cell launched its text-messaging service in 2005, as did one of its competitors, CellSigns, based near Philadelphia. Likewise, companies focused on real estate podcasts rolled out their products last year too, including RealEstateShows.com, based in Marina del Rey, and the Xsites Network by A la mode Inc., based in Oklahoma City. Click here to read more.
First things first: What to do to get your home ready to sell. No matter how grand or modest your fix-up plans, cleaning should be the top priority, the pros say.
A cleaning service will charge, on average, about $60 per hour for a two-person crew that can whip your home into shape. An average three-bedroom, two-bath house will take about two to 2 1/2 hours to clean (for a cost of $120 to $150). Sellers should concentrate on cleaning, landscaping and painting. After that, any money left over can be spent on creating a more polished look, like upgrading plastic patio furniture with a nicer table and chairs. Curb appeal is a priority. Moving inside, he suggests investing $85 to $150 on a contemporary Asian-style area rug. The home stager dismisses mirrors as a way to enhance the size of a room. They simply add clutter, he says. Instead, paint the walls a light color and use an even lighter shade on the ceiling. A 10-by-10 room requires 2 gallons of paint — at a cost of $23 or less per gallon. Natural light should sell the house, he says, but if the windows don't let enough in, supplement with table lamps. To give buyers a sense of comfort and style, set the dining table with your best china and put wine bottles and a dish of nuts or candy on the counter. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Investors.com: Real Estate Weekly -- April 7. Energy Saving for the Home. Whether you're thinking of the big picture of our global environment or just the small-screen version of your own pocketbook, saving energy is never a bad idea. Big energy savers on most older homes include new windows, siding and roofs. While modern versions of those home products are tremendously more energy-efficient than their counterparts of the 1960s and 1970s -- and there are a lot of those '60s and '70s homes ripe for upgrade -- tackling such home-improvement projects is an expensive proposition. Strictly from a financial-payback perspective, that kind of investment might not pay off for 10 years or more. Homeowners waste a collective $1 billion a year or more on energy for devices that are turned off -- computers being a key culprit there. (Notice all those little blinking lights on everything.) One easy solution: Put all your devices on a power strip and turn off the strip itself when the appliances aren't in use. Click here to read more.
Quick connections: Competitive agents are embracing text messaging and podcasts to reach buyers. Agents, being agents, are continually looking for new ways to acquire listings and communicate with prospective buyers. Text messaging has joined other innovations, including podcasts, which allow real estate agents to produce audio and video commercials for their listings and zap them to people who request them on the Internet. Several companies have begun offering high-tech services in the last year. House4Cell launched its text-messaging service in 2005, as did one of its competitors, CellSigns, based near Philadelphia. Likewise, companies focused on real estate podcasts rolled out their products last year too, including RealEstateShows.com, based in Marina del Rey, and the Xsites Network by A la mode Inc., based in Oklahoma City. Click here to read more.
First things first: What to do to get your home ready to sell. No matter how grand or modest your fix-up plans, cleaning should be the top priority, the pros say.
A cleaning service will charge, on average, about $60 per hour for a two-person crew that can whip your home into shape. An average three-bedroom, two-bath house will take about two to 2 1/2 hours to clean (for a cost of $120 to $150). Sellers should concentrate on cleaning, landscaping and painting. After that, any money left over can be spent on creating a more polished look, like upgrading plastic patio furniture with a nicer table and chairs. Curb appeal is a priority. Moving inside, he suggests investing $85 to $150 on a contemporary Asian-style area rug. The home stager dismisses mirrors as a way to enhance the size of a room. They simply add clutter, he says. Instead, paint the walls a light color and use an even lighter shade on the ceiling. A 10-by-10 room requires 2 gallons of paint — at a cost of $23 or less per gallon. Natural light should sell the house, he says, but if the windows don't let enough in, supplement with table lamps. To give buyers a sense of comfort and style, set the dining table with your best china and put wine bottles and a dish of nuts or candy on the counter. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Thursday, April 06, 2006
Real Estate News for Thursday, April 7th, 2006
Investors buoy home sales. 40% of purchases were for second properties. Fueled by baby boomers at the peak of their earning power, investors or those wanting a second or vacation house bought four out of every 10 homes sold last year, the National Association of Realtors reported yesterday. In San Diego County, the figure was much smaller – 17.2 percent – according to locally based DataQuick Information Systems. The NAR data showed that without the strong presence of investors in the marketplace – those who were lured by quickly rising appreciation and poor returns from other investments – the record number of homes sold last year would have been significantly lower. Click here to read more.
Coldwell Banker continues to innovate at 100. At the tender age of 23, Colbert Coldwell looked around and saw both devastation and promise. The year was 1906 and the place was San Francisco. It was 18 weeks after the "Great Earthquake." Coldwell, with only two years of real estate experience, took on a lawyer and a bookkeeper as partners and opened a real estate office amid the debris of the earthquake. In 1913, the two partners left and Benjamin Banker came on board. Coldwell Banker today has more than 126,000 sales associates in over 3,800 offices in 29 countries and territories. It is the largest real estate franchise organization and ninth largest franchisor in the world according to "Franchise Times." The Coldwell Banker system earned $325.9 billion in closed sales volume in 2004. Click here to read more.
Real Estate Agents Advertise Unlimited Listings At LuxuryHomeAndEstates.com the new real estate page from Beverly Hills People. Real estate professionals can now upload their listings and color photos in an elegant presentation at LuxuryHomeAndEstates.com. This website is a new marketing tool and will be Free for six months. This website offers real estate professionals world-wide exposure and highly-targeted access to the tens of thousands of luxury home buyers who search online each month. Over $200,000,000 of property was posted in the first 4 days. Agents and brokers can go to the luxury home and estates signup page and sign up for a no-obligation free membership for 6 months. After signing in, real estate professionals can upload their listings and color photos. There are already many listings from top agents across the U.S. representing companies such as Coldwell Banker, Sotheby's, Prudential California, Hilton & Hyland and Keller Williams, to name a few. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Coldwell Banker continues to innovate at 100. At the tender age of 23, Colbert Coldwell looked around and saw both devastation and promise. The year was 1906 and the place was San Francisco. It was 18 weeks after the "Great Earthquake." Coldwell, with only two years of real estate experience, took on a lawyer and a bookkeeper as partners and opened a real estate office amid the debris of the earthquake. In 1913, the two partners left and Benjamin Banker came on board. Coldwell Banker today has more than 126,000 sales associates in over 3,800 offices in 29 countries and territories. It is the largest real estate franchise organization and ninth largest franchisor in the world according to "Franchise Times." The Coldwell Banker system earned $325.9 billion in closed sales volume in 2004. Click here to read more.
Real Estate Agents Advertise Unlimited Listings At LuxuryHomeAndEstates.com the new real estate page from Beverly Hills People. Real estate professionals can now upload their listings and color photos in an elegant presentation at LuxuryHomeAndEstates.com. This website is a new marketing tool and will be Free for six months. This website offers real estate professionals world-wide exposure and highly-targeted access to the tens of thousands of luxury home buyers who search online each month. Over $200,000,000 of property was posted in the first 4 days. Agents and brokers can go to the luxury home and estates signup page and sign up for a no-obligation free membership for 6 months. After signing in, real estate professionals can upload their listings and color photos. There are already many listings from top agents across the U.S. representing companies such as Coldwell Banker, Sotheby's, Prudential California, Hilton & Hyland and Keller Williams, to name a few. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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