Archive for the 'Buying a Home' Category
Home sales, prices increase during fourth quarter
February 12th, 2010 Categories: Buying a Home
Distressed property — either bank-owned homes or those sold by homeowners who can’t make their payments — accounted for 32% of all transactions in the fourth quarter, a decline from 37% a year earlier. Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and the district. All but three states registered double-digit annual increases. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record-low mortgage interest rates,” said Lawrence Yun, chief economist for the Realtors group. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.” The national median existing single-family price was $172,900, a 2.9% increase from the third quarter and a decline of 4.1% from the fourth quarter of 2008. The median is the point at which half of the homes sold for more and half sold for less. The median price for a condominium in 54 metro areas was $177,300 in the fourth quarter, a decline of 4.8% from the fourth quarter of 2008. Eleven metro areas showed increases in the median condo price from a year earlier and 43 areas had declines. In the third quarter only four metros experienced annual price gains. Sales of previously owned homes in the West jumped 16.2% in the fourth quarter to an annual rate of 1.38 million and are 18.2% above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, a decline of 8.9% from the fourth quarter of 2008.
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business. Buy it here. Subscribe to this blog: Valerie Fitzgerald Group Blog Follow me on Twitter: http://twitter.com/ValreFitzgerald Follow me on Facebook:http://www.facebook.com/ValerieFitzgeraldRealEstate
Total existing-home sales, including single-family and condominium units, increased to a seasonally adjusted annual rate of 6.03 million in the fourth quarter, a 27.2% increase from the fourth quarter of 2008, according to the National Assn. of Realtors.
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Global Rebound in Economic Growth Fuels High-End Luxury Sales
November 4th, 2009 Categories: Buying a Home, Real Estate News
As strong market reports on manufacturing, construction and contracts to buy new homes show renewed optimism, The Carlyle Residences, a development of The Elad Group of New York’s Plaza Hotel, sees an influx of international buyers contributing to analysts’ reports. “The building appeals to many demographics,” says Tom Elliot COO of Elad Properties West, “and a high percentage of recent sales have been with foreign buyers.” The latest figures from the National Association of Realtors show that existing home sales were strong in September, which means that conditions have improved for five of the past six months. Last month, sales were up 9.4 percent from the level recorded in August, and also 9.2 percent higher than the figures recorded in September 2008.
Read the rest at Valerie Fitzgerald Group website.
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Seeking Real Estate Bargains? Try Looking at the High End
October 15th, 2009 Categories: Buying a Home
Falling real estate prices are becoming as much a feature of high-end neighborhoods as ocean views, infinity pools and four-car garages.While the latest data suggests prices for mainstream homes may be stabilizing after several years of pain, the news for luxury homes isn’t looking as good. That’s bad news for sellers, naturally, but anyone in the market for a home listed for $2 million or more will find deeply discounted asking prices—and may be able to command even lower prices.Last week, data from the Federal Housing Finance Agency showed that average home prices ticked up 0.3% nationwide between June and July, including a 1.6% bounce on the west coastThe gains are modest, and they are partly influenced by the season—higher-end homes tend to sell better in late spring and early summer, as families try to move before the school year. Analysts are disappointed the rise was not higher.Read the rest at The Valerie Fitzgerald Group. The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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Top 20 tips for Making Offers on Freddie Mac/Home Steps REO Properties
October 7th, 2009 Categories: Buying a Home
Author: Winston Westbrook
In today’s challenging real estate market where 30 offers on homes out here in Victorville, CA is the norm, (and I’m sure the same applies all over the United States) we need every little bit of information to help our offers stand out from the crowd.
I have made countless offers on REO properties including Freddie Mac deals, and these tips reflect my experience in dealing with them. These are the things that Freddie Mac always counters with and always wants flat out.
When making an offer to purchase a Freddie Mac or Home Steps owned property you should try and follow these guidelines to help your offer stand out from the crowd and help you save a day or two in negotiations with them.
To read the rest of the story click here.
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We Love: Mint.com
April 21st, 2009 Categories: Buying a Home, Real Estate News, Tips & Tools
Believe it or not, there’s a fun and easy way to manage your money! We love how the folks at mint.com have innovated budget planning, and wanted to share it with you. Let us know what you think and if you have any money managing tools you’d like to share with us. Happy bookkeeping!
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Stabilizing at Last?
April 15th, 2009 Categories: Buying a Home, Real Estate News
Our topsy-turvy Los Angeles market is finally leveling off, it seems! With median home prices holding steady for three entire months in a row, both the L.A. Times and Bloomberg are reporting that the freefall has finally reachced its end. We think.
Any questions about the local market? Still wondering whether it’s a good time for you to buy or sell? The answer is probably “yes” — but feel free to drop me an email or call the office if you’d like to chat about it!
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Five Rules for Buying…Abroad
April 14th, 2009 Categories: Buying a Home, Tips & Tools
The local real estate market may be picking up, but what about Prague or Pamplona? The Times (of London, that is) gives you five great rules of thumb for buying property abroad. Whether you’re considering a second home, a vacation rental or an investment property, there’s a lot to be taken into consideration. That amazing little villa two hours outside of Dijon might not be a great rental if no one can get to it…and is that condo in Frankfurt such a steal because it’s adjacent to the worst neighborhood in town? Do plenty of research, and definitely work with a seasoned local real estate professional…you might just end up with the vacation home of your dreams!
PS: If you’re interested in international real estate, check out some of our own international listings at thevaleriefitzgeraldgroup.com!
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Real Estate Price Declines - How Does L.A. Compare?
April 9th, 2009 Categories: Buying a Home, Real Estate News
We’re finally seeing local home prices level off, and we’re also seeing an increase in listing and sales activity — both great news for the Los Angeles real estate market. But the last year or so has been a pretty wild ride…and not just for us. This great interactive chart from the New York Times compares how prices in major U.S. cities have risen and fallen (and risen, and fallen, and risen, and…) over the last few years. We’re looking forward to seeing those bars go back up again!
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Mortgage Rates are at Historical Lows!
April 1st, 2009 Categories: Buying a Home, Real Estate News
Mortgage rates are at historical lows. This article from U.S. News & World Report clearly explains all the moving parts and how it impacts borrowers. There are some great deals out there, so please email me with any questions.
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Down Payment Requirement Update from NAR
January 15th, 2009 Categories: Buying a Home, Real Estate News
The National Association of Realtors issued the following notice, in hopes of clarifying some of the issues surrounding today’s rapidly-changing mortgage climate:
Media Advisory: Down payment Clarification
There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.
The facts:
- An individual may be required to put down 20 percent based on that person’s financial situation. But that is not an across-the-board requirement for all borrowers.
- A borrower who puts down less than 20 percent is required to obtain mortgage insurance.
- Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.
- FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.
PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.
If you have any questions, or need our assistance finding your dream home, call us 310-285-7515 or send an email!
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