Mortgage Rates at Their Lowest in Almost 50 Years

July 19th, 2010

When mortgage rates hit a new low last week (4.57 percent for the week ending July 8), Coldwell Banker Residential Brokerage sales associates and mortgage brokers fielded questions from all over Los Angeles and Ventura Counties. Homeowners asked: “Is it a good time to refinance my home loan?” And homebuyers wondered: “Is it a good time to jump off the fence and buy that home I’ve had my eye on for the last year?”

While each answer should be as unique as the individual, the fact remains that 30-year fixed mortgage rates are at their lowest point since 1971 when mortgage company Freddie Mac began keeping record. (The last time long-term rates were lower was in the mid-1950s, when they averaged around 4.6 percent.) With rates at almost 50-year lows, Jay Robertson, President of First Capital Mortgage, calls it “the perfect storm” of low interest rates and prices.

In particular, homeowners who couldn’t refinance six months ago may have more success now since lower interest rates allow more people to qualify.

“At a time when many families are budgeting, saving $100 to $150 a month on their monthly mortgage payment can make a tremendous difference to them,” said Robertson.

Meanwhile, buyers who have sat on the sidelines are finally jumping into the real estate market too.

Added Robertson: “Our business has jumped 35 percent in the last month, and that’s a combination of purchases and refinances. I haven’t seen rates this low since I’ve been in the business. It’s a great time to buy.”

Affordability has never been better for qualified borrowers in Los Angeles and Ventura Counties looking to refinance or purchase their dream home. Contact your local Coldwell Banker sales associate this weekend to find out how to take advantage of this rare moment in real estate history.

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A Year in VIEW: Q&A with Brand Inman, Founder of Inman News and Vook

July 9th, 2010

When Coldwell Banker Residential Brokerage launched the View one year ago, we dared to think big. Today, the results speak for themselves: the View is the largest real estate magazine resource in Southern California with a circulation of nearly 10 million; we continue to hear success stories of people finding or selling their dream home through the View; and the dynamic, totally “green” digital version (cbview.com) is anything but static with its property search functions, comprehensive property data, open house listings with mapping tools, industry news and links to Facebook and Twitter.

In honor of View’s first birthday, I decided to speak with an entrepreneur, journalist and real estate technology expert who understands the art of thinking big: Brad Inman, the founder of Inman News, Homegain.com, TurnHere and Vook.

BG: What has been the best real estate technology trend or development this year? Did anything surprise you?

BI: The complete and total domination of Facebook, which is influencing real estate. They will have revenues of more than $1 billion this year, which is staggering. The launch of the iPad has also been a game changer, as the device brings together all of the best elements of the web—video, photos, real-time data, social media. I don’t even think we can yet imagine all of the things that can occur in the device market.

BG: Many have predicted that newspapers will be fully replaced by the Internet, but print seems to be resilient (though evolving). Do you think we will ever become totally digital or will there always be a place for the experience of having a paper in your hands?

BI: I think we’ll eventually be totally digital. It’s happening as we speak. Digital newspapers won’t go away, but print will.

BG: There are many Web sites that offer instant home valuations and access to real estate data. Do you think it diminishes the role of a full service Realtor or enhances the need?

BI: It’s not one or the other. Web sites that offer instant valuation are just one of many technology tools that are accessible to the public, and no one is going to stop people from using them. But even though more data and algorithms are available to help efficiently match qualified buyers with home sellers, the demand for quality real estate providers has never been higher. The more transparent real estate professionals can become, and the more information the public has, the more efficient and robust the real estate marketplace will be in the long run.

BG: Coldwell Banker recently launched a YouTube channel called “OnLocation” to feature property videos instead of static pictures. What is your view on the importance of property videos for home shopping? Is it a fad or here to stay?

BI: It’s the difference between silent movies and talkies. It’s the difference between black and white, and color in television. A picture is worth a thousand words, but video is worth a million.

BG: We learned a lot of lessons during our first year of publishing the View. What’s the greatest lesson you learned from building a successful real estate resource like Inman News?

BI: Never think small.

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Home buyers win more time to claim tax credit

July 2nd, 2010

By Ruth Mantell
MarketWatch
July 2, 2010

President Barack Obama signed Friday morning a three-month extension on the deadline for home buyers to obtain a federal home-buyer tax credit of up to $8,000. Buyers now have until Sept. 30 to close on a home sale to be eligible for the credit. The closing deadline was originally June 30. To be eligible, buyers need a contract that was in place by April 30.

[Click to read full article]

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Three Beaches and a Summer Vacation

June 26th, 2010

It’s that time of year when people dream of Southern California beach vacations. As thousands of visitors flock to the coast between now and Labor Day, I would like to offer three snapshots of the summer vacation rental market from the shores of Ventura County, Malibu and Manhattan Beach.

1. Ventura County

The beaches of Ventura County might seem off the beaten vacation path, but they’re “the best kept secrets in Southern California,” according to Jeff Haring, branch manager of Coldwell Banker Residential Brokerage’s Oxnard and Ventura offices.

Hollywood Beach, Silver Strand and Mandalay Shores in Oxnard, as well as Ventura Pierpont in Ventura offer the most desirable combination of surf, serenity and shelter. The highest vacation rental this season was a $6,300 a week beach house in Silver Strand, but most properties range from $2,500 to $3,500 a week.

“The prices here cannot be beat,” said Haring. “It’s a great time to rent right now because owners are more flexible and willing to agree to shorter rentals to accommodate vacationers.”

2. Malibu

Few locales rival the cachet of Malibu, with its beachfront homes along Malibu Road, Carbon Beach and La Costa Beach. Jay Rubenstein, branch manager for the Coldwell Banker Residential Brokerage Malibu office, says the luxury vacation rental season—which begins in July and ends after Labor Day—is already in full swing.

“We’ve rented two beachfront Malibu Colony residences for over $100,000 a month, so that tells me the vacation market is strong this year,” he said.

Rubenstein estimates only about a dozen beach homes are still available. Properties might range from a $10,000 a month lease on Las Flores Beach to a $125,000 a month lease in Malibu Colony.

“Many vacationers come from affluent local neighborhoods like Brentwood, Beverly Hills and Calabasas/Hidden Hills who want to escape the heat and traffic, and enjoy the good life here,” he said. “Many who rent for the summer eventually end up buying.”

3. Manhattan Beach

Manhattan Beach might have been voted “Best Place to Live” in years past, but it’s the best place to vacation if you want be within walking distance of the beach, shopping and restaurants.

“Homes on The Strand, Ocean Avenue, Alma Avenue and the El Porto area are the most in-demand, but most vacationers don’t want to be more than four blocks from the sand,” said Wili Baronet, a Coldwell Banker Residential Brokerage vacation rental specialist in Manhattan Beach. “The median range for a summer home is about $3,000 to $7,500 a week.”

Manhattan Beach offers the best of both worlds: beautiful beach and a convenient location right near LAX and 20 miles from downtown Los Angeles and Hollywood. “People who rent summer homes here don’t want to be secluded,” said Baronet. “They want to be in the action.”

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California home prices jump 20.9% in May

June 18th, 2010

By Alejandro Lazo
Los Angeles Times
June 18, 2010

Fueled by tax incentives, California home sales rose in May, helping lift the Golden State’s median home price by 20.9% from its year-earlier mark.

The median was $278,000 last month, MDA DataQuick of San Diego said, a 9% increase from April. But that reflects less a rise in the actual valuation of homes than a continued shift in sales away from cheaper, inland areas of the state toward more coastal markets.

That shift is being driven partly by an increasing willingness of owners in pricier neighborhoods to sell at a lower price, DataQuick has said. And much of the jump in sales has been driven by a surge of buyers rushing to close deals to take advantage of state and federal tax incentives.

[Click to read full article]

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Green Upgrades: Are You Sold?

June 12th, 2010

Last month, Congress passed the Home Star Energy Retrofit Act (better known as “Cash for Caulkers”), a bill that aims to provide rebates to homeowners who invest in energy-efficiency improvements. While the Senate still needs to approve the measure, lawmakers say the bill will cut energy bills by up to $500 a year for approximately 3 million American families.

What could the plan mean for you, and your most important investment—your home?

Homeowners who reduce their energy usage by at least 20 percent could receive up to $8,000 in rebates. In addition, those who choose to make improvements on their own could receive rebates of up to 50 percent, to a maximum of $250, on air sealing and insulation products. Eligible retrofits might include window replacements, attic and wall insulation, air conditioners, water heaters and other energy saving appliances. Complete details about the program can be found here.

Southern California homeowners who opt for eco-friendly upgrades will naturally see lower utility bills each month, but also added value in their home. Buyers may end up paying less per month too, if they can get an energy-efficient mortgage. Official statistics on resale values for green homes are not yet available, but anecdotally, these homes typically outshine their traditional counterparts.

“Energy-efficient homes have much more sex appeal in the marketplace right now because they help reduce the carbon footprint in the community, and they provide such a personal savings to the homeowner,” said Jan Horn, executive director of the Architectural Division of Coldwell Banker Residential Brokerage. “I live in a green home myself, and I believe it’s not only good on a micro level, but also on a macro level. If the Senate does indeed pass this legislation, it will be an important step toward decreasing our electric energy usage and carbon emissions.”

As we watch the “Cash for Caulkers” story play out on Capitol Hill this summer, Coldwell Banker Residential Brokerage is committed to responding to the demand for energy-efficient housing. Hundreds of our REALTORS® have achieved NAR’s Green Designation, and are ready to guide you through the “greening” process.

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New home sales jump 14.8% in April

June 1st, 2010

 

By Alejandro Lazo

May 27, 2010

Los Angeles Times

  

Sales of new homes surged 14.8% in April from March, the Commerce Department reported Wednesday, as an expiring federal tax credit for buyers helped fuel activity. Without the popular incentive, many analysts are expecting sales to slump in months to come.

“Clearly, government handouts have had their desired effect: They juiced home sales and helped builders clear out even more inventory,” said Michael D. Larson, an interest rate and housing analyst with Weiss Research. “We’re also going to see yet another hangover in the coming couple of months due to the tax credit’s expiration, with sales rates dropping off.”

New single-family houses sold at a seasonally adjusted annual rate of 504,000 units in April, the Commerce Department said. That was 47.8% above the April 2009 pace.

New home sales in April were up 21.7% in the West from March. Sales rose 10.8% in the South and 31.6% in the Midwest but were flat in the Northeast.

Patrick Newport, U.S. economist with IHS Global Insight, said he was optimistic that factors other than the federal tax credit of up to $8,000 for first-time buyers and $6,500 for current homeowners that expired April 30 were at work.

[Click to read full article]  

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Luxury Housing Glimmers With Sales and Opportunity

May 29th, 2010

New luxury housing market statistics paint a shinier picture for those who have been waiting to sell or buy their next dream home. More homes priced over $2 million are being purchased, more homes are for sale this year and the financial markets have begun to stabilize. Is the pendulum starting to swing up for luxury real estate?

Sales activity has particularly increased in L.A.’s most desirable zip codes, including 90049 (Brentwood), 90210 (Beverly Hills) and 90265 (Malibu). As of April 2010, sales of homes priced $2 million and above are currently up 57 percent from the same time last year, according to the Combined LA/ Westside MLS. Jade Mills, a Coldwell Banker Residential Brokerage sales associate in Beverly Hills, has noticed a considerable uptick in interest for her properties, which range from $1.5 million to $44.5 million.

“People are feeling like they want to buy before they get priced out of the market,” she said. “We are seeing a lot of international buyers come back into the market as well, particularly Asian buyers.”

Buyers continue to enjoy incredible purchase opportunities from Bel-Air to Montecito. Randy Solakian, a Coldwell Banker Residential Brokerage sales associate in Montecito, says that buyers have more choices in affluent neighborhoods than ever before.

“In a community where the market has been consistently dominated by sellers, buyers now dictate the pace and prices,” said Solakian. “Also, sellers are finally realizing that yesterday’s prices are just that-yesterday. There has been a noticeable increase in the confidence level and a ‘flurry’ of sales over the past several weeks.”

As momentum in the luxury housing market builds this summer, all of our affluent buyers and sellers can rest assured that our sales associates come armed with the most up-to-date market information, latest technology and proven expertise in representing the most distinctive properties. We are proud to continue the luxury real estate tradition Coldwell Banker Residential Brokerage started more than 20 years ago.

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Getting what you want in home sale negotiations

May 24th, 2010

 

By Lew Sichelman

May 23, 2010

Los Angeles Times

  

When it comes to selling a house, everything from the price to whether the refrigerator stays or goes is negotiable. But negotiating the terms should never be an “I win, you lose” situation. Rather, it should be “I win, you win.”
“The best negotiations end with all parties feeling like they won,” says Scott Friedman, a Linwood, N.J., real estate coach. “Both parties need to feel they came to an amicable agreement and want to move forward.”

To get to that point often involves give and take on both sides. Read more for tips:

 

[Click to read full article] 

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Protecting our Buyers and Sellers: Revised Residential Purchase Contract

May 18th, 2010

On April 28, 2010, the California Association of REALTORS® released a revised version of the residential purchase contract. While the revisions were not statutorily prescribed, there were fundamental changes that impact the mechanisms and the process of the home buying and selling experience. As we strongly believe in transparency in our industry, I wanted to take this opportunity to share what these particular changes mean for you.

 

We are always trying to make the home buying and selling process smoother and easier to navigate. So this is certainly not the first or the last change that will be made to the contract. It is a fluid and evolutionary process.

 

“Twenty five years ago when I started in this industry, the contract agreement had only two pages,” said Steve Lewis, office manager for Coldwell Banker Residential Brokerage in Beverly Hills East. “Now it’s eight pages long and comes with several addendums. The changes make the transaction process better for both the buyer and seller. These most recent revisions have made the agreement much clearer and have left very little ambiguity.”

 

Our agents are always being trained – especially when there are changes to our industry. It’s our priority to ensure that they are well equipped to help consumers navigate their home buying or selling needs.

 

“If you’re in the market to buy or sell a home, you might consider arranging a consultation with your Realtor in order to discuss how these changes will impact your purchase or sale,” said Kathy Mehringer, the risk management and short sale advisor for Coldwell Banker Residential Brokerage in the Southwestern region who has provided training to more than 5,000 agents in Southern California on the purchase contract. “REALTORS® licensees, homebuyers and home sellers, should all be aware of these changes in order to facilitate residential real estate transactions.”

 

And as always, “while our agents are well positioned to explain the agreement and its most recent changes to the client,” said Lewis, “we strongly recommend that buyers and sellers work with a lawyer before signing any contract. It is in their best interest.”

 

Coldwell Banker is committed to providing consumers and agents with all the information they need to make informed decisions when buying or selling a home. Whatever your home buying needs, Coldwell Banker is well positioned to help consumers navigate any market.

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