Oxnard Real Estate Market Trends – California

News for Oxnard, CA - June 7th, 2011 11:55am
Dear Friends and HouseHunt Clients,
Here are some of the recent Real Estate related articles I thought might interest you:
Consumer News and Information
Don't miss Nationwide Open House Weekend 2011 this weekend!
This weekend, Saturday, June 4, and Sunday, June 5, is Nationwide Open House Weekend. With interest rates at historic lows and housing affordability at its highest level in 20 years, thousands of real estate professionals across the country are teaming up this weekend to hold open houses in their communities to spotlight home ownership.
Ask me how you can view properties participating in this nationwide event, or look for signs and balloons in your neighborhood alerting you to an open house participating.
Home improvements that boost resale value
When deciding which home improvements to make, many homeowners consider the amount of resale value the improvement may or may not make and compare that against the cost of the renovation. Homeowners concerned with making home improvements that will pay off when it's time to sell the property, should consider the following tips.
Making sense of the story
The first improvement/repair homeowners should consider are those that impact the home's basic structures and systems. Potential home buyers generally do not want to face expensive repairs, and if items such as the foundation, roof, air conditioning, water heater, or other basic structure need to be fixed, the property will be considered a fixerupper and its market price will be discounted accordingly.
Some minor replacements will produce big results for minimal cost. Replacing and coordinating bathroom and kitchen hardware and fixtures are generally inexpensive, but tend to make a big difference. The same can be said for getting rid of any dated finishes, such as old wallpaper and brass light fixtures.
Homeowners who don't know when or even if they will be able to sell their home are advised to choose home improvement projects carefully. Unless the home is located in an upscale neighborhood and the property already is immaculate, owners can skip expensive upgrades — such as remodeled bathrooms — and focus on the fundamentals.
Full story here
Home loans: A call to ARMs?
One of the signature loans of the housing boom — the adjustable-rate mortgage — is looking more attractive than it has in years. For some buyers, it may be an even better deal than a fixed-rate mortgage.
Full story here
Foreclosure victims not all deadbeats, report says A new study shows that many homeowners who defaulted on their mortgages during the economic downturn subsequently proved to be responsible consumers and good credit risks.
Full story here
Banks hit hurdle to foreclosures Banks trying to foreclose on homeowners are hitting another roadblock, as some delinquent homeowners are successfully arguing that their mortgage companies can't prove they own the loans, and therefore don't have the right to foreclose.
Full story here
Home prices: Double-dip confirmed Home prices hit another new low in the first quarter, down 5.1 percent from a year ago to levels not reached since 2002. It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.
Full story here
Short sales getting faster When it comes to short sales, the real estate transaction involving a mortgage that is worth more than the home it is tied to has long belied its name as a quick deal. That is starting to slowly change, thanks to increased bank staffing, a Department of Treasury program that aims to speed up the transactions and more of a general acceptance of the deal.
Full story here
Pending home sales fall to 7-month low An index of sales agreements for previously occupied homes fell 11.6 percent last month to a reading of 81.9, the NATIONAL ASSOCIATION OF REALTORS said Friday. A reading of 100 would be considered healthy.
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News for Oxnard, CA - May 21st, 2011 2:03pm
Dear Friends and HouseHunt Clients,

Here are some of the recent Real Estate related articles I thought might interest you:

Financing foreclosed homes
Foreclosure properties, especially those with the water and power turned off, may not qualify for standard financing, but would-be owner-occupants may qualify for a federally insured 203(k) loan.

Making sense of the story:

Would-be owner-occupants who do not have enough money to purchase a foreclosure home using cash, may qualify for the federally insured 203(k) loan, which allows borrowers to roll projected rehab costs into the loan.

According to one real estate expert, most foreclosure properties are sold as is, and, oftentimes, heat, plumbing, and electric are turned off, making it unlikely a lender will lend money on the home.

To qualify for a 203(k) loan, buyers generally hire an independent consultant hired by the Federal Housing Administration to review contractor cost estimates and architectural plans for things like whether the work will bring the property up to minimum standards, while not going overboard on improvements.

Buyers should be aware that not all foreclosure properties are eligible. For instance, a partially built house that has never had a certificate of occupancy requires a construction loan of the kind that a commercial developer would use.

The interest rate on a 203(k) loan is approximately a quarter of a percentage point higher than on a standard FHA-insured loan, and a buyer also can expect to pay 1 or 2 points.

Also, as with other FHA-backed loans, down payments may be as low as 3.5 percent, and loan limits apply. Currently, most FHA loans are capped at $729,750.
Full story here

Are we facing the end of the 30-year fixed-rate mortgage?
Many housing proponents say the government's move to dismantle Fannie Mae and Freddie Mac means the most popular home loan will be more expensive. But how much more is a matter of debate.
Full story here

No housing recovery until 2014?
More than half of Americans don't think there will be a housing recovery until 2014 or later, a new survey shows. That's up from 34 percent who responded that way in November 2010.
Full story here

Home sellers are financing buyers with poor credit
Financing provided by home sellers, popular in the 1980s when mortgage rates reached 18 percent, is making a comeback in markets that have been hit hard by foreclosures and where tightening lending standards and years of economic distress have drained the pool of creditworthy buyers.
Full story here

Fixed mortgage rates touch new lows for 2011
Fixed mortgage rates fell this week to the lowest point of the year, offering incentives for homeowners to save money by refinancing their loans.

Full story here

Foreclosure rate slows as repossession timeline lengthens
Increased scrutiny of how lenders foreclose on Americans has dragged the repossession process out to unprecedented lengths, driving down the pace at which banks are taking back homes.
Full story here

Mortgage disclosures getting another revamp
A consumer watchdog agency unveiled two versions of a sample disclosure form Wednesday as part of its efforts to simplify the paperwork borrowers are currently handed when applying for a mortgage.
Full story here

Why are short sales so long and drawn out?
It's understandable that lenders would want to get as much money as possible from a deal in which a home is being sold for less than what is owed on it, but turning short sales into an ordeal is discouraging potential buyers.
Full story here

Freddie Mac launches promotion to sell its foreclosed homes
This week, Freddie Mac launched its HomeSteps Summer Sales Promotion, which offers to cover up to 3.5 percent of a buyer's closing costs.
Full story here

What you should know about the market

Occasionally, homeowners hoping to close a deal agree to purchase home warranties to give the home buyer peace of mind. However, prospective homeowners should do their homework to make sure the policies will actually help.

Typical home warranties cover the major mechanicals and appliances in a home for one year after the sale. Warranties range in price from $350 to $800. If purchased from reputable companies, home warranties can help homeowners deal with broken appliances, malfunctioning air conditioning, and other problems.

The policies usually require homeowners to contact the service company when something breaks. The company then sends out a repair person who provides an evaluation for a set fee, usually about $65. Once a professional has determined what the problem is, the warranty company pays for the broken items to be repaired or replaced.

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News for Oxnard, CA - May 6th, 2011 2:13pm
Dear Friends and HouseHunt Clients,


Here are some of the recent Real Estate related articles I thought might interest you:


Home buyers lack mortgage know-how
A new survey indicates that home buyers are ill-prepared to take out a mortgage, answering basic questions about mortgage information incorrectly nearly half (46 percent) of the time, according to a Zillow Mortgage Marketplace.


MAKING SENSE OF THE STORY


More than 1,000 home buyers were asked to respond true or false to eight mortgage-related statements, including "The rates of 5/1 adjustable-rates mortgages always increase after years." Although the correct answer is false, because 5/1 ARMs do adjust after five years, but the rates could go up or down, 57 percent of people surveyed answered this question incorrectly.


Forty-five percent of home buyers surveyed also incorrectly stated that home buyers should always buy mortgage discount points. The fact is, the decision hinges on how long the borrower plans to own the property, and in some situations, buying mortgage discount points is not worthwhile.


An additional one-third of respondents do not understand that lender fees are negotiable and vary by lender, incorrectly thinking lenders are required by law to charge the same fees for credit reports and appraisals.


Survey respondents also believe that pre-qualifying for a loan means they have secured financing. With a pre-qualification, which is the earliest step in the mortgage process when a lender approximates the amount the borrower can afford, the lender does not run the borrower's credit or request any documentation to verify the information provided by the borrower.


Slightly less than half of the polled prospective home buyers also do not understand that Federal Housing Administration (FHA) loans are available to all buyers, but instead believe only first-time buyers qualify. In reality, FHA loans can cost less for many buyers, including repeat buyers with low to average credit scores and with down payments of less than 20 percent.

Full story here


Test drive your retirement home
Saddled with vacant units, retirement communities across the country are trying to lure new buyers by any means necessary — from adding cushy amenities and special move-in deals to lowering prices on homes. And with summer fast approaching, one tactic is becoming especially popular: The "test drive."

Full story here


Your home: How to sell in tough times
If you're in the market to sell your home, you probably feel you can't catch a break. Nearly five years into the housing bust, when many experts thought the real estate market would at least have stabilized, sales and prices are still dropping in most of the country.

Full story here


Go green and save green
While making your home energy efficient is good for the environment, it's also good for your wallet.

Full story here

Financing a vacation home
There is loan money available for second-home purchases, but expect bigger down payments, higher interest rates, and other standards tighter than on a principal residence — and those standards are tight already. In addition, there are quirks specific to vacation markets.
Full story here


FHA and Fannie Mae offer loans for home energy improvement
The FHA's PowerSave program allows eligible owners to borrow up to $25,000 at fixed rates for as long as 20 years to finance energy-conservation retrofits. Fannie Mae has an energy-improvement mortgage add-on program.

Full story here


KEEP THIS IN MIND

The traditional home-buying season is in full swing, meaning many people will be packing boxes and looking for companies to help make the move as painless as possible. The American Moving & Storage Association has tips to help with a smooth move.

Customers making interstate moves should check whether the moving company is registered as required with the Federal Motor Carrier Safety Administration, part of the U.S. Dept. of Transportation, at Protect Your Move
.

Consumers should insist on receiving in-person estimates, rather than over-the-phone estimates. The movers can say the homeowner has more belongings than they were told about. By federal law, movers with offices within 50 miles of the house are required to survey the items before providing an estimate.

Homeowners also should sign a binding agreement, to ensure they pay the estimated amount, regardless of the weight of the actual shipment. With a non-binding agreement, the final price for moving services isn't estimated until the shipment is loaded and weighed. Even with a binding agreement, movers can tack on fees for moving into a dwelling on a steep hill or in a crowded city or with a lot of steps, so customers should inquire about additional fees.



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News for Oxnard, CA - April 7th, 2011 9:21pm

Dear Friends and HouseHunt Clients,

Here are some of the recent Real Estate related articles I thought might interest you.

Want a vacation home? Prices are falling
Been dreaming of a vacation home? Somewhere warm to get away? Or maybe a cabin in the woods? Prices are right if you can afford it.

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Tips to help navigate maze of homeowner tax breaks
Congress has bestowed a wealth of tax breaks on homeowners, but in a way that resembles the Winchester Mystery House. Whether you are a first-time or longtime homeowner, figuring out what you can and cannot deduct can be perplexing, especially because the laws change from year to year.

Full story here


Nonbank lenders staging a comeback
Mortgage lenders that are not banks acquired a bad reputation during the housing crisis, when now-defunct players like Countrywide Financial and Ameriquest Mortgage came to light as purveyors of risky, high-priced loans, often to subprime borrowers with less-than-stellar credit.

Full story here


Remodeling trend: Practical — not luxury — is in
Goodbye, over-the-top kitchen remodel? Hello, study but unshowy new windows? Maybe so, if a recent report on where we'll put our remodeling dollars in the coming years turns out to be correct.

Full story here




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