Downey, CA Real Estate News

By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
#7 Be Discreet: Marked by exercising, or showing prudence and wise self-restraint. The House Warming: After the sale is over and we have been PAID comes the house warming party and the chance to Prospect your Buyer's ENTIRE Sphere of Influence. Your Client already knows that you are the GREATEST Realtor in your area (otherwise they would have gone with the other guy) and has, likely, at your suggestion...mentioned you to everyone that she/he knows.                                   Realtors Beware: Be careful to discuss with your Buyer whether it is okay for you to discuss very personal details such as purchase price and/or monthly payments.  Bragging Rights? Even though you may have gotten your Buyer deal of a lifetime, some people just are very personal/private about financial matters...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
Without taking much time out of your day I would like to give an update of my local market here in Sunny Southern California. Buyers are off and running especially since prices were slashed last month. We went from $390,000 for a 3 bedroom 2 bath in March to $373,000 in April. With only 50 homes sold in March and 77 being sold in April, I guess you could say that inventory is getting bought up. I would also like to add that I am seeing more regular sales (not distress) and also less bank owned homes. That is not to say that some home owners are not facing foreclosure, we have buyers in the city of La Puente and we are seeing 80 short sales for every 20 bank owned properties. I expect to see more success on short sales= meaning banks are going to aid sellers in distress in getting their ...
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By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
I spent most of today with the people that I love the most. I am sure that it is an amazing thing to hold human a human life inside of your body for nine months.  I always hear (from other men) about the pain that childbearing carries. However, I am not sure that I have ever heard a woman talk about the pain. They always talk about how cute their baby was or how it was worth it. I am most thankful to my mother for giving me life and for helping raise such a great son. I also am thankful for the countless hours that were lost in sleep and the TLC that was given when I was sick, fussy or tired. I will become a parent in the next 1-2 years and I look forward to giving love to a new life. I always hear people talk about how the love of a parent is a very unique type of love. I have yet to e...
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By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
#5 Be Creative: The ability to transcend traditional ideas, rules, patterns, relationships or the like, and to create new meaningful ideas, forms, methods or interpretations. Look Outside the Box: Sometimes people do not have all of their options in front of them. A client of mine wanted a home that was a little nicer than she could afford. She thought that she would rather not buy than get a home that she "kind of liked." The Hot Prospect was "cooling" quickly. Make Suggestions: I suggested a few ideas: Bargain fixer homes, going to a lesser city or borrow money from a family member. She and her husband did not have the patience nor the money to do repairs on a "fixer." They were set on their city because the schools were top notch. All that was left was to borrow, but from who? Mom's ...
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By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
#4. Respect: Esteem for a sense of the worth or excellence of a person, a personal quality or ability. Also, the condition of being esteemed or honored. Reality Check: Do we ALWAYS Respect our clients? Do we look down on them because they are in a different price range? Do we ESTEEM and HONOR our clients in ALL price ranges? Or is our esteem/honor for them proportional to our potential commission? Every Person is Special in Some Way:  Each person is uniquely special in an infinite number of ways. Some people are great conversationalists and are sociable. These are the easiest people to like because they already have social skills and have tons of friends. They are just plain easy to like. Should we commend ourselves for respecting someone who is already easy to like? Life is Not Always ...
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By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
#4. Respect: Esteem for a sense of the worth or excellence of a person, a personal quality or ability. Also, the condition of being esteemed or honored. Reality Check: Do we ALWAYS Respect our clients? Do we look down on them because they are in a different price range? Do we ESTEEM and HONOR our clients in ALL price ranges? Or is our esteem/honor for them proportional to our potential commission? Every Person is Special in Some Way:  Each person is uniquely special in an infinite number of ways. Some people are great conversationalists and are sociable. These are the easiest people to like because they already have social skills and have tons of friends. They are just plain easy to like. Should we commend ourselves for respecting someone who is already easy to like? Life is Not Always ...
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By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
#3. Optimism: A diposition to take the most hopeful view.                        Life's Most Challenging Times: Have you ever tried to do something that you have never done before? Something that is intimidating, yet, you have to do it? Something that usually requires a sales person? Facing the used car salesman, then the Mona Vie sales guy, all the way to the big Whopper of them all: The Realtor! The 30 year mistake/investment? The future of your kids and your kids'...kids are on the line. The last thing that you want to do is to make a bad choice that will last at least 30 years. The Cost of Failure: Your spouse and the rest of their family will remind you for the rest of your life (ONLY if you made a bad choice though).  The last thing that a Buyer needs is a pessimistic Realtor. The...
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By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
Seller Tips 1. Understand why you are selling. 2. Find a good Realtor 3. Do your homework before you set your selling price. 4. Appearance is critical.  Maximize your selling potential. 5. Deep clean your property, remove all personal traces of your family. 6. Disclose EVERYTHING. 7. Do not get emotional during the negotiations. 8. Do not give yourself a Deadline. 9. Know your Buyer. 10. Make sure the contract is complete If any readers have some suggestions to add/edit this list, I welcome any input. Also feel free to use this list for any of your own marketing and/or promotional materials.   If you know of clients who may need some help in the So California, feel free to send them to my site: www.SearchSanGabrielValleyHomes.com  Be sure that you send me an e-mail with you and your cli...
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By Mark Velasco, Top Producing COMMERCIAL Team 30+ years experience
(Sharpstone Commercial)
Short Sale Tips by Mark Velasco (So Cal) (Part 1 of a 4 part series)  1. Know your area prices Many Short Sale properties are priced well below market prices to attract lots of  Buyers.  With lots of Buyers, comes many bids and then comes the multiple counter.  Most Short Sale properties do give Buyers a 5-10% discount for waiting 3-6 months for an answer from the Bank.   2. Call BEFORE showing Many “active” listings already have an offer that has already been presented to the Bank.  However, the property is not officially Pending until the offer is accepted by the Bank.  This will save you and your clients time.  Also, ask the listing agent if they have already presented offers to the Bank.  Otherwise you may unwittingly become just another Back Up offer.   3. Ask about the Property’s ...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
Turns out prices are dropping! Yes they have definetely dropped..... but sales have drastically increased take a look for yourself!                                     DOWNEY HOME SALES REPORT FEBRUARY 2009  Single Family Sales - Residential Other Statistics Price ClassBedrooms   2 OR Less34 Or More Condo SoldResidential ActiveCondo Active $0 - $99,999 1  0  0    0  0  0  $100,000 - $149,999 0  0  0    0  1  8  $150,000 - $199,999 0  0  0    0  0  6  $200,000 - $249,999 0  1  0    1  7  2  $250,000 - $299,999 2  2  0    0  23  11  $300,000 - $324,999 2  2  0    0  16  1  $325,000 - $349,999 1  4  1    0  18  1  $350,000 - $374,999 2  4  1    2  14  6  $375,000 - $399,999 2  1  1    0  24  0  $400,000 - $424,999 0  0  1    0  10  1  $425,000 - $449,999 0  1  0    0  13  1  $450,000 - $47...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
COMPETING SELLERS CAN LEARN QUITE A FEW THINGS FROM BANKS WHEN LISTING IN TODAYS MARKET:   BECOME THE LOWEST PRICED COMPARABLE IN A 1/2 MILE RADIUS   TO ARRIVE AT PRICE DO A COMPARATIVE MARKET ANALYSIS INCLUDING 3 ACTIVES, 3 PENDINGS AND 3 CLOSED FOR THE LAST 3 MONTHS TO A MAXIMUM OF 6 MONTHS   DO USE BANK OWNED COMPARABLES, DON'T USE SHORT SALES   SPENDING A BIT OF MONEY ON COSMETICS LIKE PAINTING AND REPLACING THE CARPET CAN WORK WONDERS FOR THE HOME   LIST LOW SELL HIGH (IN TODAYS MARKET IT TAKES 42 VIEWINGS TO EVERY OFFER)   ACCEPT THAT YOU HAVE MADE GREAT UPGRADES TO YOUR HOME BUT LET THE MARKET DECIDE WHAT THE HOME IS REALLY WORTH   BANKS HAVE NO ATTACHMENT TO THE ASSET (HOME) THEY, LIKE ARE LOOKING TO NET THE MOST PROFIT   CASH OFFERS DON'T DESERVE HUGE DISCOUNTS, PAYOFFS ARE PAY...
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By Carlos Arvizu, (R.V. Zoo)
(Carlos R. Arvizu Sr. with Prudential California Realy)
Economic News By; Carlos Arvizu Sr  Many citizens are deeply concern with the direction the  economy is going.  Many hard working people are concerned with losing their jobs, homes, or have seen their 401k's retirement investments dwindle 40 to 60% in value over the last year.  Fixing the problem, one must understand the problem, and how they relate overall to the economy.  1.         Congress can use stimulus money by way of reducing or eliminating the taxes from all passbook savings accounts, up to at least $150,000 per year on all personal income taxes.  This gives the American public an incentive to save.  2.         Regulate the passbook savings rate that is tied to the 52 weekly average of the 10 year Treasury Note, minus 1% point on all passbook savings accounts.    What that doe...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
I don't mean it's getting hot as in weather here in sunny California, what I mean is the amount of buyers around the corner when another low priced foreclosure hits the market. It almost felt like I had a sticker on the back of my car that read: "FOLLOW ME TO A LOW PRICED REPO!"   What point am I trying to make you might ask? Well contrary to media reports I am going to go ahead and say that in my local market buyers are buying up all the repos like funnel cake! I mean we've got agents in my office writing offers on repos that I am writing offers on. I spoke to a asset manager who stated they have been receiveing an average of 19 offers on every repo they list in my local area! What many of the buyers fighting over these repos don't realize is that you can also find a great investment o...
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By Matt M-Income Property Investment
(Real Estate Marketing Resources)
Quality Real Estate Investment Education  This meeting will be held in the City of Dowoney, CA  Prospective, New and Seasoned Agents seeking to learn what the other side thinks and how to separate themselves from the pack are invited to attend an evening of refreshments, networking and education.   The best return you will ever make on your money is a little time investing in yourself first!   When?  Thursday, February 12, 2009 7:00 PM   You will be my personal guests so please call or email me with your RSVP so I can put you on the guest list, seating is limited!   Where:  Please RSVP the number of guests you are bringing. Since we are expecting a large turnout, we want to make sure we can accommodate everyone i.e. chairs, refreshments, etc. Address will be provided upon RSVP Please RS...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
THIS SHOULD HAVE BEEN TITLED : BASIS FOR WRITING  A CORRECT OFFER First you must understand that banks have decided on the price by having individual brokers give broker price opinions on the asset/property   You must also understand that brokers giving the bank a price opinion will sometimes give a higher value to get a listing, this is not common when the broker has been doing bank owned for a while. It is seen mostly with new brokers trying to get an REO account   When the opinion is over priced you will see the listing price drop after a few weeks, usually due to someone writing a offer based on recent comparables   When someone submits a offer based on comparables and it is lower than the listed price banks will send out an appraiser to verify what is really happening AND NOW THE D...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
So I was previewing homes in my local market Downey, California and decided to snap a quick one with my Palm Treo........ hope you enjoy from the album cover of Now & Then And how it looked in the album Now and Then    
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
Remember this is only a prediction and nothing more, maybe we will look back at this and say ..... boy was that Benny Chavez guy off, or maybe boy was that Benny Chavez guy on the money! I will mention  that I have taken plenty of real facts into account when deciding what I would predict would happen so here it goes: 2009 Will bring double the amount of forclosures than 2008 The amount of forclosures will make some markets drop price by 10% Interest rates will remain within 5 and 6 % till 2010 Many markets will have a stimulated local economy due to various real estate transactions Lenders will continue to use high standards to qualify The high end markets will be experiencing fewer sales, hows 10% off of 1,000,000? People will lose homes this year but a positve look will be that the l...
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By Carlos Arvizu, (R.V. Zoo)
(Carlos R. Arvizu Sr. with Prudential California Realy)
Another Stimulus Bill is about to take a trip around capital hill very soon.  Our political leaders have a grave responsibility in using the public tax dollars wisely, not just distributing wealth from one hand to the other.  Giving credits (money) to everyone doesn't do a dam_ thing unless, the tax credit can effectively generate jobs and support systems to maintain those jobs, but also create JOBS.  Be careful in what your legislators are doing.  Adding to the deficient without job creation can be long lasting, President Bush gave us 3 tax credits stimulus packages with Congressional support during the last 8 years, and did we not learn that this was a token gesture, that actually added to our grandchildren debt, they will be paying for. Let's get specific, we have approx. 180 million...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
Bank Owned properties or R.E.O (real estated owned by a corporate entity) sales are much easier than a short sale. The only problem with a reo is the conditions of the transaction. In most cases the bank will sell the property in as-is condition. Depending on the kind of financing you have in place, some lenders will not close the escrow if the home is not habitable. In the case of the price, the price is usually set low to attract a lot of attention. We have come up with the conclusion that on average it takes 22 showings to generate 1 offer on a property. By setting the price below market value, the reo usually will receive multiple offers depending on the condition and location. Thus driving the price closer to market value. Some drawbacks with reo's is the fact that you have no hist...
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By Benny Chavez
(THE CHAVEZGROUP AT COLDWELL BANKER PREVIEWS INTERNATIONAL)
When a homes value is less that the amount owed on a mortgage, and the home owner is late making payments on the mortgage, the bank will begin a forclosure process. If the home owner wishes to save his credit rating and avoid the forclosure, a real estate agent is hired to market the home for sale. Since the homes market value is less than the amount due on the mortgage, the agent begins a short sale process. Most often we need to stop the forclosure process so we price the home below market value to attract attention which in turn leads to offers on the property. Once an offer is accepted by the home owner the bank reviews the offer and either accepts the offer or sends a new approved price which is higher. In the event the approved price is higher the agent relists the home at the new...
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