Single Family Lease Demand Rises, Foreclosures to Blame? Or Are They? According to a report released by CoreLogic, demand for single family home rentals has increased by as much as 25%!  Many people are losing their homes to the banks and thus turn to finding rental properties they can afford.  I have also seen families who were renting being forced to move because the property owners are under water.  So we have two groups of people, owners and current renters looking to find a place (or another place) to rent. Single Family Lease Demand Rises, Foreclosures to Blame? Or Are They? This is good and bad news for investors.  Bad news for investors who want to flip.  The demand for remodeled or renovated homes isn't as abundant as it was before.  Good news for investors looking to make a pr... 11/16/2012

   It's Election Day - be sure to get out and vote. With all the displaced folks in the Northeast, it will be very interesting to see how the polls go. Rest assured, attorneys representing both sides of the aisle will be out in force to be sure there is no fraud and every vote is cast.  How will Election Results Effect Our Interest Rates? As far as interest rates are concerned, it really doesn't matter who wins the Presidential election, as there should not be a meaningful movement one way or the other.  There's a sense that if Obama wins, the Fed accommodation (QE3) will continue as planned, where if Romney wins, maybe QE3 gets unplugged sooner. With the economy limping along, we don't think the Fed is going anywhere, anytime soon – QE Unlimited will continue until the labor market and... 11/06/2012

Are buyer's agents going to become a thing of the past? In my neck of the woods, Southern California, we've had a combination of very low inventory levels, very low interest rates, and a commonly perceived notion that the real estate market hit bottom about 9-12 months ago. The combination of these elements has created a very tight competitive approach for buyers. A by-product of this scenario that I've witnessed is a trend by many buyers to deal directly with the listing agent to represent them on offers to purchase properties. But realistically, I'm not going to point the blame on anyone at this point.  It is what it is. If I have a listing on the SALE of a home, and there is an interested buyer without representation, I personally will not represent the buyer, but I will refer them t... 10/31/2012

Mortgages Rates on a Slight Rise Freddie Mac is reporting mortgage rates are on the rise.....nothing too drastic though.  After record lows, rates this week on a 30-year fixed-rate loan rose from 3.37% last week to 3.41% according to Freddie Mac's latest survey. 15-year fixed-rate home loans rose from 2.66% to 2.72%, based on what mortgage lenders say they are offering to borrowers with 20% down. Mortgages Rates on a Slight Rise It still pays to shop around as a borrower for better rates.  Many pay additional points upfront to lower their rates, this is a good idea in the long run. So eventhough we see rates on the rise again right now, we're still better off than we were four years ago.  A $300,000 30-year mortgage in 2008 at 5.5% requires monthly payments of $1,703.37.  The same loan ... 10/25/2012

Olives Mature in October Check out this Olive Tree in Sherman Oaks CA   Olives in the United States are mostly grown in California. They are typically green in color and they get picked in an unripe state. Then they are lye-cured and ultimately exposed to airs as a way to trigger the oxidation and conversion to a black outer color. Generally water curing, brine curing and lye curing are the most common way to process the olives. Each has a different affect on the color and composition of the olives. A typical Olive three will produce about 150-160 lbs of olives. Olive trees need to be pruned and taken care of including fertilized.       Technically  olives are classified as fruits of the Olea europea tree (a tree that typically lives for hundreds of years) we commonly think of olives no... 10/20/2012

Housing Market Improving in "Sand States"   Keller Williams Calabasas released this blog today and I wanted to share the highlights of it with you.  Here is a link to the full blog entry: http://www.kwcalabasas.com/residential/fdic-reports-housing-market-improvement-in-sand-states/   The Sand States being California, Nevada, Arizona & Florida....oddly enough, the four states with the highest unemployment rates are showing an increase in Real Estate activity as reported by the FDIC. Housing Market Improving in "Sand States" According to the FDIC report and above mentioned blog, California home prices have dropped 1.3% from a year ago, but is an improvement from the 2.2% fall in the first quarter of this year. California's unemployment rate is at an astounding 10.8%, however single-family... 10/17/2012

Big Bank Walks Away from 2nd Mortgages!!!! If you have a 2nd mortgage through Bank of America, you may want to check your mailbox.  According to the TBWS Daily Show, Bank of America has sent out 150,000 letters to consumers informing them their 2nd mortgages have been wiped away.  Too good to be true?  Perhaps, but in a way, it makes sense. Big Bank Walks Away from 2nd Mortgages!!!! Bank of America, as well as any other major bank, has entire departments dedicated to loan modifications.  Money and manhours spent on working with consumers to modify their loans that in all seriousness, might never get resolved, is more wasteful than simply dissolving the loan altogether.  Big Bank Walks Away from 2nd Mortgages!!!! While this might be a "Get Out Of Jail Free" card to these 150,000 consumer... 10/02/2012

Let's admit to the elephant in the room:  Listing agents are manipulating the process to double-pop their listings I've been writing tons of offers for my buyers.  Some of them ridiculously over asking with terms that are just short of pledging their next unborn child into the deal! But Zip!  Zilch!  Nada!   No acceptance. I decided to follow up on a few of these listings as they have closed and pulled up the MLS info after closing, and lo and behold - the same broker was representing the buyer on the deal. Many times the offer I submitted was lightning quick.  We wanted to show the seller we were being aggressive and were stepping up to the plate with all of our I's dotted and T's crossed. Then what?  It seemingly takes forever to get a response, and then when we finally do it's "Well,... 09/30/2012

Homestead Exemptions:  Is it possible to end up with $75,000+ from your short sale or foreclosure? During the last 2 courses I'm completing towards my broker's license, some of the material I'm going through is quite interesting.  I'm going through a section regarding Homesteads, how they work, and the legalities surrounding them. Here is some initial info: A homestead declaration does not restrict or limit any right to convey or encumber the declared homestead. [CCP §704.940]. If a property owner records a declaration of homestead against their primary residence, it in effect drains the property of its equity up to the statutory limit of the homestead. Subsequently, if the owner seeks to borrow against the property, a lender may want the property owner to subordinate the homestead to a... 09/09/2012

Home Prices in CA at 4 Year High!!! In the month of July home sale prices rose for the fourth month in a row resulting in a near 4-year high!  While it's harder to see in certain areas at times, the median prices have been the highest since August 2008.  Of course, this is taking into consideration the houses actually on the market.  Many bank-owned properties get sold without ever being listed.  Home Prices in CA at 4 Year High!!! July was also the 5th straight month that the state's median home price saw both month over month and year over year growth.  According to a report by the California Association of Realtors, the median price of a single family home was $333,860 last month, up 4.2% from $320,540 in June and nearly 13% from the state's July 2011 median which was $296,160. Home ... 08/24/2012

Keller Williams Highest Ranked in Customer Satisfaction by JD Power!!   THIS JUST IN FROM JD POWER & ASSOCIATES....... The 2012 Customer Satisfaction Survey came out and Keller Williams ranks highest in customer satisfaction in both the home-buyer and home-seller segments!   Further, Keller Williams achieves the highest scores in all factors across both segments, including agent/salesperson, which is the most important aspect of the customer experience for home buyers and sellers.   In the home-buyer segment, Keller Williams is followed in the rankings by Prudential. In the home-seller segment rankings, Keller Williams is followed by Coldwell Banker.   I am very proud to be apart of such an outstanding company!  I strive to give my buyers and sellers the best possible experience in the ... 08/17/2012

Please share your recent experience with everyone.  I'm curious to see how things are going with you all. I can tell you that I've had 2 listings close (multiple offers) in the last month that sold for about $30k over asking!!!  These listings were priced from $400-$800k.  So it looks to me like the median market price is doing well on worthwhile properties.   Your opinions? 08/02/2012

Ralph's Helpful Tips:  Holding Deals Together - How to Get Creative Purchasing a home these days is not as simple of a task as most people think.  Even just negotiating the purchase contract has so many more elements now than it used to.  I hear all the time from some of the agents who have been in the business for 20+ years how they used to sign deals on the hood of their car! But going past the point of a mutually accepted offer, there's the huge task of getting through the escrow all the way towards closing.  And I know everyone out there can relate.  We all have had and continue to have our episodes of bumpy escrows. I've been known as a "dog with a bone" when it comes to holding deals together.  I NEVER give up when it starts to get a little turbulent. The key to that is creativity... 07/23/2012

Had to share this article from The Daily News with everyone.  San Fernando Valley Home Sales Leap 25 Percent in May http://business-news.thestreet.com/daily-news/story/san-fernando-valley-home-sales-leap-25-percent-may/1   Home sales in the San Fernando Valley jumped 25 percent in May, the biggest increase in 30 months and a sign that the market may be on the mend, a research center said Thursday. And in another encouraging indicator, the number of properties foreclosed on in May plunged 52.5 percent from a year earlier, said the San Fernando Valley Economic Research Center at California State University, Northridge. "This is really good news. Foreclosures are no longer driving the market," said economist William W. Roberts, the center's director. Last month, sales of new and previously... 06/25/2012

Is Your Credit Score Needing a Boost?   Fear not!  There are ways of improving your score!  It may not happen over night, but it is possible. According to myfico.com, a person with a credit score of 720 can expect a rate of 3.7% on a 30-year, $300k fixed-rate mortgage.....someone with a score of 620-639 can expect a 5.07% rate. Is Your Credit Score Needing a Boost? As we all know, a low score will not get you a low rate, so there are many benefits to actively getting your score higher.  Making small but important changes could raise your score by as much as 100 points within a years time.  The first thing to do is obtain all three of your credit reports.  AnnualCreditReport.com provides a free report once a year.  Carefully go thru each report and look for errors.  Payment history and a... 06/14/2012

Ralph Sells The City: The Adventures of a Non-ExtraTerrestrial Realtor Showed a home in a very nice area of Toluca Lake yesterday.  The space works for my client, and the location.  But it needs a lot of updating.  The listing agent told me that there is one offer already on the property, and that they have to respond to it by this evening, so if we're going to write on it we'll need to submit by that evening. Ran comps and talked it over with my client.  The property appears to be overpriced.  And it's been on for about 5 months.  I pulled up title information and based on what the outstanding first lien amount is from what appears to be a re-fi done last year, we don't see how it can be a standard sale from where the comps are at and also where my client would need to come in based on... 06/14/2012

Lloyd Cullen Real Estate is a local Sherman Oaks Short Sale Realtor. As a Sherman Oaks Short Sale Company that specializes in short sales, you are assured the highest standard of professionalism and can always count on our Sherman Oaks Short Sale Realtor to help answer any questions you have in regards to Sherman Oaks Short Sales. Short Sale My Sherman Oaks Home Lloyd Cullen is a local Sherman Oaks Short Sale Expert with experienced Sherman Oaks Short Sale Agents here to assist you.   Short Sale My Sherman Oaks Home We specialize in Short Sales for Sherman Oaks and Surrounding Areas Are you interested a short sale on your Sherman Oaks Home? Do you know what Sherman Oaks short sale documentation you will need? Do you meet any of the following predicaments: mortgage payments too high, fac... 06/06/2012

Lloyd Cullen Real Estate is a local Sherman Oaks Short Sale Realtor. As a Sherman Oaks Short Sale Company that specializes in short sales, you are assured the highest standard of professionalism and can always count on our Sherman Oaks Short Sale Realtor to help answer any questions you have in regards to Sherman Oaks Short Sales. Sherman Oaks Short Sale Realtor Lloyd Cullen is a local Sherman Oaks Short Sale Expert with experienced Sherman Oaks Short Sale Agents here to assist you.   Sherman Oaks Short Sale Realtor We specialize in Short Sales for Sherman Oaks and Surrounding Areas Our Sherman Oaks Short Sale Realtors in our area are the talk of the town because they provide great results to the clients. When the clients are happy then we know we have done our job in full effect. At Ll... 05/30/2012

United States of America is ON SALE! I'm sure you've noticed, things seem to be looking up for buyers here in California as well as nationwide.  According to the California Association of Realtors, housing affordability in CA rose to a record high 56% for the first quarter of 2012. This up from 53% in the first quarter of 2011.  Low interest rates and stable home prices can be attributed to this high percentage.  United States of America is ON SALE! That means in Los Angeles Metropolitan area, the minumum annual household income to purchase a median priced home ($266,580) would be $53,780 with monthly payments of $1,344 including taxes and insurance.  Not too shabby considering the economy we're digging ourselves out of. I've noticed in my own business recently that foreign investors ar... 05/17/2012

How often have you heard this phrase from a listing agent?  "We have multiple offers on this property" Have your buyers offered, counter-offered, countered again? One might think this is a sign of the market getting better.  In some ways it is, but for the most part, supply is low and demand is high. The lower inventory numbers can be accredited to many sellers not accepting the current value of their homes, looking forward to a bump in list price in the future.  Investors are also running over buyers making cash offers that sellers are quick to accept.  While Fannie and Freddie are holding onto hundreds of thousands of foreclosed homes they own.  These bidding wars may be increasing prices but homes are still listed and selling at far lower prices than a few years ago.  For instance, a... 05/09/2012