The Biggest Benefit of Doing A Short Sale

According to procedures from Fannie Mae (in regards to conventional loans) and the Federal Housing Administration (in regards to first-time home buyers assistance loans - "FHA loans"), a homeowner who is foreclosed on by their lender may have to wait 5-7 years before they will be allowed to qualify for another home loan.

However, if that same homeowner sells their home as a short sale (called a pre-foreclosure), the may qualify in as little as 2-3 years. That is a chance to own a home again 3-4 years SOONER than allowing the home to go to foreclosure.

In this market, it is very likely that home values will still be low in the next 2-3 years. There are many foreclosures that banks still have to sell, and many people every day are still going into default due to alarmingly lost value in their homes (a large percentage of homes today are "upside-down," meaning the homeowners owe more money on their mortgage than the home is worth). Because of that, someone who short sells their home now, can use the money they are saving (paying only rent instead of a mortgage) to pay off debt and save for their next home purchase. Then, they would be able to purchase a home sooner, and probably for much lower of a cost than if they were foreclosed on, waited 5-7 years, and purchased a home when home values had more time to go even higher.

For more information, or to ask questions about this tremendous benefit to doing a short sale, please reply to this post, or give me a call at 661-616-3601.

December 12- Short Sale Informational Seminar!

Announcing our Short Sale Informational Seminar! Come and learn the benefits and options with doing a short sale for your home. Ask any questions you may have to decide if this is the best option for you!

Topics that will be covered include:

-The freedom that comes from doing a short sale

-Why 54% of Loan Modifications DO NOT WORK

-What to watch out for- Loan Modification SCAM ARTISTS

-How a short sale works for YOUR BENEFIT

-Why it is important to have the

RIGHT agent doing your short sale

-Why prices are NOT getting better

anytime soon (and probably for years)

-How you can short sale your home, in as little time as possible, as easily as possible, for FREE

Our next Short Sale Informational Seminar will be:

Saturday, December 12th, from 10am - Noon

Call 661-616-3601 to reserve your seat today!

Market Review: October 2009

As of November, 2009, there are 2,646 residential properties for sale on the market in Kern County.
In October, 771 homes sold.
That is a 3 1/2 month supply of homes if no other homes come on the market.
During October 1126 homes were listed.

Of the homes currently for sale...

108 of these homes are priced above $500,000.
During October 8 of these homes sold.
That’s a 13 1/2 month supply in this price range if no others come on the market.
During October 24 additional homes in this price range were listed.

343 of these homes are priced $250,001-$500,000.
During October 67 of these homes sold.
That’s a 5 month supply in this price range if no others come on the market.
During October 114 additional homes in this price range were listed.

770 of these homes are priced $150,001-$250,000.
During October 215 of these homes sold.
That’s a 3 1/2 month supply in this price range if no others come on the market.
During October 311 additional homes in this price range were listed.

1426 of these homes are priced under $150,000.
During October 484 of these homes sold.
That’s a 3 month supply in this price range if no others come on the market.
During October 676 additional homes in this price range were listed.

Number of homes sold in Kern County per month:
January – 671
February – 682
March – 845
April – 884
May – 665
June – 828
July – 508
August – 459
September - 487
October - 771

Note: The "month supply" means the number of months it would take to sell the current number of homes at the current rate, with no change in factors. The month supply for EVERY category increased since last checked (for June), meaning it now takes longer to get through our inventory of homes than it did in June. We also now have slightly more homes currently on the market than since last checked (early July).

54% of Loan Modifications DON'T Work

From the article:

"The latest data from the Office of the Comptroller of the Currency (OCC) shows that over 50% of homeowners who had their loans previously modified in order to avoid foreclosure have re-defaulted. This seems like an awfully high failure rate."

Full article here.

50% of All Homeowners "Upside Down"

This is why doing a short sale right now is so important! It will probably be YEARS before home values go back up!

From the article:

"More than 50 percent of the mortgages in Kern County are now reportedly "upside down," with the house worth less than the loan."

Full article here.

Why Now Is The Time To Sell Your Home

Please listen to me. This is not a gimmick. This is not a sales pitch. I am not messing with you. If you are thinking about selling your home within the next three years, and you want as much money as possible out of the sale of your home, you need to sell your home NOW.
Bank owned foreclosures are out of control. Drive through your neighborhood. Ever wonder why you never see your neighbors at “that” house, and you are worried that the grass is growing high or turning brown, or there is some weird note in the window? Chances are- that home is another foreclosure. I was shocked when we had 1000 new defaults on home loans in one month late last year. It’s not getting any better: January, February and March each averaged 1,600 NEW defaults per month! 80% of homes that enter default turn into bank owned foreclosures within a year. Do the math.
There was a moratorium- a government imposed stoppage, of new foreclosures coming on the market. Because of that, selling inventory of homes is down (approximately 1500 when it used to be over 3000). But this moratorium ended September 15. The banks are now allowed to put their foreclosures on the market for sale. Do you think they are going to wait, losing time as other banks put their homes on the market? Unlikely.
A brash of many foreclosures coming on the market will cause home values to go down even more than they are now. You think the home values NOW are bad, wait until more foreclosures come on the market! Why? Because banks don’t care about other homeowners, like yourself, in your neighborhood. They only care about selling their foreclosed homes as quickly as possible to limit their losses. If that means pricing their homes far below the rest of the neighborhood, they will do it.
With more foreclosures for sale it means more competition for banks to sell their assets before other banks do. This means cutting their list prices even more to beat other banks. If a home buyer buys another bank’s foreclosure before theirs, they lose out, and don’t want that to happen.
So if you are considering selling your home, I strongly recommend you selling it NOW. At the current rate of defaults and foreclosures, it doesn’t look like the foreclosure market is going to end anytime soon. To receive the most out of the sale of your home, contact our office TODAY!

661-616-3601

5 Reasons Your Home Did Not Sell

Contrary to what the news is telling you, homes are selling everyday. When a home expires from its listing contract WITHOUT selling, or the “For Sale By Owner” sign has been flopping in the wind for several weeks, here are the five top reasons they did not sell.
Recorded Info!
Call 24/7!
1-800-918-0927 x. 105

Short Sale Consultations

Market Review: June 2009

Activity for June, 2009

As of July, 2009, there are 2,564 residential properties for sale on the market in Kern County.
In May, 828 homes sold.
That is a 3 1/2 month supply of homes if no other homes come on the market.
During May 1164 homes were listed.

Of the homes currently for sale...

91 of these homes are priced above $500,000.
During June 8 of these homes sold.
That’s a 11 month supply in this price range if no others come on the market.
During June 19 additional homes in this price range were listed.

288 of these homes are priced $250,001-$500,000.
During June 89 of these homes sold.
That’s a 4 month supply in this price range if no others come on the market.
During June 127 additional homes in this price range were listed.

511 of these homes are priced $150,001-$250,000.
During June 211 of these homes sold.
That’s a 2 1/2 month supply in this price range if no others come on the market.
During June 295 additional homes in this price range were listed.

929 of these homes are priced under $150,000.
During June 520 of these homes sold.
That’s a 1 1/2 month supply in this price range if no others come on the market.
During June 723 additional homes in this price range were listed.

Number of homes sold in Kern County per month:
January - 671 February - 682 March - 845 April - 884
May - 665 June - 828
Number of homes per month sold is up from May to June. Number of listings coming on the market is also increasing. The month supply of homes for all categories have all DECREASED (supply is selling quicker). This means we currently, believe it or not, HAVE MORE DEMAND THAN SUPPLY. The banks are in another moratorium from listing foreclosures. Even though the number of foreclosed listings is gradually increasing compared to the past few weeks, right now is the best time, for the next few years, to sell your home for the most money possible. We actually need MORE listings to meet demand.
Y O U N E E D T O L I S T Y O U R H O M E T O D A Y !

Market Review: May 2009

As of June 1, 2009, there are 2,401 residential properties for sale on the market in Kern County.
In May, 665 homes sold. That is a 3 1/2 month supply of homes if no other homes come on the market. During May 1038 homes were listed.

102 of these homes are priced above $500,000. During May 6 of these homes sold. That’s a 17 month supply in this price range if no others come on the market. During May 27 additional homes in this price range were listed.

371 of these homes are priced $250,001-$500,000. During May 46 of these homes sold. That’s a 8 month supply in this price range if no others come on the market. During May 143 additional homes in this price range were listed.

704 of these homes are priced $150,001-$250,000. During May 187 of these homes sold. That’s a 3 1/2 month supply in this price range if no others come on the market. During May 338 additional homes in this price range were listed.

1224 of these homes are priced under $150,000. During May 426 of these homes sold. That’s a 3 month supply in this price range if no others come on the market. During May 530 additional homes in this price range were listed.

Number of homes sold in Kern County per month: January - 671 February - 682 March - 845 April - 884 May - 665

Number of sales are down, as well as number of listings (2700+ in mid-April down to 2401 today). The number of foreclosures on the market have drastically been reduced. However, the foreclosure moratorium is now over and bank owned foreclosures will soon flood the market again. Now is the RIGHT time to list your home for sale to receive the most value, before home values are further lowered by the competitive banks. Speculators are estimating bank owned foreclosures for sale will last for awhile, possible through 2012. Bakersfield home values have dropped to below 2002 levels, with some real estate experts estimating we will soon drop before 1999 levels. Now is NOT the time to wait, now is the time to list with an aggressive agent to get your home sold, for the best value, in the quickest time, with the least amount of hassle!

Frustrating Loan?

NOW is the time to list your home if you are in a frustrating loan! If your loan is too high, your monthly payment is too high, if you are going through financial strains due to the economy, medical situations, family situations, or your job, YOU NEED TO CALL ME! I can help you sell your home and position you to purchase a home again much sooner than if you let the bank foreclose on your house! PLUS, I will be able to reimnburse you up to $1000 in moving costs! This is your opportunity, take it!

Right This Minute...

Right this minute, there are 2,484 homes for sale in Kern County. Right now is a terrific time to buy!

Of these, only 596 are bank owned foreclosures. Right now is a terrific time to sell!

Right now, interest rates are hovering around 5%. Right now is a terrific time to get a loan!

If you are upside down in the value of your home and can't afford your monthly payments, you can short sale your home and be positioned to buy again while prices are still low!

Right now is a terrific time!

Market Review: March, 2009

As of April 19, 2009, there are 2,734 residential properties for sale on the market in Kern County.
In March, 845 homes sold.
That is a 3 month supply of homes if no other homes come on the market.

124 of these homes are priced above $500,000.
During March 8 of these homes sold.
That’s a 15 1/2 month supply in this price range if no others come on the market.
During March 26 additional homes in this price range were listed.

381 of these homes are priced $250,001-$500,000.
During March 50 of these homes sold.
That’s a 7 1/2 month supply in this price range if no others come on the market.
During March 146 additional homes in this price range were listed.

758 of these homes are priced $150,001-$250,000.
During March 211 of these homes sold.
That’s a 3 1/2 month supply in this price range if no others come on the market.
During March 347 additional homes in this price range were listed.

1471 of these homes are priced under $150,000.
During March 576 of these homes sold.
That’s a 2 1/2 month supply in this price range if no others come on the market.During March 818 additional homes in this price range were listed.

Contrary to the doom and gloom reported on the news and in the newspaper, homes are selling in Kern County. March beat February for homes sold (682), as well as January (671). However, in March, listings sold (845) was beaten by new listings (1,337). The buyer’s market is going strong, with many people facing multiple offers on bank owned foreclosures, not to mention long bank responses, and homes that don’t qualify for the increased FHA loan market, with many banks unwilling to do repairs. In addition, there is a moratorium on the amount of foreclosures coming on the market, making this the best time for owners to sell their homes, for the best possible value, for a long time, before the foreclosures once again flood the market. Price, condition and location are the deciding factors in homes being sold, with PRICE being the most critical factor in getting showings and sales. Here’s the good news: 800+ homes sold last month! Yours can be one of them! People have two options in pricing their home:
1.) Pricing too high, helping their neighbor sell their home.
2.) Pricing the home right, selling their home instead of their neighbor!
Are you willing to price your home competitively in order to get it SOLD?

Now Is The BEST Time To Sell Your Home! Here's Why:

Right now, and during the summer of 2009, is the absolute BEST time for a person who owns a home to sell it, AND receive the most money they will possible, for a couple of years. This isn't a sales pitch, this is serious. Here's why:

There is a moratorium on new bank foreclosures being put on the market. The #1 REO listing agent in town was averaging a standing inventory of around 200 listings at any given time in 2008. She now has around 80 listings. This is happening to REO listing agents all over Bakersfield. The 2 REO listing agents in my office have very few remaining REO listings, and are not being assigned any new ones. There is a lot less REO competition right now. This is good for those who own their home and are thinking about selling. The tragedy is, I have spoken to many homeowners who tell me they want to wait a few months and think it over. I strongly recommend AGAINST this idea.

In the fall, all of the REO properties that were NOT listed in the spring and summer, in addition to the properties that will become REOs at that time, will all be put on the market, AT THE SAME TIME. All of the banks have the same agenda- SELL THE HOMES AS QUICKLY AS POSSIBLE. If there are a few homes of the same size and general area, the banks will put low prices to beat the competition. What happens when the competition is significantly larger, and they are also REOs? Prices could PLUMMET. DROP. DIVE. What happens to home values when numerous properties are being sold for LESS? Values also go down.

Many homeowners think they don't have to worry about REOs. They believe that because it is a "Bank Foreclosure" it is automatically worth less. Not true. I have walked through many REOs that are drop dead gorgeous. Many foreclosures have never been LIVED in!

Then, homeowners decide to wait "a year or so" until the REO market ends, then sell their property. Unfortunately, it will take a long time for values to come back up to where we are today. Plus, you need to factor in use and wear for the time you wait, ESPECIALLY if you allow renters to live there for the time being.

If you own a home and are considering selling, you should STRONGLY consider that NOW is the BEST time to do it, in order to get the most value out of the home, before more REOs come back on the market.

If you have any questions, or would like to know what your home would sell for in today's market, please feel free to give me a call today!

661-616-3601 (office line)

Sell Your Home For FREE

Your house may qualify to sell for FREE. That's right, no real estate fees paid by you.

No listing agent fees!

No buyer's agent fees!

To see if you qualify, please call me for more information.

661-616-3601 (office line)