Pick City: Carlsbad

Carlsbad - Week of May 24th, 2015

Single Family Homes

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This Week The median list price in CARLSBAD, CA this week is $949,000. The 304 properties have been on the market for an average of 62 days. Inventory is up and Market Action is trending down recently. While days on-market appears to be trending lower, the overall conditions are weakening a bit. Supply and Demand In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller's Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.

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Median Price

While this week the median didn't fluctuate much, prices continue to sit at all time highs. A persistent drop of the Market Action Index into the Buyer's zone will be a leading indicator of the price strength subsiding.

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Inventory of Properties Listed for Sale

Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.

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Data Provided by and Copyright Altos Research LLC

What Length of Loan Should You Choose?

Chino Hills, CA, May 5, 2015—Shopping for the perfect mortgage can be just as important as shopping for the perfect home. In the following article, Rey Romero, REALTOR® at CENTURY 21 Award runs down the pros and cons of two of the most popular mortgages: the 15-year and the 30-year.

(Image via FreeDigitalPhotos.net)

“The 15-year mortgage offers you a chance to save thousands of dollars over the life of the loan,” explains Rey. This is because the interest rate is typically lower and amortization is half that of the 30-year loan, which means that the total interest paid on the 15-year note, as compared to a 30-year note, is significantly less because of the shorter borrowing period.

Put another way, a 15-year loan accrues principal much more quickly than a 30-year loan, so you get to own your house in half the time.

However, Rey cautions, because you are building equity faster and paying down the loan sooner, a 15-year mortgage requires higher monthly payments.

“Get a lender to help you calculate the overall savings of the 15-year loan versus the 30-year mortgage,” suggests Rey. In the end, though, base your decision on your circumstances and overall financial plan, such as whether you are nearing retirement age and also will have to shell out college expenses for children, in which case a 15-year loan may not be for you. Remember that your spending habits, budget, and financial goals should all be considered before making a final decision.

Not sure if a 15-year or 30-year loan is right for you? You could consider the 40-year loan, which often entices those looking for smaller monthly payments.

“While this may seem appealing, the shorter-term loan is usually more advantageous for the homebuyer,” says Rey. The drawback of a longer loan becomes apparent simply by calculating the cost of additional interest payments, which can total thousands for the privilege of just saving the difference of a few dollars in monthly mortgage payments.

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For more information on loans, please contact Rey Romero at Rromero@century21award.com, (909) 772-9202, or www.century21award.com/agents/ReynaldoRomero

For more information on real estate, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.

Your 4-Step Moving Plan

(BPT) – No matter the distance, moving is a big deal. Prepare now to move your belongings with this four-step plan from the experts at Penske Truck Rental.

1. Less is More – The less you have to move, the easier your move will be on your body and your wallet. It will also be easier to fit everything into your new house. While packing, create three piles: the first is your "must-go" pile; the second is your "must-sell" pile, which includes anything you haven't used in the last year, anything you have multiples of and anything you just don't want; the third is the "must-throw" pile, which contains anything that can't be sold at a garage sale or donated. Start creating these piles now to make moving day much easier.

(Image via FreeDigitalPhotos.net)

2. Stock Up on Supplies – Big boxes might seem like a great idea because they hold so much, but what happens when you try to lift one or carry it down a flight of steps? Stock up on boxes of multiple sizes, and keep in mind that smaller is much easier to carry. Purchase foam and bubble wrap to protect your fragile items, a good supply of packing tape and bold markers for labeling boxes. You'll also want to have moving blankets and hand trucks to make it easier to transport your items.

3. Pack Smart – Load the heaviest items in your car or on the truck first. When you've got a sturdy base of the heaviest items, you can start stacking on top. This is when it's handy to list a box's contents on its side. If you have friends and family helping, they'll know not to set books on top of your china, for example.

4. Stay Safe and Secure – Trucks are taller and wider and require more stopping distance than the vehicle you are used to driving. Take extra precaution, especially when the truck is loaded. Watch out for low-hanging tree branches and building overhangs, and use extra caution when cornering. To protect your belongings, park in well-lit areas and padlock the rear door. To make sure you've got everything you need on moving day, keep a travel bag with paperwork, credit cards, identification, a change of clothes, drinks and snacks close at hand. 

Reprinted with permission from RISMedia. ©2015. All rights reserved.

Homebuying and Selling: Pricing 101

CARLSBAD, CA, Jan 20, 2015—Whether you're gearing up to buy or sell, it's important to understand how home pricing works. In the following article, Jill Valentine, REALTOR® at CENTURY 21 Award takes us through four of the top real estate pricing terms.

(Image via FreeDigitalPhotos.net)

The list price. The list price is a seller's advertised price, or asking price, for a home. “This price is a rough estimate of what the seller wants to complete a home sale,” says Jill. A seller can price high, low – which does not happen very often – or very close to what they hope to get.

“A good way to determine if the list price is a fair one is to look at the sales prices of similar homes that have recently sold in the area,” Jill suggests.

The sales price. The sales price is the actual amount a home sells for. “This number is reached after the buyer and seller negotiate, and therefore, it can differ from the original listing price,” explains Jill.

Appraised value. A certified appraiser who is trained to provide the estimated value of a home determines its appraised value. The appraised value is based on comparable sales, the condition of the property, and several other factors. “It is rare that a home will appraise for more than it's agreed upon purchase price, when the appraisal is for the purchase,” says Jill, "so, it's important to work with a Realtor to review comparables together to determine a fair list price and a realistic purchase price."

Market value. Market value is the price the house will bring at a given point in time, once the buyer and seller establish a “meeting of the minds” on price.

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For additional information on homebuying or selling, please contact Jill Valentine at jillvalentine@century21award.com, (760) 485-0989, or jillvalentinehomes.com

For more information on real estate, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.

4 Amenities Buyers Love

Carlsbad, CA, Sep 2nd, 2014—If you're selling your home, you're probably already doing your best to make any last-minute fixes and updates, while focusing on curb appeal and superior staging. Below, Matt Cortez, REALTOR® at CENTURY 21 Award walks us through four home amenities buyers love to look for.

(Image via winecellarservices.net)

A wine cellar. While there's no need to totally renovate your space just to appease any future wine enthusiast, recent surveys have shown that wine cellars are a hot commodity in today's market. “Have some space in your basement you rarely use? Consider turning it into a wine cellar with a few wine racks,” says Cortez. Note that wine cellars should have limited light, and a minimal variation in temperature.

Walk-in closets. Nothing says “home sweet home” louder than a walk-in closet. If your master suite is particularly large, consider walling off a corner for that awe-inducing walk-in effect.

Storage space. “When it comes to your home, it's nearly impossible to have too much storage space,” says Cortez. Have high ceilings? Add extra shelving or cabinetry, or construct a shelving wall in the garage.

Outdoor living. “Everyone loves to imagine themselves lounging outdoors on a summer evening,” says Cortez. It can be easy to simulate an outdoor living experience—simply group a couple of chairs and a table in the yard, or make use of that deck or porch by providing ample seating.

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For more information on selling a home, please contact Matt Cortez at mcortez@century21award.com, (760) 899-6622, or century21award.com/agents/MattCortez

For more real estate information, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.

Three Ways to Avoid Getting Outbid on Your New Home

(Image via Freedigitalphotos.net)

"Bidding for a new home can get pretty fierce in today's market," said Gibran Nicholas, Chairman of CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. "In some cases, you may be competing with more than a dozen other buyers who are bidding on the same property." Here are three potential solutions to avoid getting outbid on your new home:

1 - Turn in your loan paperwork BEFORE you place an offer. 

 In many cases, you are bidding against cash buyers who don't need to wait for financing approvals. Look at it this way: if you were the seller, would you prefer to do business with a buyer who needs to wait for financing approvals, or a cash buyer who can close the deal quickly? "That's why it's important to be proactive," Nicholas said. "Provide your mortgage lender with things like your source of down payment funds, your asset documentation, your credit report and your income documentation. This way, you'll be in a better position to close the deal quickly and compete with those cash buyers."

2 - Pay cash, but do it right. "Keep in mind that you only have 90 days after closing to place a mortgage on a property that you bought with cash if you want to secure your tax deduction," Nicholas said. "In order to get that loan approval after closing, you'll need to document the source of funds that you used for your cash purchase. Talk to a CMPS professional for more details so that you can avoid problems down the road."

3 - Consider lender-paid mortgage insurance. Lender paid mortgage insurance allows you to accept a slightly higher interest rate in exchange for no mortgage insurance. "This is very useful because it's often less expensive than FHA insurance or Private Mortgage Insurance," Nicholas said. "The lower monthly payment that results with this option can help you to afford a higher priced home, or at least get more comfortable paying at or above list price for the home you want."

Source: HomeQB.com

Reprinted with permission from RISMedia. ©2014. All rights reserved.

Understanding Mortgage Credit Certificates

TEMECULA, CA, Aug 19, 2014—The process of obtaining a mortgage can be lengthy, and confusing. With so many different mortgage options available, it's easy for hopeful homebuyers to feel overwhelmed. In the following article, Mike Rangel, REALTOR® at CENTURY 21 Award gives us the rundown on a popular mortgage option: the mortgage credit certificate.

(Image via Freedigitalphotos.net)

“A mortgage credit certificate, or MCC, makes it easier for eligible buyers to qualify for a mortgage loan,”
explains Rangel. Offered by many city and county governments, these certificates allow first-time buyers to take advantage of a special federal income tax write-off, which can be incredibly helpful.

Under MCC programs, the lender can reduce the housing expense ratio – the percentage of gross monthly income applied toward housing expenses – by the amount of the tax savings. Normally, lenders reject loans if the housing expense ratio is too high.

According to Rangel, program requirements for MCCs vary, although most adhere to the following guidelines:

• The buyer must live in the home being purchased with an MCC-assisted mortgage.
• Total household income cannot exceed certain limits.
• The buyer cannot have owned a principal residence within the past three years. “This restriction may be waived if a property is purchased within a certain targeted area," notes Rangel.
• The purchase price must fall within an established limit.

“When looking to obtain a mortgage, it's important to explore all of your options,” says Rangel. More information is available by calling your local housing or redevelopment agency, or contacting your real estate agent.

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For more information on mortgage credit certificates, please contact Mike Rangel at mikerangel@verizon.net, (619) 846-9487, or CENTURY21Award.com/agents/MikeRangel

For more real estate information, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.com

Four Tests Every Home Should Pass

LA JOLLA, CA, Jul 22, 2014—Whether you're prepping your home for sale, scrutinizing a possible home to buy, or just looking to stay on track with your home maintenance, the following four home tests—provided by Linda Bernstein, REALTOR at CENTURY 21 Award--are important to keep an eye on.

(Image via Freedigitalphotos.net)

Carbon monoxide
This test will check for signs that carbon monoxide may have infiltrated your home. Common carbon
monoxide perpetrators include fireplaces, wood, coal, gas stoves or heaters. “You may have a carbon monoxide detector installed, but it's still important to test every now and then,” says Bernstein.

Radon
This test helps to identify traces of radon in the home. “Radon often enters through cracks in the floor or foundation, as well as from your water supply,” Bernstein notes.

Septic
“Getting your septic looked at is critical to avoid a serious mess down the road,” Bernstein says. The most common septic test uses visual dyes to check for signs of back-up, leakage or slow-drainage.

Water quality
Don't just assume your tap is safe for drinking, Bernstein warns. Water tests assess the water quality in your home, and outline any possible contaminants, such as E. Coli, Legionella, and more.

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For more information on buying or selling your home, please contact Linda Bernstein at lindahomes@aol.com, (858) 245-6711, or Lindabernsteinhomes.com

For additional information on real estate, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.

Six Money-Saving Tips for DIY Movers

Moving without the assistance of a professional moving company is no easy feat. DIY movers must pack and unpack an entire household, risk breaking or losing possessions, or ship items and travel long distances.

One way to alleviate moving day woes is to rent a truck. Cut rental costs by keeping in mind these six money-saving tips:

(Did you know that CENTURY 21 customers get 20% off Budget truck rentals? Check it out HERE)

1. Rent early. Most moves happen over a weekend near the end of the month. Save extra by renting on a weekday or earlier in the month.

2. Seek discounts. Shop around to find discounts. Many rental companies offer markdowns for students, municipal workers, seniors or AAA members.

3. Use your insurance. If your existing insurance continues during a move, see if it extends to cover moving vans. You’ll save on paying more for the truck separately.

4. Get an accurate size estimate. Renters often charge more for larger vehicles, so be sure you’re only reserving what you absolutely need. Most companies have online tools that will help you get a precise estimate of space required.

5. Save on boxes. Take advantage of grocery stores, which often give away cardboard boxes for free. Select U-Haul locations also participate in a swap where movers can drop off or pick up no-cost boxes.

6. Stick to the schedule. Rental companies typically allot specific times that the truck may be used. Be sure to return your truck in a timely manner (preferably as soon as you’re finished unloading) to avoid late fees.

Source: Bankrate
Reprinted with permission from RISMedia. ©2014. All rights reserved.

Buying a Home? First, Check for These Costly Problems

Chino Hills, CA, July 1st, 2014—Buying a home is a hefty task, and with so many things to consider (do I need that extra bedroom? How important is a big yard?), it is easy to get a little lost in the process. There is nothing worse than purchasing a home only to find out you need to sink thousands of unexpected dollars into your new place, all because you weren't sure what to look for.

Below are a few tips to make sure you're focusing on the right home features, so you can enjoy your new

(Image via freedigitalphotos.net)

home AND still be able to afford that new dining room set.

Hire a home inspector. “Getting a home inspected is the No. 1 way you can avoid surprises after closing,” says Anthony Tukay, REALTOR at CENTURY 21 Award. However, it's still important to know what to look for on your own, as it can save you precious time and energy expenditure. For instance, if you know you can't afford a new foundation, then you can skip over making offers on homes that are clearly in need.

Check the basement. After you ooh and ah over the walk-in closets, head on down to the basement. Check out the plumbing, examine building materials, and check out insulation. “Can you see daylight peeking through cracks in the walls? That spells high heating bills, as the home may have some insulation issues,” suggests Tukay.

Scope out the foundation. “Big cracks or corrosion can spell big trouble down the line,” notes Tukay. “Foundation is an expensive repair, so make sure the home is sound.”

Look for water damage. Check for discoloration and rings around pipes, windows and doors, as well as kitchen and bathroom fixtures.

Eye the roof. “You definitely aren't going to climb up to the roof while visiting a potential home, but you can scope it from the outside,” says Tukay. Can you see any visible missing tiles or discoloration? “And feel free to ask the agent when the roof was last replaced.”

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For more information on buying a home, please contact Anthony Tukay at atukay@century21award.com, (909) 227-0273, or century21award.com/agents/AnthonyTukay

For more information on real estate, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY21Award.com.

Things to Consider When Buying a Condo

ANAHEIM, CA, May 20, 2014—If you're currently considering buying a home, you may be playing with the idea of purchasing a condo. Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share – such as the land, lobby, hallways, swimming pool, and parking lot.

Most housing condominiums are apartments, although there are mobile home condominiums as well. Below, Alex Piana, REALTOR® at CENTURY 21 Award outlines some pros and cons of going with a condo, and highlights things you should know before buying.

Why Buy a Condo?

(Image via Freedigitalphotos.net)

“Condos are an appealing way to enter the housing market if the cost of a single-family home is out of your reach,” explains Piana. “Condos are especially popular among single homebuyers, empty nesters, and first-
time buyers in high-priced housing markets.”

The high price of single-family homes and the influx into the housing market of more single homebuyers have made condos relatively hot national investments. They have held their value as an investment despite economic downturns and problems with some associations.

Piana notes that condominium associations have also worked hard in recent years to clean up their image. Disputes and lawsuits were once rampant. But now associations have become savvier about property management and have taken steps to prevent legal problems and disputes.

Condo vs. Single-Family Home

“Unlike a house, condos offer a lifestyle that is free of yard work and exterior maintenance and repairs,” says Piana. Many condominium communities also offer amenities such as exercise rooms, tennis courts, and swimming pools that you might otherwise be unable to afford if you purchased a single-family home.

However, there are financial differences between condos and traditional homes. “In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, which is made up of the unit owners,” explains Piana. The fee covers maintenance, repairs, and building insurance.

How Do you Choose a Good Condo?

“If you're considering buying a condo, seek ownership in a well-maintained building, and pay special attention to the financial health of the condo association,” suggests Piana. Lax maintenance may be a sign of financial trouble, which could result in higher maintenance fees and problems trying to resell the property later.

Things to consider:

• Get a copy of the latest financial statement from the condo association.
• Ask the board of directors – which is elected by the unit owners from among themselves – if major repairs or improvements are imminent. If so, find out how much they will cost and whether there is enough money in the reserve to cover them.
• Check the by-laws, rules and the covenants, codes and restrictions (CC&Rs). You may find, among other things, that they prohibit or restrict pets and the renting of units. Some may require that the board have the right of first refusal on the sale of any unit.
• Learn everything you can about the homeowners association, including legal disputes and conflicts. Start by reading the minutes of the association meetings.
• Find out the owner-to-tenant ratio. Because many condominiums are often purchased as investments, there could be a high percentage of tenants in the building.

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For more information on purchasing a home, please contact Alex Piana at pianasellsoc@yahoo.com, (714) 745-0896, ThePianaTeam.com

For more real estate information, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY21Award.com

Should You Prepay Your Mortgage?

SAN DIEGO, CA, Apr 29, 2014—At first glance, prepaying your mortgage sounds like a financially intelligent move. By paying extra principal, your house will be paid off faster, and you will end up paying less interest over the life of your loan.

“You get to save thousands of dollars and shave years off the life of your loan because the additional payments made toward your monthly principal basically constitutes a partial prepayment of your mortgage,” says Jen Cowen, REALTOR at CENTURY 21 Award.

However, there can be some drawbacks; each mortgage has specific terms describing how and when prepayment may occur. Some lenders impose a penalty if you repay the loan too soon.

The total savings potential also will depend on how long you plan to live in your home. If you expect to move in the near future, do not expect to reap savings as large as those gained by people who pay ahead of schedule until they own their home free and clear.

“If you're putting additional payments into your mortgage, make sure you're also building up your retirement fund. While your home is your greatest investment, you don't want to end up house rich and cash poor in the end,” advises Cowen.

Another note from Cowen; If you plan to speed up your mortgage payments, do it on your own instead of enlisting the help from a bank, who may charge a fee.

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For more information on paying off your mortgage, please contact Jen Cowen at jencowen@century21award.com, (858) 735-9171, or  www.century21award.com/agents/JenCowen


For more information on real estate, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.

Take Necessary Precautions When Buying a Flipped Home

RAMONA, CA, Apr 22, 2014—As home prices are rising, home flippers are returning to the fold, snapping up properties or listing already flipped masterpieces they've been sitting on while prices were low. Home flipping is the process of buying a property, renovating it and selling it for a higher price. Many investors, known as “serial flippers,” buy multiple homes and flip them in quick succession. If you're looking at a home that has recently been flipped, Karen and Thad Clendenen, REALTORS® at CENTURY 21 Award offer you a few things to keep in mind.

The History

(Image via freedigitalphotos.net)

“Check the tax records to see how long the previous owner owned the property,” suggests Karen. “If it was
a very short time, do your due diligence to determine whether the home was an investment opportunity, or whether the owner may be leaving because something is awry.”

The Flipper

If the current owner of your home's information is available, and they seem to be a serial flipper, check out any homes they have flipped in the past. How does their previous work look? Were the buyers of those homes satisfied?

The Permits

“If any structural changes were made, be sure they were properly permitted and that all the necessary inspections were done,” notes Thad.

The Quality of Renovation

Make sure to get a proper inspection on the property, and have a builder pay special attention to the home's structure or any recent changes. “While many home flippers are extremely talented renovators, some cut corners and take shortcuts to flip the home faster,” cautions Thad. Make sure everything is sound so you don't stumble upon a problem post-sale. “If you can't have an inspection until you've made an offer, make sure to include a contingency clause enabling you to walk away if the inspection shows a critical issue,” says Karen.

Plumbing, heating and AC

Since many flippers do not live in the homes while working on them, their systems may not have been used, and issues may go unnoticed or unnamed. Does the AC work? How about the plumbing? Any leaks? Be sure to check thoroughly.

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For more information on obtaining a mortgage, please contact Karen Clendenen at kclendenen@century21award.com, (760) 213-0335, or http://www.century21award.com/agents/KarenClendenen










You can also contact Thad Clendenen at tclendenen@century21award.com, (760) 445-0958, or http://www.century21award.com/agents/ThadClendenen

For additional information on real estate, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award

Alternative Buying and Selling Strategies: Seller Financing and Lease-to-Own

El Cajon, CA, Apr 15, 2014—In a dream world, every interested homebuyer would qualify for a mortgage, and every seller would be able to sell their home in a timely, efficient and stress-free fashion. However, that is not always the case. In the following article, Judy Bohlen, REALTOR at CENTURY 21 Award takes us through two of the most popular alternative methods for buying and selling when a mortgage may not be available.

Seller Financing

Also known as a purchase money mortgage, seller financing is when the seller agrees to “lend” money to the buyer to purchase and close on the seller’s home. “Usually sellers do this when money is tight, interest rates are high or when a buyer has difficulty qualifying for a conventional loan or meeting the purchase price,” explains Bohlen.

(Image via freedigitalphotos.net)

Seller financing differs from a traditional loan because the seller does not actually give the buyer cash to complete the purchase, as does the lender. Instead, Bohlen notes, it involves issuing a credit against the purchase price of the home. The buyer executes a promissory note or trust deed in the seller's favor.

The seller may take back a second note or finance the entire purchase if he owns the home free and clear, and the buyer makes a sizeable down payment and agrees to pay the seller directly every month.

The interest rate on a purchase money note is negotiable, as are the other terms in a seller-financed transaction, and is generally influenced by current Treasury bill and certificate of deposit rates. The rate may be higher than those on conventional loans, and the length of the loan shorter, anywhere from five to 15 years.

Lease options

“A lease option is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property,” says Bohlen. The catch? The option only binds the seller; the tenant has a choice to make a purchase or not.

“Lease options are common among buyers who would like to own a home but do not have enough money for the down payment and closing costs,” explains Bohlen. A lease option may also be attractive to tenants who are working to improve bad credit before approaching a lender for a home loan.

Under this arrangement, the landlord agrees to give a renter an exclusive option to purchase the property. According to Bohlen, the option price is usually, but not always, determined at the outset, and the agreement states when the purchase should take place.

A portion of the rent is used to make the future down payment. Most lenders will accept the down payment if the rental payments exceed the market rent and a valid lease-purchase agreement is in effect.

“Before you opt to do a lease option, find out as much as possible about how they work,” cautions Bohlen. And as always, have an attorney review any paperwork before you and the tenant sign on the dotted line.

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For more information on buying a home, please contact Judy Bohlen at judy@judybohlen.com, (619) 985-9194, or JudyBohlen.com

For more information on real estate, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.

3 Buying Tips for 2014

RANCHO SANTA MARGARITA, CA, Mar 11, 2014—As the market makes steady moves toward a solid recovery, more and more hopeful homeowners are entering the playing field. If you're looking to buy a new home this year, be it a downsize, vacation home, or your very first house purchase, follow these three tips, offered by Russell Taylor, REALTOR® at CENTURY 21 Award.

Check into reality

Image via Freedigitalphotos.net

Instead of daydreaming your ideal home, make a list of what things are absolutely essential: a specific number of bedrooms, close proximity to work or your child's school, or a decent-sized yard. Also ask yourself if you’re you prepared to do any necessary upgrading or updating work yourself or if you prefer a move-in ready home. “Once you know what you need, but before you begin your actual house hunt, start looking at what sold in the last six months that fits your bill,” says Taylor. See what the selling prices are looking like, and figure out if you can afford a similar price tag. If you can't, it might mean waiting a bit, or reassessing your needs.

Get pre-approved, not pre-qualified

Many people get confused between “pre-approved” and “pre-qualified” when it comes to obtaining a loan. “Getting pre-qualified means a bank has qualified you for a mortgage based on information you provided, but they have not actually checked up on your credentials,” says Taylor. However, a letter of pre-approval means the bank has thoroughly checked out your financial status, and is ready to give you a loan. “This holds more weight in terms of buying quickly, and can act as leverage should it come to beating out other buyers. “In fact, many sellers will simply not consider your offer at all without a pre-approval letter from a reputable lender,” explains Taylor.

Don't lowball

“When it was a buyer's market, lowballing was often a good way to start negotiating price,” notes Taylor. However, now that we're seeing inventory shortages across the country and more and more buyers entering the fold, lowballing most likely means you won't land a deal. The days of “getting a steal” are over, but a good deal is still out there and that should be your objective. Present a fair offer that's in your price range but still leaves some negotiation room on both ends.

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For more information on buying a home, please contact Russell Taylor at RTaylor@FineOCHomes.com, (949) 584-7289, or FineOCHomes.com

For more real estate information, please contact CENTURY 21 Award at info@century21award.com, (800) 293-1675, or CENTURY 21 Award.

Mortgage Madness: What You Need to Know Right Now

IRVINE, CA, Dec 24, 2013—Weeding through all of the available information on mortgage rates can be exhausting. From trends to current percentage fluctuations, there is always a surplus of information at your fingertips. Below are three things you should know about today's mortgage arena, provided by Elsie Parker, REALTOR® at CENTURY 21 Award.

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They're on the way up – but still look good. Today's rates are higher than they were a year ago, but they're still relatively low. Recently, mortgage rates were weighing in around 4 percent, which isn't as low as 2012's 3 percent, but is still a great rate.

They shouldn't stop you from buying. If you're waiting to purchase a home because you think mortgage rates may drop – don't. While mortgage rates do increase and decrease slightly from month-to-month, larger changes happen extremely slowly. “If a fraction of a percent increase or decrease dramatically changes how much house you can buy, then you may be shopping a bit out of your price range,” explains Parker.

There could be upcoming changes. The Federal Reserve has been keeping interest rates low by purchasing billions of dollars' worth of mortgage-backed securities every month, called Quantitative Easing. The Fed admits that this program may not be around much longer, and that when it is eliminated, mortgage rates will spike. “This is only a speculation, but it is still something to keep in mind if you're deciding on the right time to buy,” Parker notes.

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For more information on mortgages, please contact Elsie Parker at eparker@century21award.com, (714) 402-0567, or http://www.esphomes.com/

For more real estate information, please contact CENTURY 21 Award at info@century21award.com, (800)-293-1657, or CENTURY 21 Award.

Life After Foreclosure: When Can You Buy?

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ANAHEIM HILLS, CA, Dec. 10, 2013—For those consumers who have a foreclosure on their record, it may feel like they will never repair their credit enough to become a homeowner again. It can happen, notes Sid Fowler, REALTOR® at CENTURY 21 Award, but it will depend on a variety of variables.

“Bouncing back after a foreclosure will depend greatly on your individual circumstances, as well as the mortgage interest rate you are willing to pay,” says Fowler. Foreclosures can remain on your credit record for seven to 10 years. Most lenders will consider your request for a home loan two to four years after your foreclosure, although your interest rates will be higher.

“Keep an eye out for predatory lenders that will issue a home mortgage in less time than average, but will charge you obscenely high mortgage interest rates, fees, and penalties,” warns Fowler.

A quality lender will expect you to show that you have cleaned up your credit. In this light, a borrower who has worked hard to reestablish good credit may also be shown some leniency by the lender.

Repairing your credit is possible, although it can be a slow-moving process. Act as quickly as you can to take care of any outstanding delinquencies, tackling a little at a time until you get back on the right track. “Make an effort, if at all possible, to repay your debt in full and on time for six months to a year to prove you are working hard to repair any damage,” says Fowler.

“It will also be helpful to provide a reasonable explanation about the circumstances that led to the foreclosure, such as exuberant medical expenses or lifestyle changes beyond your control,” notes Fowler. If you declared bankruptcy because you were laid off from your job, the lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, it is unlikely the lender will readily give you a break.

If you've waited several years after your foreclosure and you're still having trouble obtaining a traditional mortgage, consider other options, such as subprime mortgages, which are made to borrowers who do not meet traditional credit criteria at a higher interest rate.

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For more information on returning to the real estate market after a foreclosure, please contact Sid Fowler at reasuper@aol.com, (714) 779-4370 or http://reasuper.com/.

Contact CENTURY 21 Award at info@century21award.com, (800) 293-1657, or CENTURY 21 Award.com

De-Stress Your Buying Process

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SAN DIEGO, CA, December 3, 2013—For many, buying a home is one of the most stressful endeavors you will ever take on. While you may never erase all of the stress associated with home-buying, with the right mindset, and the right toolset, you can certainly minimize the stress of finding and buying your dream home.

1. Get pre-approved. Making sure you are able to get a mortgage will reduce the stress of the home buying process, because you know you're eligible before you even begin hunting, automatically taking that stress factor off your plate. That's not the only way pre-approval will reduce stress – it also makes the home search easier. “Many sellers won't even work with a buyer who is not pre-approved, so you automatically open up your housing pool when you get pre-approved,” says Terri Pontzious, REALTOR® at CENTURY 21 Award.

2. Find the right budget and stick to it. Money is a huge source of stress when buying a house. “Figure out exactly how much house you can afford, and refuse to even consider a home outside of that budget,” says Pontzious.

3. Make a Needs vs. Wants list. Similar to sticking to a budget, understanding your needs (three bedrooms) in relation to your wants (a gourmet kitchen) can save you time and energy during the home hunt.

4. Hire an agent you trust. A real estate agent is the number one way to reduce the stress of buying—or selling—a home. “Find an agent who specializes in your market and similar clients—first-time buyers, move-up clients, vacation homes, etc,” Pontzious suggests. While many think hiring an agent will make the home-buying process costlier, agents can help save money in the negotiating process. Regardless of money saved, working with an agent—who knows the process inside and out—will save you a great deal of stress.

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For more information on purchasing a home, please contact Terri Pontzious at terripont@gmail.com, (619) 356-3248 or www.terripont.com. Contact CENTURY 21 Award at info@century21award.com, (800) 293-1657 or www.century21award.com