Realty World – Viking Realty

According to the Wall Street Journal, affordable home prices and historically low interest rates have created an ideal situation for many qualified first-time home buyers to purchase a house.  Despite this opportunity, some buyers may be overconfident and make mistakes during the home-buying process.

MAKING SENSE OF THE STORY FOR CONSUMERS

Some first-time buyers are unaware of the vast amount of paperwork and negotiations that go into purchasing a home.  As a result, buyers may think they can save money by forgoing the use of a REALTOR®.  However, managing the nuances of offers, inspections, financing, and other pivotal steps when buying a home often causes confusion and anxiety for buyers.  Working with a REALTOR®–who is obligated to put the buyer’s best interests first–will help to alleviate buyer concerns during this process.

Online mortgage calculators can help buyers estimate the amount of house they can afford, but calculators should not be the sole source for mortgage-approval information.  Buyers are advised to meet with a mortgage broker or banker prior to beginning the home search to help determine the loan amount for which they are most likely to be approved.

Although there is a large selection of homes available for sale, home buyers should not assume they can make low offers or unreasonable demands.  Even in hard-hit housing markets, homes in desirable neighborhoods are receiving multiple offers.

To read the full story, please click here.

Paint trim lighter or darker than the walls. This will help highlight your walls and add color.
Light your home at night, by using solar-powered spot lights shining on the front of your house. Easy to install and no wires to worry about.
Add a chair rail wood trim  in a bedroom and paint the lower part with an accent color.
Use new stick on decals in your child’s bedroom, they peel on and off easily without taking off paint, but stay on very well. 
Install new address numbers on your home, you can get creative with style color.

The financial reform legislation signed into law on July 21 by President Obama will precipitate some key changes within the mortgage market that will likely affect homebuyers, according to U.S. News and World Report. Under the legislation, a new consumer financial protection bureau will be set up to establish and enforce rules for the financial marketplace and protect consumers’ interests. The law will force lenders to make sure that borrowers have the financial means to repay the mortgage loan before they approve it. It also bans brokers from receiving additional fees for putting borrowers into risky mortgages.
Great information from CRS Member Connect, on-line newsletter.

Fannie Mae has launched a new website to help homeowners who are behind on their mortgage payments or are facing foreclosure.
Knowyouroptions.com features practical information and resources homeowners need to avoid foreclosure and either stay in their home or sell it. Resources include a list of local foreclosure prevention events, housing counselors, Fannie Mae resources, credit score information, forms, videos, calculators and more. The site also provides important tips for recognizing and avoiding foreclosure scams. For more information, visit www.knowyouroptions.com.
 
from CRS Member Connect on-line newsletter. 

Sales of homes for less than the amount of their outstanding mortgage debt have tripled since 2008, particularly in California, according to a report released last Tuesday.
Known as “short sales”, the increasingly common transactions for financially troubled homeowners are projected to balloon to 400,000 in 2010.  The number of transactions had exploded to more than 160,000 in 2009 from roughly 96,000 the year before. More than a quarter of the transactions occur in California, with another quarter split between Arizona, Texas and Florida
In an economy in which jobs are scarce and a quarter of homeowners owe more on their property than it’s worth, short sales are appealing to investors, banks and owners as a cheaper way out than foreclosure.
And with fluctuating home prices, lenders can be reluctant to approve short sales. The transactions can be a hassle to execute, especially when multiple loans on a home mean a slew of creditors are included in negotiations.
But on the bright side; Short sales could actually end up boosting the job market. Unemployed homeowners who can escape underwater mortgages have an easier time moving around, expanding their job search.
As I finish this posting, there are currently 604 houses for sale in the Fremont tri-city area. Of which 126 are short sales, that’s 20%.  Those numbers decrease sharply for the higher priced homes. Of the homes prices over $500,000 only 12% are short sales.

Remodeling spending is expected to increase by the end of the year and accelerate to double-digit growth in the first quarter of 2011, according to the latest Leading Indicator of Remodeling Activity (LIRA) report by the Joint Center for Housing Studies of Harvard University.
Kermit Baker, director at the Joint Center for Housing Studies, says homeowner optimism is driving the trend toward investing in the home again. “The recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades,” Baker says. “A wider activity base would help generate the expected growth in the quarters ahead.”
from CRS MemberConnect on-line newsletter

I just thought I would post this beautiful 4 bedroom home in Newark, CA.  Its been all remodeled through out and looks great. It’s nearly 2000 square feet.
You’ll love the all new custom kitchen with gas stove, Bosch dishwasher, “Corian” counters and Maple cabinets.
New “Milgard” windows, new carpet, new paint inside & out, new roof & gutters and new garage door & opener too. The large master suite with new bathroom and 2 large closets.
Cherrywood floors highlight the family room & kitchen.
Inside washer/dryer included.
Enjoy the front patio and the large backyard also.  I think is could be the perfect home for you and your family.
For a Photo Slide Show, click: http://www.flyinside.com/tour.php?id=42787
Please contact me if you have any questions about this home or others.
 ~ Barry

 When you buy a home, there will be many jobs to accomplish, from changing your address and having your utilities shut off at your old residence to cleaning and unpacking at your new home.  Don’t overlook these important tasks to help ensure your safety:

Immediately have the locks changed.  You never know how many contractors, neighbors, or maintenance providers possess copies of the keys.  Although these people may be trustworthy, your keys could get into the wrong hands.
Change the codes on security systems and garage door openers.  Similar to choosing a password for your computer, make sure your cods aren’t easy to guess: don’t use your house number as the code for your garage.
Replace the batteries on the smoke alarms.  Buy one fire extinguisher for each level of the house and garage.
Make sure the house numbers are at least 6-inches tall. They should be clearly visible from the street to help emergency vehicles spot your house should the need ever arise.

Planning to buy a bank owned home with a FHA loan?    I recommend that you apply for the 203K  loan.  I am a realtor and have recently had two different clients use a traditional FHA  loan.   They were both planning to completely remodel the homes and so wanted to waive the inspections so they could close faster and be able to complete the work themselves, that way they would not have to pay labor expenses to a contractor.  The FHA appraisers came out to appraise the homes.  Both homes were in Hayward Ca., both were bank owned and there were two different appraisers.   One appraiser said that since the buyer waived the termite, roof and home inspections, they would recommend to fund the loan and let the new owner complete any remodeling at their own expense.  The other appraiser said that even though the buyer had signed an inspection waiver andcompleted an addendum stating that they were buying the home in as is condition, and waived all inspections including termite, roof and home inspections, the appraiser would not recommend funding until all inspections were completed and there was a roof and section one clearance.   The seller (bank owned)  said they would not allow any work to be completed by the buyer because of liability issues and the buyer did not want to pay a large sum of money for repairs on a home he/she did not own yet.   The seller was concerned that if they put money into a home before close of escrow the buyer may walk away.   A Catch 22!  If we had gone with the 203K loan we could have done a hold back.  The loan could fund and transaction close with escrow holding back from the seller the funds to complete the repairs. 
Lesson learned!

I just got the news. Interest rate for a 30 year fixed: 4.5% for loans up to $417,000.
For loans up to $729,000 the rate is: 4.75%
These are great rates, and they won’t last forever.  It’s time to upgrade yourself.  So contact me today about buying a new home.