The Real Estate Geeks: Will Home Values Rise This Year?

Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there's concrete cause for optimism.

The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to others but, in general, home values are down. 

Mortgage rates are down, too, and that's good news for buyers. The combination of low rates and low prices has led home affordability to an all-time high. As you'll hear in this 4-minute interview with NBC's The Today Show, carrying a mortgage costs 25% less per month as compared to just 3 years ago.

Some other notes from the interview include :

• There are more buyers out looking for homes today, which leads to more sales
• The housing market is expected to get gradually better, month-by-month, in 2012
• Foreclosures will continue to be a big part of the housing market

With housing supplies shrinking, buyers throughout California may find their best "deals" today -- before the Spring Buying Season begins in February.

However, we can't forget that housing markets are local -- not national. Each town and neighborhood has its own market drivers and prices where you live may have already started to climb.

For accurate, up-to-date data on the housing market, talk with a local real estate agent. 

Thanks for checking out our videos & blogs - If you or someone you know is thinking about making a move within the next 30, 60, or even 90 days please give us a call at 714-720-2555 Our time is dedicated your buying & selling needs. We are always just a call or a click away... To stay up-to-date subscribe to our site located at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Fed Minutes Show An Improving U.S. Economy Threatened By The Eurozone

The Federal Reserve has released the minutes from its most recent Federal Open Market Committee meeting. The Fed Minutes are a detailed meeting recap; the companion piece to the more brief, more well-known press release.

As a comparison, the minutes of the last FOMC meeting contained 60 paragraphs and 7,027 words. The post-meeting press release was just 5 paragraphs and 382 words.

December's Fed Minutes shows Fed members with a positive, cautious, take on the economy.

Recent data suggests that the U.S. economy is expanding, the Fed said, but "strains" in global financial markets pose "significant risks" to the downside. This tell us that the Fed believes its economy-stimulating programs are working, but that officials remained concerned by events in the Eurozone.

The U.S. economy could be impacted by fallout. 

Other meeting consensus included : 

• On growth : The economy is expanding, despite slowing in "global economic growth"
• On housing : Data suggests the "depressed" market "could be improving"
• On inflation : Prices are stable, and remain within tolerance levels

The Fed's analysis was of little surprise to Wall Street, and going forward, Fed Chairman Ben Bernanke wants to keep it that way. The Fed Minutes contained a passage regarding market communication, and how the Fed will be more pro-active about it in the future. 

With the release of its minutes, in a section called "Market Policy Communications", the Federal Reserve showed its plans to release 4 times annually its economic forecasts, and plans for the Fed Funds Rate. This signals in a shift in Federal Reserve transparency.

The Federal Reserve will begin including the forecast in its economic projections beginning after its next policy meeting, January 24-25, 2012.

Mortgage rates in California were little changed after the release of the Fed Minutes.

Thanks for checking out our videos & blogs - If you or someone you know is thinking about making a move within the next 30, 60, or even 90 days please give us a call at 714-720-2555 Our time is dedicated your buying & selling needs. We are always just a call or a click away... To stay up-to-date subscribe to our site located at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Home Affordability Set To Worsen On Thursday's Retail Sales Data

Consumer spending continues to rise nationwide, fueled by jobs growth and a rosier outlook for the U.S. economy. Unfortunately for mortgage rate shoppers |*STATE in % STATE**|, it may also lead to higher mortgage rates later this week.

Thursday morning, the Census Bureau will release its U.S. Retail Sales data for December. The report is expected to show an 18th consecutive monthly increase, with analysts projecting sales volume higher by 0.4 percent from November.

This would be double the increase from last month, which saw a 0.2 percent increase in Retail Sales.

The Retail Sales report tallies receipts collected by retail and food-service stores nationwide. When the sum of these receipts rise, it puts pressure on mortgage rates to do the same. The connection is straight-forward.

Retail Sales are the largest part of "consumer spending" and consumer spending accounts for the majority of the U.S. economy -- up to 70 percent, by some estimates.

As the economy goes, so go mortgage rates.

Remember: today's ultra-low mortgage rates have been partially fueled by weak economies -- both domestic and abroad -- going back 4 years. Stock markets have sold off as economies have faltered worldwide, leading investors to seek refuge in the relative safety of U.S.-backed mortgage bond market. The new-found demand for mortgage-backed bonds has helped drop mortgage rates to levels never seen in history.

When economic recovery is apparent, therefore, we should expect a mortgage rate reversal, and should expect for it to happen quickly. Stock markets should rise; bond markets should fall. Mortgage rates will climb. Rate shoppers will lose.

Last week's strong jobs report sparked hope for the U.S. economy. If Thursday Retail Sales data reveals similar strength, the risk in "floating" your mortgage rate may be too great. The safer play is to lock your rate today.

The Retail Sales report will be released at 8:30 AM ET.

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The Real Estate Geeks: Lock Your Mortgage Rate : New Loan Fees Expected Within Days

Starting soon, nearly all home buyers and refinancing households throughout California and nationwide will pay higher mortgage loan fees. Congress has made it law.

13 months ago, as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Congress enacted a one-year cut to FICA payroll taxes.

FICA stands for Federal Insurance Contributions Act. Taxes collected under FICA fund such programs as Social Security and Medicare.

The stimulus plan temporarily lowered tax rates for salaried workers from 6.2% to 4.2%; and for self-employed persons from 12.4% to 10.4%. Effective January 1, 2012, "regular" tax rates were to return.

That is, until late-December 2011. In one of its last moves of the year, Congress passed a temporary, two-month extension to the payroll tax cut, extending it through February 29, 2012. The expected cost to the U.S. Treasury is $33 billion.

To recoup those costs, Congress has turned to Fannie Mae, Freddie Mac and the FHA.

Each entity has been ordered to collect news fees on each new mortgage is backs, and has been told to forward said fees to U.S. Treasury directly. There's no "workaround" allowed or forgiveness applied -- each new loan is subject to the payment. 

The rules are listed on page 17 of the law's final draft, in a section unambiguously titled "Title IV -- Mortgage Fees and Premiums".

According to the law :

• Fannie Mae and Freddie Mac must collect an average fee of no less than 10 basis points (0.1%) per new loan
• The FHA must raise its monthly mortgage insurance premiums 10 basis points for all new loans

The expected cost to consumers is no less than $10 monthly per $100,000 borrowed. Some analysts, however, expect Fannie Mae and Freddie Mac to collect more than is minimally required. This could add an additional $30-50 to your monthly mortgage payment per $100,000 borrowed.

Therefore, if you've been shopping for a home or for mortgage rates , take advantage. Within days, lenders are expected to start collecting Payroll Tax Extension fees from mortgage applicants -- a move that will cost you money.

Lock today to avoid the big fees. Save yourself money.

Thanks for checking out our videos & blogs - If you or someone you know is thinking about making a move within the next 30, 60, or even 90 days please give us a call at 714-720-2555 Our time is dedicated your buying & selling needs. We are always just a call or a click away... To stay up-to-date subscribe to our site located at http:www.TheRealEstateGeeksTv.com

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Housing And Mortgage : The Experts Make Their 2012 Predictions

As the new year begins, there are no shortage of stories telling us what to expect in 2012. Housing finished 2011 with momentum and mortgage rates closed at the lowest rates of all time.

Some expect those trends to continue through the first quarter and beyond. Others expect a rapid reversal.

Who's right and who's wrong? A quick look through the newspapers, websites and business television programs reveals "experts" with opposing, well-delivered arguments views. It's tough to know who to believe.

For example, here are some "on-the-record" predictions for 2012 :

• Home prices will rise in 2012 (says Freddie Mac)
• Home prices will fall in 2012 (says CBS News)
• Mortgage rates will rise in 2012 (says American Banker) 
• Mortgage rates will fall in 2012 (ays the LA Times)

The issue for buyers, seller, and would-be refinancers nationwide is that it can be a challenge to separate a "prediction" from fact at times. 

When an argument is made on the pages of a respected newspaper or website, or is presented on CNBC or Bloomberg by a well-dressed, well-spoken industry insider, we're inclined to believe what we read and hear.

This is human nature.

However, we must force ourselves to remember that any analysis about the future -- whether it's housing-related, mortgage-related, or something else -- are based on a combination of past events and personal opinion.

Predictions are guesses about what might come next -- nothing more.

For example, at the start of 2009, few people expected the 30-year fixed rate mortgage to stay below 6 percent, but it did. Then, at the start of 2010, few people expected the 30-year fixed rate mortgage to stay below 5 percent, but it did.

All we can know for certain about today's market is that both mortgage rates and home values are low, creating favorable home-buying conditions nationwide.

At that start of last year, few people expected mortgage rates to even reach 4 percent. Today, rates "with points" price in the 3s.

What 2012 has in store we just can't know.

New home inventory is approaching bull market territory.

According to the Census Bureau, the number of new homes sold rose 2 percent in November. On a seasonally-adjusted, annualized basis, home buyers bought 315,000 newly-built homes last month.

November's New Home Sales data marks the 4th straight month of rising sales volume, lifting the housing-market metric to a 7-month high, and adding to the housing market's recent show of strength. 

Last week, we learned that Existing Home Sales also climbed in November.

The big story in the New Home Sales report, though, is the remaining new home supply nationwide.

With just 158,000 homes "on the market" and the pace of home sales hastening, the complete, national inventory of "new homes" would now be sold in just 6.0 months, a 0.2-month improvement from October. This is the quickest home sales pace in nearly 6 years for the new construction market. 

It's even faster than in April 2010 -- the buyer-deadline month of last year's federal home buyer tax credit.

Home builders expect the trend to continue, too. Buyer foot traffic is on the rise and builders have a strong outlook for the next 6 months.

It's an unsettling series of developments for today's home buyers. As home supplies drop and builders gain confidence, the ability of an buyer to negotiate for price reduction and/or upgrades shrinks.

If you're a home buyer in search of new construction, therefore, consider that the best new construction "deals" of the next 12 months may be the ones you find today.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: New Home Sales Approach Bull Market Territory

New home inventory is approaching bull market territory.

According to the Census Bureau, the number of new homes sold rose 2 percent in November. On a seasonally-adjusted, annualized basis, home buyers bought 315,000 newly-built homes last month.

November's New Home Sales data marks the 4th straight month of rising sales volume, lifting the housing-market metric to a 7-month high, and adding to the housing market's recent show of strength. 

Last week, we learned that Existing Home Sales also climbed in November.

The big story in the New Home Sales report, though, is the remaining new home supply nationwide.

With just 158,000 homes "on the market" and the pace of home sales hastening, the complete, national inventory of "new homes" would now be sold in just 6.0 months, a 0.2-month improvement from October. This is the quickest home sales pace in nearly 6 years for the new construction market. 

It's even faster than in April 2010 -- the buyer-deadline month of last year's federal home buyer tax credit.

Home builders expect the trend to continue, too. Buyer foot traffic is on the rise and builders have a strong outlook for the next 6 months.

It's an unsettling series of developments for today's home buyers. As home supplies drop and builders gain confidence, the ability of an buyer to negotiate for price reduction and/or upgrades shrinks.

If you're a home buyer in search of new construction, therefore, consider that the best new construction "deals" of the next 12 months may be the ones you find today.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: America's To 10 Safest Cities, Ranked

Looking for safe cities in which to live? A recent study may help you.

Titled "America's Safest Cities", Forbes Magazine compiled data from more than 70 cities with populations of 250,000 or more, and ranked them by violent crime rate as reported by the Federal Bureau of Investigation.

A "violent crime" is one that can be categorized as murder, robbery, and assault, among others. Then, for each metropolis, local traffic-fatality rates were added to the area's violent crime rate, and averaged into the data.

Forbes presents the 10 safest large cities in America as :

1. Plano, Texas
2. Henderson, Nevada
3. Honolulu, Hawaii
4. Santa Ana, California
5. Lincoln, Nebraska
6. San Jose, California
7. Mesa. Arizona
8. Colorado Springs, Colorado
9. Aurora, Colorado
10. New York, New York

Forbes is quick to note that "gridlocked" traffic patterns help keep cities safe; which may explain why cities like Honolulu and New York City made the Top 10. When cars are forced to move more slowly, the report states, traffic-related fatalities tend to plummet.

Don't rush to make a home-buying decision based on Forbes data alone, however. Like everything else in real estate, data is local and city-wide statistics are too broad to be helpful to an everyday buyer.

For accurate, real-time, local crime data, be sure to ask a real estate profession.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: How To Clean Your Microwave Without Harsh Chemicals

Microwaves are often well-worn. Spills and splatters dot their ceilings; splattered food stuffs line their walls.

To clean your microwave, you can use the harsh chemicals on sale at supermarkets and hardware stores, or you can apply an all-natural approach which yields the same results, with only slightly more preparation time.

The extra time may be worth it, too, considering that the chemicals of an over-the-counter cleaner may seep into your foods over time.

To keep your microwave fresh and clean, using organic materials only, here's what to do :

1. Unplug your microwave from the wall for safety.
2. Gather a microwave safe bowl; 1 1/4 cups of water; a lemon; baking soda; white vinegar; and cleaning cloths.
3. Slice the lemon and place the slices into your bowl. Add the water.
4. Heat the bowl in the microwave for 7 minutes. Leave the microwave door closed for an additional 5 minutes.
5. Remove the bowl (CAUTION : Bowl will be hot).
6. Remove the microwave's glass cooking surface and wheel system. Hand wash and set aside to dry.
7. Dip a clean cloth in the lemon water mixture. 
8. Wipe down the microwave's exterior and interior surfaces, remoistening the cloth as required.
9. Moisten a clean cloth with vinegar. Wipe down the microwave door's interior surface. 
10. Replace glass and wheel system, and plug the microwave back in to the wall.

If you find lingering stains in your microwave, mix baking soda with water to form a thick paste. Dip a corner of your cleaning cloth into the paste and apply it to the stain directly, gently rubbing in a circular motion until the stain is gone.

Microwaves should be cleaned at least once weekly for optimal performance.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Housing Starts Show Strength In Housing

The new construction housing market continues to show strength across the country.

According to the U.S. Census Bureau, Single-Family Housing Starts rose to 447,000 units on a seasonally-adjusted, annualized basis in November -- a 2 percent increase from October.

A "Housing Start" is defined as breaking ground on new home construction.

November's figures mark the third straight month of Single-Family Housing Starts gains. The new construction metric is now 15 percent above its all-time low, set in February of this year.

None of this should be a surprise to new home buyers.

Housing data has been trending better since September with sales volumes rising and home inventories falling. Basic economics tells us that home prices should soon rise.

The good news is that low mortgage rates should keep homes affordable.

Since mid-November, the average, conventional 30-year fixed rate mortgage has hovered near 4.000% nationwide with an accompanying 0.7 discount points plus closing costs. 1 discount point equals one percent of your loan size. This is down from near 4.500% six months ago, and the drop has made a big impact on home affordability. 

• June 2011 : $200,000 mortgage costs $1,013.37 per month
• December 2011 : $200,000 mortgage costs $954.83 per month

This represents $700 in savings per year. It's no wonder home builders report the highest buyer foot traffic in 3 years. 

Meanwhile, the market shows little signs of slowing down. Building Permits are on the rise, too.

Permits for single-family homes rose to their highest levels of year in November and 89 percent of those homes will start construction within 60 days. This means that Single-Family Housing Starts should stay strong through the early part of 2012, and into the spring.

If you're planning to buy new construction in California , therefore, talk to your real estate agent soon and consider moving up your time frame. With mortgage rates low and next year's buying season approaching, you may find that the best "deals" will come within the next few weeks only.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Home Builders Experiencing Heavy Foot Traffic And Higher Sales Volume

In another good sign for the housing market, today's home builders believe that the housing market has turned a corner.

For the third straight month, the Housing Market Index -- a home builder confidence survey from the National Association of Homebuilders -- reported strong monthly gains.

December's Housing Market Index climbed 2 points to 21 in December after a downward revision to last month's results. The index is now up seven points since September 2011, and sits at a 19-month high.

When home builder confidence reads 50 or better, it reflects favorable conditions in the single-family new home market. Readings below 50 reflect unfavorable conditions.

The Housing Market Index has not crossed 50 since April 2006.

The HMI itself is actually a composite reading; the result of three related home builder surveys. The National Association of Homebuilders asks its members about their current single-family home sales volume; their projected single-family home sales volume for the next 6 months; and their current buyer "foot traffic".

The results are compiled into the single Housing Market Index tally.

In December, builder survey responses showed strength across all 3 questions :

• Current Single-Family Sales : 22 (+2 from November)
• Projected Single-Family Sales : 26 (+1 from November)
• Buyer Foot Traffic : 18 (+3 from November)

These results support the recent New Home Sales and Housing Starts data, both of which show an increase in single-family sales, and a decrease in new home housing supply.

When demand rises and supplies fall, home prices climb.

It's also noteworthy that the Housing Market Index put buyer foot traffic at newly-built homes at its highest level since May 2008. With even more buyers expected to enter the market, new home prices are expected to rise in 2012 -- especially in the face of shrinking home supplies. 

For now, though, with home prices stable and mortgage rates low, buyers can grab "a deal". 60 days forward, though, may be too late.

The Spring Buying Season unofficially starts February 6, 2012. 

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

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The Real Estate Geeks: How To Keep Your Dishwasher Mold- and Mildew-Free

Your dishwasher is a breeding ground for mold and mildew. It's warm, it's dark, and there is a bevy of decaying, organic material in the form of both food particles and soap.

Therefore, you'll want to periodically scrub and disinfect your dishwasher so that it remains it clean and healthy, and so that your dishes stay that way, too.

Here's how to clean your dishwasher :

1. Remove all racks from the dishwasher. Wash with dish-washing detergent and set aside to dry. 
2. Mix 1 part vinegar with 4 parts very hot water into a spray bottle.
3. Spray the mixture on the dishwasher seal and anywhere else you see discoloration, mold or mildew.
4. Scrub the affected areas with a non-abrasive scrub brush.
5. Replace racks in the dishwasher.
6. Fill a small, dishwasher-safe bowl with white vinegar and place on the top rack.
7. Without soap, run the dishwasher at the highest temperature setting available.

Then, after performing these steps, you find that your dishwasher still has an "odor", or if mold or mildew remnants remain, immediately pour 1 cup of baking soda on the floor of your dishwasher, and run the cycle a second time at the highest temperature setting available.

If your mold/mildew problem persists, you should check the dishwasher's drain line. If it's kinked, water may be unable to drain and will pool at the bottom of your dishwasher -- a mold-breeding situation.

You should also check the food trap at the base of the dishwasher for too-large-to-drain pieces of food.

A good dishwasher will last years with proper care and maintenance. Keep yours mold- and mildew-free. 

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Mortgage Payments Fall 12% Since February 2011

As mortgage rates drop, so do housing payments. It's a good time to consider refinancing your home, or making an offer on a new one. Mortgage payment affordability has never been so high in history.

According to Freddie Mac, the average 30-year fixed rate mortgage rate is now 3.94 percent -- an all-time low -- with an accompanying 0.8 discount points. This means that in order to get access to the 3.94 percent rate,  homeowners and home buyers should expect to pay a loan fee equal to 0.8% of the borrowed amount, plus "normal" closing costs.

Last week, the average 30-year fixed rate mortgage rate was 3.99 percent with an accompanying 0.7 discount points.

Mortgage rates in California have been in decline for most of the year. Since peaking in early-February, the average home owner's principal + interest payment on a 30-year fixed rate mortgage had now dropped by 12.2 percent.

Here is how mortgage payments compare, then and now, not accounting for your individual tax-and-insurance escrow :

• February 10, 2011 : Payment of $539.88 per $100,000 borrowed
• December 15, 2011 : Payment of $473.96 per $100,000 borrowed

For existing homeowners, the dramatic drop in payments is reason to reach out to your loan officer. A refinance could save you tens of thousands of dollars over the life of your loan -- especially if you chose to refinance your mortgage into a 15-year program.

The 15-year mortgage, says Freddie Mac, is also at an all-time low, registering 3.21 percent with 0.8 discount points, on average.

For home buyers, today's low rates present an interesting opportunity.

Mortgage rates are the key factor in determining your monthly housing payment so, with average mortgage rates below 4 percent, it's no wonder home affordability is cresting. However, the housing market is showing signs of recovery. Home supplies are dwindling, buyer demand is rising, and the economy appears to be mending.

Home prices are expected to rise in 2012 and, as they do, they'll take housing payments with them. The best time to buy a home may be now; before the recovery completes.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

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The Real Estate Geeks: Bank Repossessions Drop To A 44-Month Low

Foreclosure activity continues to concentrate over just a few states.

According to foreclosure-tracker RealtyTrac, November's foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010.

"Foreclosure filing" is a catch-all term for the various "action steps" throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.

As in most months, though, foreclosure activity remains concentrated by state. More than half of last month's bank repossessions can be traced to just 6 states.

1. California : 14.8% of all bank repossessions
2. Florida : 12.7% of all bank repossessions
3. Texas : 7.0% of all bank repossessions
4. Georgia : 6.9% of all bank repossessions
5. Arizona : 6.7% of all bank repossessions
6. Michigan : 6.3% of all bank repossessions

Meanwhile, with just 5 repossessions, South Dakota topped the list of states with the fewest bank repossessions in November. The Mount Rushmore State accounted for just 0.009% of REO nationwide in a month in which bank repossessions dropped to a 44-month low point across the United States.

The drop in REO is coming at a tough time for today's home buyers. Distressed properties are in high demand -- mostly because they sell at steep discounts.

According to the National Association of REALTORS®, distressed homes accounted for 28 percent of all home sales in October. As fewer bank-owned homes become available, though, there will be fewer "deals" to be had.

Especially as the broader housing market continues to signal its recovery.

If you plan to buy a bank-owned foreclosed property, do your research first. As supplies drop, the price for foreclosed homes throughout California relative to non-distressed homes may rise, rendering REO properties less of a relative "value".

Before you write a contract, therefore, talk with a licensed real estate agent. There's plenty of foreclosure data available online but, when it's time to buy, you should have an experienced agent on your side.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

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The Real Estate Geeks - Simple Real Estate Definitions : Tax And Insurance Escrow

As a homeowner , your fiscal responsibility extends beyond just making mortgage payments. You must also pay your home's real estate taxes as they come due, as well as your homeowners insurance policy premiums.

Failure to pay real estate taxes can result in foreclosure. Failure to insure your home is a breach of your mortgage loan terms.

There are two methods by which you can pay your real estate tax and homeowners insurance bills.

The first method is to pay your taxes and insurance as the bills come due, usually semi-annually. Depending on your home's tax bill size and the cost to insure your home, these payments can feel quite large -- especially if you've failed to budget for them properly.

The second method of paying your taxes and insurance is to give your lender the right to pay them on your behalf, a process known as "escrowing for taxes and insurance".

When you escrow your real estate taxes and homeowners insurance, you pay a portion of your annual obligation to your lender each month, which your lender then holds in a special account for you, and disperses to your taxing entities and insurance company as needed. Lenders prefer that homeowners escrow taxes and insurance because, in doing so, the lender is assured that tax bills remain current and that homes stay insured.

Want a discount on your next mortgage rate? Tell your lender that you're willing to escrow.

To help calculate your monthly escrow payment to your lender, do the following :

1. Find your home's annual real estate tax bill
2. Find your home's annual homeowners insurance premium
3. Add the two figures and divide by 12 months in a year

The quotient is your monthly "escrow"; the extra payment you'll make to your lender each month along with your regularly scheduled principal + interest payment. Then, when your tax bills and insurance premiums come due, your lender will make sure the payments are made on your behalf.

If you're unsure whether escrowing is right for you, talk to your loan officer and/or financial planner. There are valid reasons to choose either path.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks - America's Best Places To Raise A Family, Listed By State

BusinessWeek recently released its 2011 America's Best Place to Raise a Family rankings. College-town Blacksburg, Virginia took top honors, breaking a 2-year win streak for the Chicago, Illinois region.

In 2009, suburban Mount Prospect, Illinois placed first. Last year, it was Tinley Park, Illinois.

The BusinessWeek report employs data from real estate information firm Onboard Informatics to make its rankings, compiling data across categories such as education, crime, and jobs plus access to parks and affordable homes. All selections are limited by population; all selections are home to 50,000 residents or fewer. Median incomes are within 20 percent -- plus or minus -- of the state's median income levels.

BusinessWeek names one winner in each state. The winners in the 10 most populous states and their nearest "big city" are listed below

1. California : East San Gabriel (Los Angeles)
2. Texas : Wells Branch (Austin)
3. New York : Hampton Manor (Albany)
4. Florida : Niceville (Fort Walton Beach)
5. Illinois : Morton Grove (Chicago)
6. Pennsylvania : Cecil-Bishop (Pittsburgh)
7. Ohio : St. Henry (Dayton)
8. Michigan : Spring Arbor (Jackson)
9. Georgia : Hoschton (Atlanta)
10. North Carolina : Tryon (Spartanburg, SC)

The winners in all 50 states can be found on the BusinessWeek website.

Rankings like the BusinessWeek America's Best Place to Raise a Family can be useful for home buyers , but like everything in real estate, statistics do not apply to every home equally. Even within the "best towns", there are areas in which school systems are better, crime figures are lower, and amenities are more plentiful.

Therefore, before you make the decision to buy a home, talk with a real estate agent who has local market knowledge. It's the most effective means to get data that matters to you.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - How To Clean A Cutting Board

Germ studies show that a kitchen cutting board carries up to 200 times more bacteria than a toilet seat.

This is because homeowners clean their bathrooms with fervor, while only "rinsing" down parts of their kitchens.

In failing to disinfect cutting boards (among other kitchen mainstays), homeowners leave untouched a prime bacteria breeding ground, and may be getting sick as a result.

According to the CDC, 48 million Americans get sick from food-borne bacteria each year. 

If it's been a while since you've cleaned your kitchen cutting board, here are some tips on how to do it properly.

Homeowners with plastic cutting boards will have an easier go that homeowners with wooden cutting boards. If your cutting board is plastic, just place it in the dishwasher with dishwasher detergent. If your dishwasher has a "sanitize" feature, be sure to select it.

If your cutting board is made of wood, or another material that may crack and/or splinter in a dishwasher, follow these steps instead :

1. Prepare a solution of natural dish soap and hot water.
2. Without submerging the cutting board, scrub it with the solution.
3. Towel dry the board and allow it to air-dry until completely dry.
4. Apply a thin layer of undistilled white vinegar to the board surface either by spray can or paper towel.
5. Allow the vinegar to sit for 30 minutes, then wipe clean.

For preventative care, you should also consider using separate cutting boards for meats and for fruits and vegetables. This can prevent cross-contamination. In addition, purchase a food-grade mineral oil and apply it to your wooden cutting boards regularly.

The kitchen is among the "germiest" places in your home. With extra attention, though, you can help keep it as bacteria-free as possible 

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Reduce Long-Term Loan Costs With A 15-Year Fixed Rate Mortgage

For as low as 30-year fixed rate mortgage rates are in California today, 15-year fixed rate mortgage rates are even lower.

According to Freddie Mac's weekly mortgage rate survey, the average 15-year fixed rate mortgage rate is now 3.27% nationwide with an accompanying 0.8 discount points. 1 discount point is a closing cost equal to 1 percent of your loan size.

The current 15-year fixed rate reading is just one tick above the all-time, 15-year fixed rate mortgage low of 3.26% set in October 2011.

If you've ever thought of "going 15", it's a terrific time to talk to your lender.

The primary benefit of using a 15-year fixed rate mortgage as opposed to a 30-year fixed rate one is that a 15-year fixed rate mortgage dramatically cuts the long-term interest costs of your loan. The downside is that monthly payments are relatively large.

At today's mortgage rates, per $100,000 borrowed :

• 15-year fixed rate mortgage : $704 principal + interest monthly
• 30-year fixed rate mortgage : $477 principal + interest monthly

So, for homeowners opting for a 15-year fixed rate mortgage, the monthly principal + interest payments will be 48% higher as compared to a 30-year fixed rate mortgage of the same loan size. Long-term, however, because the 15-year fixed rate mortgage interest rate is lower and because it pays off in half the time of a 30-year loan, a homeowner will save $45,000 in interest costs per $100,000 borrowed.

$45,000 per $100,000 borrowed is a huge amount of savings. It's monies that can be used for college tuition, home improvement projects, retirement savings, or anything else. 

That said, the 15-year fixed rate mortgage is not ideal for everyone.

Because it requires higher monthly payments, a 15-year fixed rate mortgage may add stress to your household budget. Furthermore, once you commit to a 15-year loan term with your lender, you can't revert back to a 30-year loan term without a refinance and refinances can be costly.

Therefore, be sure of yourself when selecting a 15-year fixed rate loan. The rewards are great, but the risks can be, too.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - How To Install A Dimmer Switch

A home's lighting accounts for 15 percent of its total energy consumption, a fact that's both costly to homeowners, and "un-green" to the environment. It's simple to reduce those effects, however -- all you need are dimmer switches.

A modern dimmer switch works by rapidly opening and closing a light circuit, providing less energy to the bulb, and consuming less energy from the source.   

In this 2-minute video, you'll learn how to reduce your home's standard on/off lighting switches using dimmer switches. The dimmer-switch project is a do-it-yourself project and requires only basic handyman experience. 

First, determine whether you need a 3-way dimmer switch, or a single-pole dimmer switch. If your fixture is controlled my two light switches, you'll want a 3-way dimmer switch. Otherwise, the single-pole choice is best.

Next, just follow the directions :

1. Cut the power to the light switch via your home's circuit breaker
2. Remove the existing light switch plate and pull the switch from the wall
3. Disconnect the in-wall wires from the existing light switch plate
4. Connect the in-wall wires to their same-color wires on the dimmer switch plate
5. Push the wires into the wall and reconnect the power via the circuit breaker

The amount of energy that dimmer switches will save your home depends on light-types and to what degree you use the switch's dimmer capabilities. One caveat, though -- not all energy-saving light bulbs are dimmer switch-capatable.

Compact fluorescent light bulbs, for example, don't work with dimmer switches unless the bulb is specifically designed to be "dimmable".

The rooms with highest wattage rates are typically the master bathroom and the kitchen. 

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Home Improvement Projects : How Much Equity Will You Build?

Home improvement projects are booming, expected to cross $110 billion in total volume this quarter. Unlike in recent years, however, the projects aren't helping to create much new home equity.

According to Remodeling Magazine's Cost vs Value Report 2011-2012, for each home improvement dollar spent in 2012, homeowners can expect to recoup just 58 cents in home equity. 

This figure is down sharply from 2005, when the cost-to-value ratio was 87 percent. 

Today's homeowners get a much smaller payoff on their home improvement projects. If you're planning to remodel/update in preparation for sale, therefore, consider the following projects, each of which carries a high cost-to-value ratio.

From Remodeling Magazine's "Mid-Range Project" list :

• Steel Entry Door Replacement : Cost, $1,238; Recoup, 73.0%
• Attic Bedroom : Cost, $50,184; Recoup, 72.5%
• Minor Kitchen Remodel : Cost, $19,588; Recoup, 72.1%
• Garage Door Replacement : Cost, $1,512; Recoup, 71.9%
• Wood Deck Addition : Cost, $10,350; Recoup 70.1%

By contrast, other projects carry a low cost-to-value ratio, and should only be undertaken if the project's utility exceeds its cost. These projects don't do much to raise a home's resale value.

• Home Office Remodel : Cost, $27,963; Recoup, 42.9%
• Sunroom Addition : Cost, $34,133; Recoup, 45.9%
• Backup Power Generator : Cost, $14,760; Recoup, 47.5%
• Bathroom Addition : Cost, $140,096512; Recoup, 51.0%
• Fiberglass Entry Door Replacement : Cost, $3,536; Recoup 56.3%

In the "Upscale Projects" category, projects including the replacement of doors, siding and windows occupy the list's first 6 slots in terms of cost-to-value. 

If you're planning a home improvement project over the next few months, the timing is right -- both contractor costs and material costs are low nationwide, and improving a home can extend its useful life.

See the complete Cost vs Value report online.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Conforming Loan Limits Unchanged For 2012

A conforming mortgage is one that, literally, conforms to the mortgage guidelines as set forth by Fannie Mae and Freddie Mac. 

Conforming mortgage guidelines are Fannie's and Freddie's eligibility standards; an underwriter's series of check-boxes to determine whether a given loan should be approved.

Among the many traits of a conforming mortgage is "loan size".

Each year, the government re-assesses its maximum allowable loan size based on "typical" housing costs nationwide. Loans that fall at, or below, this amount meet conforming mortgage guidelines. Loans in excess of this limit are known as "jumbo" loans.

Between 1980 and 2006, as home values increased, conforming loan limits did, too, rising from $93,750 to $417,000. Since 2006, however, despite falling home prices in many U.S. markets, the conforming loan limit has held steady.  This will remain true for 2012 as well. 

In 2012, for the 7th straight year, the national, single-family conforming mortgage loan limit will remain at $417,000.

The complete 2012 conforming loan limit breakdown, by property type :

• 1-unit properties : $417,000
• 2-unit properties : $533,850
• 3-unit properties : $645,300
• 4-unit properties : $801,950

However, there are some areas nationally that have earned "loan limit exceptions" based on the local median sales prices. These areas are known as "high-cost" areas and loan limits within these regions range from $417,001 to a maximum of $625,500.

Some examples of high-cost areas include San Francisco (along with a most of California), New York City, and most of Hawaii and Alaska. Nationally, there are approximately 200 such "high-cost" areas.

Verify your local conforming loan limit and loan limits across California via the Fannie Mae website. A complete county-by-county list is published online.

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The Real Estate Geeks: Using Home Generators? Here's How To Stay Safe

Carbon monoxide is an odorless, colorless, poisonous gas. It kills more 400 people die in their homes each year.

Carbon monoxide poisoning is especially common during periods of power outage. This is because homeowners fire up their personal home power generators.

Home generators are a leading cause of poisoning by carbon monoxide and, in this 4-minute from NBC's The Today Show, you'll learn about home generators, how they operate, and the safety measures everyone homeowner should undertake.

A few basic home generator safety rules, as described in the interview, include :

• Never modify a generator or its engine
• Keep a 10-foot distance between the generator and your home
• Always point the generator's exhaust away from your home

Furthermore, make sure your home has an ample supply of carbon monoxide detectors, and that they're operational.

One of the video's highlights is clever illustration employing a vase of water and a dash of red dye. The demonstration shows just how few carbon monoxide particles are required to cause injury and/or death to a person in your household.

Therefore, if you own a home generator, take 4 minutes watch this video. Safety when home generators is paramount to your health.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Foreclosure Filings Climbing; 4 States Account For Half Of Nationwide Activity

Foreclosed homes are a hot market throughout California -- and supplies are ramping up.

According to foreclosure-tracking firm RealtyTrac, October's foreclosure filings rose 7 percent to 231,000 filings nationwide.

A "foreclosure filing" is any one of the following foreclosure-related events : A default notice on a home; a scheduled auction for a home; or, a bank repossession of a home. Because of this definition, a single home can account for up to 3 foreclosure filings -- one from each category. 

Because of this, we may glean more relevant insight into the foreclosure market by separating RealtyTrac's foreclosure report into "event types".

• Default Notices : Up 10% from September 2011; Down 31% from October 2010.
• Scheduled Auctions : Up 8% from September 2011; Down 38% from October 2010.
• Bank Repossessions : Up 4% from September 2011; Down 27% from October 2010.

These breakdowns suggest that, although improved as compared to last year, the foreclosure market is growing. At least, it's growing in some parts of the country. We can't forget that -- like everything real estate -- foreclosures are a local phenomenon. 

In October, just 4 states accounted for more than half of the country's foreclosure filings. Those four states -- California, Florida, Michigan and Illinois -- represent just 26% of the U.S. population.

Even on a per household basis, the figures remain disproportionate :

• Top 10 Foreclosure States : 1 foreclosure per 341 households, on average
• Bottom 10 Foreclosure States : 1 foreclosure per 7,434 households, on average

The nationwide foreclosure rate was 1 foreclosure per 563 households.

As a home buyer, foreclosures are worth watching. They account for 18% of home resales nationwide and, in some markets, can be bought at steep discounts versus a comparable "non-distressed" home. That is part of their appeal, in fact.

But just because foreclosed properties can be a "deal", it doesn't mean you should rush to buy one. Buying a foreclosed home from a bank is different from buying a non-foreclosed home from a "person". The contracts and negotiation process are different, and foreclosed homes are sometimes sold as-is.

"As-is" means "this home may have defects".

Therefore, if you plan to buy a foreclosed home, talk with a real estate professional first. You can learn a lot about the housing market online, but with respect to writing an offer on a property, you'll want an experienced agent on your side.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Using Space Heaters? Use This Safety Advice.

Space heaters are popular among homeowners because, as portable appliances, they can heat a small space quickly and inexpensively. It requires less energy to run a space heater than to raise the temperature of an entire home by a few degrees.

However, space heaters can be dangerous, too.

In its November 2011 report, the National Fire Protection Association reveals that heating equipment was involved in an estimated 58,900 home structure fires, 480 civilian deaths, 1,520 civilian injuries and more than $1.1 billion in damage.

Space heaters caused a disproportionate percentage of the accidents : 

• 79% of all home heating-related civilian deaths 
• 66% of all home heating-related civilian injuries 
• 52% of all home heating-related property damage

If you use space heaters, therefore, please remember to read (and follow) the manufacturer's instructions for proper usage, and to obey basic safety standards.

First, never place anything flammable within three feet of a space heater. Space heaters get very hot, very quickly and can ignite rugs, paper and curtains.

Next, make sure your space heater is placed on the floor, on level ground. Do not rest it on books, or on furniture.

Also, make sure to turn space heaters off when leaving a room, or when going to bed. Space heaters are not meant to replace whole-home heating and should not be left unattended under any circumstance.

The Underwriters Laboratory makes a list of general safety tips available on its website. Considering how much damage space heaters can cause, the list is worth committing to memory.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Banks Resume Tightening Mortgage Guidelines

As part of its quarterly survey to member banks nationwide, the Federal Reserve asked senior loan officers whether last quarter's "prime" residential mortgage guidelines have tightened, loosened, or remained as-is.

A "prime" borrower is defined as one with a well-documented, high-performance credit history; with low debt-to-income ratios; and who chooses to finance a home via a traditional fixed-rate or adjustable-rate mortgage product.

After a 2-year easing cycle, the nation's biggest bank banks report that they've reversed course, and are raising the bar on mortgage approvals.

For the period July-September 2010, 88% of responding loan officers admitted to tightening their prime guidelines, or leaving them "basically unchanged".

If you've applied for a home loan of late, you've experienced this first-hand.

High delinquency rates and defaults since 2007 have caused the banks to rethink what they will lend, and to whom. As a result, today's mortgage lenders scrutinize assets, incomes, and credit scores to make sure that nothing "slips by".

For today's home buyers and would-be refinancers, the mortgage approval process can be challenging as compared to how it looked just 18 months ago.

• Minimum credit scores requirements are higher today
• Downpayment/equity requirements are larger today
• Debt-to-Income ratio requirements are more strict today

In other words, although mortgage rates are the lowest that they've been in history, fewer applicants can qualify. And, with more the housing market still in recovery, it's likely that guidelines will tighten again in 2012.

Therefore, if you're among the many people wondering if it's the right time to buy a home or refinance, consider that, although mortgage rates may fall, approval standards may not.

The best rate in the world won't matter if you're not eligible to lock it.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Homebuilders Getting Optimistic; Higher Home Prices Ahead?

Homebuilder confidence continues to rise.

Just two months after falling to a multi-month low, the Housing Market Index surged again in November, climbing another three points to 21. It's the second straight month that the HMI posted a 3-point gain, catapulting the index to an 18-month.

The Housing Market Index is monthly report from the National Association of Homebuilders. It's meant to measure confidence among the nation's homebuilders, scored on a scale of 1-100.

When homebuilder confidence reads 50 or better, it reflects favorable conditions for homebuilders. Readings below 50 reflect unfavorable conditions.

The Housing Market Index has not read north of 50 since April 2006.

As an index, the HMI is actually a composite reading; the result of three separate surveys sent to homebuilders each month. The National Association of Homebuilders asks it members about current single-family home sales volume; projected single-family home sales volume over the next 6 months; and current "foot traffic".

In November, builder responses were stronger in all 3 categories :

• Current Single-Family Sales : 20 (+3 from October)
• Projected Single-Family Sales : 25 (+1 from October)
• Buyer Foot Traffic : 15 (+1 from October)

And, beyond the headline data, there is an important, noteworthy item in this month's Housing Market Index.

In November, "Current Single Family Sales" climbed 3 points for the second straight month, and is now at the highest point since May 2010 -- the month after last year's home buyer tax credit expired. And, this increase in sales volume is occurring as new home construction is falling, thereby reducing home inventory nationwide.

That's an important point for home buyers.

With more new home sales and fewer new home listings, prices are likely to increase into 2012. Especially with home builders predicting higher sales levels over the next 6 months, and seeing higher levels of buyer foot traffic through their properties today.

For now, though, home prices are stable and mortgage rates are low. This creates low-cost homeownership throughout California , and helps new home construction remain affordable.

If you're in the market for new home construction, the next 60 days may prove to be your best time to get "a deal".

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: This Holiday Season, Think Twice Before Saving 15 Percent At The Register

With Halloween behind us, retailers are in the Holiday Spirit. Businesses know that consumers spent a median $556 on holiday gifts last year and they want this year to be just as strong.

That's why it's barely November and, already, Black Friday ads clog our mailboxes and the airwaves. Retailers want our dollars and they're offering great deals to early shoppers.

There's one discount a smart shopper should think twice, however -- the ever-present "Open A Charge Card Today And Save 15%" promotion. In the short-term, deals like this will save money. 

Over the long-term, however, opening a charge card could cost you much, much more -- especially if you plan to refinance your home or buy a new one.

Applying for a charge card can lower your credit score up to 85 points.  

According to the myFICO.com website, as a category, "New Credit" accounts for 10% of your 850 possible credit points, comprising the following credit traits :

• Your number of recently opened accounts
• Your number of recent credit inquiries
• Time elapsed since your recent credit inquiries
• Your proportion of new accounts to all accounts

Each trait is a negative in the FICO-scoring credit algorithm which means that, with each in-store charge card application, your credit score is likely to fall. How far your score will fall depends on the rest of your credit profile.

Meanwhile, low FICO scores correlate to higher loan fees.

Using a real-life example, assuming 20% equity in a home, for either purchase or refinance, look how loan fees for a $200,000 conforming mortgage change by FICO score :

• 740 FICO : There will be no added loan costs
• 720 FICO : You'll have a 0.250% increase in loan costs, or $500
• 700 FICO : You'll have a 0.750% increase in loan costs, or $1,500
• 680 FICO : You'll have a 1.500% increase in loan costs, or $3,000
• 660 FICO : You'll have a 2.500% increase in loan costs, or $5,000

You can see first-hand how expensive low credit score can be -- much more costly than the 15% saved at the mall. That's why people planning to refinance to today's low rates and soon-to-be homeowners, shouldn't rush to save 15% at the register. 

For people in want of a mortgage, high FICO scores are worth protecting.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Tips For Maximizing Your Home's Appraised Value

A home appraisal is an independent opinion of your home's value, performed by a licensed home appraiser. Appraisals are part of the traditional home purchase process, and lenders require them for most refinances, too.

Appraisers are trained professionals. First, they derive a base for your home's value based on the recent sales prices of homes that are comparable to yours in terms of bedrooms, bathrooms, style, and square footage.

Then, accounting for features and amenities that make your home different, the appraiser applies "adjustments" to that base value.

This methodology is called the "Sales Comparison" approach and the result is your home's appraised value.

It's the most common appraisal method used by lenders.

As a homeowner , you can't affect the sales prices of your home's comparable properties, but you can help your appraiser understand how your home stands apart from these homes. This, in turn, can affect your home's adjustments, resulting in a higher appraised value.

With home appraisals, every valuation dollar can matter. With that in mind, here are a few tips for maximizing your home's appraised value :

1. Be home for your appraisal so you can answer the appraiser's question, if there are any.
2. Mention any new roofing, flooring, HVAC, plumbing, or windows you've installed since purchase.
3. Don't mention projects or repairs you're "about to undertake". Appraisers don't credit for unfinished projects.
4. Make minor household fixes prior to the appraisal (e.g.; leaky sink, running toilet, peeling paint). 
5. Present a tidy home. This can contribute to a higher "overall condition" adjustment.

Lastly, schedule the appraisal for a time that is convenient for your entire household. An appraiser needs to see, measure, and take photos of every room in your home. If a room's door is closed because of a resting child, for example, the appraiser may need to schedule a second appointment to complete the appraisal, and that can raise your appraisal costs.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Your Home Has A Smoke Detector. Are You Sure It's Really Working?

An estimated 356,000 in-home fires caused more than $7 billion in U.S. residential property damage in 2009, according to data from the United States Fire Administration.

The fires caused more than 12,000 injuries, and killed more than 2,500 people nationwide.

Unfortunately, many of affected homes did have smoke detectors -- they just weren't working properly. This is why it's critically important to test your home's smoke detectors at least once annually.

When you test a smoke detector, you're making sure that the alarm will trigger in the event of a real-life fire. A proper test will confirm that the batteries have useful life, and that the device's smoke detection components are operating as expected.

To test your smoke detector, here's what to do :

1. Make a checklist of your home's smoke detectors
2. Go to the first smoke detector
3. Ask a helper to go to the farthest point from the detector within your home
4. Press the smoke detector's testing button up to 10 seconds to activate the alarm
5. Confirm with your helper that the alarm could be heard from his/her location
6. Note on the checklist whether the smoke detector worked, or needs replacement

You can also take your test a step further.

Just because the smoke detector's alarm can be heard from the farthest point in your house doesn't mean that the alarm will sound in the event of a real fire. Therefore, you may want to buy a "smoke test".

Smoke tests are aerosol cans that simulate a bona fide in-home fire. You can buy them for less than $15 at your local hardware store, or at Amazon.com. If your smoke detector fails to sound its alarm in the presence of a "real fire", make sure you replace it right away.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - The Most Expensive ZIP Codes In The Country (2011 Edition)

In the housing market, amenities and location have as much to do with a home's value as the everyday forces of supply-and-demand. Whereas the latter causes home values to rise and fall over time, the former creates a starting point for said values. 

Where you live -- and the features of your home -- determine your home's price range. Naturally, homes in some areas are consistently higher-valued than homes in others.

Using data compiled by real estate market data firm Altos Research, Forbes Magazine presents America's 10 most expensive ZIP codes. California and the New York Metro area dominate the list.

1. Alpine, NJ (07620) : $4,550,000
2. Atherton, CA (94027) : $4,295,000
3. Sagaponack, NY (11962) : $3.595,000
4. Hillsborough, CA (94010) : $3,499,000
5. Beverly Hills, CA (90210) : $3,469,891
6. New York, NY (10012) : $3,392,574
7. New York, NY (10013) : $3,317,962
8. Water Mill, NY (11976) : $3,300,000
9. Montecito, CA (93108) : $3,099,348
10. Old Westbury, NY (11568) : $3,095,000

In fact, of the top 50 most expensive ZIP codes, only 6 are located outside of California and New York regions. 3 are Colorado resort towns -- Snowmass (81654), Aspen (81611) and Telluride (81435) -- one is in Maryland, one is in Florida, and the last is in Washington State.

Chicago-suburb Kenilworth (60043) is the top-ranked Midwest ZIP code. It placed 86th overall.

The Forbes list may be interesting but, to home buyers or sellers , it should not be the final word in home values. Real estate is a local market which means that -- even within a given ZIP code -- prices can vary based on street and neighborhood.

Look past general data and get specific. Talk to your real estate agent for local market pricing.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Lower Your Fall/Winter Energy Bill With Ceiling Fans

November is here with many parts of the country are already feeling the chill. This weekend, a nor'easter dropped up to 20 inches of snow in cities along the eastern seaboard  -- a reminder that winter is coming.

No matter where you live, though, the seasonal change in temperature serves as an excellent reminder to reset the blades on your home's ceiling fans.

Ceiling fans don't warm or cool air, specifically. Instead, they circulate air which can have the effect of making a room feel warmer in the winter months, and cooler in the summer months.

When it's cold outside, ceiling fans push warm air down from the ceiling, balancing the heat within a room. This can make a room feel 4-6 degrees warmer. Then, during warmer months, ceiling fans push a room's cold air back into circulation, which creates a windchill effect, of sorts.

This, too, can change a room's temperate 4-6 degrees.

The secret to a ceiling fan is in the rotation direction of its blades. 

• When fan blades rotate clockwise, the fan makes a room feel warmed
• When fan blades rotate counter-clockwise, the fan make a room feel cooler.

This Weather Channel video explains how it works.

If your home is without ceiling fans, consider installing one (or more). Ceiling fans are economical and "green", using the equivalent energy of a 100-watt light bulb, while lowering your home's energy costs.

Plus, they're relatively simple to install. 

Tutorial videos are available online for the do-it-yourselfers, or just call a qualified electrician for assistance.

Installing a ceiling fan is a 1-hour project.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks - More Sales, Less Inventory : Home Prices Headed Higher?

The housing market continues to signal that a broad rebound is underway. In October, despite sparse home inventory, the number of properties sold increased 1.4% nationwide.

According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, October Existing Home Sales gained 70,000 units as compared to September, registering 4.97 million existing homes sold overall.

An "existing home" is a home that has been previously occupied and, as compared to prior months, the stock of homes for sale is depleted. 

Just 3.3 million homes were listed for sale last month. This represents a 2 percent drop from September and marks the sparsest home resale inventory of 2011.

The current home supply would last 8.0 months at today's sales pace -- the fastest rate since January 2010. 

The real estate trade group's report contained other noteworthy statistics, too :

1. 34 percent of all sales were made to first-time buyers
2. 29 percent of all sales were made with cash
3. 28 percent of all sales were for foreclosed homes, or short sales

It also said that one-third of transactions "failed" as a result of homes not appraising for the purchase price; failure to achieve a mortgage approval; and, insurmountable home inspection issues.

This 33% failure rate is huge as compared to September 2011 (18%) and October 2010 (8%). It underscores the importance of getting pre-qualified to purchase, and of selecting a home "in good condition".

For today's home buyer, October's Existing Home Sales may be a "buy signal". Supplies are falling and sales are increasing. Elementary economics says home prices should begin rising, if they haven't already.

Remember : The data we're seeing is already 30 days old. Today's market may be markedly improved already.

The good news is that mortgage rates remain low. Freddie Mac reports that the average 30-year fixed rate mortgage rate is 4.000% with 0.7 discount points, making homes as affordable as they've been in history.

With rising home values, you may end up paying more to purchase your new home, but at least you'll pay less to finance it.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Maximum FHA Loan Limits Restored To $729,750

After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are -- once again -- as high as $729,750.

The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to increase the FHA's mortgage market share, which has grown from 6% in 2007 to roughly 30% today.

The change in FHA loan limits also marks the first time that FHA loan limits exceed those of conventional mortgage-backers Fannie Mae and Freddie Mac.

Conventional loans remain capped at a maximum of $625,500.

For home buyers nationwide, FHA-insured mortgage offer several advantages over comparable conventional loans, the most commonly cited of which is that FHA-insured loans require a down payment of just 3.5 percent.

FHA-insured mortgages carry other advantages, too, however.

First, FHA home loans are not subject to loan-level pricing adjustments (LLPA). This means that, all things equal, buyers and would-be refinancers with credit scores below 740; or, who live in multi-unit homes; or, who have high loan-to-values are not subject to additional loan fees as a conventional mortgage applicant might.

Second, after 6 months of on-time payments, FHA-backed homeowners are eligible for the FHA Streamline Refinance. The FHA Streamline Refinance is among the simplest loan products for which to qualify with no appraisal required. Even if you're "underwater" on your mortgage, you can still be streamline-eligible.

And, lastly, at least in today's market, FHA mortgage rates are below those of the conventional market.

The downside of FHA financing, however, is that all FHA mortgages require mortgage insurance and FHA mortgage rates are often higher versus a comparable conventional loan. This means that, although its mortgage rate may be lower, the payment for an FHA home loan may be higher as compared to a Fannie Mae mortgage with similar credit traits.

FHA loans aren't always optimal, but with higher FHA loan limits, expect the FHA's market share to increase.

Check your local FHA loan limit at the HUD website.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - The Government's Revamped HARP Program For Underwater Homeowners

The Federal Home Finance Agency announced big changes to its Home Affordable Refinance Program Monday. More commonly called HARP, the Home Affordable Refinance Program is meant to give "underwater homeowners" opportunity to refinance.

With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners nationwide who stand to benefit from the program overhaul.

To qualify for the re-released HARP program, you must meet 4 basic criteria :

1. Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac
2. Your home must be a 1- to 4-unit property
3. You must have a perfect mortgage payment history going back 6 months
4. You may not have had more than one 30-day late payment on your mortgage going back 12 months 

Most notable about the new HARP refinance program, though, is that the government is waiving loan-to-value requirements on a HARP loans. Homeowners' participation in the program  are no longer restricted by their home's appraised value. In fact, the new HARP doesn't even require an appraisal, in most instances.

With the new HARP program, underwater mortgages can be refinanced without LTV limit or penalty.

According to the government's press release, pricing considerations for the new HARP program will be released on or before November 15, 2011; and lenders are expected to be offering the program as of December 1, 2011.

If you think you may be eligible, first confirm that either Fannie Mae or Freddie Mac is backing your loan. Both groups provide a simple, online lookup.

• Fannie Mae loan lookup : http://www.fanniemae.com/loanlookup/
• Freddie Mac loan lookup : https://ww3.freddiemac.com/corporate/

If your loan cannot be located on either of these two sites, your current mortgage is not backed by Fannie Mae or Freddie Mac, and is not HARP-eligible.

The FHFA's official press release contains an FAQ section. In it, you'll find minimum qualification standards, as well as information related to condominiums and to mortgage insurance.

The HARP program is meant to help a wide group of homeowners, but each applicant's situation is unique. For specific HARP questions, be sure to talk with a loan officer. 

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: How To Change Your Doorbell

When we move into a home, we make changes. Appliances get replaced, rooms get painted, and floors get refinished or recarpeted. It part of how we make a home "ours".

One item we tend to skip, though, is the changing of the doorbell. In most homes, the existing doorbell is "good enough". 

Well, if you've ever had a mind to change your home's hard-wired doorbell system, the good news is that changing your doorbell is a simple, do-it-yourself project. Whether you want chimes, songs, or the traditional ding-dong, all you need is a screwdriver, some tape, and the new doorbell system.

This 2-minute video from Lowe's maps it out :

1. Cut the power to your doorbell from your circuit breaker
2. Unscrew the doorbell face plate
3. Replace the face plate with your new doorbell
4. Locate your in-home receiver and remove the chime system
5. Replace the chime system with your new system

The video also includes helpful tips such as how to use tape to prevent "losing" wires in your walls, and how to label your wires for faster re-wiring.

Changing a doorbell is a quick, 1-hour project. Use the video's guidance to make you don't miss a step.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Despite 18% Contract Failure Rate, Home Resales Stay Strong

Despite fewer homes for sale nationwide, the number of home resales remains steady.

According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, September's Existing Home Sales eased by 150,000 units, falling to 4.91 million units nationwide.

An "existing home" is a home that's been previously occupied and, despite last month's drop, September's sales volume remains the second-highest on record since April 2011.

This statistic is noteworthy for two reasons :

1. There are 9.9% fewer homes available for sale as compared to 12 months ago
2. Contract "failures" are twice as high as compared to September 2010, now averaging 18 percent nationwide

A contract failure is typically the result of homes not appraising for the purchase price; mortgage denials in the underwriting process; and, insurmountable home inspection issues.

Because sales volume is steady, we can infer that more buyers are "in the market" than the final sales tallies would have us believe. This notion is also evident in the Existing Home Supply data.

In September, the number of homes for sale fell by 69,000 nationwide. At the current pace of sales, it would take 8.5 months to "sell out" the complete national inventory. This is more than 2 months faster as compared to September 2010 -- a major improvement for the housing market and a sign that home prices should rise soon.

Today's market exemplifies Supply and Demand. Demand for homes is holding steady as home inventories fall. This creates pressure for home buyers to make offers, and multiple bidding situations become more common. Negotiation leverage shifts to the sellers and the result is that buyers pay higher prices for homes.

Thankfully, mortgage rates remain low. 

Freddie Mac reports that the 30-year fixed rate mortgage ticked lower this week, averaging 4.11% nationwide with 0.8 discount points. This means that mortgage payments are lower by $46 per $100,000 borrowed as compared to the high-point of the year.

You may pay more for a new home, in other words, but you'll pay a lot less to finance it.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Foreclosure Rate Drops For The 12th Straight Month

Foreclosure activity continues to slow throughout the United States.

According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.

A "foreclosure filing" is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.

September marks the 12th straight month in which foreclosure filings fell year-over-year.

There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.

Some states work quicker than others, however, because of a combination of state law and personnel.

Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.

As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country's REO last month:

• California : 16.6 percent
• Georgia : 8.5 percent
• Florida : 8.3 percent
• Texas : 6.2 percent
• Michigan : 6.1 percent
• Illinois : 5.2 percent

Collectively, these 6 states represent just 36 percent of the nation's population.

By contrast, the bottom 6 states were home to just 192 repossessions last month -- 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.

For home buyers , shopping for foreclosed properties can be an excellent way to get "a deal". Foreclosed homes typically sell at discounts as compared to "non-foreclosed" homes, but are often sold "as-is". This means that homes listed for sale may be defective or out-of-code.

Before placing a bid on a foreclosed home, make sure that you're represented by an experienced real estate professional. 

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Save Money By Preventing Water Heat Loss In Your Home

How much energy is your home wasting on water?

According to the U.S. Department of Energy, water heating can account for 25% of a home's energy use. This is a substantial percentage, representing thousands of dollars per year in energy costs.

The good news is there are multiple ways to increase your home's energy-efficiency with respect to heated water.

The Department of Energy provides a list. 

1. Reduce hot water usage : Fix leaks, install low-flow fixtures, and use high-efficiency clothes washers and dishwashers.
2. Lower the hot water temperature : 120ºF is ideal. Each 10ºF drop in temperature saves up to 5% and slows corrosion.
3. Insulate your water heater : A simple blanket wrap costs $25 and will save you up to 9% in costs
4. Insulate your water pipes : Water will be delivered 4ºF hotter which means lower energy use.
5. Install a timer : If your heater is electric, turn it off during non-peak hours such as overnight
6. Use greywater heat recovery systems : 90% of water's energy is typically lost down the drain.

Some of the above items are costly to implement, and others are inexpensive. Most can be handled without hiring a plumber, especially those items at the top of the list.

As a homeowner, take control. Apply these energy-saving, water-heating strategies and you'll not only save money each month, but you'll lengthen the useful life of your home's appliances and plumbing.

If you're in need a plumber referral, please ask.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Should I Refinance My Home?

With mortgage rates at all-time lows, you may be asking "Is now a good time to refinance?". This short interview from NBC's The Today Show offers good insight.

Refinancing a mortgage is about more than just "low rates". For example, there are costs associated with giving a new mortgage and even with the average, 30-year fixed rate mortgage near 4 percent, the costs of a such a move can outweigh the benefits -- both in the short- and long-term.

The video originally ran in September when mortgage rates averaged 4.09%. Rates are different today, but the offered advice remains relevant.

Some of the key points raised include :

• The lowest rates come with the highest costs. Consider a slightly higher-rate option from your bank.
• Falling home values may make it harder to qualify for a refinance in the future. Your best time to act may be now.
• If you're many years into a 30-year loan, you can consider switching to a 15-year mortgage to avoid "resetting" your term.

And, lastly, the interviewee makes a strong point that your refinance should save you enough money to make paying the closing costs "worth it". Make sure the break-even point on your closing costs versus your monthly savings occurs within a reasonable time frame.

At 4 minutes, the The Today Show video is short, but dense with quality information. For follow-up on whether a refinance makes sense for your situation, be sure to talk with your loan officer.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Government Releases Additional HARP Guidance For Underwater Homeowners

Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government's revamped HARP program, kick-starting a potential refinance frenzy across California and nationwide.

HARP stands for Home Affordable Refinance Program. The updated program is meant to give "underwater homeowners" an opportunity to refinance at today's low mortgage rates.

In the two-plus years since its launch, HARP's first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is expected to reach millions.

Lenders begin taking HARP II loan applications December 1, 2011.

To apply for HARP, applicants must first meet 4 basic criteria :

1. The existing mortgage must be guaranteed by Fannie Mae or by Freddie Mac
2. The existing mortgage must have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009
3. The mortgage payment history must be perfect going back 6 months
4. The mortgage payment history may not include more than one 30-day late payment going back 12 months 

If the above criteria are met, HARP applicants will like what they see.

For HARP applicants, loan-level pricing adjustments are waived in full for loans with terms of 20 years or fewer; and maxed at 0.75 for loans with terms in excess of 20 years.

This will result in dramatically lower mortgages rates for HARP applicants -- especially those with credit scores below 740. Some applicants will find HARP mortgage rates lower than for a "traditional" conventional mortgage.

In addition, HARP applicants are exempted from the standard waiting period following a bankruptcy or foreclosure, which is 4 years and 7 years, respectively.

These two items are inclusionary and should help HARP reach a broader U.S. audience.

HARP contains exclusionary policies, too.

1. The "unlimited LTV" feature only applies to fixed rate loans or 30 years or fewer. ARMs are capped at 105% loan-to-value.
2. Applicants must be "requalified" if the proposed mortgage payment exceeds the current payment by 20%.
3. Applicants must benefit from either a lower payment, or a "more stable" product to qualify

And, of course, HARP can only be used once. 

Fannie Mae and Freddie Mac will adopt slight variations of the same HARP guidelines so make sure to check with your loan officer for the complete list of HARP eligibility requirements.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks - Big Four Set to Participate in HARP 2.0

The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP).

Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance at today’s lower interest rates.

Government officials expect the program’s revisions – particularly the GSEs’ waiver on representations and warranties – to increase competition for mortgage refinancing.

An executive with JPMorgan Chase told the company’s investors this week that HARP 2.0 will facilitate “cross-servicing refinancing” because with the rep and warranty waiver, the new lender is not required to assume responsibility for underwriting deficiencies that may have occurred with the original loan.

Chase explains that HARP may be used to replace an adjustable-rate or interest-only loan with a standard fixed interest rate loan, and typically reduces the borrower’s monthly payment.

Frank Bisignano, CEO of mortgage banking at Chase, estimates that with the new HARP guidelines, thousands of Chase customers could lower their mortgage payments by an average of $2,500 a year.

Citi said in an emailed statement that it “supports the program and expects to participate.”

Wells Fargo, likewise, said in a statement that it “welcomes the addition of the new HARP features.”

Veronica Clemons, a spokesperson for Wells Fargo Home Mortgage, says the company is waiting for specific guidelines and requirements from Fannie Mae and Freddie Mac in order to put the changes into practice.

She adds that once the company’s mortgage servicing team has the guidelines in hand, “it will take us some time – depending on the complexity of the guidelines – to make the necessary systems changes to begin offering the new enhancements to our customers.”

The GSEs’ regulator, the Federal Housing Finance Agency (FHFA), says Fannie and Freddie plan to issue guidance with operational details about the HARP changes by November 15th.

“Since industry participation in HARP is not mandatory, implementation schedules will vary as individual lenders, mortgage insurers, and other market participants modify their processes,” FHFA said.

Bank of America says it will participate in the enhanced Home Affordable Refinance Program announced by the administration, and it expects the new guidelines and eligibility criteria to go into effect after December 1st.

“Despite ongoing economic challenges, nearly 90 percent of our customers remain current on their mortgage,” BofA spokesperson Rick Simon said. “HARP helps these homeowners who remain current on their mortgage with options to lower their monthly payment when, otherwise, conventional funding options are limited.”

The GSEs have removed the 125 percent loan-to-value (LTV) cap under the program. Now any borrower with an LTV ratio above 80 percent is eligible for a HARP refinance, as long as the loan was sold to Fannie or Freddie prior to May 31, 2009, and the borrower is not delinquent on their payments.

Since HARP was launched in 2009, nearly 900,000 loans have been refinanced through the program. Government officials estimate that an additional 1 million homeowners will receive assistance under the new guidelines.

In its announcement of the program changes, FHFA encouraged borrowers to “contact their existing lender or any other mortgage lender offering HARP refinances.”

BY: CARRIE BAY Of DSNews

The Real Estate Geeks - How To Clean Your Home Gutters

With the change of season, it's a good time to make sure your home's gutter system is clean and well-functioning.

Home gutters serve a specific purpose. By capturing and funneling rainwater away from a home "footprint" water damage to walls, windows and roofing can be minimized. A well-functioning gutter system can keep a home's basement from flooding, and a foundation safe from long-term structural damage.

Damaged or dirty gutters can lead to major home damage that may not be covered by insurance.

For homeowners , keeping clean gutters is essential. Luckily, with the right tools, gutter maintenance can be a do-it-yourself job.

First, gather the necessary tools. You'll need a ladder for climbing; a bucket for holding debris; a hose for flushing your gutters; and a small, scooping tool such as a trowel.

Next, carefully climb to your gutter. Using your hands, scoop large debris and place it in the bucket. Use the trowel to get to hard-to-reach places and for removing sticks and leaves. For safety, do not stretch to reach the next section of gutter. 

After clearing the first gutter portion, step down from the ladder, move it to the next section of gutter, and repeat. Do this until all gutter sections are free from debris.

Next, find a garden hose with a spray attachment. Carry the hose up the ladder with you to the highest point of your gutter system -- usually opposite the downspout. With the water supply on, spray water into the gutter to flush the remaining debris.

If the water fails to drain, there's likely a clog in the downspout. Using a screwdriver, separate the downspout, find the clog, and remove it. Or, if you find standing water, adjust the slope of your gutter by removing the gutter hangers, fixing the slope, and re-attaching the hangers.

A gutter system should slope roughly one-quarter inch for every 10 feet of gutter. 

Gutter maintenance is a twice a year task that you can do yourself. However, if you're uncomfortable on a ladder, or prefer to hire professionals, that's okay, too. As with everything in home maintenance, it's safety first.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks - Improve Your Home's Air Quality

How healthy is the air in your home?

According to the U.S. Environmental Protection Agency, a common class of airborne toxins known as Volatile Organic Compounds (VOCs) is ruining indoor air quality, and causing some U.S. homeowners to become dizzy, asthmatic, and ill.

VOCs are gases emitted by certain, common household products, including paint and paint strippers, cleaning supplies, and copiers and printers -- even when the aforementioned products aren't in use. You can find VOCs "everywhere" because organic chemical compounds have become essential in everyday life.

VOCs are what give cars that "new car smell". They're also the cause of "Sick Building Syndrome".

As a homeowner , VOCs in your home can make you sick. Therefore, the EPA advises homeowners to take the following steps to reduce VOC levels in their respective homes and improve and home air quality.

1. When using VOC-emitting products such as paints and paint thinners, keep a well-ventilated home.
2. Avoid purchasing cleaning supplies or paint in bulk. Buy only what you need.
3. Never mix household cleansers. It may yield unintended results.
4. Throw out "dry cleaning bags" as soon as possible. Most dry cleaning makes use of harmful VOCs.
5. Do not burn tobacco products inside your home. 

There are a half-dozen other recommendations, too. They're listed on the EPA website.

You can't remove VOCs from your home, but you can minimize their negative effects. And keep your household as healthy as possible.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Annual Foreclosure Filings Down For 11th Straight Month

On an annual basis, foreclosure filings fell last month. As compared to August 2010, last month's foreclosure filings dropped 33 percent. "Foreclosure filing" is a catch-all term, comprising default notices; scheduled auctions; and bank repossessions.

The study was published by foreclosure-tracking firm RealtyTrac and this month's report reveals a slowing rate of foreclosure within each of the Top 10 most foreclosure-heavy states.

All news is not good, however. 

On a monthly basis, foreclosure filings spiked, led by a surge in default notices. Default notices made their biggest one-month jump since August 2007 on the way to a 9-month high last month. Default notices are the first step in the foreclosure process so this jump may foreshadow a large number of bank repossessions as foreclosures "make their way through the process".

It's also noteworthy that just 6 states housed half of the nation's bank repossessions last month.

• California : 18 percent of bank repossessions
• Florida : 8 percent of bank repossessions
• Georgia : 7 percent of bank repossessions
• Michigan : 6 percent of bank repossessions
• Texas : 6 percent of bank repossessions
• Arizona : 6 percent of bank repossessions

As a home buyer , foreclosures can save you money. The National Association of REALTORS® reports that distressed homes sell with typical discounts of 20 percent versus comparable, non-distressed homes. However, buying a home from a bank is a different process from buying a home from a "person". Contract negotiations are different and it can take months to finally close on a foreclosed home.

If you're buying a foreclosed, therefore, enlist the help of a professional real estate agent. Real estate agents can help you navigate the sometimes-complicated world of foreclosures, and help you come out ahead.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Capitalize On Low Interest Rates In Overlooked Places

It's no secret. Rates are low right now. And, it's not just mortgage rates, either -- all types of rates are scraping rock-bottom. Borrowing rates, lending rates and savings rates are at or near their all-time lowest levels.

As a homeowner , one way to take capitalize on today's low rates is to apply to refinance your home. But there are other ways to take advantage, too.

In this 5-minute piece from NBC's The Today Show, you'll learn of a half-dozen ways to exploit the current rate environment, including:

• Refinance a car loan from a high rate to a low rate, for cheap, in an hour
• Balance transfers between credit cards with teaser rates lasting up to 20 months
• Move some savings to an "online" bank where savings rates are higher

The interview's theme is to examine both where you're spending and saving your money, and make sure you're doing what's best for your budget.

Federal Reserve Chairman Ben Bernanke has pledged to hold the Fed Funds Rate near 0.000% until at least 2013. So long as the Fed Funds Rate is low, there will be places you can save.

Thanks for checking out our videos & blogs - To take advantage of these low rates contact Kendra Richardson with International City Mortgage (213) 458-3458 and For all of your buying and selling needs Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: As Jobs Tally Fades, Mortgage Rates Fall

The U.S. economy is no longer adding new jobs.

Last Friday, in its monthly Non-Farm Payrolls report, the Bureau of Labor Statistics reported that the U.S. economy added exactly zero new jobs in August as the national Unemployment Rate held steady at 9.1 percent.

Despite the "zero" reading, the jobs figures were in the red. This is because the BLS issued revisions to its June and July figures that adjusted the two months of data down by 58,000 jobs.

Economists had expected a monthly reading of +75,000. Their estimates missed.

The weaker-than-expected jobs data fueled a stock market sell-off that pushed stocks down 2.5% and spurred a bond market rally. 

Mortgage bonds -- the securities on which mortgage rates are based -- improved Friday ahead of Labor Day Weekend, and carried that momentum into Monday. While the U.S. markets were closed, global investors snapped up "safe" assets in fear of a second wave of financial crises. Already this year, markets have grappled with sovereign debt concerns in Greece and Portugal.

Now, Italy is facing similar international scrutiny, forcing markets to question the health of the Eurozone.

Concerns like these tend to benefit home buyers and mortgage rate shoppers and that's exactly what we're seeing.

Mortgage rates are falling this week. Rates may reverse quickly, however.

Later this month, the Federal Reserve and White House are each expected to add stimulus to the U.S. economy. If they do, it may push investors back into risky assets including equities at the expense of safe securities. This would spark a bond market sell-off and send rates higher.

Possibly by a lot.

Therefore, if you're currently looking for home or comparing rates between lenders, consider executing sooner rather than later. Mortgage rates are low today, but low rates may not last. And when rates reverse higher, it will likely happen fast.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: How To Rotate Your Bedroom Mattress

With the change of seasons, it's a good reminder to rotate your bedrooms' mattresses. Most brand manufacturers recommend a semi-annual "flip", at least.

Mattress manufacturers recommend a mattress flip because, over time, mattresses can wear unevenly, the result of sleeping in the same position each night, or applying too much continuous pressure to one area of the mattress.

By the time your mattress shows signs of "sag" or imprints, it's often too late.

Rotating a mattress is exactly what it sounds like; it's pivoting your mattress on its axis -- either horizontal, vertical, or both -- and replacing it on your bed frame.

Rotating your mattress regularly will extend its useful life.

If you have a twin mattress, you may be able to flip it by yourself. If your mattress is a full-size or larger, though, follow these steps to minimize injury. Mattresses can be heavy.

1. Find a partner to help you
2. Slide the mattress out from the headboard by 3 feet
3. Rotate the mattress one-quarter spin so that's its "across" the bed
4. Lift the mattress from the headboard toward the foot, standing it upright and turning it over completely
5. Make another one-turn to the mattress
6. Slide the mattress back to the headboard

With these steps, you will have flipped your mattress over both of its axes.

Mattresses are among the most used pieces of furniture in a home, and often the most ignored piece of furniture, too. To get a longer, useful life from your mattresses, perform a mattress rotation at least twice yearly.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: How To Weatherize Your Home With Caulk

With seasons changing, it's a good time to look at weatherizing your home. Whether you live in a single-family home, a multi-family property, or a condominium, your home has windows and, through those windows, air escapes.

Even with your windows closed.

In this brief tutorial from Lowe's, you'll learn how to use caulk to seal the gaps between your windows and doors and their respective framing to keep your home's inside air in, and the outside air out.

Weatherizing your windows and doors is a 3-step process:

1. Find the air leaks
2. Clean the surface of existing caulk and debris
3. Seal surface with new caulk, and clean-up

As shown by the video, there are no technical skills required to repair and replace your home's caulking. It may require a little bit of elbow grease, however. And, depending on your windows' locations, use of a ladder may be required.

If you'd like professional help weatherizing your home, please ask me for a referral.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: How To Weatherize Your Home With Caulk

The Real Estate Geeks: Ranking The Best Places To Live In The U.S. (2011 Edition)

The Real Estate Geeks: Ranking The Best Places To Live In The U.S. (2011 Edition)

CNNMoney recently released its Best Places To Live 2011 list.

The annual survey is based on data from Onboard Informatics. Using Quality of Life factors such as education, crime and "town spirit", and focusing on towns with between 8,500 and 50,000 residents, the CNNMoney survey ranks the country's best "small towns".

To be eligible, towns must be have a median household income greater than 85 percent, and less than 200 percent of the state median income; must not be a categorized as a "retirement community"; and must be racially-diverse.

From a list of 3,570 eligible towns nationwide, Louisville, Colorado was ranked #1.

The complete Top 10 Best Places to Live as cited by CNNMoney, and their respective average home listing prices :

1. Louisville, Colorado ($383,569)
2. Milton, Massachusetts ($577,008)
3. Solon, Ohio ($291,162)
4. Leesburg, Virginia ($486,018)
5. Papillion, Nebraska ($218,520)
6. Hanover, New Hampshire ($643,500)
7. Liberty, Missouri ($177,678)
8. Middleton, Wisconsin ($347,770)
9. Mukilteo, Washington ($345,487)
10. Chanhassen, Minnesota ($418,607)

Rankings like these can be helpful to home buyers nationwide, but it's important to remember that the Best Place To Live survey is subjective. You may find none of the above towns to be to your liking.

You may also find the lowest-ranked city to be your favorite.

In other words, before making a decision to buy, connect with a real estate agent who has local market knowledge. That's the best, most reliable way to make sure you get the housing data that matters to you.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

13,780 Homes Sold Yesterday (Sept 23, 2011)

The Real Estate Geeks: Make Better-Tasting Food On Your Grill

The unofficial end of summer across California. If you're among the many Americans planning an end-of-season barbecue, you'll want to make sure your grill is clean.

A clean grill makes better tasting food.

There are several ways to clean a grill but, for owners of gas grills, the first step always is to disconnect the gas source.

Next, open your grill and remove its metal pieces. This includes grates, trays and flame guards. Take these pieces to your kitchen. If the oven has a self-cleaning mechanism, place the items in your oven and let it "self-clean". As the temperature reaches 900 degrees or more, residue will literally fall off your grill parts.

Be sure to wipe clean your oven once the cycle completes.

If your oven is not self-cleaning, wash the grill parts in your sink using hot water and detergent. You'll want to soak the parts in soapy water if they're especially dirty. Once clean, allow the parts to air dry.

Then, return to your grill and using a wire brush, scrape the residue from the sides, top and bottom of the appliance. Again, using a soapy hot water mixture, wash and wipe down the inside of the grill. Rinse it clean once the residue is removed.

Re-assemble your grill. 

Lastly, reconnect the gas source (if applicable) and allow the grill to burn for 5 minutes. This will burn off any lingering residue from the cleaning process, including soap and detergent.

And that's it!

Plan on cleaning your grill at least twice annually with heavy use.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: What Perks Does Your Favorite Credit Card Offer?

Last week, the Federal Reserve pledged to leave the Fed Funds Rate near 0.000 percent until at least mid-2013. For credit card holders in California who carry a monthly balance, this is good news. Because of the Fed's call, credit card rates are unlikely to rise before mid-2013.

But cardholders can save on more than just interest costs, as you'll learn from this two-and-a-half minute piece with NBC's The Today Show. In the interview, you'll hear about "built-in" perks offered by most credit cards and ways by which you can save on everyday goods and services.

For example, did you know your everyday credit card might offer:

• Travel perks : Automatic trip cancellation protection and car rental insurance.
• Shopping perks : Discount admission to concerts and museums; free shipping from overseas.
• Consumer perks : Price protection against a drop in price; insurance against theft; extended warranties.

And it's not just "high end" cards that offer these options, either. Credit cards of all types do what they can to improve consumer loyalty. Offering free perks is just one way in which they try.

Most credit cards offer websites detailing cardmember perks and benefits. Visit the site of your favorite card and see where you might save on everyday items.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - First-Aid Guide For Furniture

When furniture arrives in your home, it's factory-issued, perfect and clean. From that day forward, however, accidents can happen, causing damage to your pieces. Sometimes the damage is permanent.

Know how to react when the inevitable spill or scratch occurs and you can "save" your furniture and extend its useful life.

From Martha Stewart, these "first-aid for furniture" tips should come in handy.

Wood

• Moisture "rings" : Pour table salt on the white rings/haze and cover with a terry cloth. Apply hair dryer on low setting until rings are gone.
• Alcohol spills : Blot spills immediately, do not rub. Apply small amounts of ammonia to damage.
• Wax spills : Allow to cool and harden, then freeze the wax with an ice cube in a sandwich bag. Use a butter knife to gently scrape off wax.

Fabric

• Red wine stains : Cover wine with table salt and let sit until salt has wicked up the wine. Vacuum salt and repeat, as necessary. Blot remaining stains with damp cloth and dish soap.
• General spills : Repeatedly blot with a damp white cloth. Use white cloths to prevent dye transfer.
• Oil spills : Cover spill with baking soda and vacuum once absorbed. Blot remaining stains with rubbing alcohol

Leather

• General stains : Blot with all-purpose household cleaner. To prevent fading in the upholstery, avoid products with bleach or bleach alternatives.
• Scratches : Apply saddle soap to a damp cloth and rub the scratch to help it "blend in". It won't go away.

The tips on leather furniture also makes mention that you should never bother with touch-up kits or colored markers. It's nearly impossible to match leather colors and your repair work will only make the scratch more noticeable.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks - Don't Use Your Ladder's Top 2 Steps, And Other DIY Safety Tips

Home improvement projects are on the rise, according to the BuildFax Remodeling Index. For the 19th straight month, May's index rose, suggesting that homeowners are remodeling more frequently than in the past.

Do-it-yourself projects are on the rise, too.

If you're among the many homeowners forgoing paid contractors, be sure to follow basic safety precautions because, as this 5-minute video from NBC's The Today Show points out, a home remodeling "accident" could cost you more than the money saved on the project itself.

The interview gives several key tips:

• Use "expandable" earplugs to prevent hearing loss from power tools.
• Don't wear sneakers or sandals. Wear construction boots.
• Never stand on the top 2 steps of a ladder.

In addition, we're reminded to wear safety glasses always. Eye issues are the number one injury as reported by home remodelers, and accidents can happen anytime.

Watch the full video at the NBC website. And, f you feel your next home remodeling project is beyond your personal expertise, seek a professional's help. Call or email me for local recommendations.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

What Happened to Modifications?

Though modifications are still being done, the onus by the government and the banks has currently shifted to two other initiatives to help the housing recovery:

1.      Preventing future delinquencies (people falling behind on their payments)

2.     Clearing the backlog of foreclosures already owned by the banks (REOs). 

As proof of this, we just need to look at the speech by Edward J. DeMarco, the Acting Director of the Federal Housing Finance Agency (FHFA), to the American Mortgage Conference.

The text of the speech was released earlier this week . Mr. DeMarco explains:

“At the end of the Bush Administration and in the early days of the Obama Administration, attention focused on loan modifications as a way of stabilizing troubled borrowers’ monthly payments and aiding them in avoiding foreclosure. These efforts resulted in the Home Affordable Modification Program, or HAMP. For much of 2009, the key priority was developing and then implementing HAMP; in late 2009 and into 2010, the challenge became making HAMP more operationally effective and converting borrowers from trial modifications to permanent modifications.” 

DeMarco then talks about what initiatives the agency is now concentrating on:

“Current priorities are focused on issues at the two ends of the foreclosure process – at one end, we are enhancing efforts to keep current borrowers from going delinquent in the first place and at the other end, we are now focusing on the challenges of disposing of the real estate owned that is left after a foreclosure.” 

Preventing New Delinquencies 

Trying to prevent more American families from falling delinquent on their mortgage payments is a great first step to a recovery in the housing sector. DeMarco claims:

“FHFA is carefully reviewing the mechanics of the Home Affordable Refinance Program (HARP) program to identify possible enhancements that would reduce barriers for borrowers already otherwise eligible to refinance using HARP. If there are frictions associated with the origination of HARP loans that can be eased while still achieving the program’s intent of assisting borrowers …we will seek to do so.”

Clearing Existing Foreclosures

We must also clear the inventories of foreclosures currently held by the banks. This is seen by FHFA as a crucial component to any plan to help the real estate market recover.

“The second area I would like to briefly discuss is the disposition of Real Estate Owned or REO. In August, FHFA, Treasury, and HUD issued a Request for Information (RFI) on ways to dispose of REO properties. While the Enterprises have considered various approaches to disposing of REO over time, the RFI represents an opportunity to consider new approaches, including possible approaches that include both the Enterprises and the Federal Housing Administration (FHA). By taking this collaborative approach, the three agencies seek ways to improve returns to taxpayers and bring greater stability to local housing markets. We have received nearly 4,000 submissions in response to the RFI. We are encouraged by the strong response and interest in this effort. Obviously it will take a little time to review so many responses but we are already hard at work doing so. 

To be clear, this effort is not intended to develop a single, national program for REO disposition. Rather, we are most interested in proposals tailored to the needs and economic conditions of local communities.” 

Bottom Line

To help the market, the two major initiatives FHFA is pursuing are preventing new delinquencies and selling off the backlog of foreclosures that currently exists. Modifications, at best, now appear to be on a back burner.

Article provided by KCM

The Real Estate Geeks - Is An FHA Mortgage Better Than A Conforming One?

The FHA is insuring a greater percentage of loans than during any time in recent history. In 2006, it insured roughly 5 percent of the purchase mortgage market. Today, it insures one-quarter. "Going FHA" is more common than ever before -- but is it better?

The answer -- like most things in mortgage -- depends on your circumstance.

Like its conforming counterpart, an FHA-insured mortgage is available as a fixed-rate loan and as an adjustable-rate one. Payments are made monthly and come without prepayment penalties.

That's where the similarities end, however, and decision-making begins. For homeowners and buyers , FHA mortgages carry a different set rules as compared to conforming loans through Fannie Mae or Freddie Mac that can render them more -- or less -- attractive for financing.

For example:

• FHA mortgages can be assumed by a subsequent buyer. Conforming loans may not.
• FHA mortgages require mortgage insurance, regardless of downpayment. Conforming loans do not.
• FHA mortgages do not have loan-level pricing adjustment. Conforming loans do.

FHA mortgages also require smaller downpayment requirements versus a comparable conforming mortgage. FHA calls for a minimum downpayment of 3.5%. Conforming mortgages often require 5 percent or more.

And, lastly, FHA mortgages are priced differently from conforming ones. Since 2005, the average FHA mortgage rate has been below the average conforming mortgage rate more than 50% of the time, meaning that an FHA mortgage's principal + interest payment is lower than a comparable Fannie/Freddie loan.

Today, conforming mortgage rates are lower.

So, which is better -- FHA loans or conforming ones? Like most things in mortgage, it depends. FHA-insured loans can be big money-savers or money-wasters. To find out which is best for you, ask Kendra Richard loan officer of International City Mortgage @ 213-458-3458 for today's market interest rates and study the results.

With less than 20% equity, the answer is often clear.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks - The Fed Adjourns At 2:15 PM ET Today : What It Means For Mortgage Rates

The Federal Open Market Committee adjourns from a two-day, scheduled meeting today, the sixth of 8 scheduled meetings this year, and the seventh Fed meeting overall.

The FOMC is a designated, 12-person committee within the Federal Reserve, led by Fed Chairman Ben Bernanke. The FOMC is the voting members for the country's monetary policy. Among its other responsibilities, the FOMC sets the Fed Funds Rate, the overnight rate at which banks borrow money from each other.

Note that the "Fed Funds Rate" is different from "mortgage rates". Mortgage rates are not set by the Fed. Rather, they are based on the price of mortgage-backed bonds, a security traded among investors.

As the chart at top illustrates, the Fed Funds Rate and conforming mortgage rates have little correlation. Since 1990, the two benchmark rates have been separated by as much as 5.29 percent, and have been as close as 0.52 percent.

Today, the separation between the Fed Funds Rate and the national average for a standard, 30-year fixed rate mortgage is roughly 4 percent. This spread will change, however, beginning 2:15 PM ET Wednesday. That's when the FOMC adjourns from its meeting and releases its public statement to the markets.

There is no doubt that the Fed will leave the Fed Funds Rate in its current target range of 0.000-0.250%; Fed Chairman Bernanke plans to leave the benchmark rate as-is until at least mid-2013. However, the Fed is expected to add new support for markets.

Unfortunately, there are few clues about how the Fed will support markets, and there is no consensus opinion regarding the size of the said support. As a result, mortgage rates should be bouncy today. First, they'll be volatile ahead of the Fed's statement. Then, they'll be volatile post-Fed statement.

Even if the Fed does nothing, mortgage rates will change. This is because Wall Street is prepping for an announcement and -- no matter what the Fed says or does -- investors will want to react accordingly.

When mortgage markets are volatile, the safest move is to lock your mortgage rate in. There too much risk to float.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Adjustable-Rate Mortgages Starting To Adjust Higher

For the first time in a year, homeowners with adjusting mortgages are facing rising mortgage rates. The interest rate by which many adjustable-rate mortgages adjust has climbed to its highest level since September 2010, and looks poised to reach higher.

This is because of the formula by which adjustable-rate mortgage adjust.

Each year, when due for a reset, an adjustable-rate mortgage's rate changes to the sum of fixed number known as a "margin", and a variable figure known as an "index". For conforming mortgages, the margin is typically set to 2.250 percent; the index is often equal to the 12-month LIBOR.

LIBOR stands for the London Interbank Offered Rate. It's a rate at which banks lend to each other overnight.

Expressed as a math formula, the adjusting ARM formula reads :

(New Mortgage Rate) = (2.250 percent) + (Current 1-Year LIBOR)

LIBOR has been rising lately, which explains why ARMs are adjusting higher as compared to earlier this year. There has been considerable stress on the financial sector and LIBOR reflects the uncertainty that bankers feel for the sector. 

LIBOR last spiked after the collapse of Lehman Brothers in 2008 amid global financial fears. Analysts expect LIBOR to rise into 2012 because of bubbling concerns in the Eurozone.

Despite LIBOR's rise, though, most adjusting, conforming ARMs are still resetting near 3 percent. For this reason, homeowners with ARMs in California may want to consider letting their respective loans adjust with the market.

This is because an adjusting mortgage rate near 3 percent may be better than what's available with a "fresh loan" -- even as 5-year ARMs rates make new all-time lows. Unlike a straight refinance to lower rates, an adjusting loan requires no closing costs, requires no appraisal, and requires no verifications.

So, if you have an adjustable-rate mortgage that's set to reset this season, don't rush to refinance it. Talk to your lender and uncover your options. Your best course of action may be to stay the course.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: There's 3.7 Million Homes For Sale. Is Yours Standing Out From The Crowd?

According to the National Association of REALTORS®, there are more than 3.7 million homes for sale this month. If your home is among them, are you doing what it takes to stand apart from the crowd?

This 4-minute piece from NBC's The Today Show pulls no punches. It's titled "5 Mistakes Sellers Can't Afford To Make" and it covers falling home prices, buyer mentality, and the need to be smart when faced with that first offer.

Some of the tips include:

• Why you should list your home at a price within 5 percent of its "true value"
• How to turn "low-ball" offers into legitimate ones
• How to interview and select a real estate agent to sell your home

In addition, based on the truth that "people shop with their eyes" and then review home details, the video includes advice on using great photographs and making the most of an online listing.

It can be tough to find buyers in any market. But if you follow the tips outlined above, you can get more showings, and do more with them.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: For The 9th Straight Month, Foreclosure Filings Fall

For the 9th straight month last month, foreclosure activity slowed.

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings dropped 29 percent nationwide on an annual basis in June. The phrase "foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.

June marked the ninth consecutive month of sub-300,000 filings after 20 months above it -- a promising signal for the housing market in California and nationwide.

It's also noteworthy that each of the 10 most foreclosure-heavy states showed fewer foreclosures in June 2011 as compared to June 2010, led by Florida's 54% decline. Florida is one of 4 states on the leading edge of foreclosure activity since 2007.

The other 3 states performed similarly well in June:

• California : -22% on an annual basis
• Arizona : -7% on an annual basis
• Michigan : -25% on an annual basis

The decrease in foreclosure filings comes at a time when buyer demand is highest. According to the National Association of REALTORS®, "distressed properties" account for more than 30 percent of all home resales and no wonder -- homes in various stages of foreclosure or sold by short sale are selling with discounts of 20 percent versus comparable non-distressed homes.

For buyers in search of foreclosures , talk with a licensed real estate. Buying homes in foreclosure follows a different process path as compared to buying a "traditional" home. Make sure you seek the help of a professional.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: What Is Annual Percentage Rate (APR)?

More commonly called APR, Annual Percentage Rate is a government-mandated mortgage comparison tool. It measures the total cost of borrowing over the life of a loan into dollars-and-cents.

A loan's APR is printed in the top-left corner of the Federal Truth-In-Lending Disclosure, as shown above. When quoting an interest rate, loan officers are required by law to disclose a loan's APR, too.

APR is meant to simplify the process of choosing between two or more loans. The theory is that the loan with the lowest APR is the "best deal" for the applicant because the loan's long-term costs are lowest. However, the loan with the lowest APR isn't always best.

APR makes assumptions in its formula that can render it moot.

First, APR assumes you'll pay your mortgage off at term, at never sooner. So, if your loan is a 15-year fixed rate, its APR is based on a full 15 year term. If you sell or refinance prior to Year 15, the math used to make your loan's APR becomes instantly flawed and "wrong".

Example: Let's compare two identical loans in California -- one with discount points and a lower interest rate; and one without discount points and a higher mortgage rate. The loan with discount points will have a lower APR in most cases. However, if the homeowner sells or refinances within the first few years, the loan with the higher APR would have been the better option, in hindsight.

Second, APR can be "doctored" early in the loan process.

Because the APR formula accounts for third-party costs in a mortgage transaction, and third-party costs aren't always known at the start of a loan, a bank can inadvertently understate them. This would make the APR appear lower than what it really is, and may mislead a consumer.

And, lastly, APR is particurly unhelpful for adjustable-rate loans. Because the APR calculation makes assumptions about how a loan will adjust during its 30-year term, if two lenders use a different set of assumptions, their APRs will differ -- even if the loans are identical in every other way. The lender whose adjustments are most aggressively-low will present the lowest APR.

Summarized, APR is not the metric for comparing mortgages -- it's a metric. For relevant comparison points, talk to your loan officer.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Removing Stains On Walls : Crayon, Mildew And More

Painting rooms in a home can be a do-it-yourself project. Armed with paint, tape, tarp and some brushes, there's nothing you can't re-color.

While some rooms call for a complete sand-down, there are some that don't, and for those, Rule #1 is that your walls must be stain-free before adding the next coat of paint.

Stains can come in all varieties and the most basic stains can be treated with a damp rag or a Mr. Clean Magic Eraser. For everything else, you'll need a more cleaning power.

For example, of all the stain-types, "grime" is the most common. To remove ground-in dirt and oil, start with 1 gallon of warm water in a bucket, then add 1 cup of ammonia, 1/2 cup of distilled white vinegar, and 1/4 cup of baking soda.

Rub gently and follow up with a clean water rinse.

For other common stains, try these remedies:

• Permanent Marker : Blot the stain with a rubbing alcohol-soaked cotton ball. Allow to air dry.
• Mildew : Add 1 tablespoon of vinegar to 4 cups of water. Spray and allow to air dry.
• Crayon : Dust a damp sponge with baking soda and scrub. Baby wipes work, too.

If your wall stains are "water stains"; the result of a leak or something similar, make sure the water source is corrected prior to painting. Then, to remove spots, mix 1 part bleach to 4 parts water, thoroughly rinse the stain, and use a hair dryer to dry the solution on the wall.

Once cleaned, your walls are ready to paint.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: How To Screen For A Good Home Contractor

Home remodeling projects are expected to top $130 blllion this quarter, their highest total since Q1 2008. A likely catalyst is that the average cost of a home improvement project is falling fast.

With the economy loosening up and contractor costs on a downswing, some homeowners are choosing to put money back into their respective homes, and making home improvements. If you're among them, you'll want to make sure you've properly screened your contractor. 

In this 4-minute piece from NBC's The Today Show, you'll learn tips for picking a good home contractor. The advice is mostly common sense, and worth heeding. For example:

• Only select registered/licensed, and insured contractors for work in your home
• Don't automatically select the lowest bid; you may want to discard it instead
• Communication skills matter. You must be able to express your wants, and have that message understood.

And lastly, if this is your first time working with a particular contractor, be sure to ask for references and follow-through on them, too. Sometimes, past customers can tell you more about a contractor than you can learn yourself.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Mid-Year Review : Were The Experts Right About The Market?

The year is half-over. It's an opportune time to take stock of analyst predictions made at the start of the year, and to recognize that the "experts" can be wrong as often as they are right.

For as much experience and authority an expert brings to the conversation, though, nobody can accurately predict the future.

As such, there's often disagreement.

Looking back to December, some housing analysts called for a market rebound this year; while others called for a fall. With respect to mortgages, some said rates had nowhere to go but up; while others expected more dips.

As a layperson, how do you know who will be right?

In short, you can't.

Predictions are a tricky business because they're guesses about the future based on the world as it exists today. When the predictions listed earlier were made, the world was a different place.   

A lot has changed since January:

• Slowing job growth has suggested to slower U.S. economic growth
• Food and energy costs have spiked, adding inflationary pressures to the economy
• Eurozone debt issues have grown, punctuated by a near-Greek default
• Tsunamis have caused widespread damage in Japan
• Earthquakes, floods and volcanoes have harmed economic output

None of these events had occurred as of December, when the original predictions were made. Yet, each of these developments has made a deep impact on housing, and on the economy.  

So, what's a homeowner to do? Think of the present instead.

First, mortgage rates are low today -- extremely low by historical standards. Second, home values have been slow to rebound through most U.S. markets. Combined, these factors have made homes more affordable than it any time in recorded history. It's not only cheap to buy a home right now, it's cheap to refinance one, too.

Analysts are saying the home prices will rise this year, and mortgage rates will, too. Those predictions may ultimately be proven true. Until the future arrives, though, those predictions are just guesses.

The Real Estate Geeks - Economy Expected To Have Added 80,000 Jobs In June

Friday morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its June Non-Farm Payrolls report. If you're currently shopping for a mortgage, or floating a mortgage rate, be prepared. Mortgage rates can change following the monthly report's release.

Often, by a lot.

More commonly called "the jobs report", Non-Farm Payrolls reports on the U.S. workforce by sector, summarizing its findings in terms of total workforce size, and as a national Unemployment Rate. Jobs are considered a keystone in the continuing U.S. economic recovery. 

More working Americans means:

1. More consumer spending, a boost to businesses
2. More tax collection, a boost to governments
3. More personal savings, a boost to households

For June, analysts expect the government to report 80,000 net new jobs created, and no change in the 9.1% Unemployment Rate.

Although these figures are slightly below than what can be considered "strong growth", that's not what should concern rate shoppers. Mortgage markets react to a deviation from estimates more than to the actual results themselves.

This is because Wall Street placed bets in advance of the jobs report's release. If jobs growth tallies more than 80,000, therefore, it signals better news for the economy than what was expected. This will push banks and investors towards equities, and away from bonds -- including the mortgage-backed kind.

With less demand for mortgage bonds, mortgage rates will rise.

Conversely, if jobs growth is less than 80,000, mortgage rates should fall.

Mortgage rates remain near their lows for the year, but if the June Non-Farm Payrolls report beats estimates of 80,000 jobs made in June, look for mortgage rates to spike. The safe move is to lock today.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - What To Know Before You Move To A New Neighborhood

As home buyers , we tend to research homes a lot. We look at square footage; at upgrades; at landscaping; at community statistics; and, at every other "number" on which we can get our hands.

But those are just statistics. What about the home's "feel"? 

In this 5-minute piece from NBC's The Today Show, you'll learn a dozen complementary home-shopping techniques to help you review and evaluate a home for purchase. Each is focused on findings you won't see listed on a website.

For example, instead of scheduling your second showing for the same time of day as your first one, revisit a home during an "opposite" time. if you originally saw the home in daylight, go see it at nighttime. If you first saw a home on the weekend, go see it during the work week.

By seeing a home in two distinct settings, you can get a better feel for what the home and neighborhood are really like.

Some of the other tips from the video include:

1. Visit during Rush Hour and on a Saturday night. This will help you gauge sound levels of the street.
2. Go to Google Maps and study the aerial shot of the home. What's nearby?
3. Talk to neighbors. They'll share everything about the neighborhood with you -- good and bad.

When you buy a home, you committing to more than just the property. You're committing to the neighborhood, too. Armed with the methods described in this video, you'll be better prepared to make a good decision.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Top 25 Least Expensive U.S. Cities

A report issued Monday by the U.S. government showed core inflation rising 2.5 percent in the last 12 months for its biggest one-year gain since January 2010.

Everyday living is becoming expensive, it seems.

But there are some U.S. towns in which the cost of living remains affordable -- and downright cheap -- as compared to the national average. They're detailed in a BusinessWeek piece titled "The Cheapest 25 Cities In The U.S".

In comparing costs across 340 urban areas as compiled by the Council of Community & Economic Research, cities in Texas, Arkansas, Tennessee and Oklahoma ranked consistently high. Cities in Hawaii did not.

Take note, though. Although the BusinessWeek piece highlights inexpensive cities in which to live, a low cost of living does not necessarily correlate to a high standard of living. Cost-leader Harlingen, Texas, for example, boasts a poverty rate nearly triple the national average.

Other "Inexpensive Cities" feature similar poverty rates.

The Top 10 "cheapest cities", as shown by BusinessWeek are:

1. Harlingen, Texas
2. Pueblo, Colorado
3. Pryor Creek, Oklahoma
4. McAllen, Texas
5. Cookeville, Tennessee
6. Commerce-Hunt County, Texas
7. Brownsville, Texas
8. Fort Smith, Arkansas
9. Muskogee, Oklahoma
10. Springfield, Illinois

And, at the other end of the spectrum, the top 5 most expensive cities/areas were, in order, Manhattan, New York; Brooklyn, New York; Honolulu, Hawaii; San Francisco, CA; and Queens, New York.

Manhattan's cost of living is more than twice the national average.

The complete list is available at the BusinessWeek website.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - How Do I Clean Up A Broken Compact Fluorescent Bulb?

Compact fluorescent light bulbs are widely praised for their energy-efficiency and relatively low price points. However, unlike traditional light bulbs, they pose a specific health risk to humans and pets.

Most compact fluorescent light bulbs are loaded with mercury vapor and mercury is poisonous -- even in very small doses.

And, unfortunately, sometimes light bulbs break, releasing toxins into the air.

To assist homeowners , the EPA published a series of CFL-handling guidelines on its website under the heading "How Should I Clean Up A Broken Fluorescent Bulb?".

The EPA's advice is specific and geared toward safety. A few of the tips include:

1. Have people and pets leave the room immediately
2. Shut down your home's HVAC unit to prevent airflow
3. Using rubber gloves, place glass fragments and "powder" in a glass jar, or sealed plastic bag.

In addition, the EPA says to throw out all clothing and bedding that has come into direct contact with a broken bulb. You should not attempt to wash items such as these. They may contain mercury fragments that could contaminate your laundry machines and/or your sewage system.

Lastly, make sure to keep your CFLs separate from your regular trash; they're not meant for landfills. Compact fluorescent light bulbs should be recycled with a verified waste management company.

You can find one at http://earth911.com.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - New Home Supplies Drop, And So Does Homebuilder Confidence

On paper, the market for newly-built, single-family homes looks healthy.

Last month, the number of new homes sold on an annualized, seasonally-adjusted basis tallied 319,000. The May reading is the second-highest of the year, and 6 percent above the current 12-month average.

These are strong numbers in isolation. However, after accounting for the dwindling supply of new homes for sale as well, the figures look even stronger.

In May, at the current pace of sales, the complete, national inventory of new homes for sale would have been sold in just 6.2 months. 

That's the quickest pace in a year and a 3-month improvement from a year ago.

To hear it from homebuilders, though, you'd think that sales were crashing.

Homebuilder confidence slipped to a 9-month low this month; builders report slowing foot traffic; and the prospects for the next 6 months appear weak. This is not the portrait painted by HUD's May New Home Sales report.

As a home buyer , this dichotomy may work to your advantage.

Falling supplies and rising demand correlate to higher home prices. Yet, builders are pessimistic for their market. Therefore, despite the economics, psychology may help buyers experience more favorable negotiations, including complimentary upgrades and other builder concessions.

If you're a buyer in today's market, it's a reason to consider the new home market. There may be good value once you know where to look.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Homebuilder Confidence Slips To 9-Month Low

Despite rising new home sales and an increase in building permits nationwide, home builder confidence slipped to a 9-month low in June. The monthly Housing Market Index from the National Association of Homebuilders registered 13 this month -- three ticks lower than last month, and its lowest level since September 2010.

June's 3-point drop from May is the biggest one-month move since May 2010, the month after the expiration of the federal home buyer tax credit. The retreat could signal favorable pricing for new home buyers in the months ahead.

When builders get less bullish on housing, they may be more willing to negotiate for upgrades and discounts. Ultimately, this can help new home buyers buy homes at better, lower prices.

A closer look at the Housing Market Index shows why this may be true.

The Housing Market Index is not a single-reading statistic. It's a composite; the result of 3 separate surveys, each meant to measure a specific facet of a home builder's business. The survey questions are:

1. How are market conditions for the sale of new homes today?
2. How are market conditions for the sale of new homes in 6 months?
3. How is prospective buyer foot traffic?

When builders reply, their responses are tallied and mapped to a scale of 1-100. Readings over 50 are considered favorable. Readings under 50 are considered unfavorable. The HMI has not been higher than 50 in more than 5 years.

In June, the HMI composite reading of 13 was anchored by falling foot traffic and reduced expectations for "future sales". Homebuilders expect new home sales to be down through the New Year.

Therefore, if you're a home buyer in California and have considered "buying new", the time may be right for making an offer. Financing is cheap, home values are low, and builders are pessimistic -- a terrific combination for today's home buyer.

The Real Estate Geeks - How To Clean Outdoor Furniture : Resin, Wood And Metal

This week marks the official start of Summer. If your home's outdoor area has furniture in it, you'll want to make sure that your furniture is clean.

In this 4-minute video from Lowe's, you'll learn tricks to keep your outdoor furniture clean, and protected from the elements. All types of outdoor furniture are covered in the lesson including metal, resin-based, and wooden.

The offered tips include:

• Why you should never remove the "care tags" from a furniture pillow
• Choosing the proper pressure-washer tip for the job at-hand
• How to use car wax as a rust-preventative

Furthermore, the instructional video includes tips for cleaning fabrics and canopies; and for shampooing an outdoor rug.

There's lot of reasons to keep your outdoor furniture clean -- health reasons among them -- but it shouldn't be lost that clean furniture will have a longer useful life than furniture that's been neglected or ignored.

Clean your outdoor pieces at least twice annually and they'll give you years of good looks and comfort.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks Saw a Housing Climb Unexpectedly In May

The housing market received a jolt of good news Thursday. The Commerce Department reports that Single-Family Housing Starts improved in May.

As compared to April, last month's Single-Family Housing Starts rose 4 percent to a seasonally-adjusted, annualized rate of 419,000 units, a figure slightly better than the 6-month average and the highest tally since January.

A "housing start" is defined as a home on which new construction has started.

In addition, Building Permits saw a boost in May, too, climbing nearly 9 percent overall. Building Permits are a gauge of future construction activity with 89 percent of permits leading to new construction within 60 days.

For several reasons, the May data surprised Wall Street analysts. 

First, more homes being built suggests a healthier housing market, yet, earlier this week, the June homebuilder confidence report posted its lowest reading since September 2010.

Second, new home sales are only slightly higher than their all-time lowest annualized readings. Sales volume remains low nationwide.

And, lastly, home prices have yet to recover in full. By adding additional inventory, builders may suppress price growth through the remaining portions of 2011.

For home buyers in California , though, the Housing Starts data may be a signal that the market is turning. The data can be used to your advantage.

Home prices are a function of supply and demand and -- based on the Housing Starts data plus the number of newly-issued Building Permits -- home supply is likely to rise. Demand, on the other hand, despite low mortgage rates, may not. At least not in the short run.

As a buyer, you can use this information to your advantage. If you're looking to buy new construction, ask your real estate agent about the current new homes supply. There are bargains to be found and May's Housing Starts data should support low prices for at least the next few weeks.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Monthly Foreclosure Count Drops For 16th Straight Month

Foreclosure rates are falling.

According to foreclosure-tracking firm RealtyTrac, monthly foreclosure filings fell 2 percent in May to just under 215,000 filings nationwide. A foreclosure filing is defined as any one of the following: a default notice, a scheduled auction, or a bank repossession.

On an annual basis, foreclosure counts have dropped over 16 consecutive months, dating back to January 2010.

Like all things in real estate, though, foreclosures are local. 6 states accounted for more than half of the country's foreclosure filings in May. Those six states -- California, Michigan, Arizona, Florida, Georgia and Texas -- represent just 34% of the U.S. population.

But even on a per household basis, the figures remain disproportionate.

• Top 10 Foreclosure States : 1 foreclosure per 357 households, on average
• Bottom 10 Foreclosure States : 1 foreclosure per 8,764 households, on average

The nationwide foreclosure rate was 1 foreclosure per 605 households.

As a home buyer , foreclosures matter. Distressed homes account for close to 40% of home resales and that's because distressed properties often sell at steep discounts; in some markets, up to 20 percent less than a comparable, non-distressed home. Foreclosed homes can be a great "deal", therefore, but only if you've done your homework. 

Buying a bank-repossessed home is different from buying from "people". The contracts and negotiation process are different, and homes are sometimes sold with defects.

If you plan to purchase a California foreclosure, therefore, speak with a real estate professional first. With foreclosures, there's a lot you can learn online, but when it comes time to submit an actual bid, you'll want an experienced agent on your side.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - If You're A Landlord, You Need A Landlord Insurance Policy

The ranks of the landlords are growing. Along with an increasing number of "accidental landlords", real estate investors now account for close to 20 percent of all home resales, according to the National Association of REALTORS®.

If you plan to buy a rental property , or to convert your current residence for long-term rental, make sure your home is properly insured.

A traditional homeowners insurance policy may be unsuitable for landlords.

A landlord insurance policy typically covers the home itself; the owner's possessions in the home; structures on the land including garages and sheds; and, minimal liability coverage in the event of injury or lawsuit.

It's common for landlords to increase that minimal liability coverage, adding an umbrella policy for $1,000,000 or more. Umbrella policies protect your home from an unfavorable lawsuit related to just about anything -- housing-related or not. 

Optionally, a policy may includes provisions for "lost rental income".

Annual premiums for a landlord insurance policy are often 20% more costly than for a standard homeowners policy. This puts the average landlord insurance premium near $950 per year.

Premiums vary by state, too. The top 3 most expensive states in which to insure a rented home are:

• Texas : $1,752 per year
• Florida : $1,668 per year
• Louisiana : $1,386 per year

At $464 per year, Idaho is the least expensive state in which to hold a landlord insurance policy.

Talk with your insurance agent about your insurance options as a landlord. There are tens of choices and coverages from which you can choose. Let a professional help you pick the best choice.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: 20 Craft Projects To Spice Up Your Home

The Real Estate Geeks: 20 Craft Projects To Spice Up Your Home

If you have a flair for home decoration projects, Better Homes & Garden has some terrific ideas for you on its website.

Titled "Fast and Fabulous Decorating Projects", the lifestyle company offers inspiration for 20 do-it-yourself art projects that can breathe life into old furniture, and add pop to your home.

Published in thumbnail format, the guide is quick-to-browse and long on ideas.

In addition, because many of the highlighted projects involve the re-purposing and/or the recycling of existing furniture and other home goods, not only do costs stay low, but it's likely that you have the required project materials in your home already:

A sampling of the projects includes:

• Making bathrooms more private using stenciled window patterns
• Creating slip-covered, upholstered headboards
• Disguising less-than-perfect cabinet/cupboard doors with prints
• Transforming old mirrors and windows into functional message boards
• Decoupaging retro posters to revitalize old furniture

The projects range in difficulty from basic to advanced. Some require nothing more than scissors and glue; others require advanced skills in woodworking and sewing. There's something for everyone.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Do You Know What Questions To Ask Your Lender?

A mortgage comes with many moving pieces and understanding them is the key getting a great deal. Unfortunately, studies show that few Americans have a firm grasp of how mortgages work -- from mortgage types to mortgage fees.

In this back-to-basics interview on NBC's The Today Show, you'll learn some mortgage planning basics to help you get smarter with your next home loan -- purchase or refinance.

Some of the topics covered include:

• The mortgage applicants for whom adjustable-rate mortgages are a better choice than fixed-rate mortgages
• Why you should include "How Good Is This Lender?"-type questions in the rate shopping process
• What a pre-approval letter is good for, and what it is not good for

There is also one of the most simple explanations of "discount points" ever offered on network television.

The video runs 4-and-a-half minutes. For first-time buyers and experienced ones, it's worth a watch. You'll pick up some tips to use on your next mortgage.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Foreclosures Sink To 4-Year Low

Foreclosure activity continues to slow.

According to RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings nationwide fell 35 percent as compared to July 2010, a statistic suggesting that the housing market continues to improve.

"Foreclosure filing" is a catch-all term encompassing default notices, scheduled auctions, and bank repossessions.

Filings fell to a 44-month low in July 2011.

For all the improvement, though, activity remains concentrated in just a few states. More than half of all bank repossessions last month occurred in just a handful of states.

In July, 6 states accounted for 52% of activity.

1. California : 19% of all repossessions
2. Georgia : 8% of all repossessions
3. Florida : 7% of all repossessions
4. Texas : 6% of all repossessions
5. Michigan : 6% of all repossessions
6. Arizona : 6% of all repossessions

At the other end of the spectrum is Vermont. With just 11 repossessions for all of July, Vermont accounted for 0.016% of repossessions nationwide.

Distressed homes are in high demand with today's home buyers. According to the National Association of REALTORS®, they account for 30% of all home resales. That's no surprise, either.

Distressed homes typically sell at 20 percent discounts as compared to non-distressed ones.

But, if buying a foreclosure is in your agenda, be sure to do your homework. Buying bank-owned homes is different from buying from "people". The contracts are different, the negotiations are different, and the homes are sometimes sold with defects.

If you plan to purchase a foreclosure , therefore, be sure to speak with a licensed real estate agent first. There's plenty of available information online but when it's time to buy, have an experienced agent on your side.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Moving To A New City? See How Much Your Cost Of Living Will Change.

It's a fact: It's more expensive to live in some cities than others. Beyond just the costs of buying a home, different cities also carry a different Cost of Living. For households relocating from California and  across state lines, the change in "life costs" can be jarring.

Depending on where you live, everyday expenses -- from groceries to gasoline -- make a different-sized dent in a household budget. And now you can see in numbers by how much your expenses might change.

Visit Bankrate.com's Cost of Living Comparison Calculator. 

The Cost of Living Comparison calculator is as basic as it is thorough. The calculator asks just 3 questions --  (1) Where do you live now, (2) To what city are you moving, and (3) What is your salary -- and uses your answers to produce a detailed, 60-item cost comparison between the two towns.

The city-to-city cost comparisons include:

• Dry Cleaning Costs
• Total Energy Costs
• Beauty Salon Costs
• Movie Costs
• Dentist Visit Costs

The list also features a mortgage rate comparison, and a comparison of local home prices.

The Cost of Living calculator is based on data from the ACCRA. On the ACCRA website, a similar report sells for $5. At Bankrate.com, the information is free.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks - Temporary Conforming Loan Limits Expire September 30, 2011

If you live in a high-cost area, keep an eye on your calendar. Effective October 1, 2011, temporary conforming loan limits will be lowered nationwide. Perhaps by as much as 14 percent.

These limits range up to $729,750 currently.

"Temporary loan limits" were enacted as part of the government's 2008 economic stimulus package. At the time, the financial sector was entering its crisis and private mortgage lending had all but disappeared. Financing was scarce for both homeowners and home buyers for whom loan sizes exceeded Fannie Mae and Freddie Mac's national $417,000 limit -- even for those with excellent credit and income.

The issue was exacerbated in places like New York City where local home prices routinely topped $1 million. Buyers unable or unwilling to bring a substantial downpayment to closing (i.e. $600,000 or more) found themselves without financing.

The February 2008 package addressed this issue, using a math formula to change loan limits nationwide. The government assigned to each U.S. metropolitan area a temporary, new loan size limit equal to 25% greater than its respective median home sale price, not to fall below $417,000, and not to exceed $729,750.

Then, later that same year, the Housing and Recovery Act made "high-cost areas" permanent, but with a reduced 15% increase to median home prices, and loan sizes not to exceed $625,500.

These new limits take effect October 1, 2011 -- one day after the temporary limits expire.

If you live in a high-cost area, therefore, take note. Mortgage rates may be low, but the amount of loan for which you qualify may be less than you expect, and you may find yourself ineligible.

Whether you're planning a refinance or a purchase, keep an eye on the calendar.

The complete list of high-cost areas is available online.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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The Real Estate Geeks: Strong Job Growth In July Trumped By Credit Downgrade

The Real Estate Geeks - The 50 Most Expensive Small Towns In The United States

According to the National Association of REALTORS®, foreclosures and other "distressed properties" sell at discounts of 20 percent of more. Discounts of that size affect pricing in the broader housing market, too. It's among the reasons why median home prices are dropping.

Not all markets are affected equally, however. In a recent BusinessWeek analysis, it was shown that one-third of the nation's 50 most expensive small towns experienced a median price increase between 2010 and 2011.

Topped by Sagaponack, New York -- a town of only 582 residents -- each of the cities carries a median home price of more than $1,000,000, and a total population of 10,000 or less.

The list is dominated by New York and California, with 22 and 13 entrants, respectively. The rest of the towns are spread throughout the country, including Chilmark, MA (#28), Yarrow Point, WA (#29) and Belle Meade, TN (#48).

The complete Top 10 follows:

1. Sagaponack :
   $3,406,640, -14.5%
   Jupiter Island, FL : $2,810,434 -11.3%
   Kings Point, NY : $2,379,905 +13.5%
   Los Altos Hills, CA : $2,161,255 -13.6%
   Water Mill, NY : $2,111,688 -10.0%
   Belvedere, CA :  $2,100,453 + 1.3%
   Rolling Hills, CA : $2,063,917 +7.3%
   Hidden Hills, CA : $1,871,182 +0.7%
   Sands Point, NY : $1,823,677 +9.0%
   Woodside, CA : $1,792,837 -15.7%
   $3,406,640, (-14.5% from 2010)
2. Jupiter Island, FL : $2,810,434 (-11.3% from 2010)
3. Kings Point, NY : $2,379,905 (+13.5% from 2010)
4. Los Altos Hills, CA : $2,161,255 (-13.6% from 2010)
5. Water Mill, NY : $2,111,688 (-10.0% from 2010)
6. Belvedere, CA :  $2,100,453 (+1.3% from 2010)
7. Rolling Hills, CA : $2,063,917 (+7.3% from 2010)
8. Hidden Hills, CA : $1,871,182 (+0.7% from 2010)
9. Sands Point, NY : $1,823,677 (+9.0% from 2010)
10. Woodside, CA : $1,792,837 (-15.7% from 2010)

See the complete list at the BusinessWeek website.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Mortgage Rates Drop After U.S. Credit Downgrade

Mortgage rates continue drifting downward, despite -- or because of -- a ratings downgrade on long-term U.S. government debt. Standard & Poors issued a single-notch downgrade after Friday's market close, from AAA to AA+.

Of the roughly $9.4 billion in publicly-held U.S. debt, 72 percent is long-term (i.e. with duration of 2 years or longer).

U.S. short-term debt was not downgraded.

When an entity -- government, business, or other -- is cited for a credit downgrade, it means that the risk of lending money to that entity has increased. In theory, higher risk should lead to higher borrowing costs and higher consumer rates.

Except in today's U.S. Treasury and mortgage bond markets, the opposite is occurring. U.S.-backed bonds are in demand, leading rates lower. It's an unexpected response to the S&P downgrade.

There are 3 main reasons why mortgage rates aren't rising.

First, Wall Street is "brushing off" S&P's downgrade, citing the rating agency's opinion as flawed. This is, in part, the result of a supposed "math error" in the S&P findings, as caught by the U.S. Treasury.

Second, global finance leaders have made public statements since the Friday downgrade re-asserting their faith in the U.S. government's ability to repay its debts. This is helped stabilize bonds as well.

And, third, of the three major rating agencies, only Standard & Poor's downgraded long-term U.S. debt. Competitors Moody's and Fitch instead chose to re-affirm the top-status rating for U.S. government-issued debt after last week's debt ceiling accord.

The likely cause for falling rates today is that the global economy is showing signs of a slowdown and the U.S. Treasury market remains the largest and most liquid bond market in the world. Ergo, they're relatively safe -- despite the credit rating of the nation backing them.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - How To Clean A Smelly Front-Loading Washing Machine

In today's homes, front-loading washing machines are a popular choices as compared to traditional, top-loading machines for 3 main reasons:

1. They wash more clothes per cycle, lowering household energy costs
2. They're environmentally-friendly, using less water per cycle
3. They're gentler on clothes, preserving colors and fabrics longer

They also require more care in the "cleaning" department.

Because of the way most front-loading washers are built, they tend to pool water in their drums, which can be a breeding ground bacteria and mildew.

Whether your front-loading washer smells "dirty" or not, you'll want to follow proper procedures to keep it clean.

First, only use High Efficiency detergent. High Efficiency detergent is super-concentrated and creates fewer suds than traditional laundry detergent. Fewer suds means more soap is drained in the rinse cycle, leaving fewer chemicals and fragrances to sit in the drum.

High Efficiency detergent is also sold fragrance-free. This is the preferred variety for a long-term, stink-free washing machine.

Next, at least once weekly, take a dry cloth and wipe the inside rim of your front-loading washer. There, you will find a wide plastic tube in which water settles between loads of laundry. If you find stains or grime, remove it.

If your washer has a drain filter on its front-lower edge, remove the filter and allow the water to drain -- preferably onto a towel or into a bucket.

Then, lastly, consider running an empty cycle with just bleach and water. This is optional, but can help remove lingering stench.  

Once your front-loading washing machine is cleaned, going forward, after each load runs, try leaving your washer's front door open. This will allow fresh air to circulate through the washer and help drum-settled water to evaporate.

With less water and humidity in the drum, bacteria growth is slowed.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Mortgage Guidelines Start To Loosen At The Country's Biggest Banks

Another quarter, another sign that mortgage lending may be easing nationwide.

The Federal Reserve's quarterly survey of senior loan officers revealed that an overwhelming majority of U.S. banks have stopped tightening mortgage requirements for "prime borrowers".

A prime borrower is one with a well-documented credit history, high credit scores, and a low debt-to-income ratio.

Of the 53 responding "big banks", 49 reported that mortgage guidelines were "basically unchanged" last quarter. Of the remaining four banks, two said mortgage guidelines had "eased somewhat", and the remaining banks said guidelines "tightened somewhat".

It's the second straight quarter in which fewer than 5 percent of banks tightened guidelines, and the first quarter in nearly 5 years in which the number of banks that loosened guidelines equaled the number of banks tightening them.

The easing in mortgage lending is a positive development for the housing market; and for buyers nationwide. Looser lending standards means that more buyers will be approved for home loans, and that should spur home sales forward across the region.

However, don't confuse "looser standards" with "irresponsible standards". It's much more difficult to get financing today as compared to 2006. Delinquencies and defaults have altered how a bank reviews a loan application.

Today, underwriters are more conservative with respect to household income, total assets and overall credit scores. Even as compared to just 6 months ago:

• Minimum credit score requirements are higher
• Downpayment/equity requirements are larger
• Maximum allowable debt-to-income ratios are lower

If you can get approved, though, your reward is that mortgage rates are especially low. Since early-April, both conforming and FHA mortgage rates have been on a downward trajectory, and pricing is near a 6-month low.

Home affordability is at an all-time high, too.

Looser guidelines and lower rates should help fuel home demand through the summer months. If you're in the market to buy, your timing appears to be excellent.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

When Did Americans Start Playing It Safe?

There seems to be a paralysis in America right now. Companies are afraid to hire even though they are sitting on hordes of cash. Politicians are afraid to show leadership on certain issues as it may cost them the next election. People are afraid to move forward with a purchase of a home because they are afraid a better buy will appear next week. Everyone wants to PLAY IT SAFE.

Playing it safe did not make this country what it is today. If General Washington played it safe, we would still be talking with a British accent. If Dr. King played it safe, he would have told us about a plan he had not that he had a dream. If Disney played it safe, there would be no Disneyworld.

If my pop played it safe, he would have kept us in an apartment in the Bronx and not moved us 50 miles east into our own home with our own backyard on Long Island. However, he didn’t play it safe. Was he nervous about the financial responsibilities that came with buying his first home? Of course he was. But he loved his family so much he didn’t allow fear to paralyze him. He conquered his fear and did what he knew was the right thing to do. If he were alive today, I’d hug him right now.

Companies, politicians and the American people have to get back to dreaming and doing the right thing. This country has always been a place where, if you work hard, your dreams can come true. That is still true today.

Source: by STEVE HARNEY on AUGUST 2, 2011 · 

in FOR BUYERS,FOR SELLERS

The Real Estate Geeks - How To Set Your Ceiling Fan For Summer

Memorial Day marks the unofficial start of summer, and most parts of the country are already feeling the heat. Temperatures reached record highs in more than 50 cities yesterday.

And, for homeowners with ceiling fans, the turn of season offers a simple way to lower your home's energy bill, too. All it takes is the flick of a button.

Ceiling fans are designed to circulate the air in a room. During colder months, ceiling fans push warm air down from the ceiling, raising the temperature of a room. During warmer months, ceiling fans push cold air back into circulation, creating a windchill effect, of sorts.

This video from The Weather Channel explains how it works.

• When your heating system is on, rotate fan blades clockwise
• When your cooling system is on, rotate fan blades counter-clockwise

As compared to adjusting your home's overall temperature in the summer, ceiling fans are economical and "green". Using the equivalent amount of energy as 100-watt light bulb, a single ceiling fan can reduce a room's effective temperature by 4 degrees. There's similar benefits in the colder winter months, too.

If your home is without ceiling fans, they're relatively inexpensive, and simple to install. There are tutorial videos online for the do-it-yourselfers, or you can call a qualified electrician for assistance. Need an electrician's name and a reference? Call or email me -- I'm happy to offer a referral.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Home Affordability Still Soaring; New Records Reached

Home affordability moved higher last quarter, buoyed by stable mortgage rates and falling home prices in California and nationwide. The National Association of Home Builders reports that Q1 2011 Home Opportunity Index reached an all-time high for the second straight quarter last quarter.

Nearly 3 of 4 homes sold between January-March 2011 were affordable to households earning the national median income of $64,400. It's the 9th straight quarter in which home affordability surpassed 70 percent, and the highest reading in more than 20 years of record-keeping.

From metropolitan area-to-metropolitan area, though, affordability varied.

In the Midwest, for example, affordability was high. 7 of the 10 most affordable markets were in the Midwest, including Kokomo, Indiana, in which 98.6% of homes were affordable to median income-earning families. Indianapolis, Indiana placed second for "big city" affordability.

The most affordable "big city" last quarter was Syracuse, New York. With a 94.5% affordability rate, Syracuse ranks 8th nationally in the Home Opportunity Index. It's the second time that Syracuse placed first in the last 4 quarters.

Meanwhile, on the opposite end of home affordability, the "Least Affordable Major City" title went to the New York-White Plains, NY-Wayne, NJ area for the 12th consecutive quarter. Just 24.1 percent of homes were affordable to households earning the area median income, down more than 1 percent from the last reading.

Regardless of where you live, remember that rising mortgage rates can levy more pain on your household budget than can rising home values. And mortgage rates are expected to rise long before home prices do.

The rankings for all 225 metro areas are available for download on the NAHB website.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Home Price Index Shows Values Down 19 Percent From Peak

Home values dropped for the sixth straight month in March 2011, according to the Federal Home Finance Agency's Home Price Index. The Home Price Index is a government-sponsored home value tracker.

The HPI report is the latest in a string of "falling home values" stories -- a trend that's troubling home sellers nationwide.

However, although the Home Price Index says home values are falling, that doesn't necessarily mean that they are. Like most statistics in the housing sector, the Home Price Index is plagued by poor methodologies and a lack of timeliness.

In short, the Home Price Index is flawed. In three ways.

The first big flaw in the Home Price Index is that it only measures the values of homes with mortgages backed by Fannie Mae or Freddie Mac. Homes financed via FHA, or via other means are specifically excluded from the calculation. For today's purchase market, that leaves more than 1 in 4 homes "uncounted" -- a big percentage of the market.

Second, the Home Price Index determines home values by measuring price change from sale to subsequent sale. This eliminates new homes -- a major market segment.

And, lastly, the Home Price Index reports on a 60-day delay; we're only now seeing data from March. This two-month lag renders the HPI a trailing indicator for the housing market instead of a forward-looking one. If you're a home buyer looking for market insight, the HPI can't give it -- it's out-dated and out of season.

Despite its shortcomings, though, we can't ignore the Home Price Index completely. It's among the most thorough home valuation models available, and it's used in public policy discussions. When the HPI says prices are down, Wall Street and Capitol Hill take notice, and that trickles down to everyday life on Main Street.

Since peaking in April 2007, the Home Price Index is off 19.1 percent.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - All-Natural Pest And Weed Control For Your Garden

If you've spent time making your garden look great this spring, you'll want to spend time helping it stay that way through the summer. This brief video will teach you how to keep your yard pest- and weed-free using eco-friendly products and nature, itself -- all without the use of dangerous chemicals.

Some of the tips in the video include:

• Planting flowering nectar-bearing plants to attract "beneficial" insects
• Using electronic repellents and netting to keep pests away
• Adding a bird feeder to your yard

And, of course, you'll want to use all-natural pesticides made from the extracted oils and fruits and spices which, when combined, keep weeds and bugs under control.

One thing to remember with respect to lawn care, though, is that "organic" doesn't always mean "greener". Spot-application of a chemical-based product may best for your lawn's particular needs, and you should consider using harsher, traditional pesticides when needed.

When in doubt, talk to a lawn care specialist.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

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Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - My Home Is Flooded. What Do I Do?

With large swaths of the country bracing for an historic Mississippi River flood, it's important to remember that floods aren't just regional.

Flood waters can strike any city, in any state, at any time. According to FloodSmart.gov, floods are the #1 most common disaster in the United States. $709 million in flood insurance claims were paid to households, businesses, and renters in 2010 -- more than one-third of which went to people outside of "high-risk areas".

Should a flood hit your home or place of business, will you know what to do? The first 24 hours are crucial.

First, make sure that your home is safe from danger. Floods can damage a home's structural integrity, creating cracks and gaps in its foundation, among other problems. If you see any such damage, your home may be unsafe for re-entry.

Next, check for exposed power lines and damaged gas and sewer pipes. Notify your local utility company and be prepared to wait for a service representative. During times of natural disaster, utility companies receive a lot of inbound phone calls.

A good follow-up is to disconnect your home's power at its circuit breaker. This way, electricity can't mix with water in your home by accident -- a potentially lethal combination.

Once your home is safe, use a camera to document damage. Note: Do this before you start removing water or making repairs because it's evidence for the insurers.

You'll also want to throw out food and other items that have come into contact with flood waters. Flood waters may contain raw sewage and other contaminants that can harm you.

Lastly, contact your insurer and explain your situation. Be sure to follow your insurer's exact instructions because you don't want to do something that will void your claim. If you plan to make an immediate repair, notify your agent. Document your conversation with date, time, and topics discussed.

Like utility companies, your insurer may be overwhelmed with phone calls during a local flood. Optionally, you may call your insurer's headquarters instead. 

Just one inch of water can cause serious damage to your home. When flood waters hit, know what to do.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: What To Fix Before You List

With housing prices down across the country, there are a lot of homeowners barely breaking even on their respective home sales. Some are even losing money.

You may find yourself in that position, too; wanting to sell, but worried about bringing cash to your own closing.

It creates an interesting dilemma. You want your home to "show nicely" relative to comparable properties, but you don't want to invest big dollars that may never be recouped into upgrades or renovations. So what do you do?

The answer is simple. Do the bare minimum.

From an advice piece in the Wall Street Journal, we learn of 10 basic home improvement projects that will help your home have better showings. The advice requires almost no technical skills, and the projects be tackled in a weekend.

The theme? Handled your home's delayed maintenance.

1. Repair or remove screen doors with holes and tears
2. Pressure wash windows, sidewalks, and siding
3. Paint your front door and polish the doorknob
4. Pull weeds, seed bare spots, and lay down mulch
5. Touch up holes, dings and cracks in paint
6. Clean grout and re-caulk sinks, bathtubs and showers
7. Buy new cabinet hardware
8. Fix leaky faucets and toilets
9. Spray lubricant on squeaky doors
10. Get clutter into storage and out of the way

Now, you'll notice that none of these projects can be considered "major". By contrast, each is minor; they're the items you'd add to your to-do list for work on "another day". However, they're extremely important for a home that's about to be listed.

Here's why. A prospective buyer doesn't notice that the above repairs were made. He only notices if they weren't made. When a buyer sees ripped screens or chipped paint in your home, it makes him wonder what else hasn't been cared for. This is the why you should also hire an exterminator prior to selling your home. If a buyer spots a trail of ants in your home, it's unlikely you'll get an offer.

You don't need to spend big bucks to get your home ready for sale, but you may to use apply elbow grease. The good news is that time spent up-front can be worth it in the end. Homes that show better tend to sell faster, and at higher prices.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Getting More Educational Bang For Your Housing Buck

A recent joint report from Forbes and GreatSchools debunks a powerful myth in housing. There's little correlation between Public School Quality and the Median Price Point for a home.

In other words, the most expensive districts don't always have the best schools. And spending per pupil seems only loosely correlated, too.

The study, titled America's Best Schools For Your Housing Buck, puts tiny Falmouth, Maine at the top of its 2011 list.

Falmouth is a city of less than 11,000 people, and its school system educates roughly 2,000 children. With a median home sale price of near $350,000, Falmouth is the only city to score a 100 on the Forbes/GreatSchools list.

The complete Top 10 Best Schools For Your Housing Buck list follows:

1. Falmouth, ME (Score: 100; Median Price: $351,550)
2. Mercer Island, WA (Score: 99.12; Median Price: $708,740)
3. Pelle, IA (Score: 98.25; Median Price: $148,200)
4. Barrington, RI (Score: 97.96; Median Price: $296,010)
5. Bedford, NH (Score: 97.96; Median Price: $293,730)
6. Manhattan Beach, CA (Score: 97.69; Median Price: $1,278,980)
7. Moraga, CA (Score: 97.69; Median Price: $722,010)
8. Parkland, FL (Score: 95.98; Median Price: $426,390)
9. St, Johns, FL (Score: 95.98; Median Price: $181,700)
10. Southlake, TX (Score: 95.74; Median Price: $476,880)

One reason why Falmouth, Maine, tops this list is because the area's Unemployment Rate is low, and so is Teacher Turnover -- just two teachers have left for jobs in other districts since 1998. In fact, each of the ranking cities boast similar strengths.

To see the Top 10 areas in a variety of price ranges, visit the Forbes website.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks - Foreclosures And Short Sales Distorting "Home Price Trackers"

In an echo of February's Case-Shiller Index report, the government's own home price-tracker -- the Home Price Index -- showed home values slipping between January and February 2011.

The Federal Home Finance Agency data had home values down 1.6 percent nationwide in February, on average, marking the fourth straight month in which prices fell. 

Furthermore, all 9 regions posted losses from the month prior:

• Mountain Region : -3.7% from January
• East South Central : -0.6% from January
• South Atlantic : -0.9% from January
• New England : -2.0% from January

Before you draw conclusions, however, note that the data at which we're looking has several major flaws to it.

First, it's old. We're now in the first week of May and the FHFA's most recent release only covers through February, a time period ending roughly 60 days ago. That's a long delay and today's purchase market looks much different from the one of February. 

Just ask a real estate agent and they'll tell you -- purchase activity is rising.

Second, the FHFA Home Price Index reports on home value changes between consecutive Fannie Mae or Freddie Mac-securitized transactions only. This might be creating an overweight of "distressed properties" in the index which, in turn, drags down valuations.

Distressed homes account for 40% of all home resales and typically sell at 20 percent discounts.

And, lastly, although the Home Price Index is a national report, real estate as a market is decidedly not national. To the contrary, it's extremely local. As an individual, you don't buy, sell or own homes in all 50 states. You buy them in a specific state, and a specific neighborhood. 

The national data is useless to you in that respect.

We can't discount the Home Price Index data entirely, but should remember that it paints a clearer picture of where housing has been versus where housing is going. As a home buyer or homeowner, it's the future of home values that matters more.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: Job Growth Returning To "Normal" Levels -- A Bad Sign For Mortgage Rates

Be prepared for Friday morning. Mortgage rates and home affordability could worsen quickly. At 8:30 AM ET, the Bureau of Labor Statistics releases its April Non-Farm Payrolls report and momentum has been strong.

The monthly jobs report is a market-mover and analysts expect that 196,000 new jobs were added last month. If those expectations are exceeded -- by even a little -- Wall Street would take it mean "economic strength" and the stock market would be boosted.

Too bad for rate shoppers, though; a move like that would also lead to higher mortgage rates throughout California. This is because, coming out of a recession, reports of economic strength tend to push mortgage rates up. We've seen it happen multiple times in the last 8 months.

Since losing more than 7 million jobs between 2008 and 2009, employers have added 1.3 million jobs back to the economy. And we're learning that there's plans for fewer job cuts in the future. It's clear that the jobs market is improving and this is why tomorrow's Non-Farm Payrolls report is so important.

A "weak economy" helped keep mortgage rates low for a very long time. A strengthening economy will reverse that tide.

So, consider your personal risk tolerance today, in advance of tomorrow's Non-Farm Payrolls report. If the thought of rising mortgage rates makes you nervous, call your loan officer and lock in a rate today. Once tomorrow's data is released, after all, the market might look changed.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks

The Real Estate Geeks: How To Screen For A Good Home Contractor

Home remodeling projects are expected to top $130 blllion this quarter, their highest total since Q1 2008. A likely catalyst is that the average cost of a home improvement project is falling fast.

With the economy loosening up and contractor costs on a downswing, some homeowners are choosing to put money back into their respective homes, and making home improvements. If you're among them, you'll want to make sure you've properly screened your contractor. 

In this 4-minute piece from NBC's The Today Show, you'll learn tips for picking a good home contractor. The advice is mostly common sense, and worth heeding. For example:

• Only select registered/licensed, and insured contractors for work in your home
• Don't automatically select the lowest bid; you may want to discard it instead
• Communication skills matter. You must be able to express your wants, and have that message understood.

And lastly, if this is your first time working with a particular contractor, be sure to ask for references and follow-through on them, too. Sometimes, past customers can tell you more about a contractor than you can learn yourself.

Thanks for checking out our videos & blogs - Our time is dedicated your buying & selling needs. Call or click - but contact us today For more current real estate market information just visit our website at http:www.TheRealEstateGeeksTv.com

If you or someone you know is facing foreclosure here's tons of FREE information that will be very useful - http:www.Help4Ca.com until Till Next Time

Take Care, Melissa Bayles (714) 720-2555 & "Chip" Richard Esajian (714) 272-5369 The Real Estate Geeks