reBlog from lodihomes.com: Lod's Best Real Estate Website for Information

I found this fascinating quote today:

Please look at and study these numbers carefully – November 9, 2009 – 779 homes in Lodi and Woodbridge in some stage of foreclosure, 223 Bank Owned houses with only 69 on the market which is\ 70% not on the market. Now study the numbers from June 25, 2009 – 689 homes in some stage of foreclosure, 223 Bank Owned houses with 114 on the market – 49% Shadow Inventory.lodihomes.com, Lodi’s Best Real Estate Website for Information, Nov 2009

You should read the whole article.

A Realtor's New Best Friend?

Personally, I love my iPhone 3G.  It was a nice upgrade from my previous 2G model.  I even made money when upgrading by selling my 2G on eBay for more than my new 3G cost me.  

I'm excited for the new features of the 3G S, but are they worth having to go through the hassle of switching everything over to a new phone?  Perhaps, but I am going to wait for a while since I just downloaded the new 3.0 software update.  

I get most of the new features of the new 3G S on my current 3G model.  Remember...the 3G S is a new iPhone alltogether, but the 3.0 is the newest version of just the software.  Got it?

With the new 3.0 software I can now use the "cut, copy & paste" feature that I've wanted.  What I'm really looking forward to is the addition of being able to send and receive not just standard text messages, but now MMS multi-media messages like photos, videos, etc.  However, that feature won't be active until later this summer.

For a full rundown (yes, Jim...rundown) of the new iPhone 3G S, then CLICK HERE and you'll get a look at pretty much all the goods of this new amazing device.

Life is good!

Randy

Are Home Values Rising or Falling?

The Answer Depends On Who You Ask.

Posted by Jack Sternberg on Wednesday, April 1st 2009

A report published Tuesday showed that home values fell nearly 3 percent in January 2009 versus the month prior and by 19 percent from last year.

On the surface, data from the study looks like more bad news for housing. With deeper inspection, though, we uncover reasons to discount the report's finding.

For one, the report includes home price data from just 20 cities around the country — and they’re not the 20 most populated cities, either.

For example, data from #4-ranked Houston is not included and neither is #7 San Antonio nor #10 San Jose. #54 Tampa, however, is included.Published March 31, its data is only accurate as of January and a lot has happened in the last 2 months.

This includes a record-drop in interest rates and the introduction of an $8,000 tax credit for qualified first-time home buyers. The stimulus has helped raise home sales volume on both new homes and previously-owned ones.

One more reason to question the relevance of the Case-Shiller report is that a government study on the same topic showed home values rising over the same period, not falling. According to the Federal Housing Finance Agency, home values GREW 1.7 percent from December 2008 to January 2009.

In the end, home values are a local phenomenon that can’t be summarized as a national “summary”. National data can be helpful for watching longer-term trends, but it shouldn’t be used to make a “Buy or Not Buy” decision.

For that, talk with a real estate professional with access to local data instead.

Tips for Tenants - Know Your Rights

As the state of the economy and tighter lending rules make it hard for many prospective homebuyers to get into a home these days, renting has become an affordable option to many of these individuals. If you are in the market to rent a home instead of buying it, here are 10 things you should do to protect yourself and make sure the communication between you and your landlord is clear:

1. Bring your paperwork. The best way to win over a prospective landlord is to be prepared. Bringing the following information when you meet prospective landlords will give you a competitive edge over other applicants: a completed rental application; written references from landlords, employers, friends and colleagues; and a current copy of your credit report.

2. Review the lease. Carefully review all of the conditions of the tenancy before you sign on the dotted line. Your lease or rental agreement may contain a provision that you find unacceptable - for example, restrictions on guests, pets, design alterations, or running a home business.

3. Get everything in writing. To avoid disputes or misunderstandings with your landlord, get everything in writing. Keep copies of any correspondence and follow up an oral agreement with a letter, setting out your understandings. For example, if you ask your landlord to make repairs, put your request in writing and keep a copy for yourself. If the landlord agrees orally, send a letter confirming this.

4. Protect your privacy rights. Next to disputes over rent or security deposits, one of the most common and emotion-filled misunderstandings arises over the tension between a landlord’s right to enter a rental unit and a tenant’s right to be left alone. If you understand your privacy rights (for example, the amount of notice your landlord must provide before entering), it will be easier to protect them.

5. Demand repairs. Know your rights to live in a habitable rental unit - and don’t give them up. The vast majority of landlords are required to offer their tenants livable premises, including adequate weatherproofing; heat, water, and electricity; and clean, sanitary, and structurally safe premises. If your rental unit is not kept in good repair, you have a number of options, ranging from withholding a portion of the rent, to paying for repairs and deducting the cost from your rent, to calling the building inspector (who may order the landlord to make repairs), to moving out without liability for your future rent.

6. Talk to your landlord. Keep communication open with your landlord. If there’s a problem - for example, if the landlord is slow to make repairs - talk it over to see if the issue can be resolved short of a nasty legal battle.

7. Purchase renters’ insurance. Your landlord’s insurance policy will not cover your losses due to theft or damage. Renters’ insurance also covers you if you’re sued by someone who claims to have been injured in your rental due to your carelessness. Renters’ insurance typically costs $350 a year for a $50,000 policy that covers loss due to theft or damage caused by other people or natural disasters; if you don’t need that much coverage, there are cheaper policies.

8. Protect your security deposit. To protect yourself and avoid any misunderstandings, make sure your lease or rental agreement is clear on the use and refund of security deposits, including allowable deductions. When you move in, do a walk-through with the landlord to record existing damage to the premises on a move-in statement or checklist.

9. Protect your safety. Learn whether your building and neighborhood are safe, and what you can expect your landlord to do about it if they aren’t. Get copies of any state or local laws that require safety devices such as deadbolts and window locks, check out the property’s vulnerability to intrusion by a criminal, and learn whether criminal incidents have already occurred on the property or nearby. If a crime is highly likely, your landlord may be obligated to take some steps to protect you.

10. Deal with an eviction properly. Know when to fight an eviction notice - and when to move. If you feel the landlord is clearly in the wrong (for example, you haven’t received proper notice, the premises are uninhabitable), you may want to fight the eviction. But unless you have the law and provable facts on your side, fighting an eviction notice can be short-sighted. If you lose an eviction lawsuit, you may end up hundreds (even thousands) of dollars in debt, which will damage your credit rating and your ability to easily rent from future landlords.

For more information, visit findlaw.com.

Survey: Households Say Now Good Time to Buy

More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy.

Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.

Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy.

Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).

“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”

Among the survey’s other key findings:

• Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.

• When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).

• Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.

• Most respondents (86 percent) are in the market for single family homes.

Source: C21

Affordability Returns to Housing

Affordability returns to housing, and buyers have loads of negotiating power.
By MarketWatch

Many people are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you're brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.

Ask for price reductions, improvements, closing costs — whatever — and the seller, desperate to get a contract, is likely to work with you, said Jay Papasan, one of the authors of the book, "Your First Home." but when the market starts improving, your negotiating power will start to diminish, he added.

"People can get a lot of what they need and almost all of what they want today," Papasan said. "Once a few people get off the fence, there's safety in numbers and you lose your leverage."

If you're qualified to buy a home now, and the purchase makes sense for your situation, and you're prepared to live in that home for at least five years, you may be headed for a great deal.

NOW is a Great Time to Buy Real Estate

The time has arrived to get that home you've dreamed about for the last few years and even in the location of your choice. With the current condition of the real estate market, buyers can negotiate better prices and terms on homes that have been sitting on the market for an extended period of time due to a number of reasons, mostly due to the economy. Sellers need to sell their homes and liquidate in order to make ends meet, home prices are down, and interest rates are still low.

This creates a perfect opportunity for you...the Buyer. Take your time and look for the home you truly want. With so many houses on the market right now and somewhat limited buyers in this down economy, you can have the pick of the litter. This is the perfect time to be in the market for buying a home.