Fairfield Ranch Community Partners

Buy or Sell first

2010-10-10T13:29:00.000-07:00

The classic dilemma for many homeowners is whether to buy or sell first. There is no "right" answer. It depends on your specific circumstances.

Most homeowners agree that it's more prudent and less stressful if you sell your existing home before you buy a new one. You can often get top dollar for your home if you are not under pressure to sell. And you're in a better position to negotiate on the buying side of the transaction. If you have to make an offer contingent on the sale of your home, you often lose negotiating leverage.

If you sell your current home and the home you select isn't available when you're ready to move, you may end up with cash in hand in a short-term rental. No one wants to move twice, but it may be well worth it to eliminate risk and have more money to work with.

If you currently own a home we would be happy to provide you with a home valuation so that you know what your home is worth in today's market. If you provide us with some basic information on your home, we'll be able to give you a price range. That range will be determined using the information you provide to establish a list of comparable properties in your area as reported by the Multiple Listing Service (MLS). Or we can provide you with a more precise valuation by briefly visiting your home.

Please call or email us when you're ready to discuss your options or if you would like a valuation of your current home.

The importance of your credit report

2010-10-05T13:32:00.001-07:00

When you apply for a loan, your lender will look at several things:
* Down payment amount
* How long you have been employed in your current position
* Whether you have the funds on deposit for your down payment and closing costs
* Your income-to-debt ratio and your credit report

Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.

When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.

Please feel free to call or email me if you have any questions or would like additional information on financing.

New or Resale

2010-10-03T15:40:00.001-07:00

One of the decisions most prospective homebuyers have to make is whether to buy a brand new house or a previously owned ("resale") home. Here's a comparison of some advantages to each choice:

New house:
Modern floor plans that could include a "great room," bigger closets, more baths, etc.
The opportunity to choose upgrades and customize floor coverings, colors and more
More energy-efficient insulation, windows and heating/cooling systems
The added protection of a warranty from the home builder

Resale home:
Existing features, including window treatments and mature landscaping
Location -- existing homes are often closer to metropolitan areas
Established neighborhoods that provide a sense of community
The opportunity to use an existing home as a base to remodel and create a unique property

If you would like additional information on which option might be your best choice or are ready to look at homes, please call or email us. We would be happy to help you!

Down Payment

2010-09-16T12:40:00.000-07:00

Most lenders require you to pay a portion of your own funds--the down payment--toward the purchase of a home. Saving for a down payment can be one of the most challenging steps in buying a home.

Your down payment plus your pre-approved loan amount will determine how much home you can afford. A down payment can come from many places: savings, investments such as stocks and bonds, gifts from relatives, company bonuses, equity in other assets, and life insurance policies, to name a few. Then again, there may be home mortgage alternatives that do not require a down payment.

If you currently own a home, then you may want the equity you have built in that house to serve as the down payment on your next home. But how much is your current home worth? We would be happy to provide you with a market valuation so that you will know its current value.

With some basic information about your home, we can establish a list of comparable properties in your area as reported by the Multiple Listing Service (MLS). If you would like a more precise and thorough market evaluation, we can stop by for a quick view of your home.

Please call or email us if you are interested in a free market evaluation of your home or if you have any questions.

Loan Pre-Approval

2010-09-14T16:03:00.000-07:00

Many buyers call their lender seeking information about financing. In the process, they become pre-qualified. That gives them a good idea of what they can afford, or more accurately, what loan amount they qualify for.

You should take it one step further, however, and ask to be pre-approved. When you become pre-approved, you actually apply for a loan. The lender checks credit, verifies employment, and often verifies that you have sufficient funds to close. Then once you find your dream home, just about the only thing left is the appraisal.

The reason savvy buyers obtain loan approval before shopping for a home is that it strengthens their negotiating position when they make an offer. All sellers want to sell their home to a pre-approved buyer. Pre-approval can also cut days, even weeks, off the closing process.

Pre-approval can really help you to determine your price range, which helps you narrow your choices of homes to buy. You will already know how much you can afford before you even start looking.

Call us if you would like the name of a lender to pre-approve you for a loan, or if you have any questions about preapproval. We are happy to help.

Make Your Home Sparkle

2010-09-13T10:38:00.000-07:00

If you're thinking about putting your house on the market, giving it a deep and thorough cleaning will make it sparkle, show well, and command top dollar. Here are some ideas to help guide you through the basics of cleaning your home to show it to full advantage:

* Clean your carpets or have them professionally cleaned.
* Wash all the windows and window treatments.
* Organize your closets, clearing out items you no longer use.
* Remove clutter from counters and surfaces and put excess furniture in storage to make your home look bigger.
* Wash walls and trim and touch up the paint where necessary.
* Make your kitchen and bathrooms shine--cleanliness really counts here!

A home that smells fresh and looks sparkling clean can be very inviting, leaving a good impression with prospective buyers that they might not even be aware of. The better prospective buyers feel about your home, the better your chances of receiving good offers.

Please call or email us if you'd like more information or specific suggestions on how to prepare your home for sale.

Tips for an Organized Move

2010-09-10T07:46:00.000-07:00

Moving can be stressful and even chaotic. Here are some helpful tips to ensure a successful, organized move:

* Make a checklist, outlining everything that needs to be done.
* Get rid of clutter; don't move anything you don't really need or want.
* Have plenty of boxes and packing materials available.
* Pack room by room, labeling all the boxes.
* Have someone watch your children to keep them safe, calm, and out of your way.
* Make sure your pets are cared for so they stay safe and out from underfoot.
* Have a tool kit ready.
* Make a survival kit for your first night in your new home, including tissue, coffee, a flashlight, bottled water, towels, and a change of clothes for everyone.

Enlist everyone you can to help. You will get more done and make the move more fun with family members and friends around. When all else fails, remember why you wanted to move in the first place and just try to stay relaxed!

Please feel free to call or email us if we can provide you with further information or assistance.

Why Choose a Tech-Savvy Agent?

2010-09-09T07:47:00.000-07:00

When you choose a real estate agent, you’re selecting someone to represent you in one of the largest financial transactions you may ever undertake.

As the Internet continues to simplify the way people research buying and selling homes, there are many good reasons to choose an agent who can harness the power of technology to provide you with exceptional service, including:

• Sending up-to-date information by email for you to review at your convenience.
• Providing you with an online home evaluation to stay on top of current market value.
• Emailing new home listings to you as soon as desirable properties hit the market.
• Delivering e-newsletters to keep you informed about market trends and other important matters.
• Showcasing your home on the Web to help you sell it for top dollar.

Whether you’re thinking about buying or selling or simply want to stay informed about the real estate market, using new technology helps us consistently provide you with timely information and outstanding service.

If there is additional information you would like about the advantages of using a tech-savvy agent, please feel free to call or email us

REALTOR® Magazine-Daily News-Sellers Should List Homes Early

2010-01-06T09:38:00.000-08:00

With the extension of tax credits for home buyers until April, now might be the time to consider listing your home rather than waiting until the traditional summer selling season.

REALTOR® Magazine-Daily News-Sellers Should List Homes Early

REALTOR® Magazine-Daily News-Exterior Remodeling: Best Bang for Your Buck

2009-12-17T12:28:00.000-08:00

REALTOR® Magazine-Daily News-Exterior Remodeling: Best Bang for Your Buck

How to Make Rooms in Your Home Look Larger with Lighting

2009-09-28T15:04:00.000-07:00

A bright and well-lit home can dramatically change the mood of your home and help you feel relaxed and comfortable all year long. Here are some tips to lighten up your home and make the rooms look big and inviting:

• Choose different types of lighting to avoid the expense of installing windows or skylights. Lamps or other accent lighting can make a dull room appear elegant or small rooms seem larger.

• If you have a room with a dark wall or a narrow, dark hallway, hang a group of pictures and light them with adjustable halogen track lighting to create the effect of a photo gallery.

• Paint ceilings a light color to avoid making them seem lower than they are and give the room a cramped feel.

• Use color to add cheer to a room. Pink and green tones have a calming effect while darker colors, such as red, tend to cause agitation. Neutral wall tones create a harmonious environment. Bright colors should be used as accents in pillows, artwork or flowers.

• When selecting paint, tape large color chips together on a wall to get a better idea of the shades you like. When you’ve narrowed your choices down, buy a quart of 2 or 3 colors and paint 1 or 2 foot squares next to each other on both shaded and brightly lit walls. Choose the color that looks best in both kinds of light.

Whats Happening in Fairfield Ranch, Chino Hills

2009-08-04T09:33:00.000-07:00

The following is a summary of real estate activity in Fairfield Ranch in Chino Hills for the month of July.

Active Listings

5528 Barclay Ct_______3bd / 3ba_______1999sf______$419,000
16265 Avalon Ct_______3bd / 3ba_______1834sf______$429,000
5747 Waverly Dr______3bd / 3ba_______2100sf______$440,000
5723 Milgrove Way____3bd / 3ba_______2198sf______$445,000
5636 Danville Ct______4bd / 3ba_______2375sf______$455,000

In Escrow

5715 Parkhurst Ct____3bd / 2.5ba_______1834sf______$350,000
5678 Knollside Way___4bd / 3ba________2603sf______$465,000
5451 Wildsage Pl_____4bd / 3ba________2258sf______$469,000
5756 Stanfield Ct_____3bd / 3ba________2208sf______$475,000
16069 Tamarind Te___4bd / 3ba________2200sf______$395,000
5457 Gateway Dr_____4bd / 3ba________2258sf______$474,900

Sold

15598 Timberidge Ln__3bd / 3ba________1442sf______$352,000

mls data 8/4/09

3 year drop in home prices appears to be at end.

2009-07-30T21:00:00.000-07:00

According to recent reports and forecasts by housing analysts, the three-year descent in home prices
appears to be at an end. Eight cities, including San Francisco, showed price increases in May, up from four
in April, and one in March, according to Standard and Poor’s/Case-Shiller Index. For the first time since
early 2007, the index of 20 major cities was virtually flat, rather than down.
KEEP THIS IN MIND
• Earlier reports show that sales of existing homes nationwide rose last month for the third
consecutive month, while sales of new homes increased in June by the largest percentage in eight
years, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR) and the U.S.
Commerce Dept., respectively.
• Although some skeptics believe the market is pausing before home prices decline further, the
median price in California’s housing market appears to be stabilizing. June marked the fourth
consecutive month of rising home prices and the second largest gain on record for the month of
June, based on statistics dating back to 1979. The year-to-year decline in June also was the
smallest in the past 16 months.
• The S&P/Case-Shiller price index for 20 cities showed a half-percent gain when May was
compared with April. It was the first month-over-month increase in the index in 34 months. “It is
very possible that years from now we will say that April 2009 was the trough in home prices,” said
Maureen Maitland, vice president for index services at Standard & Poor’s.
• One explanation for the increase in median prices is the rise in demand from buyers, especially first
timers taking advantage of the $8,000 federal tax credit, which expires in December. The
NATIONAL ASSOCIATION OF REALTORS® (NAR) is lobbying for the tax credit to be extended
and to be replaced with a $15,000 credit for all buyers.
• Another factor in the market’s resurgence is the prevalence of foreclosures, which make up about a
third of all existing home sales. “Although another surge of foreclosures is expected later this year,
demand remains strong, so the market may be able to absorb more distressed properties without
significantly impacting the median price,” said C.A.R.’s Chief Economist Leslie Appleton-Young.
To read the full story, please click here:
http://www.nytimes.com/2009/07/29/business/economy/29housing.html?_r=1&ref=business

Loan Modifiaction Warning

2009-07-23T08:43:00.000-07:00

DRE issues fraud warning about loan modification programs. The DRE recently issued a fraud warning alerting consumers about loan modification scams and informing consumers of what they can do to protect themselves. Last July, the DRE had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October, the DRE has filed more than 200 desist and refrain orders. A list of the companies and persons the DRE has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp.

It is worth noting that not all firms who collect advance fees for loan modification services do so illegally, the DRE said. In general, only licensed real estate brokers and attorneys operating within the scope of their license may collect advance fees. Real estate brokers must have their advance fee agreement reviewed by the DRE prior to its use to ensure it is compliant with real estate law.

source: California Association of Realtors

What Sold in Fairfield Ranch in June

2009-07-12T08:08:00.000-07:00

The following Fairfield Ranch homes were sold in June

address____________bd/ ba____ _sf _____ list price ____sold price

15667 Outrigger______ 4 / 3 _____1922___$389,900 ___$380,000
5578 Gableview______ 4 / 3 _____1999___ $385,000___ $385,000
16148 Prestwicke _____4 / 3 _____1999___ $398,500 ___$400,000
16189 Chadwick ______3 / 3 _____1878___ $439,000___ $420,000
5577 Stafford ________5 / 3 _____2524 ___$414,900___ $424,000
5694 Canfield ________4 / 3_____ 2157 ___$399,800___ $430,000
5718 Canfield________ 3 / 3 _____2098 ___$449,000___ $440,000
5701 Knollside_______ 4 / 3 _____2353 ___$478,000___ $450,000

mls data 7/12/09

Is now the time to buy?

2009-01-28T12:46:00.000-08:00

With interest rates at all time lows, home prices falling and inventories flush with bank owned homes, the buyers are starting to come off the sideline and are snapping up well priced properties. We have even started to see multiple offers on properties that are driving the purchase price above the list price in some situations. While we are still a far cry from the frenzied pace of the real estate market in 2005 and 2006, we are seeing an increase in sales activity from what we experienced in late 2008. The downside to the recent sales activities is that most properties being sold are the REO (bank owned) properties and as a result the median home price in the city continues to fall.

While this is not good news for us homeowners living in the city watching our home values slide, it is great news for homebuyers looking to take advantage of the current market conditions to buy their first home. In addition it might be a great time to pick up an investment property and take advantage of buyer incentives offered by financial institiutions trying to sell their foreclosed properties.

Fed Rate Cut

2008-12-18T21:03:00.000-08:00

6 things to know about the Fed rate cut
The Federal Reserve this week reduced the federal funds rate to a range of zero to 0.25 percent.
The rate cut likely will not impact 30-year, fixed-rate mortgages. The real impact will be on
consumer loans tied to the prime rate, such as home-equity lines of credit and credit cards with
variable interest rates. Borrowers with loans tied to the prime rate may see an interest rate
decrease.
To read the full story, please click here:
http://www.usnews.com/blogs/the-home-front/2008/12/16/-6-things-to-know-about-the-fed-ratecut.
html

Mortgage Rates Drop

2008-12-04T18:43:00.000-08:00

U.S. Mortgage Rates Drop Most in Seven Years on Fed Debt Plan
Interest rates last week on 30-year, fixed-rate mortgages fell to an average of 5.5 percent, the largest one-day decrease in at least seven years. The decline was prompted by news that the Federal Reserve plans to purchase $600 billion of mortgage-related debt and set up a $200 billion program to support consumer and small-business loans. Homeowners with sufficient equity in their homes may qualify for the lower rates and refinance into a new home loan.

To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601213&sid=akf9_ZmmdeTY&refer=home

California Association of Realtors

Facing Foreclosure?

2008-11-27T09:15:00.000-08:00

Facing foreclosure? Beware when looking for help.
• Due to the large number of foreclosures, many financial institutions have created mortgage modification programs to help homeowners in default modify their existing mortgage loans into fixed-rate, more affordable loans. Many banks are overwhelmed with borrowers applying for mortgage modifications, resulting in some private companies, real estate brokers, nonprofit organizations, and attorneys offering to serve as the liaison between the homeowner and the bank, sometimes for a fee. With the numerous options available to homeowners, it can be difficult to determine which consultants are reputable. Individuals and companies that charge a fee prior to providing the mortgage modification service must register with the California Dept. of Real Estate (DRE). Consumers can verify that a company’s contract has been approved by visiting www.dre.ca.gov/mlb_ad_fees.html or by calling (916) 227-0770.
Individuals and companies that charge fees after the service is performed are not required to
register with the DRE.
To read the full story, please click here:
http://www.mercurynews.com/realestatenews/ci_11034787

source: California Association of Realtors

Understanding Short Sales

2008-01-25T06:10:00.000-08:00

If you have recently searched for homes on any Internet search site you have probably come across the term"Short Sale" quite a few times. Many people ask us about these properties and inquire if they are a good deal for them to purchase. The answer is usually "It depends" and we will try to explain that here.

The term "Short Sale" simply means that the seller of the home owes more to the mortgage holder(s) than they will realize from the sale of their home. They are selling their home short and negotiating with their mortgage holder(s) to accept less than what is owed rather than have the property go into foreclosure.

Does that mean this is a good way to get a great deal on the purchase of your next home? You can decide after we go through the explanation of the process.

The process of a short sale can be very lengthy. Banks are not always quick to respond to an offer on a short sale. If you have a short time frame in which to find and purchase your home then short sales are definitely not for you. If you have no specific time frame and are willing to wait for the perfect home, then short sales may be the way to go. We will review a few key points in deciding to make an offer on a short sale property.

It is important to understand the status of your target property before making an offer. Your should consider:

Has a Notice of Default(NOD) been filed on the property. This is the first step in the foreclosure process. Most banks will not consider negotiating a short sale unless the homeowner is behind in payments. If a NOD has been filed on your target property then you know the bank has started the "clock" on the foreclosure process.
How many mortgages are on the property. If there are more than one bank involved it is extremely difficult if not impossible to negotiate a settlement with them.
Are there any other liens against the property. Again, if there are any liens this really complicates the process. They must be negotiated to a settlement before a bank will accept a short sale.
Has the seller received bank approval for a short sale at a certain dollar amount. This would greatly improve the chances for a successful transaction.

So you have decided to go forward and submit an offer on a short sale property. What happens next? When you submit an offer on a short sale it is subject to bank approval. The offer is forwarded by the seller's agent to the bank. The sellers must also provide whatever other documentation their bank requires. This file is then reviewed by the bank. The bank may accept, counter or reject the offer. Unlike a typical purchase offer, since the short sale offer is subject to bank approval, you will not know the status of your offer in a 1-3 day period. The bank may takes weeks even to review the offer. This can be the hardest part of the process for many buyers.

We hope this has helped you to understand the basics of a short sale transaction. As always, if you would like a more detailed explanation or would like information on a specific property you are interested in, please feel free to contact us.

Buying REO Homes

2008-01-14T10:27:00.000-08:00

If a property does not sell at a foreclosure auction (as discussed in previous post), it reverts back to the bank and becomes REO (real estate owned). The banks do not want to have a large number of homes in inventory, they want to sell them quickly, recoup some of their losses and move on with their normal business of banking. Since they were not able to sell the property for the minimum bid they set at auction, they will usually reduce the price when they list it for sale as an REO.

Things to remember when buying REO property:

There is no minimum bid (unlike foreclosure auction).
REO property can and should be inspected.
REO property is vacant, no need to deal with eviction of occupant,
REO property might require additional repairs after purchase, adjust offer.
All liens are removed from property.

As you can see, there are a lot of advantages in buying an REO property. There are a growing number of REO homes in Chino Hills and the surrounding area. This can be a good way to find a great deal in the current real estate market. In our next post we will review another type of property you may or may not want to consider when searching for your next home, the "Short Sale".

Buying Foreclosure Property

2008-01-12T08:39:00.000-08:00

In todays market, every buyer is looking for the biggest deal they can find. We are often asked about buying forclosures and if that is the way to find good deals. We thought we would review the basics of buying foreclosures.

Buying foreclosures generally generally requires you to bid on property at auction, usually on the courthouse steps. The opening bid is set by the bank and usually includes the outstanding loan balance plus interest, plus any fees incured by the bank in the foreclosure process. A few things to consider when buying foreclosures are:

-At the auction you have to have evidence of the ability to pay cash(Cashiers checks).
-You might be bidding against a number of other people.
-The property might not be available for inspection prior to the auction.
-The property is sold in "as is" condition.
-If the property is not vacant, the successful bidder is responsible to evict the occupant.

As you can see, buying foreclosures might not be right for everyone. If you don't think this is the right avenue for you, don't worry. In our next post we will review other options for getting bargains in this real estate market.

The #1 Question On Everyone's Mind

2007-10-10T13:26:00.000-07:00

Without a doubt, the first question we are asked by clients, neighbors and friends is "When is the market going to bottom out so we can buy" or a variation of this. It is on every one's mind. You can't pick up a daily newspaper without reading something about the doom and gloom of the housing/mortgage market. When faced with this question so many times in a day, it becomes obvious that a quick "Who knows" or "Any one's guess" is not sufficient. We thought a more visual answer might help explain the situation more completely.

Start with understanding what the housing market cycle looks like. Picture a graph shaped like a giant letter V. The left side of the letter V (the downward slant) represents the current market (the downward movement of home values). The right side of the letter V (the upward slant) represents the past market (the upward movement of home values). Obviously, the point where the two line in the letter V meet represents the bottom of the market (the point where prices stop falling and start to move upward).

Now that we understand the visual, let us throw in additional information about the housing cycle and how it relates to the graph we just described. Everything on the left hand side of the graph (the downward side) is also known as a "Buyers" market, where buyers have the advantage in negotiations. Buyers advantages include seller concessions, steep discounts in pricing, closing costs paid by sellers, etc... In short, a great time for buyers to buy.

Conversely, everything on the right side of the graph (the upward side) is known as a "Sellers" market, where sellers have the advantage of multiple buyers competing for their properties, thus pushing the prices higher. In this market sellers will not have to offer concessions or pay closing cost.
Having explained the market cycle we can now attempt to answer the original question of "When will the market bottom out so we can buy our new house?"

The reality of the situation is this. The only way you will know that the market has "bottomed out" is after it has happened, after the market trend has started to make it's upward movement. This can be months before the recorded sales are analyzed by the experts and the trends are identified as rising home prices. By this time, all the buyers who have been sitting on the sideline are jumping in the market and competition starts driving the prices higher. Thinking of it another way, you will not know the market has "bottomed out" until you see it in your rear view mirror. And by this point it is too late to turn around and take advantage of the buying power you have in today's "buyers market".

We hope that this will clear up the mystery for the people who are waiting for the right moment to re-enter the housing market.

2007-08-28T13:36:00.000-07:00

The summer is winding down, vacations are behind us and kids are getting ready to return to school. We hope everyone enjoyed their summer, however it was spent. We are getting increased requests for market analysis from many Fairfield Ranch residents. Often times people are surprised to learn of foreclosures and REO's that are impacting the property values in Fairfield Ranch. Everyone can stay current on the situation by simply checking the public notices in the papers (The weekly Chino Hills Champion is a great source).

Although you might not know it, all the news is not gloomy. The most recent report from the California Association of Realtors (C.A.R.) shows Chino Hills' median home price increased to $597,500 in July 2007 from $593,500 in July 2006 (0.7 % increase). While this might not seem like much, if you compare it to results from other cities in our area, our home values are holding up quite well.

Chino (-6.3%)

Corona (-5.2%)

Diamond Bar (-1.4%)

Pomona ( - 5.8%)

San Dimas (-10.3%)

Although we are definitely in a buyers market, resulting in fewer transactions than last year, Chino Hills is a very desireable place to live and that is reflected in the relative stability of our median home price.

Fairfield Ranch Update

2007-08-06T10:45:00.000-07:00

We thought we would give everyone an update of market activity. Current MLS inventory shows 21 homes actively listed for sale in Fairfield Ranch. Prices range from a low of $500,000 to a high of $759,900. There are four properties in escrow at this time. Year to date MLS closed sales show 25 properties sold this year. Price range from a low of $490,000 to a high of $670,000. The above date was gathered from MRMLS listings and does not include any foreclosure or private transactions. As always, please feel free to contact us for any specific questions.

Market Update

2007-08-03T21:07:00.000-07:00

Chino Hills homes sales fell 12% in the month of July. 58 sales closed in July 2007 compared to 66 sales closed in July 2006. Available inventory remains high with 369 homes currently active on the MLS in Chino Hills. The number of foreclosure and short sale properties on the market continue to grow. In addition we are seeing increased levels of appraisals reviews of those properties that are in escrow. All of this indicates the critical importance of pricing when listing your home for sale. The properties that offer value and are reasonably priced, are still selling!