California Real Estate | Homes for Sale | Blog

Maybe it’s time to wake up your sleeping real estate and make it get a productive job.

California real estate has appreciated wildly for years and I know many people who have taken their largest asset for granted for a long time. The belief has been that these large escalations in value trumped any necessity to dynamically handle this lump of equity.

Now, that appreciation has slowed down, and the media has done a good job sensationalizing the woes in the real estate market, some people are starting to become aware of the situation in the booming California real estate economy. Bankrupt homeowners, staring at half a million dollars in equity, are finally starting to realize” what’s wrong with this scenario?”

Here are some practical ways on how to identify if your house is a sleepy asset.
First, you are confident in your 5% something mortgage; but have you considered that the 9% second mortgage is almost as large as your first mortgage? In merging the two, your payment will go down and your cash flow will go up.
2. Your interest rate is good, but not good enough. You likely have the funds for the payment, so why go through the trouble and cost of a refi? Re-examine your interest rates often. The closing costs in a minor interest rate refi are recalled instantly in your newly reduced payment.
3. You want to invest in a another property, but do not have the funds to do so at this time. The answer is a cash-out refinance, even at a little higher rate, if it means investing your asset in another piece of real estate which has higher potential for appreciation.
4. You are allowing your property to degrade physically, because you have lost your appeal in it. If you have allowed your property to physically devalue you are harming yourself in 2 ways. First, you are letting equity run away from you. Second, you are depriving yourself of one of the significant benefits of owning real estate: the joy of loving your home. At a very minimum, keep your property up to par with the others in your neighborhood or go the extra mile and upgrade just a bit beyond your neighbors to keep the value of your property as high as possible.
5. Your home has so much promising capability of earning wealth that you are overlooking. You may not know that your property has an extra lot that is now worth a fortune. Maybe there is a second structure that with a little renovation could become a rental property. Or maybe buried in your home equity is seed money for that business you have always dreamed of. The best thing to do is to release the hidden prowess of your equity and open that chest of gold. Every month you postpone is a deficit of profits and earnings.
The decision is yours. Do not let yourself be guilty of letting your real estate become just a sleepy tool, if you can make it your fortune-generating machine. Make it work for you.

For the fourth straight month, home sales rose in California. This would normally be great news, however the larger picture shows that sales decreased by 28.5% over last year February. In addition the median price has fallen by an astonishing 26.2%.

Here are some statistics from the California Association of Realtors:

Statewide, the 10 cities and communities with the highest median home prices in California during February 2008 were:

• Santa Barbara, $1,150,000
• Redwood City, $875,000
• Danville $875,000
• Encinitas, $842,500
• Santa Monica, $787,000
• Mountain View, $784,000
• San Clemente, $770,000
• San Mateo, $750,000
• Sunnyvale, $741,750
• San Francisco, $737,750
• Carlsbad, $675,000.

Statewide, the 10 cities and communities with the greatest median home price increases in February 2008 compared with the same period a year ago were:

• Encinitas, 25.7%
• Santa Barbara, 23.4%
• Walnut Creek, 21.5%
• Redwood City, 14%
• Carlsbad, 10.9%
• Sunnyvale, 5.3%
• Mountain View, 3.4%
• Rancho Mirage, 2.6%
• Santa Monica, 1.5%
• Los Angeles, 1.5%
• Santa Clarita, 0.9%.

Is now a good time to buy? Many would say YES! If you can qualify for a loan, there are some great deals to be had. If financing is an issue you might want to check into the CalHFA loan program, as there are less stringent requirements needed to qualify.

Model quality home for sale in Visalia - This home was feature on the cover of The Real Estate Book in Visalia (Tulare and Kings County CA). Many custom features accent this home. 3 bedrooms 2 baths and 2,144 SQ FT of luxurious living on a lovely lot in Visalia. Some of the features include: a master suite with sitting area and large soaking tub, formal and informal dining areas, a kitchen with granite counter tops, breakfast bar and large pantry, all on a large landscaped lot.

Home offered by Rosa Jimenez - All Estates Realtors in Visalia California. See more details, photos and find more homes for sale in Visalia by visiting The Real Estate Book online.

Working with a qualified Realtor® can make all the difference in the purchase of your next home. Because the home purchasing process can be a tricky one for a novice and because the stakes are so high - it’s often times not worth the risk to try and go it alone.

The benefits to using a Realtor® include:

A Realtor can assist you in assessing your purchase power. Realtors work with a variety of lenders on a daily basis. Generally after an initial assessment based upon facts gathered from you, a Realtor can refer you to a lender that can help finance you in your particular situation.

Realtors have access to many resources to help you find your perfect home. Additionally, a Realtor can show you any home advertised in print publications such as The Real Estate Book.

A Realtor can help you negotiate the best purchase price. Using a pool of resources including past experience, a Realtor can judge whether or not a home is worth its asking price.

A Realtor can assist you in finding contractors and those that work in specialty trades relating to a home’s condition. If the home you plan to purchase is a fixer upper or may need repair when you move in, you can use your Realtor as a valuable resource to assist you in finding contractors with a good reputation in the industry.

A Realtor can guide you through your home’s closing smoothly. Realtors have many industry resources at their disposal and can advise and assist you along the way.

As a home buyer, your Realtor’s services are completely free of charge, as the money that they are paid comes from the sale of the home and is calculated into the home seller’s costs.

Aside from the above mentioned benefits there are also Realtors who specialize in certain areas of the home buying process. A Realtor that advertises the designation ABR is an Accredited Buyers Representative. This means that they have qualified by means of the Real Estate Buyer’s Council’s guidelines and have passed a written examination in addition to other qualifications. You can find out more about the ABR designation on their website.

Real estate transactions can be a long and often arduous process when navigated alone. With a Realtor by your side, you can be assured that you have the best resources available to help you along the way.

The central valley of California continues to be touted as one of the last affordable areas to live in California. Among the cities located in the central valley is Visalia California. With a population of roughy 111,000 people as of 2007, Visalia is the largest city in Tulare County.

Located just about an hour away from Sequoia National Park, Visalia is known as the gateway to the Sequoias. Lake Success and Lake Kaweah are also within a short drive for those that enjoy water recreation. Biking is also a sport that people travel from all over to enjoy in the Visalia area, including participants in the Sequoia cycling classic that is held annually starting in downtown Exeter; a city just about 15 minutes away.

Median home values are currently in the $225,000 range, down from nearly $300,000 just over one year ago. With interest rates as low as they are, this is a great time to buy Visalia Real Estate.

California residents will have reason to rejoice this tax season!

The economic stimulus package announced this week includes rebates between $600 to $1,200 for most Californian families plus $300 per child. The big news that is relevant to the California real estate market is the fact that the plan also includes a drastic reduction in rates for loans between $417,000 and $729,00.

Jumbo loans (Loans over $417,000 in California) are generally priced at a much higher interest rate than loans for homes at a lower price point. The interest rate on a jumbo loan can be 1.5%+ more than a loan for a lesser amount. This mean that many homes in California markets are just plain unaffordable for consumers looking to buy - even in the current market.

The stimulus plan effectively raises the cap for conforming loans (loans that up until now were capped at $417,000) and the corresponding interest rate associated with them. This will give California markets a much needed boost in affordability as more consumers become qualified to purchase.

Hopefully this will be enough to begin to remove consumers from the sidelines and into the buyers category.

The January issue of The Real Estate Book of Tulare & Kings County features a gorgeous
4 bedroom 2 bath home for sale located in the lovely city of Exeter California.

This home features over 2800 square feet and an impressive array of amenities including:

• Formal dining area
• Large kitchen with center island, oak cabinetry & breakfast bar
• Surround sound wiring in the family room
• Large master suite with covered patio
• Upstairs bonus room / possible 5th bedroom
• Indoor laundry room
• 3 car garage
• RV parking
• Beautiful landscaping

Priced at $429,000 This Exeter California home is listed by Tricia Kirksey of Tricia Kirksey Real Estate in Exeter California