Glendale SFR Market Area Statistic 2012

The latest Glendale Market Area Statistics is now available. Inventory level continue it’s decline, and has been steady since December 2011.  And the number of home sold and going to pending has seen a steady increase as well.

If you have any questions of the recent changes to the real estate industry, please don’t hesitate to Anwar Caram at 818-588-5728.

Buying a Home Pays off After Three Years

According to the Los Angeles Times article, it takes approximately three years to reach the “break-even point” for potential home buyers.  Location still plays a large part on how quickly a homebuyer reaches that horizon.  In Los Angeles and Orange County, the magic number of breaking even is 4.3 years (assuming that the buyer has placed a 20% deposit).  This analysis takes into account various considerations including the downpayment, mortgage vs rental payments, maintenance costs, and tax deductions.

With interest rates at an all-time low, and the housing market making a recovery, now is the best time to purchase a house.  If you want to discuss your options in being able to purchase a house, please feel free to give me a call at 818-588-5728.

California Governor Brown Signs Homeowners Bill of Rights

California’s Governor Jerry Brown recently signed the California Homeowner Bill of Rights, which is designed to stop the abusive tactics of loan servicers and protect struggling homeowners who are trying, in good faith, to renegotiate their mortgages.

The Homeowner Bill of Rights has four major parts:

• Prohibiting “dual track” foreclosures that occur when a servicer continues foreclosure while also reviewing a homeowner’s application for a loan modification;
• Creating a single point of contact for homeowners who are negotiating a loan modification;
• Expanding notice requirements that must be provided to a borrower before taking action on a loan modification application or pursuing foreclosure; and
• Allowing injunctions against foreclosure until violations are corrected and permitting civil penalties against servicers that file multiple, inaccurate mortgage documents or commit reckless or willful violations of law.

These new laws make California the first state in the nation to take provisions in the National Mortgage Settlement, which covered the nation’s five largest mortgage loan servicers, and apply those rules to all mortgage servicers.

C.A.R. opposed this well-intentioned legislation because it will encourage the filing of lawsuits intended for delay and further discourage lending.

While C.A.R. is disappointed in the final outcome, the good news is that what has passed is a much-improved version of the package of bills initially sponsored by the Attorney General, which would have originally halted ALL foreclosures, drying up both REO inventory and even short sales.

C.A.R. will continue to fight for the thoughtful, balanced reform of the foreclosure process.  For example, C.A.R. is sponsoring AB 1745 (Torres) which prohibits “dual tracking” to prevent lenders from selling a property at a foreclosure sale if a short sale has already been approved. C.A.R. has also worked cooperatively with the Attorney General on several of the bills in her “bill of rights.”

If you have any questions about your rights as a Homeowner please feel free to give me a call.

To Rent or To Buy

There are many factors that affect the decision on whether it is better for you to rent or buy. Some of the points to consider include how fast prices go up and how long you plan to stay in your home.  Here is a list of some factors that could help you decide whether you should rent or buy.

• AREA – Location is one of the most important factors for buyers or renters.

Purchasing a house in or near the city center is often more expensive than a house on the outskirts of the city.  Because of the growth of the city as well as space limitations that made cities more dense, apartments are more readily available.  The past two decades have seen an influx of people who want live and work inside a big city. And with major downtown developments in Los Angeles, New York, and other cities, there is an influx of young and professional residents that are moving into urban regions

• Ease of Movement.  A short-term rental agreement is a lot easier to get out of than a relocation.  And if you have to sell a property with little equity, you could take a big loss in your investment.  If you have a stable job, and plan to stay within a particular community, buying a house will make more sense. But if you need the flexibility to relocate, or are unsure about your career track, renting may be the way to go.

• Job Security.  Job security is important.  The job market must be stable enough for your career, so that you will have plenty of options if your current career path does not pan out. Without this security, you will need the flexibility to relocate.  Unemployment rates and job availability in your field is also an important factor to your job security.  Without job security, you need the flexibility to relocate.  As a homeowner there is nothing more frightening than losing your job.

Missing payments on your mortgage can lead to foreclosure, short sales, bankruptcy, wrecked credit and high blood pressure. If your employment is shaky, now’s not the time to buy. Jobs are tough to come by. Save your money and rent.

• The economy.  The economy impacts the various employment opportunities that are available in a particular area. Pay attention to the unemployment rate, and gauge how much confidence that you may have that the economy is getting better or worse. A tighter economy can also make it hard to borrow money from lenders.  Renting in a recovering economy can give you the time save your money and put yourself in a better position to buy in the future.

• Bad credit. If your credit is bad, lenders won’t approve a mortgage for you. A year or two renting and careful credit use can give you enough time to increase your credit score and position yourself as a strong homebuyer.

• Maintenance. The best homeowners are one that are handy in the house.  As a homeowner you are responsible for all maintenance of the property. In an apartment complex, even a single-family home you might rent, the landlord or property owner direct, or through the building manager or the superintendent, is typically responsible for maintenance.

• Your relationship. If your relationship is young or on shaky ground, think about the consequences of buying a home with someone who may be out of the picture weeks, months or even years from now. If you’re dependent on two incomes to make the mortgage payments, if there could be a court fight over assets if you split, renting is probably a better deal.

When you share assets in marriage or other relationships a prenuptial or other agreement also may be a good idea.

If you have any questions about whether renting or buying will be more advantageous to your current situation please feel free to give me a call at 818-588-5728 or send me an email at anwar@realtorandyou.com

Picking the Perfect Real Estate Agent

Have you ever considered buying or selling a home? A real estate agent should be on the top of your list.  Although you can choose to sell or purchase a home without a real estate agent representing you, your resources and exposure will be severely hindered.

When choosing a REALTOR, your decision should be based on various factors: Communication, integrity, trustworthiness, and professionalism. You need to find an agent that is not only knowledgeable about real estate, but is able to represent your interests. A solid real estate agent is able to attend to your needs, and make sure that they will be there for you through thick or thin.

Here are some questions that you may ask in determining whether or not to hire a particular REALTOR:

• How long have you been actively selling real estate properties?  Experience plays an important part in real estate agent’s skill sets. Find out if this is a full time or part time job for them.  Nothing beats experience in assessing a real estate agent’s knowledge and skill sets.  Although experience is not a total guarantee of an agent’s skills, it is a good test to gauge their expertise.

• What kind of credentials do you hold?  Other than a real estate license from a state’s governing body, there are various types of certifications that a REALTOR can earn.  These real estate certifications make sure that this agent has met standards for very specific designations.  Some of these designations are CRS (Certified Residential Specialist), GRI (Graduate Realtors Institute), ABR (Accredited Buyer Representative), and SRES (Seniors Real Estate Specialists). These designations are sometimes denoted on a real estate agent’s business card.

• How many properties did you sell last year?  A successful agent has various transactions pending or already sold. Knowing an agent’s track record is great indicator of how successful he will be in representing you.

• What marketing strategies do you use? A season real estate agent should have a proven strategy in marketing. Whether it’s buying or selling properties and agent should have a creative, innovative and current marketing strategy.  Make sure to ask for testimonials and references.

Choosing a real estate that has the experience, professionalism, and communication skills that will fill your needs is crucial to the success of your goals.

I am a REALTOR and as a member of the National Association of REALTORS and the California Association of REALTORS, I adhere to a strict Code of Ethics that is above and beyond the standard practice. Please give me a call at 818-588-5728 or email me at anwar@realtorandyou.com.

Crime Rates Fall in Glendale

The Glendale News Press reports that crime rates in the City of Glendale continue it’s downward trend by falling 12% from the previous year.  According the Glendale Police Department, Violent and property crimes have shown significant decrease.  Police Chief Ron De Pompa attributes the drop in crime rates to an increase in enforcement, predictive policing and working closer with the community to target various crimes before they get out of hand.

As a whole despite the economic hardships, the City of Glendale and the City of Los Angeles is experiencing a remarkable renaissance in preventing crimes.  Citizens are feeling safer, which result in more investment into particular neighborhoods.

Foreclosed Homes in California is at a Five-Year Low

According to his recent Los Angeles Times article, the notices of default in the second quarter of 2012 has fallen by 2.9% from the first quarter of 2012 and 3.6% from a year earlier. This is a great indicator that California’s foreclosure crisis is finally slowing down, and that the housing market is heading into a recovery.

Most economists and experts believe the worse of the foreclosure tragedy is over, even though the inventory of bank-owned home will continue to remain at a high number.  The slight decline of foreclosed homes also signals that the “housing market has bottomed, but there is still a lot of inventory.”

With an increased attention paid to lenders in California, including recent legislation dubbed the Homeowner Bill of Rights, experts believe that banks will look for other ways to deal with their troubled inventories.

Glendale Area Statistics – June 2012

As you can see on the chart above inventory levels are are reaching steady lows the past 7 months. And because of that properties are selling faster and prices are slowly stabilizing and going higher.  These statistics were taken for the City of Glendale in Southern California. Information deemed reliable but not guaranteed.

Should you have any questions about real estate in general, feel free to give me a call at 818-588-5728 or email at anwar@realtorandyou.com

FHA May Loosen Strick Rules on Condo Mortgages

According to this L.A. Times article – thousands of condominium owners and buyers around the country could soon benefit to some changes of the FHA regulations.  The proposed changes could remove some the obstacles that prevent condo homeowner associations from seeking approval or recertification of their buildings to meet FHA loans.

Under current FHA regulations, individual condo units cannot be sold to buyers using FHA-insured mortgages unless the property as a whole has been approved for financing.  Some real estate agents and industry experts believe that the FHA rules have become too strict and have prevented buyers from having access to low-cost mortgage money, thereby stunting the real estate economic recovery that the Obama administration is working towards.

Advantages in Investing in Rent Control Areas – Burbank

Burbank offers many conveniences to potential residents, making it one of the more sought after residential areas of the region. That is part of the reason that the real estate market is making a comeback in this region of the state. Less than 15 miles from downtown Los Angeles, it offers a great location for those working in LA and the surrounding area, whether the daily commute will be made via driving or by using public transportation. The desirability of living in this region is just one of the advantages of investing in non rent control apartments in Burbank CA.

Apartment investments in Burbank CA have the opportunity to offer a solid return on a person’s investment, because there are so many reasons why people seek homes in this area. All of the conveniences of being near a big city are available — employment opportunities, excellent schools, museums and other cultural experiences, fine dining, shopping, high quality medical care, etc. — yet many Burbank neighborhoods have managed to keep a hold of that small town atmosphere. Burbank is a place that people like to come home to at the end of a busy urban day.

People invest their money because they want to earn a reasonable return on their investment. And, the primary advantage to investing in non rent control apartments in Burbank CA is the freedom to determine what that return will be for yourself, rather than being limited by rent control agreements. It’s not at all unreasonable to want to have as much control as possible over your investment and it’s potential. According to recent statistics from the Realty Times, apartment vacancies are decreasing in the area as people continue to flow into the Burbank area looking for places to live.

Another advantage to making an investment in apartments in this area is that many people are choosing to downsize. Older couples, for example, often prefer to sell their homes after the children are grown to free themselves from the costs and hassles associated with home ownership and maintenance. This is just one of several demographic trends towards apartment living that can be of benefit to those making apartment investments in Burbank CA. Talk to an experienced local realtor and see what opportunities Burbank holds for you.

The real estate agent you choose could be the greatest asset or biggest obstacle to finding your dream home. Give me a call at 818-588-5728 or send me an email at anwar@realtorandyou.com