When was the last time the market carried such an extraordinary opportunity for buyers? In the midst of doom and gloom mentality surrounding the current economic state, it may be counter-intuitive to sense the opportunity here. Counter-intuitive, but smart! Here are some numbers to chew on:

From January 2008 to January 2009, median home prices in Southern California have gone down 39.8% (from $415,000 to $250,000). If we look at the various areas separately, we see that San Bernardino county has experienced the largest decrease in home values over the last year- a whopping 45.7% decrease to be exact, or from $298,500 in Jan 08 to only $162,000 in Jan 09. (Out of all the counties in southern California, Orange county has been least affected by the drop in median home values.) Buyers in San Bernardino are picking up amazing deals right now!

There is much more activity on the market now than there was at this time a year ago. Sales on existing homes have increased by 54% since January of last year.

Of course, the number of homes sold in January that were foreclosures was 60%, a remarkable percentage.

Out of all the different types of buyers out there, I see an exceptional opportunity for first-time home buyers and investors to seize up some of these deals. Whereas a current homeowner may have a harder (or just longer) time selling their home so they can use the equity to buy a new house, first time buyers can act immediately, as can investors.  And with the government programs coming into play, first-time buyers are getting a lot of help and guidance right now that others are not.

You know you live in Loma Linda if the blaring horn of the train has become as common-place as the sound of the helicopters landing on top of the hospital, which has become as expected as chirping birds.  But this nuisance (the train’s horn, that is) may soon be gone from our city!

The City Council has approved the next step in the process of establishing “quiet zones” (areas where trains are prohibited form blaring their horns) in residential areas near Union Pacific Railroad tracks. Specifically, it recently approved a contract for engineering services to design street improvements for quiet zones at Whittier and Beaumont avenues in Loma Linda.

The city must meet certain requirements in order to get permission from the Federal Railroad Administration to install quiet zones, and this is something the city has been working on for several years.

I would contend that this single change will actually increase home values slightly.  Good news for Loma Linda and its residents!

Last night, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier yesterday, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Yesterday’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion.

On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.

The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009.  Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

Below describes the tax credit in more detail:

Refundable First-time Home Buyer Credit.

Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase.

Harrison St, Riverside, CA 92503

Bank-owned home in Riverside 4+2

Here is a bank-owned deal on a corner lot right down the street from a great elementary school. 4+2, spacious with 1565 sq. feet, covered patio area in backyard plus grass, living room and family room with vaulted ceilings. Just change the carpet and paint and create instant equity.  Easy to show- email for details:

realtorcassie@gmail.com

Bank Repo in Colton, CA for $339,900

Here’s a gorgeous home in a great neighborhood in Colton, right off the 215 freeway. 5+3 and a spacious 2561 square feet, newer carpet, paint, light fixtures, doors, etc. 3-car garage, RV access.

Schedule a showing:

realtorcassie@gmail.com

Last night I started reading Barbara Corcoran’s book “Use What You’ve Got & Other Business Lessons I Learned from My Mom”… from my understanding it’s also titled “If You Don’t Have Big Breasts, Put Ribbons on Your Pigtails: And Other Lessons I Learned from My Mom.” Gosh those are long titles.

Anyway, to my surprise I couldn’t put it down and finished it in a few hours!

I highly recommend it for anyone in sales, real estate, or business, especially if you’re of the female species… With an engaging writing style, she alternates between vivid memories of lessons her mom taught her throughout her childhood, and her own experiences as an entrepreneur and founder of the hugely successful New York real estate company, The Corcoran Group.

Talk about inspiring!
She comes from a family of 12 (that’s right, 10 children!!) with meager means to say the least — the 6 girls shared 1 room, the 4 boys shared the other, the parents slept on the living room couch, and they all shared a bathroom.  She recounts her career from the beginning, when she borrowed $1000 from her then-boyfriend to start a real estate company (with no experience or relevant education), to 2001 when she sold her business for around $70 million dollars! All the while, she interjects with how the lessons she learned from her mother helped in her business decisions which eventually turned her into a multi-millionaire.

I love reading about such inspirational women- I only hope that I can actually implement some of these ideas in my own career.

Here’s a great article on taking good real estate photos– it can be found by Clicking Here

A real estate agent in Connecticut has put together a site called “Bad MLS Photo of the Day.” Be sure to check it out to show what NOT to do when trying to sell a home. It’s amazing how some of these pictures were actually put onto the MLS… Here is one of my favorites!

http://reagentinct.com/category/bad-mls-photo-of-the-day/

This is, on the otherhand, a beautiful shot of a gorgeous interior.

6 Essential Tips for Taking Professional Photos

We’ve recently commented here and there about what not to do when taking photos to market a real estate property. All too often, people are taking absolutely horrendous photographs, while most others are posting just mediocre pics to their MLS listings and websites. If you’d like to take the kind of photos that truly stand out and create a perfect impression, here’s what you need to do.

Start With a Real Camera.

Yes, that means you’ll need to pocket your cell phone. Respect the properties you photograph by at least treating them to a legit camera. Even the most basic 5 megapixel digital cameras available these days take excellent web quality pictures. Unless you want to go all out, $150 should put you in the game without any problems at all. One name brand is just about as good as the next.

Compose Good Photos.

Those giving photography advice often criticize the practice of taking of artistic photos for non-artistic purposes (read real estate). We’ll go ahead and agree with them, meaning that you should avoid anything too abstract.

To keep things simple, leave your camera in auto mode, but do have a good eye for composition. Look for angles that produce photos which actually represent the feel of the house. Invest in a tripod to help you achieve this goal and turn up your camera’s resolution to the highest setting – You can always shrink it back down later if needed.

Proper Lighting is Imperative.

The best times to take outdoor photos are early in the morning or late in the evening. By doing this, you’ll prevent your subject from being totally washed out by the glare of the mid day sun. Plus, the moderate shadows which occur at these more extreme sun angles will help give good depth and definition to the details.

And no, your flash is not doing any good whatsoever outside. Skip the photos on rainy or overcast days; they’ll make people subconsciously depressed. Show some blue sky when possible. When inside, turn on all of the lights even if the sunlight is pouring in.

Edit by Elimination.

Don’t be afraid to take hundreds of photos of any one property. Your digital camera allows you this freedom and you’ll inevitably have more options to choose from later. When deciding which photos to use, focus on those that show the big picture as well as those that clearly convey details you’d like to share.

Be wary of any pictures that might leave the viewer asking “what in the heck is this?” Nobody really wants to see the guest bathroom’s doorknob. Get the picture?

Make Them Bold and Beautiful.

Do yourself a favor and download Google’s free Picasa photo management and editing software. Unless you consider yourself a gifted photography guru, this software is much better and way easier to use than anything that came with your camera. Make yourself familiar with its basic features such as cropping and exporting photos in a certain size.

Crop out any of the crud from your selected pictures. You don’t want any clutter showing, it give off bad vibes. Adjust the photos so they highlight exactly what they should. For example, if you’re trying to show the front of the house, make sure the focal point isn’t the mailbox in front of the house. Make sure the colors come across brightly and accurately.

Go Big.

This might be the most important tip of all. Why spend all of your time and effort taking excellent photos and editing them to perfection if you’re not going to show them off? Make them big for your site. 600 pixels across will work nicely for most blogs. Consider going up to around 1000 pixels wide for really showing off the details. Picasa makes exporting pictures in these sizes a breeze

If you have any more tips, be sure to comment below!

“Generation Y” also referred to as the “Millennials” are those of us born from 1978 to 1990– that would make us in the 18-30 range.

Generation Y buyers are much more technologically-savvy than our older counterparts.  It would make sense that those who are considering buying real estate would sense an opportunity in this slow market and begin their search by researching heavily on the internet.

An excellent article touches on this very subject

Generation Y Buyers are Knocking

After a lot of anticipation of Generation Y entering the workforce, here’s an article on certain “myths” put to rest:

Gen Y Myths Debunked

So you’re trying to break into Real Estate at the “worst” time. What can you do with a real estate license in this market?

Well for one thing, homes are still being bought and sold. Many markets are holding strong and some agents are thriving. The market is cyclical and it will eventually bounce back. The key is making it through the rough times.

For those of you who are looking for another path, this article suggests some alternative careers for those with real estate licenses. Some include being a leasing agent, a licensed assistant, a writer, a scout, a marketing assistant, and a home stager.

Full Article Here

For us Generation Y ‘ers, it seems that blogging has become a natural way to express feelings, promote ourselves, debate fiercely, enhance careers, and learn of others’ experiences. Thus, it only seems right to have some excellent blogs written on everyone’s favorite hot topic, Real Estate. Why leave it to the “seasoned” real estate agents and investors to discuss their experiences from decades past (in person, mind you), when we can obtain much more information instantly from across the space of cyberness?

For those interested in entering the field of Real Estate, I highly recommend the site AgentsOnline.net

I have learned tons of important information from seasoned Realtors on this site. It’s a great way to study and research about the industry and various markets, as well as connect with hundreds of real estate agents from across the country… all from the comfort of your own computer screen. And the unifying commonality among us all is that we utilize the internet in our businesses, something that many more seasoned (dare I say “older”?) real estate professionals often don’t do as much.

Another excellent blogging site is Active Rain

Any other favorites?