Friday, July 25, 2008
Some quick facts: in January 2000 the total licensee population stood at 303,000. In the next seven years it grew every month and peaked in December 2007 at 548,959. In April 2005 they tested a record 22,000 would-be salespeople and brokers. In the first 3 months of 2008 less than 2,500 have sat for their exam. January 2008 was the first time in 84 months that the licensee population declined, and the trend continues today. Be careful who you use to represent you. Experience counts, especially in this market.
Protecting your deposits
Some Options for Protecting Accounts
Money sitting unprotected in the bank doesn't have to stay that way.
The Federal Deposit Insurance Corporation guarantees deposits of less than $100,000 but says that about 37% of domestic bank deposits aren't insured because the FDIC insures checking and savings accounts and CD's, but not other financial products including mutual funds, annuities and life insurance. The National Credit Union Administration provides the same protection to credit-union deposits. About 100 of the nation's approximately 8,500 banks and savings associations are currently on the FDIC's list of problem banks. Have a balance over $100K? One simple move is to open a joint account, which is insured for up to $200,000. Additional accounts could protect even more assets. An IRA held at a bank is insured by the FDIC for up to $250,000 only if the account is invested in bank products and not stocks or mutual funds. Be aware that if the banks merge, their deposits may climb higher than the protected limits. Lots of other options, check out the FDIC website. http://www.fdic.gov/
Money sitting unprotected in the bank doesn't have to stay that way.
The Federal Deposit Insurance Corporation guarantees deposits of less than $100,000 but says that about 37% of domestic bank deposits aren't insured because the FDIC insures checking and savings accounts and CD's, but not other financial products including mutual funds, annuities and life insurance. The National Credit Union Administration provides the same protection to credit-union deposits. About 100 of the nation's approximately 8,500 banks and savings associations are currently on the FDIC's list of problem banks. Have a balance over $100K? One simple move is to open a joint account, which is insured for up to $200,000. Additional accounts could protect even more assets. An IRA held at a bank is insured by the FDIC for up to $250,000 only if the account is invested in bank products and not stocks or mutual funds. Be aware that if the banks merge, their deposits may climb higher than the protected limits. Lots of other options, check out the FDIC website. http://www.fdic.gov/
Wednesday, July 23, 2008
Population stats
Census Data:
US population as of 1-1-8: 303,146,284
Percentage change from 1-1-7: +0.9
Rate of US births: 1 every 8 seconds
Rate of US deaths: 1 every 11 seconds
Rater of international migration to S.S.: 1 every 30 seconds
Total rate of U.S. growth: 1 every 13 seconds
Projected world population in 2012: 7 billion
Think they'll want condos?
US population as of 1-1-8: 303,146,284
Percentage change from 1-1-7: +0.9
Rate of US births: 1 every 8 seconds
Rate of US deaths: 1 every 11 seconds
Rater of international migration to S.S.: 1 every 30 seconds
Total rate of U.S. growth: 1 every 13 seconds
Projected world population in 2012: 7 billion
Think they'll want condos?
Thursday, July 17, 2008
Steps to Speed a Home Sale
taken from the LA Times 6-22-08 by Marni Jameson
BACK WHEN the real estate market was hot, sellers barely had to do anything. Any extra effort often elicited multiple offers for over the asking price. In today's cool market, however, those same extras can mean the difference between getting one offer or none at all. As inventory grows, a few inexpensive moves can make your house stand apart.
1. Get the right mindset. Once you list your home, detach yourself. Treat it as a commodity, which means making changes that will broaden its appeal but that may erase some of your personal style.
2. Start at the curb. Look at what people see when they pull up. Everything outside should look perfect.
3. Paint -- it's money in a can. Outside, if a good power wash isn't enough, a coat of paint is one of the best facelifts you can give a house for a relatively low price. If you don't want to paint the whole house, do the trim. Inside, paint walls a soft neutral such as warm beige.
4. Focus on the entry. Put some energy into the front door, because it makes a strong first impression. Make an ordinary entry look stately and elegant.
5. Catch up on maintenance. Get around to the repairs you should have been doing all along. Fix the little stuff. Easy fixes show potential buyers that you pay attention to detail, which signals that you must care about the big stuff too.
6. Look for alternatives to expensive or messy upgrades.
7. Consider new appliances. When people see new kitchen appliances, they often see a new kitchen.
8. Add some house bling. Make anything metal in your home look new and shiny. People see shiny new metal and say 'Oooh,' and it's not that expensive. Disregard this if you have original or patina'd hardware, in most cases.
9. Start packing. The average home would show much better if it had 50% less stuff. Since you're already going to move, give yourself a head start by packing away all the clothes, books and dishes you won't need for the next few months. Take out extra furniture, especially if it's blocking the flow of foot traffic. If you can get all the stuff off-site in a moving pod or in storage, do so. If not, stack neat, labeled boxes in the garage. Mike Bell's note: during showings there can easily be as many as 6 people (2 agents, husband and wife, with their parents that are helping with finances)
10. Remove the "you" factor. Sorry but home buyers don't care about your trophies, your hobbies, your taste in art or your photos. Pack all that away. Depersonalizing a home lets buyers imagine themselves in the house. You want people looking at your house, not your wedding photos. In kitchens, leave out just one appliance and, on your desk, just a phone and a lamp. Think nice hotel.
11. Clean house. We often don't notice our own dirt. Look hard, starting with the switch plate by the front door. Wipe it down along with all light switches, doors and baseboards. If you're not the best housekeeper, hire a service. . . . Every surface should sparkle.
12. Banish smells. When people first walk in, they should either smell nothing or a nice scent, like cinnamon or citrus. Set out potpourri, fresh-cut flowers or subtle air fresheners. Have carpets -- if not replaced -- professionally cleaned and deodorized.
BACK WHEN the real estate market was hot, sellers barely had to do anything. Any extra effort often elicited multiple offers for over the asking price. In today's cool market, however, those same extras can mean the difference between getting one offer or none at all. As inventory grows, a few inexpensive moves can make your house stand apart.
1. Get the right mindset. Once you list your home, detach yourself. Treat it as a commodity, which means making changes that will broaden its appeal but that may erase some of your personal style.
2. Start at the curb. Look at what people see when they pull up. Everything outside should look perfect.
3. Paint -- it's money in a can. Outside, if a good power wash isn't enough, a coat of paint is one of the best facelifts you can give a house for a relatively low price. If you don't want to paint the whole house, do the trim. Inside, paint walls a soft neutral such as warm beige.
4. Focus on the entry. Put some energy into the front door, because it makes a strong first impression. Make an ordinary entry look stately and elegant.
5. Catch up on maintenance. Get around to the repairs you should have been doing all along. Fix the little stuff. Easy fixes show potential buyers that you pay attention to detail, which signals that you must care about the big stuff too.
6. Look for alternatives to expensive or messy upgrades.
7. Consider new appliances. When people see new kitchen appliances, they often see a new kitchen.
8. Add some house bling. Make anything metal in your home look new and shiny. People see shiny new metal and say 'Oooh,' and it's not that expensive. Disregard this if you have original or patina'd hardware, in most cases.
9. Start packing. The average home would show much better if it had 50% less stuff. Since you're already going to move, give yourself a head start by packing away all the clothes, books and dishes you won't need for the next few months. Take out extra furniture, especially if it's blocking the flow of foot traffic. If you can get all the stuff off-site in a moving pod or in storage, do so. If not, stack neat, labeled boxes in the garage. Mike Bell's note: during showings there can easily be as many as 6 people (2 agents, husband and wife, with their parents that are helping with finances)
10. Remove the "you" factor. Sorry but home buyers don't care about your trophies, your hobbies, your taste in art or your photos. Pack all that away. Depersonalizing a home lets buyers imagine themselves in the house. You want people looking at your house, not your wedding photos. In kitchens, leave out just one appliance and, on your desk, just a phone and a lamp. Think nice hotel.
11. Clean house. We often don't notice our own dirt. Look hard, starting with the switch plate by the front door. Wipe it down along with all light switches, doors and baseboards. If you're not the best housekeeper, hire a service. . . . Every surface should sparkle.
12. Banish smells. When people first walk in, they should either smell nothing or a nice scent, like cinnamon or citrus. Set out potpourri, fresh-cut flowers or subtle air fresheners. Have carpets -- if not replaced -- professionally cleaned and deodorized.
Wednesday, July 2, 2008
Fast Facts from CAR
Calif. median home price - May 08: $384.840(Source: C.A.R.)
Calif. highest median home price by C.A.R. region May 08: Santa Barbara So. Coast $1,199.000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region May 08: High Desert $200,740(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 08: 44 percent (Source: C.A.R.)
Mortgage rates - week ending 06/26/08 30-yr. fixed: 6.45% Fees/points: 0.6% 15-yr. fixed: 6.04% Fees/points: 0.6% 1-yr. adjustable: 5.27 % Fees/points: 0.6% (Source: Freddie Mac)
Calif. highest median home price by C.A.R. region May 08: Santa Barbara So. Coast $1,199.000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region May 08: High Desert $200,740(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 08: 44 percent (Source: C.A.R.)
Mortgage rates - week ending 06/26/08 30-yr. fixed: 6.45% Fees/points: 0.6% 15-yr. fixed: 6.04% Fees/points: 0.6% 1-yr. adjustable: 5.27 % Fees/points: 0.6% (Source: Freddie Mac)
Tuesday, July 1, 2008
Best food in Pasadena
In a rush, want to know my favs? You're reading this, so you must be interested. Best is Zankou Chicken near PCC... Armenian chicken with hummus and garlic sauce. The best. Tied for best: In-n-Out...don't be a novice, you need to order OFF of the menu, it's sooo LA. Don't know what I'm talking about, then call me. Best breakfast is Foxes on North Lake just south of Altadena Drive, where everyone knows your name, seriously. Best spaghetti (my Italian momma is gonna kill me) is at Noodle World (Thai) where you have to order the spicy seafood spaghetti. Really is good. Gordon Biersch garlic fries are the best. Now I'm hungry.
Banks are freezing credit lines
If this hasn't already happened to you, then beware. Lenders say they're reducing existing home-equity lines of credit in markets that have been experiencing significant declines in property values. I have 6 clients that have already received notices. One of my clients withdrew the money before the account was frozen, an equityline at 6%, and put it in a CD. Now he has emergency cash (cash to buy the next property maybe?). Many of my clients have received letters from their lenders telling them of the value their bank THINKS their property is worth in explaining why the line is frozen, or substantially reduced. Banks including BofA and WaMu say there's a process in place for customers to appeal these decisions, but I don't know of anyone that tried. Maybe this is a "a blessing in disguise" since a home isn't supposed to be an ATM.

