Generally, lenders order a low-cost electronic valuation—based on publicly available statistical data—to review the accuracy of the information submitted by the appraiser. If there is a discrepancy between the electronic valuation and the appraiser’s report, the lender’s underwriters may reduce the appraisal figure.

 ~ Barry Ripp

From:  Calif. Assoc. of Realtors & LA Times

Here are some more natural ways to get rid of pests.

To get rid of ants, try sealing of their entry point with cayenne pepper, lemon juice, garlic or mint leaves. (try one at a time to see which works best for you.)

For mosquitos, try planting marigolds. They give off a fragrance that the bugs don’t like. Lemongrass is another good idea, it contains citronella…which works well.  Also lookout for standing water, that’s where they’ll thrive.

Enjoy your summer!

Earlier this week, the National Association of Realtors (NAR) reported some lenders and loan services have been slow to implement the program or are unaware of its availability.

NAR has prepared resources to help REALTORS® answer questions about HAFA. Their new short sale Web page includes HAFA forms, breaking news and Fannie Mae and Freddie Mac real estate commission policies.

Call your Realtor today for more info, or contact me and I will be happy to forward you some information.

~ Barry Ripp emailto:  barry at barryripp.com

 www.barryripp.com 510-794-7690

The survey revealed that homeowners and renters alike are taking a more cautious approach to homeownership. 23% renters polled said they will buy a home later than once planned. In addition, Americans with traditional, fixed-rate mortgages with predictable payments are significantly more satisfied than those with other types of mortgages. Respondents cited non-financial reasons such as safety (43 percent) and quality of local schools (33 percent) as driving factors in wanting to own a home, ahead of financial considerations.

60 percent of consumers believe that buying a home today is harder than it was for their parents, and 68 percent think it will be even more difficult for their children. 88 percent also believe that walking away from an underwater mortgage is not acceptable.

 ~ Barry Ripp    www.barryripp.com

“Household spending is expanding at a moderate rate, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly,” the Fed said.  “However, investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls. 

“While bank lending continues to shrink, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels” the Fed said.

The Fed also said it would end its program of purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac to help keep home loan rates low. That program will conclude at the end of this month when the Fed’s mortgage bond holdings reach the $1.25-trillion limit it set last year.

 California’s median home price hit bottom in February 2009 at $245,170.  Since then, the median home price has increased steadily in month-to-month comparisons, but remained below 2008 levels throughout 2009.  The annual median price is projected to increase to $280,000 in 2010 from $271,000 in 2009.

 Homes priced $500,000 or less dominated the sales mix throughout 2008 and early 2009, but peaked at 85 percent in January 2009.  Meanwhile, the market share of homes sold for more than $500,000 increased from 15 percent in January 2009 to 25 percent in July 2009, holding steady around that figure for the remainder of last year.

 So if you are thinking of buying, what’s stopping you? Contact me and I can show you your next step, why wait any longer?

Governor Proposes $10K home buyer Tax Credit: During his final “state of the State” speech on Wednesday Jan. 6, Governor Schwarzenegger proposed a state income tax credit of $10,000 for first-time home buyers. The proposal would expand the tax credit for those purchasing newly constructed homes to include the purchase of existing homes by first-time home buyers.

For more information, contact me.

 ~  Barry

Great new for the real estate market. November stats are in and they look impressive. The number of transactions are up almost everywhere you look. That’s partly due to low inventory and new tax credit incentives. 
To give you an idea about the housing inventory; in November 2008, Fremont had 367 active listings; compared to now, Nov.2009 there were 199…that’s 45% less.In the smaller city of Union City, there were 172 listings in 11/08 and now only 51 in 11/09, that’s a 70% reduction. It’s no wonder you’re hearing stories of 10 to 20 offers on the good deals…everyone is looking for one.

What about home sales? Well, Fremont had 67 in Nov.2008 and 92 in Nov.2009. That’s a 37% increase. Union City had only 28 in Nov. 2008 and 40 in Nov. 2009. That’s a 43% increase.

Overall the California median house price rose 5.8% in November. And California home sales increased 4.7%. (compared to a year ago). The median home price in California has risen nine consecutive months in month-to-month comparisons, but November marked the first time California’s median home price has risen in year-to-year comparisons since August 2007.

If you are waiting for the real estate cycle to hit bottom, it’s here now. And, in my opinion, it will stay fairly flat for a year or so before it starts going up again. I’ve seen this market before…it will go up.

 So get ready and start looking to buy your next home…investment or personal use. Don’t get left behind.

 ~ Barry Ripp

www.barryripp.com

Helping buyers and sellers since 1985. I’d love to help you too.

Start with your gift giving. Giving an experience, like tickets to a movie or ballgame can create much less waste than toys and gadgets. And some of the best gifts can be homemade like cookies and cakes.

As you do begin wrapping up those presents for family and friends, consider reusing gift bags, tissue paper, and bows.

If you need to ship your presents this year, avoid Styrofoam packing peanuts and try using crumpled up newspaper instead.

As you search for that perfect tree, keep in mind that if you purchase a tree from a tree farm you’re not damaging forests. Artificial trees are also a good choice since they are reused every year and that saves on the gas you would use driving to the tree farms.

If you’re buying lights, be sure to purchase Christmas lights made with light-emitting diodes, or LEDs. These lights have been around a few years and are 90% more efficient than traditional Christmas lights. They also last longer.

And start the New Year off on the right foot try treecycling. By recycling your fresh tree you can make a huge difference in reducing holiday waste. Instead of ending up in a landfill, Christmas trees can be ground into wood chips and be reused as mulch gardens, or to prevent erosion.

And remember….have a very Merry Christmas