Real Estate Information

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April had a lot of important and semi-important dates in it.  The tax deadline, Good Friday and Easter were just a few.  What is important about April 5th though, and what does it have to do with Inland Empire Homes for sale? 

Well, the biggest news is that the government has stepped into real estate and short sales.

Home sales are down nation-wide, despite the Obama administrations's efforts with the first-time buyer's tax credit.  Many homebuyers are waiting for a better interest rate or to see if home prices will drop more.  Meanwhile, owners with Inland Empire homes for sale are preparing for the spring selling season, without any idea whether they'll actually be able to sell or not.

Part of the reason for this situation is because of the depreciated housing values.  For instance, many potential buyers want to take advantage of the repeat buyer's tax credit, but can't.  They currently own a home that's facing Foreclosure, are trying to sell that home, but can't because it's underwater.  This puts a wrench in the whole market.

The governments solution is short sale.  There's always been the options for those facing foreclosure to opt for short sale, but (thanks, in part, to the many scams out there) few choose this option.  The Obama administration has decided that, if they can't help with foreclosure, they'll pay people to accept short sale.

Starting April 5th, 2010 the government began encouraging delinquent borrowers who can't be helped through loan modification programs to go through a streamlined short sale process.  Many potential short sellers have gotten offers the lenders won't agree to, which this program called HAFA (Home Affordable Foreclosure Alternatives), is geared towards fixing. 
Here's how:

• The servicing bank that allows the short sale gets $1000.00.
• The homeowner gets $1000.00 to go towards a second loan.
• The homeowner gets $1500.00 in relocation assistance.

Even with this program, lenders are wary of short sales.  Depending on the price of the short sale, there's a possibility that lenders could lose a large amount of money.  However, under the new program, real estate agents will be working with the lender to determine the value of the home and what the minimum price should be.  If the short sale offer meets or exceeds that minimum, the lender has to accept it.

The hope is that this program will slow the tide of foreclosures, free homeowners up to become repeat buyers, sell more homes and, ultimately, improve the flow of the real estate market.  The good news about all this is if the program does even a quarter of what the administration plans, there may not be enough Inland Empire homes for sale to go around!

Have questions about the new HAFA program or any other real estate incentive programs?  I'm happy to answer your questions.  Give me a call now at (909) 590-8288 or email me at Randy@TeamCharlton.com.

Brought to you by Randy Charlton of Keller Williams Realty.

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A short sale happens when a lender agrees to accept less than the balance remaining on a home.  It is a way for sellers to avoid Foreclosure and sell their Inland Empire Homes.

It seems like a good idea for people who owe more on their home than it's worth, but that doesn't mean it is right for everyone.  Should you consider a short sale on your Inland Empire home?

Pros to doing a short sale:

• You will be able to sell your property, get out from under a mortgage you cannot afford and lower your debt.
  
• You can still sell your property in a declining real estate market, even if you owe more than the home is worth.
  
• buyers sometimes get good deals on the property or may be able to buy a home at market value in a popular area they couldn't previously afford.
  
• While a short sale isn't ideal, it is typically better than a foreclosure which stays on your credit report for 10 years.
  
• If your home goes into foreclosure and is sold at auction for less than the mortgage, you can still be held responsible for making up the difference.

Cons to doing a short sale:

• The lender may refuse to do the short sale, or they may still hold you responsible for the remaining debt in some instances.
  
• Short sales do stay on your credit report and may make it difficult for you to get a loan in the future.  Although, according to Fannie Mae's guidelines, you may be able to purchase a home again in as little as 2 years.
  
• Short sales take longer to close than traditional home sales.  But, with the new HAFA guidelines, this timeframe has been shortened significatly as of April 5, 2010.

I can help you decide if a short sale on your Inland Empire home is right for you.  Call me at (909) 590-8288 or email me at Randy@TeamCharlton.com for more information about your selling options.

Brought to you by Randy Charlton of Keller Williams Realty.

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As a real estate agent for Inland Empire Homes for sale, part of my job is keeping up with current real estate news.  Most of the time, I'm largely unsurprised by the news that comes across my desk, but this little tidbit blew me away.

For two years now, we've seen mass foreclosures, people waking away from their underwater mortgages and warnings that there's more to come.  Foreclosure numbers reached all time highs, housing prices have reached all time lows and half the country is unemployed.  It's enough to make a homeowner with one of the Inland Empire homes for sale have a mental breakdown.

However, in February, the news went out, flooring most in the real estate industry: severe shortage of property predicted by the middle of 2011.  This may sound unbelievable.  (It was a hard one for me to swallow.)  But, the construction industry has also been hard hit by the economic downturn, which means that fewer homes are being built.  Combine fewer homes being built with population expansion and suddenly there's a housing shortage.

Good News for Homeowners
In a recession, people have a tendency to live together because it's cheaper.  College students continue to live with their parents, divorce rates go down and more people share homes.  However, we currently have over 300 million people living in the U.S. and we're down to less than seven months' inventory.

This is great news for homeowners trying to sell their homes - or even homeowners who just need more equity - although the repercussions may take awhile to spread.

In several high population areas and college towns, the demand for housing is on the rise.  As we've talked about before, this brings in the age-old laws of supply and demand.  The lower the supply and the higher the demand, the higher prices rise.  The more value a home has in price, the higher the equity.

So, for those who have Inland Empire homes for sale, take heart!  A housing shortage may be hard to believe right now, but, if what the economists say is true, it's on it's way.  Stay on your toes, make sure all your ducks are in a row and prepare for the rush on home sales.

If you're trying to sell your home, or are looking for a great home to buy, I can help.  Call me at 909-590-8288 or email at Randy@TeamCharlton.com for more information.

Brought to you by Randy Charlton of Keller Williams Realty.

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As you are looking for the ideal home for you and your family, you may find yourself trying to decide between two similar homes.  You could have worse problems than this on your Rancho Cucamonga home search, but how do you decide which is better for you and your family?

Here are the primary points to consider:

1. Location.  This is where you are going to live.  You need to consider how far away it is from work, schools, and shopping.  You probably want to do as little driving as possible.  A Rancho Cucamonga home close to where you will be spending your time away from home may be the better choice for you.
   
2. Home Repairs.  What will you need to do to the home once you move in?  Think about the time and money you will have to invest in the home before making your decision.  A home in slightly better shape may be the better option for you so you can concentrate on getting settled into your new home after moving in.
   
3. Age of appliances.  This can make a big difference in your choice.  do you really want to have to replace the appliances soon after you move in?  You might be better off choosing a home with newer appliances.
   
4. Hobbies.  Is their a car lover or avid crafter in you family?  Look at which home has the most to offer these people.  Perhaps one garage has been expanded or has built-in work benches.  Maybe a closet already has a space to organize craft supplies.

Let me help you find the Rancho Cucamonga home that best fits your lifestyle.  Call me today at (909) 590-8288 or email me at Randy@TeamCharlton.com.

Brought to you by Randy Charlton of Keller Williams Realty.

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Whether you're looking at Inland Empire homes, homes across the nation or homes abroad, there's always the possibility of getting caught in a scam.

Many potential home buyers and renters choose to go it alone and find the home of their dreams without professional help.  While this method of house hunting works for some it definitely doesn't work for all, and the consequences often far outweigh the benefits.  Yes, the same can apply for home sellers as well!

Real Estate Scams
Here are a few real estate scams to watch out for:

• Down Payment Assistance Programs are wonderful gifts for potential buyers of Inland Empire Homes.  However, there are certain rules that have to be followed for this down payment gift to be legal.  For instance, as a gift, the home buyer doesn't have to pay it back.  Some unscrupulous companies offer Down Payment Assistance Programs but expect the money back.  This isn't a gift; it's a loan, and illegal if the the program is listed as "down payment assistance."
  
  
• Property flipping scams happen when a con artist buys a home and sells it as an investment opportunity with zero down payment, no closing costs, low interest rate, etc.  Although it sounds like a great deal, it becomes a scam when the house is severely overpriced and the buyer pays way more than the house is worth.
  
  
• Craigslist is an excellent resource for those wanting to buy or sell something.  However, it is also a great source for con artists, who have turned their eyes to the real estate market.  The scammers take information from legitimate listings on other websites (such as REALTOR websites) and post it as their own on Craigslist.  They often mention that they had to move for some reason, but can still rent/sell the home.  All the buyers or renters have to do is send them their personal information and the first month's rent or down payment.
  

It's easy to get caught up in the excitement and forget to protect yourself.  Be cautious when looking for Inland Empire homes or selling them.  Always check references and backgrounds.  As well, if the home seller is in another country or another state, ask them if they'd be willing to use a local real estate agent.  Then be sure to verify the agent's credentials.

If you want to buy or sell a house and need a professional, I can help.  Call me at (909) 590-8288 or email me at Randy@TeamCharlton.com for more information.

Brought to you by Randy Charlton of Keller Williams Realty.

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Rancho Cucamonga Home for Sale – Are You Obsessing?

The national real estate market, state markets and city markets all seemed to be wrapped up in a nifty bundle that effect whether your Rancho Cucamonga home for sale will have a buyer. With the news reports over the last two years about the pop of the housing bubble, homeowners everywhere essentially lost their minds.

 Here are a few examples:

• Some homeowners panicked and immediately put their houses up for sale
• Some homeowners chose to walk away from it all, leaving their homes vacant and mortgages in default
• Some homeowners went into a flurry of home renovations, with the idea of selling
• National and Rancho Cucamonga home for sale listings shot through the roof

The amazing thing isn’t that the real estate market seems to be stabilizing – that’s not the miracle. The miracle is that we still even have a real estate market at all.

 Obsessing Over the Sale

This year opened up with a lot of homes on the market, but it also opened with a lot of sellers digging into real estate news. They’ve started obsessing; they’ve started pouring over online real estate digests, articles and blogs. In fact, the traffic for this site alone has jumped tremendously.

While it’s understandable that you, as the seller, want to know what your chances are for selling your home, obsessing is bad for business. Especially if you’re dealing with potential buyers in person, your eagerness to sell can show in very bad ways. You might end up selling the home for way less than you could have - or you might not sell your home at all if they sense desperation.

If you’re obsessing over whether your home will sell or not, stop. Take a deep breath. Relax. Even if you’re in a hurry, taking a short break from worry can help clear your mind and leave it open for better ideas.

It may be hard to remember sometimes, and giving trust is always difficult, but that’s what we’re here for. You hired your real estate agent to take care of your [city] home for sale and get it off the market. We do the research on the market and we have the experience.  In other words, we do the worrying for you!

If you’d like to sell your home, I can help. Call me at 909-590-8288 or email me at Randy@TeamCharlton.com for more information.

Brought to you by Randy Charlton of Keller Williams Realty.

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Selling your home can be a stressful experience. Your home is one of your most valuable possessions and holds memories of your time there. However, you can survive the process of selling your Inland Empire real estate. Here are some tips to make this time period smoother:

1. Remind yourself that this is temporary. This will pass. You will eventually find a buyer. You will have a contract. You will close the deal. Everything else is just part of the process and will eventually be a memory.

2. Use lists. Lists help you keep track of what you need to do and what you’ve already accomplished. You can’t forget something if you write it down.

3. Hire an Inland Empire Real Estate Agent. Sometimes you just need professional help. You don’t have to go through this process alone. Find a real estate agent you trust and let him or her guide you through selling your home.

4. Know your limits. When you’re tired or stressed, you don’t have the energy or mental capacity to do too many extra things. Learn to say no. Shorten your to-do list. You may want to pack two boxes each day, but accept that you may only have time to pack one.

5. Practice a stress reduction. Find something that works for you to reduce your anxiety. Try exercise, yoga, meditation, or even light gardening. Remember to breathe.

6. Take care of yourself and your family. You still need to eat healthy and spend time together doing something everyone loves. Don’t neglect your life while your house is on the market.

Selling your Inland Empire real estate doesn’t have to be an extraordinarily stressful experience. Know that you will survive it. Let me help you through the process of selling your home. Call me today at 909-590-8288 or email me at Randy@TeamCharlton.com.

Brought to you by Randy Charlton with Keller Williams Realty

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Fast Fixes For Foreclosed Homes

 (ARA) - The high volume of foreclosed homes on the market is allowing some astute buyers to turn eyesores into eye-catching properties with only minimal investment. While not every property can be fixed up affordably, there are some common projects that dramatically improve a foreclosed home's appeal and value.

"Many people are finding huge opportunities in fixing up foreclosures," says Tom Sullivan, founder of Lumber Liquidators, the nation's largest specialty retailer of hardwood flooring. "Most of these houses can be completely transformed with just a few improvements. Often, the fixes are easy enough to be do-it-yourself projects."

Here are some popular cost-effective options for breathing new life into a home in need.

Add new countertops.
The kitchen is one of the most important rooms in any home, since it is a space where people spend a lot of time - from cooking dinner to entertaining friends. One of the most dramatic changes that can be made to a kitchen is adding new countertops. It alters the appearance of the space by changing the color scheme, depth and texture of the whole room.

Countertops range in price depending on room size, type of material and mode of installation. In an average kitchen, a new laminate countertop starts at around $1,000, with granite or quartz ranging from $3,000 to $6,000. Butcher-block countertops are another attractive, yet cost-effective option. Williamsburg Butcher Block Company offers options in both maple and American cherry starting around $310.

Replace the bathtub.
Foreclosed houses frequently come with water stains left by standing water in sinks, toilets and bathtubs. Updating a bathroom by installing a new bathtub not only removes the problem, but, because the tub is a core item, it creates a more pleasant feeling in the room. Bathtubs are available in many different styles and sizes, so there is likely to be one that suits any taste, from traditional to contemporary. Bathtubs start at around $300, depending on the size and style.

Trade carpeting for new wood flooring.
Foreclosed houses are frequently abandoned with soiled carpet that continues to gather buildup over time. Mold is also common in homes that have been left bare for extended periods. To get rid of hidden odors, allergens, irritants and mold, replace carpet with wood, particularly in high-traffic areas such as living rooms and great rooms.

In addition to reviving these common areas, swapping carpet for wood adds style and creates a more spacious feel. The choice of wood can also make a big difference. Light wood colors can make a room appear larger, medium-toned woods can make a room appear more traditional and dark flooring can make a room appear warmer.

"The introduction of so many new species, colors and types of wood flooring in recent years gives homeowners a lot of options when renovating a room at different price points," says Sullivan.

Laminate flooring can deliver the appearance of solid hardwoods, but costs less than $1 per square foot at places like Lumber Liquidators. This allows budget do-it-yourselfers the ability to transform a 400-square-foot area for as little as $750.

In addition to making a foreclosed home look new again, completing these easy and affordable updates can go a long way in restoring the value of the property when it comes time to sell.

Courtesy of ARAcontent

Brought To You By Randy Charlton with Keller Williams Realty

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Current Mortgage Rates As Of Today: 30 Year Fixed Rate Is 4.84%.

Brought to you by Randy Charlton of Century 21 Home Realtors.

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I've received quite a few emails lately regarding the Homebuyer Tax Credit that expires on April 30th of this year. People are wondering the exact details of the program and if they qualify for the credit.

I figured the best way to answer these questions was to post a flyer explaining the basic details of the program. Remember, this program applies to first-time homebuyers, as well as, move-up buyers.

As always, please consult with your tax professional to confirm eligibility.
Click on the link below for a copy of the flyer.

Homebuyer Tax Credit Information Flyer

Brought to you by Randy Charlton of Century 21 Home Realty.