Socaljasmine's Blog

Escrow time periods extend due to loan reform

socaljasmine — Thu, 15 Oct 2009 00:10:26 +0000

It use to be that if you wanted to put a strong offer on a property, you would put a 30 day escrow. Now, due to loan reform, it is almost impossible to get a loan funded and a deal closed in 30 days. This is true in cases even if the Buyer had been approved by the Lender and has worked with the Lender for months. I currently have 6 in escrow and it is impacting first time buyer sales to sales in the millions. There is no exception. The only difference between conventional and Jumbo loans is that Jumbo takes even more time.

How can I help? By understanding the current loan reform, I help assist my Buyer navigate the tough real estate world. The pendulum of the Real Estate Market has changed. It was once easy for anyone to get a loan, now it is the opposite– difficult even for the most qualified buyers to get a loan.

What is your impression of the real estate market?

What is the market doing?

socaljasmine — Tue, 01 Sep 2009 19:53:09 +0000

Many people ask me this question. Well right now,it is busy! For the past 3 months, I have either had a new listing or a closing EVERY WEEK. Clients are finding the deals, but also realize that many people who were on the sidelines are now beginning to buy.

I notice the most movement in the conforming arena. For those of you who may not know, there are two types of loan, conforming and non-conforming (or jumbo). The difference is AMOUNT OF LOAN not purchase price. For example, if you want to purchase a 1.5 million dollar home, but put 50% down, you will have a loan amount within the conforming limits. There are several reasons why this area is exploding:

1) Primary Residences — This is price point is often primary residences (which people tend to buy even in economies in which luxury items are not often purchased);

2) Lower Downpayment– the amount you need for a downpayment is lower. At this level, FHA loans are available, depending on the property, and only require 3.5 % down. Obviously, more people are able to afford 3.5% down than the 30+% required for jumbo loans.

3) cash investors – For my entry level buyers looking at REOs (or foreclosures), we are often competing with all cash investors who are looking for rentals. This competition does not exist in the higher end market. In fact, we are starting to see properties that CASH FLOW, depneding on the rental value. THIS IS AN AMAZING TIME!!

If you have any questions about the real estate market and wonder if it is the right time for you to take advantage of the opportunities out there, please CALL me at (949) 554-5477.

You can always log onto my website at www.SoCalJasmine.com

5 Reasons to Buy a Home Now

socaljasmine — Tue, 25 Aug 2009 17:21:27 +0000

1. Housing Affordability Is at Record High Levels. Each month the National Association of Realtors issues its “Housing Affordability Index,” which measures the ability of the average family to afford the average home. In May 2009 the national affordability index was 171.6. This means that if a family with the median income of $60,799 wanted to purchase a medianpriced existing single-family home at $172,900 (with a 20% down payment of $34,580), they would have 171.6% of the qualifying income needed to purchase that home. The graph above shows how regional housing affordability has improved from one year ago.

2. Interest Rates Are at Historic Lows In the 1990s rates were higher than 10 percent. This look back through time makes it easy to see that today’s mortgage rates are relatively low. Tax Credits Available for a Limited Time · First-time homebuyers have until November 30, 2009, to take advantage of the federal tax credit of up to $8,000!

3 · Renovations: Buying a home that needs a new roof, windows, or insulation? Qualified homeowners may receive a tax credit for 30% of renovation costs, up to a maximum of $1,500, for energy-efficient improvements to their current primary residence.

4. Inventory of foreclosure and short sale properties is up in many areas. Also called real-estate owned or REO, lender-mediated, lenderowned, or non-traditional, these properties appeal to bargain hunters looking for that hidden gem.

5. Inventory of homes overall is at a 9.6 month supply nationally. It is a buyer’s market! More sellers than buyers in the marketplace can mean more choices and more bargaining power for buyers. There is still time to take advantage of lower home prices and historically low interest rates!

Are you interested in gettiung in on this great opportunity market? Call me TODAY at (949) 554-5477 or log onto: www.SoCalJasmine.com

2 GREAT news articles for Real Estate this week!!!

socaljasmine — Thu, 06 Aug 2009 21:16:37 +0000

It seems like there has been a slurry of “the sky is falling” news stories in the papers. So many, I can’t seem to remember the last. This has kept some people on the fence. I get faced with questions like, “will the recession be like a U? A W? An L? A V?” The truth is, no one knows. However, we are seeing many positive indicators in the economy. For one, it seems like the days of layoff after layoff are memories of the first of the year. The stock market is not only steady, it is on the rise!!! In fact, we had our best July in over 2 decades!!

Now on to home prices, both The New York Times and The Wall Street Journal have had great stories about the entry level market. On July 29, The New York Times carried a story named “Home Prices End Their 3-Year Descent.” Among other things, the article cites that affordability has brought many people back in the market. “After a plunge lasting three years, houses have finally become cheap enough to lure buyers… [and] builders saw sales of new homes jump in June by the largest amount in eight years.” After all, if no one can afford to buy a home, what good is a high sticker price? It is all back to supply and demand. The article focuses on one buyer, Kirit Shah in Royal Palm Beach Florida. he bought a new home that had been vacant since it had been completed 3 years ago. “‘It was waiting for me,’ said Shah, 64. ‘I’m on a lakefront. I never dreamed I would be on a lakefront.’” What deal is waiting for you???? The deals are out there. Call me today (949) 554-5477!!

The Wall Street Journal had a story on August 3rd, regarding how the sales of lower priced homes are picking up and that the values have stopped dropping. There is no question in my mind that the entry level market is heating up!!! With the new lower rates, the first time buyer credit and the availability of FHA loans, the entry level buyer has all the cards stacked in his favor. I have taken several entry level buyers out in the past few weeks, to see all their favorite properties go into escrow a day after seeing them. The new rule: you must act swiftly with properties under $729,000.

Would you like to know more about good deals in your area? Please call me today to discuss!! Feel free to log onto my website at www.SoCalJasmine.com for more information.

Luxury Living on the Beach!!!

socaljasmine — Fri, 24 Jul 2009 21:27:31 +0000

Take a look at my new listing!!!!

612 W. Oceanfront- the latest masterpiece completed by builder Allan Horowitz. Enjoy sit-down views from this elevated, custom, newly constructed Cape Cod Home. Located between the piers, this location offers peaceful solitude and is the best find in all of Newport! This 4 bedroom, 3.5 bath light and bright bungalow has all the best finishes, upgrades ad amenities, including infinity windows, telescoping French doors, 3 fireplaces, hardwood floors, beautiful baths, inside laundry, outdoor shower, surf board storage and much more. The panoramic view from the large master is truly awe-inpsiring. The spacious floor plan is perfect for a primary residence or vacation home. The great room allows for ocean views from the designer gourmet kitchen with marble mosaic detail and luxury Viking aplliances. Listen to the waves crash while sitting on the large entertaining deck, grand master balcony or the rooftop deck. The rroftop deck has ocean, Bay and Catalina views and its own fireplace. Exceptional detail in stone and woodwork. One block to Newport Harbor Yacht Club.

In Escrow- Corona del Mar New Construction!!!

socaljasmine — Tue, 23 Jun 2009 22:37:28 +0000

SPECTACULAR NEW CONSTRUCTION SOUTH OF PCH WITH OCEAN AND CATALINA VIEWS! This beautiful home sits on an oversized lot and is 1,833 sq ft, the size of most new front units. It is a 3 bed/3 bath home with the 3rd bedroom on the 1st floor. Master bath is finished with travertine stone, antique soaking tub and cherry cabinets. The kitchen features custom cabinetry, Viking appliances, Cohiba granite and Carrera marble countertops. Great room is separate from the kitchen dining area and has numerous built in cabinets, a fireplace and a private breezeway. The living room and master bedroom are prewired for HD TV and surround sound. An interior stairway leads to rooftop deck with ocean views. It has it’s own walkway to the front door facing Carnation. Staged beautifully.

For more information, log onto www.SoCalJasmine.com or call me at (949) 554-5477

In Escrow!!!!

socaljasmine — Tue, 16 Jun 2009 17:59:30 +0000

Beautiful pool home with 5 bedrooms and 3 baths. Built in 1994. Wonderfully updated kitchen and gorgeous bathrooms. Close to award winning schools. This is one of the few pools in Foothill Ranch.

If you would like to view homes currently on the market, log onto: www.SoCalJasmine.com

Exciting News!!! New Designation as Relocation Expert!!!

socaljasmine — Fri, 22 May 2009 18:36:20 +0000

I have been designated as a relocation expert for some of the largest companies in Southern California, including The Walt Disney Co., The University of Southern California, just to name a few! This is an honor afforded to less than 1% of Realtors.

This will allow me to market your properties to an even wider range of clients than before. Additionally, I will learn of even better deals before they hit the market! This type of information will help you sell your home quicker and help my buyers learn of deals before everyone else does! You see, the people who need to relocate need to sell fast! They are my most serious sellers because they have a time deadline that they need to meet. Their homes are priced realistically and they are the most open to negotiations. If you would like to know about some of the great deals out there or want to know how to market your home to even more buyers, log onto: www.SoCalJasmine.com or email me at Jasmine@SoCalJasmine.com. Finally, you can call me at (949) 554-5477.

Come and Enjoy the Balboa Art Walk Sunday May 15, 2009

socaljasmine — Fri, 15 May 2009 20:05:28 +0000

This Sunday will mark the 15th annual Balboa Island Art Walk. It is a wonderful collection of local artists. Siutated along the boardwalk of the Island, the Art Walk will showcase the artists and live music. The art walk is scheduled from 9-5 on Sunday. The admission is free.

If you want to attend, COME JOIN ME at my OPEN HOUSE!!! I will be holding 211 Pearl Open from 10-1. It is a beautiful duplex, just steps from the beach on one of the loveliest streets on the Island. The front unit is 3 bedrooms and 3 baths and the back unit is 2 bedrooms and 1 1/2 baths. It is a beautiful Cape Cod home and is priced to sell at $2,699,000.

15th Annual Balboa Art Walk

I will be featured on an Upcoming Episode of ABC’s Beautiful Homes and Great Estates

socaljasmine — Wed, 22 Apr 2009 00:53:56 +0000

Yesterday, I spent the day taping an Episode of ABC’s Beautiful Homes and Great Estates at 23 Skyridge.

23 Skyridge is nestled in the hills of Newport Coast on the world famous California Riviera. It is situated on a 23,000 sq. ft. lot with view of Downtown LA, Palos Verdes, Catalina Island and the Pacific Ocean. The fully gated estate is almost 8,000 sq. ft. and includes a media room, downstairs master, wine room, complete home gym and more. For more information about and to see pictures of 23 Skyridge, please log onto: www.SoCalJasmine.com.

The taping began at 7 am and lasted until 6 pm. The format of the show is shots of the home interspersed with interview clips of myself and the owner. We speak about the home and the wonderful amenities while the camera guides you through the home. It is a wonderful marketing tool that will allow 97% of the National Marketplace to see this home.

If you are interested in selling your home and possibly having it featured on Beautiful Homes and Great Estates or want to know when the episode will air, please call me at (949) 554-5477.