May 21, 2012

Are Reverse Loans in Trouble, Too? Simi Valley Reverse Mortgage Update

Simi Valley Reverse Mortgage Update

Are Reverse Loans in Trouble, Too? The answer is, “no”.   The only issue facing the reverse mortgage industry is the question of appraisals.  Due to the decline in property values over the course of the last 18 months, this is the one area that could have a negative effect on my ability help seniors obtain a Reverse loan.   If the decline in property values has not threatened Loan to Value ratios needed for a reverseve mortgage, then seniors looking for a solution to help supplement their shrinking retirement income should look into this type of financing while rates are low.   If non senior spending money has shrunk lately due to the huge issues in the market place and inflation, put yourself in a senior’s position.

Due to the fact that seniors are on a fixed income and if they’re were able to create a retirement portfolio; seniors have seen the value of their investments decline along with the rest of the economy.   Funds from a reverse mortgage can stop the bleeding and if a senior is faced with a foreclosure, a reverse mortgage could be the answer to keeping their home.

As of this date, we are still waiting for HUD’s council to determine what the new lending limit will be for Reverse loans.   It will be a single, national lending limit and not base on individual counties.   But the figure is still up in the air.   Without a doubt, it will be at least $417K with further possibilities of $625K or some sort of combination there of.

If you have any questions as to how a Reverse loan can help you, your friends, associates or their parents, please call me.   And one more reminder! The bank does not take the property at the end of the loan; it goes to the heirs.

For more information, I would be happy to answer any of your questions.

Lorraine Jones
Reverse Loan Consultant
Certified Senior Advisor
National Reverse Mortgage Lenders Assoc.
National Council on Aging
NAIFA
805-304-3574
www.reverseloanconsultant.com

Moving to Simi Valley – 5 Keys to a Trouble Free Move

Moving to Simi Valley – 5 Keys to a Trouble Free Move

Moving to Simi ValleyI have had to pleasure to work with Jack Fishel of NMS/Atlas Moving.  He has helped me and a number of my Simi Valley clients move.  Jack takes pride in being one of the most accurate estimators in the business and I can testify to his accuracy on the moves I have been involved in.  Whether you are moving to or from Simi Valley this first thing you should when interviewing Movers is check their rating on the Better Business Bureau.  After you have eliminated the pretenders……Call Jack!  (805)526-0404 at NMS.  Jack gave me this guide and I thought it would be great to share with everyone here

5 KEYS TO A TROUBLE-FREE MOVE TO SIMI VALLEY

1) PACKING:

A) Start early, packing takes longet than you think.
B) Use proper packing containers. All boxes should have sealed tops. No plastic trash bags.
C) Don’t overload your boxes. Keep the boxes at 50 Ibs. or less.
D) Pack all fragile items: lamps, pictures, mirrors, glass shelves, glass tops, are some of the items that people forget to pack.
E) Ask for help. Don’t be afraid to call and ask for advice on how to pack something.
F) If you need help in getting everything packed, let us know before your move date. We can arrange for packers to finish packing for an additional charge.
G) All packing must be completed before the movers arrive. Moving while packing always slows things down, and causes additional costs.
H) Label all cartons by the rooms they go to at the new residence. Labels should be placed on at least 2 sides (Not the Top) of the boxes.

2) PREPARATION:

A) Have a layout of where you want furniture to go. Take measurements, rearranging furniture takes time and also add to costs.
B) Check hallways, and stairways. Will furniture fit, will it make turns, does it need to be hoisted onto a balcony or into a window. Your mover needs to know about any of these possible conditions. Your mover will gladly go to your new residence to check these conditions for you. Special equipment may be needed and extra cost may apply. Proper preparation is the key to a trouble free move.

3) COMMUNICATION

A) Notify your mover of any changes to your relocation. Changes in dates,  items to be moved, packing, or locations need to be noted as soon as possible.
B) Tell your mover about your new residence. Can we get a full size truck on your new street, can we park the truck with-in 50 feet of of your front door, are there stairs or elevators. The more we know the more accurate your estimate will be.
C) Make sure the mover has all necessary information. The mover needs exact pick-up and delivery address, home, business and cell phone numbers, and complete names for all adults involved in your relocation.
D) Make sure your mover sees everything to be moved. Attics, off site storage, basements, furniture not at residence are sometimes forgotten and cause problems and additional costs.
E) Make sure both you and your mover understand who is responsible for what. Never assume the mover has included it unless it is noted on your estimate. Grandfather clocks, swing sets, washer/dryer hook-ups, icemakers, chandelier removal are some of the items that need to be noted.
F) Tell the mover about your concerns: New carpet or flooring, an item that was previously damaged, an item that requires special attention or care. These are all things that need to be noted on your paper work to avoid problems. If you are aware of an item that needs a lot of disassembly and reassembly or if an item was difficult to place in its current location, you need to make your mover aware of these conditions.

4) AVOID PROBLEMS:

A) Movers should not move the following items; Jewelry, coins, currency, stocks, bonds, deeds, titles, important paper, collections, hand guns, ammunition, liquids that may spill, propane tanks, aerosol cans, corrosives, flammables, paints, cleaning supplies.
B) Have refrigerator and freezer emptied before the movers arrive.
C) Remove any permanently affixed items from walls or ceilings before the movers arrive. (Movers are not allowed to remove these items.
D) Check entire house before movers leave to make sure they got everything. It is always the customers responsibility to insure that the proper items were moved. Going back for items missed will cause delays and additional costs.
E) Plan for rain. Rain always causes delays and additional costs. You need to have a plan for if it rains the day of your move.
F) Plants should always be dry. (Do not water your plants before your move) Inside or outside plants.

5) PICK THE RIGHT MOVING COMPANY

A) NMS/ATLAS WORLDWIDE MOVING is always the right choice.

Moving is not fun and is not the easiest.  Luckily Simi Valley has one of the best people in the business and is ready to smooth out that task.

Shift Happens

Shift Happens

Are you aware of how things change? Do you know that shifts will probably occur closer together from here on out? To dove tail with my last post on the TV vs. the WEB; this Video sheds some light on where things are headed. While this is a more global out look. Gary Keller the owner of Keller Williams Realty corporate has written a book “The Shift”. This book outlines the shifts in the Real Estate Business and the Shifts to come. Shift Happens….as home sellers are we ready to market our homes to take advantage of these shifts or will we continue to fight the shift and stay in the confines of what we know and have relied on for the last 20 years?

The Rivalry of TV & the WEB…The future of marketing for the Real Estate Industry

The Rivalry of TV & the WEB…The future of marketing for the Real Estate Industry

Marketing homes for sale is no longer the routine task of the typical Brokerage. i.e. Newspaper Advertisement, Open House, MLS input, Direct Mail is becoming less and less effective.  Proof of this is the fact that the Los Angeles Times permanently shut down it’s Real Estate Section at the end of July.  Now this is not completely related to market conditions; no it is more so related to the fact that Home buyers and sellers can turn to far richer media sources for their information on Real Estate.

Can we learn from history?  Radio and motion pictures took it on the chin from the Television.  Now Television, radio, motion pictures and the newspapers are taking it on the chin from the internet.

The Real Estate Industry has already shifted…..funny thing is that the Brokerages and the agents have yet to figure that out.  In a recent article by Inman News, Channing Dawson states that in 2007 Internet video made up 22% of all consumer Internet traffic and that this year it would be up to 32%.  California has higher percentages of computers per household and if we were to measure the volume of Internet video use for California alone I am sure it would out pace the numbers above.  According to the same article, three year old YouTube has about 62 million visitors per month.  Now granted YouTube is not the most effective site for advertising Real Estate, but more important the trend shows that hyper-rich media content is growing in demand and usage.

What this all means to home sellers…Price and Condition are the very first two issues that will make or break the sale of your home.  If your home is the nicest home in the area, but over priced…it does not matter if I fly the Goodyear Blimp over your house to market it and have a marching band go up and down your street.  Buyers will only pay what the market will bare.  Once the Price-Condition-factor is respected, marketing needs to have a twofold goal.  First, your property needs to be ubiquitous and this takes effort.  The Multiple Listing Service does not do this job for your agent.  The MLS is only part of the exposure plan.  Second is to target the largest pool of buyers.  Knowing where to find these buyers is paramount to the success for making sure you get the proper exposure.

As a teaser to get you to think about where the future of Real Estate Marketing is going and  how buyers should be targeted, I will leave you with this Video conference by Peter Hirshberg who worked for Apple during the pioneering days of the World Wide Web and now is on the Board of Directors of Technorati

This video is pretty technical and shows how media has developed over the last 100 years, but more importantly it shows how powerful technology has become, how the people crave interaction and that they will move quicker to embrace change long before the mainstays of the industry take notice.

Please Take a Moment to Remember Those Killed in the 9-11 Attacks


Please Take a Moment to Remember Those Killed in the 9-11 Attacks.

BloodhoundBlog: Update on Fannie and Freddie

Here is a great Blog Post  from www.bloodhoudblog.com on the Fannie – Freddie Take Over,  from Tom Vanderwell at www.straighttalkaboutmortgages.com

UPDATE ON FANNIE & FREDDIE

Fannie – Freddie Take Over? Government Press Conference

Fannie – Freddie Take Over? Government Press Conference

This is a three part video as Youtube will only allow 10 min max videos

Simi Valley Real Estate Homes Market Report through 8-31-08

Simi Valley Real Estate Homes Market Report through 8-31-08

The following table is the activity for the home sales in Simi Valley and Moorpark. Combined sales of Attached and Detached homes in Simi Valley for the month of August was 106 units, this trend is slightly lower than the 115 unit average we have seen for the three months prior. The hottest segment of the Simi Valley real estate market currently are the foreclosures on the entry level for single family detached homes.  The Simi Valley Condo-Townhouse market remains much slower as the foreclosed detached homes are at a competing price level with no HOA fees.

The cream puffs of the Simi Valley foreclosure market are moving quickly with multiple offers as opposed to the foreclosures that need work which are taking longer to sell.

Activity – Single Family Detached Homes
Active Listings Simi Valley Moorpark
Active
# Units 475 157
Average List Price 598,784 918,923
Average Days Listed 93 92
Pending Sales in Escrow
# Units 107 17
Average List Price 522,173 527,852
Average Days on Market 72 122
Total Closed Sales for 2008
# Units 656 148
Average List Price 542,325 620,264
Average Sold Price 521,509 598,925
Average Days Listed 85 100
Average Closed Sales per month 82.0 18.5
Unsold Inventory Index (in months) 6.80 16.68
Activity – Single Family Attached Homes
Active Listings Simi Valley Moorpark
Active
# Units 130 46
Average List Price 345,724 401,673
Average Days Listed 114 72
Pending Sales in Escrow
# Units 37 8
Average List Price 276,622 272,575
Average Days on Market 60 92
Total Closed Sales for 2008
# Units 113 37
Average List Price 328,628 325,894
Average Sold Price 316,912 314,330
Average Days Listed 83 86
Average Closed Sales per month 14.13 4.63
Unsold Inventory Index (in months) 12.17 9.94

Simi Valley Video Blog – Text Messaging vs. Morse Code

Simi Valley Video Blog – Text Messaging vs. Morse Code

I have to show this to my teenage High School Senior daughter.  Great clip from the Tonight Show with Jay Leno.  I love technology, but this is just playing good old fun.

 

Simi Valley Real Estate Market Report from Zillow up through June 30, 2008

Simi Valley Real Estate Market Report from Zillow up through June 30, 2008 

Zillow is reporting a year over year -23.1% change in home values, with a Zillow Home Value index at $429,000.  While Zillow data for individual Zesimates have some challenges, this report is very close to other numbers being reported for Simi Valley Real Estate Homes.