Nipomo Worth Checking out!

Voted the best climate in the entire USA, it is amazing how few people on the Central Coast consider Nipomo when looking for a place to live! With all of the new development over the past several years, including a large shopping and business center,  it may be worth it to take the 10-minute drive from downtown Arroyo Grande and have a look.

Local builder, Bob Newdoll, has been building beautiful new homes at a very atttactive price in Nipomo throughout the economic recession and they are all selling quickly.  Currently, the new homes range between $359,900 -$485,000 and are sized from 1789-2420 square feet.  All include 3-car garages, granite counters, tiled baths and open floorplans.  

Located only 10 miles south of Arroyo Grande and 10 miles north of Santa Maria, Nipomo residents say they love the small town feeling they have there and enjoy the weather.  ”Often,  I will leave my job in AG and drive home to Nipomo and within a  few minutes, I am out of the fog and chill and into a balmy 74 degrees.” says one Nipomo resident.  I have the beach only a few miles away but don’t have to be cold to enjoy it!”

Nipomo has been long known for it’s rolling hills, ranches, horse properties,  one restaurant and one bank. Nowadays, residents can enjoy the relaxed lifestyle of living in Nipomo on smaller lots in newer neighborhoods and can have several restaurants, churches, salon services and banks to choose from along with two great golf courses.

If you would like to know more about homes available in the Nipomo area, contact Nancy@SignatureProperties1.com or call (805)710-2415 or to view some home designs go to www.BriarRoseEstates.com
Nancy Puder is the owner of Signature Properties, a prestigious real estate Sales and Property Management company located  in Arroyo Grande.  

Do You Need a Push?

Summer is upon us and I can’t tell you how it got here so fast!  It made me realize that if I have any clients thinking of selling their property, it would be best for them to make a move to get that started right away.  With the kids going back to school in mid-August, this is the best selling season and August will be here the blink of an eye.  

With the potential expiration of FHA loan limits in October which could press the market downward, this may be a window of opportunity to sell.  Many may not know that when the FHA  loan limits were raised a few years ago it opened up the opportunity to buy for a lot of people who would not have been able to get a loan otherwise.  FHA loans are government insured and the qualifying guidelines require a relatively low down payment and a slightly lower FICO score than a conventional loan.

Since the loan limits were raised to reflect home values on the Central Coast, the number of sales that have involved an FHA buyer has significantly increased and helped to keep our market going forward.  Although I’m not overly concerned about it, there is a possibility that we may feel the change for a short while until someone comes up with another plan.  The banks, I’m quite sure, will offer an alternative because if they aren’t lending, they aren’t making any money.

The point is that if you need a little push off the fence, today would be a good day to contact your real estate professional to discuss your optons.  I am also available to discuss your real estate needs. You may contact me anytime at (805)710-2415. Your calls are always welcome!

Nancy Puder is the Owner Broker of Signature Properties, a prestigious real estate sales and property management company in Arroyo Grande CA.  www.SignatureProperties1.com or contact Nancy directly at (805)710-2415

Nancy Puder
Signature Properties
(805)710-2415 direct line
(805)474-0100 office
www.SignatureProperties1.com

124 S. Halcyon Rd. Suite A
Arroyo Grande, CA 93420

Homes are Selling and Banks are Financing!

Contrary to what you may be hearing out there in the marketplace, homes are selling and banks are financing.  People are always mentioning to me what they’ve heard recently and many of them take what they’ve “heard” as the truth.  I sometimes smile and am amused by it, but the truth is that some people are really being hurt by having the wrong information.

The notion that you can’t get a loan right now is silly. Thousands of loans are being made daily across the country and in our local area.  I agree that the criteria to get a loan has become tighter, and that self-employed buyers need to produce proof that they are receiving enough income.  And yes, these days you have to do what we affectionately call the “lender dance” to get the money, but if you are truly qualified to buy a home, there is no problem getting one.  I hope that settles that myth.

The other rumor that homes aren’t selling is also untrue.  Homes are going into escrow and closing every day on the Central Coast. Some of these are foreclosures and short sales but not all of them.  I’ve found that the people who say homes aren’t selling are usually those who don’t want to price their home correctly or real estate agents who can’t figure out how to sell a home in today’s market.

The problem with allowing these rumors to take hold is that people are actually hurt by them.  The opportunities today in the real estate market are tremendous.  My advice is to get your information from a source you can trust, not just any well-meaning person you run across.  Who you choose to listen to can affect your future in a huge way!

Nancy Puder is the owner/broker of Signature Properties Real Estate Sales & Property Management, located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420.  You may reach her at (805)710-2415, email Nancy@SignatureProperties1.com or visit her website at www.SignatureProperties1.com

Seller Can Get $3000 to Short Sale Home!

As unbelievable as it sounds, there is a government program, not only available but widely used, that is actually giving the seller a check for $3000 at the close of escrow.   The good news is that this is a relatively easy program to qualify for as opposed to some of the other “solutions” out there right now like loan modifications which are still difficult to obtain.

This new program is called HAFA described as “a government-subsidized “Home Affordable Foreclosure Alternatives” program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale prior to listing using standard forms and specific timeframes.”

To qualify for this program, the home must be owner occupied or only vacant or rented for the past 12 months. The seller must be able to show a hardship and by the way, the hardship can be described in several different ways. The property must be listed with a real estate agent.

Anyone who has gone through the difficult process of deciding to sell their home for less than the amount owed understands that this is most often a decision that is not easily reached.  I have found that many people struggle with the moral implication of not owning up to their debt in addition to the fear that their credit will be destroyed even if only for a few short years.  We sometimes hear about the few who don’t go through this emotional battle, however, I have found that most sellers do.

I believe that it’s my job to guide the seller through the decision to do a short sale, then to help them through the process while helping them to retain their dignity and self-respect.  I love the $3000 incentive at the end that HAFA provides because most short sale sellers have exhausted their finances (and beyond) by the time they close the escrow

If you would like to find out if you qualify for the HAFA program and are thinking of doing a short sale on your home, call me at (805)710-2415 for a private consultation at no cost.

Nancy Puder is the owner/broker of Signature Properties Real Estate Sales & Property Management, located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420.  You may reach her at (805)710-2415, email Nancy@SignatureProperties1.com or visit her website at www.SignatureProperties1.com

When you decide to sell your home and invite an agent to come by to list the property, a good part of the appointment is centered around the Comparative Market Analysis (CMA).  If you are not familiar with this term, here’s a brief overview of how a CMA works…It’s all about your home versus every other comparable property in the immediate or surrounding area.  This is how agents help their sellers establish a realistic asking price.  Recently sold listings, listings that have expired and active listings all need to be taken into account while establishing an acceptable price range.

Active Listings are your competition.  A good move is to attempt to out-price your competitors as you address subtle differences in value between your home and the rest.

Expired listings should be considered since those are the ones that were in many cases overpriced and therefore, did not sell.  Recently sold or closed listings are the homes that made it to closing and obviously the successful ones.  It’s important to use these homes as an indicator as to how well your home will do in the current market.

I can’t stress enough how important it is to price your property correctly in the beginning.  One of the most frequent questions that I receive from prospective buyers is: How long has it been on the market?  If the buyer perceives that it’s been on the market for too long. They will often “low ball” their offer, assuming that you are either desperate or that there is something wrong or undesirable about the property.

When you are ready to discuss the CMA with your agent, be sure not to place much emphasis on anything that sold prior to three months ago.  If you sell your home, the majority of buyers will be obtaining a home and when the bank sends out an appraiser, he or she will only consider properties within that time frame.

I hope this information is helpful to you and just so you know, I’m never too busy for your referrals!

Nancy Puder is the owner/broker of Signature Properties, a prestigious real estate firm located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420.  You may reach her at (805)710-2415 or visit the website at www.SignatureProperties1.com

The California Association of Realtors (CAR) has announced that foreclosure files have dropped 12.5 percent and sales on the court steps have declined by 24.5 percent.  Those facts combined with the five consecutive months of home sales gains (September 2010-January 2010) is reason to think positively about the real estate market. 

Many are taking advantage of the low interest rates that are averaging right now around 4.78%.  Interest rates are predicated to rise to around 5.78% before year-end.  I’m not a mathematician, but these numbers tell me that I will be paying much more for the same house next year than I will this year!   Perhaps I should consider getting off the fence?

Some buyers have shared with me that their sense of job security is preventing them from moving forward and making a purchase.  That is a valid concern which I can understand.  To alleviate some of these concerns, CAR has made available to home buyers a mortgage insurance plan, available upon completing a sale, which will pay up to 6 months of your mortgage payment if you find yourself unemployed.

The truth is that in most cases, none of us know what tomorrow will bring   The question is should you choose to worry  about the future and not do anything, or should you,  perhaps, carefully analyze your situation with  a respected professional who will help you decide if  this time might be right for you to make a move.

Nancy Puder is the owner/broker of Signature Properties, a prestigious real estate firm located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420.  You may reach her at (805)710-2415 or visit the website at www.SignatureProperties1.com

Is Foreclosure & Short Sale the Same Thing?

One of the most common misconceptions today is that an REO and a Short Sale is the same thing.  Some may know that they are different from each other, but really don’t understand why. I thought today that it might be a good idea to just explain it in simple terms.  The acronym REO means Real Estate Owned.  It is a term used by banks when they have completed a foreclosure on a property and they are now the owners of the property.  If you are purchasing an REO property, you are buying a property that the bank now owns

A short sale happens when the seller owes more on the property than they can sell it for.  For example, if they bought the house a few years ago and have a loan on it of $470,000, and now the house is worth $400,000, the house will be offered up for sale at the current market value of $400,000, subject to the approval of the lender.  This means that when a reasonable offer is received and accepted by the seller, it must then be submitted to and accepted by the lender also.  The reason is that the lender will be, in most cases, receiving less than the amount owed to them at the time of the sale. 

Foreclosed homes (REO’s) can be purchased normally and escrow can usually close in 30 days or less.  A short sale, however, can take from 30-120 days to close escrow.  In some cases, it could be longer.  As a Certified Distressed Property Expert (CDPE), I have extensive training and experienced in foreclosures, Short Sales and can even help guide you through a loan modification.  If you or someone you know is in this situation, please feel free to contact me for a complimentary and confidential consultation.

Nancy Puder is the owner/broker of Signature Properties Real Estate Sales & Property Management, located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420.  You may reach her at (805)710-2415, email Nancy@SignatureProperties1.com

Cheaper to Buy than Rent Right Now?

With lower house prices on the Central Coast and at the same time, rising rental rates, you may want to consider purchasing a home right now. Did you know that a home purchased for $300,000 with a zero down payment results in a payment of only $1900 per month? That includes property taxes and insurance! And yes, you can buy a house with zero down payment.

With the mortgage interest deduction still intact, your accountant will probably confirm that for many of you, a purchase similar to the one described above will result in approximately a $3600 tax savings!! If you are renting now for $1600, that sounds to me like a break even situation. I hope this news will prompt many people to investigate the possibility of owning versus renting.

With homeownership, there are so many benefits if you are brave enough to take that first step. For one thing, you won’t be getting the dreaded phone call from the landlord that they have decided to sell the property and now you not only have to allow it to be shown to prospective buyers, but you will most likely have to move pretty soon. I find that most people are usually unprepared emotionally and many times financially, for this sudden turn of events.

In addition, historically prices go up regardless of what you are hearing all over the media today. How many of us have heard a friend or neighbor tell us that they bought their house for $25,000 way back when and now even with the temporary decline in house prices, it is still worth $400,000? I know that even I cringe when I hear those stories. How do you become equity rich like your neighbor? Take a step out in faith and experience the joy of owning your own home! Paint the walls whatever color you want and live there until YOU choose to move. Who cares what the current value is on the home if you’re not going anywhere?

If you would like advice on whether this is the right time for you to buy, call me at (805)710-2415 or send me an email at Nancy@SignatureProperties1.com Nancy Puder is the owner/broker of Signature Properties Real Estate Sales & Property Management, located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420. www.SignatureProperties1.com

Homeownership has become more affordable than renting in 72 percent of major U.S. cities
It is more affordable to buy than to rent a two-bedroom home in 72 percent of America’s 50 largest cities, according to Trulia.com’s latest Rent vs. Buy Index. Meanwhile, a nation of renters has emerged as more Americans rent by choice or due to unforeseen financial difficulties. In contrast to this nationwide trend, renting is only less expensive than buying in four of the cities included in this study – namely New York, Seattle, Kansas City, and San Francisco. The remaining 10 cities are locations where buying still may be a financially sound long-term decision, despite the relative affordability of renting.

Cities overwhelmed by foreclosure filings and unemployment, including many cities in Florida, Arizona, Nevada and central California, typically correspond to more affordable markets for prospective buyers; however, there are exceptions. Oakland and Los Angeles, which are experiencing similar rates of unemployment or foreclosure filings as Phoenix, Miami, and Sacramento, still are more affordable to renters. Moreover, close proximity to economic centers with promising job growth projections has propped up both the demand for homes and costs of homeownership in Oakland and Los Angeles. (courtesy of California Associationof Realtors)

Recovery is on the Move!Recovery on the Move!
This time it’s really happening. Existing home sales have been up for the past 5 months and my phone hasn’t stopped ringing for the past several weeks. Offers are coming in on listings and there seems to be a sense of urgency in the buyers that was not present during the last half of 2010.
It’s about time we had some good news for homeowners! The freefall of prices for the past couple of years has stunned all of us, but thankfully, the market seems to have definitely stabilized and all indicators are that we are on our way back up. It’s important to note, however, that even though the housing market is improving, it will probably take a few years to see any significant increase in property values.
Buyers are finally realizing that prices, most likely, won’t go any lower on the Central Coast and with interest rates on the rise, now is the time to get that home that they want. I believe that buyers who continue to sit on the fence will pay more per month for the same house next year that they are considering a purchase of today.
If you are not sure how to begin the process of buying or selling, you may contact Nancy Puder at (805)710-2415 for a free real estate consultation.
Nancy Puder is the owner/broker of Signature Properties Real Estate Sales & Property Management, located at 124 S. Halcyon Rd., Arroyo Grande, CA 93420. You may reach her at (805)710-2415 or visit her website at www.SignatureProperties1.com