Where are Interest Rates Going???

The consensus is either Up or Holding:

Those who say UP: Bank of America's economist Peter Kretzmer believes that the 0.3% rise in the "April core CPI significantly raises the chances of a late-June tightening to a 5.25% federal funds rate target."
Those who say HOLDING: Insight Economics LLC's weekly survey, which is a consensus of 50 economists, indicates that the Fed will hold the fed funds rate steady at 5.00% at their June 29th FOMC meeting.

So the only thing they can agree on is that rates are not going down. Ready to buy something? Give me a call at (805) 901-8805.

Lorraine, Realtor

Home Staging the latest Rage for sellers

Just about every home on the market these days is in tip-top shape. Even if it is vacant, owners are staging the home so buyers can see it as it's best. I would say 90% of the homes I preview these days are staged. So how do you do it?

Do's:

1. Get up to speed on home decorating trends by reading recent home decoration magazines.
2. Go through your home with a friend or Realtor to help accent the best and edit the worst in your home.
3. Stage a home office somewhere in your home even if you don't have one.
4. Living space is the key (and lots of it). Open it up; limit knick-knacks; wicker baskets can hold a lot of loose things.
5. Kitchens need a lot of counter space - put things away. Clean the refrigerator door; make sure buyers can see the back wall of the cabinets; omit throw rugs; clean window sills.
6. Bathrooms need to be decluttered. Wash the shower curtain if it has the slightest trace of mold; add sets of towels that coordinate with shower curtain; put cosmetics away in a drawer or plastic case.
7. Bedrooms also need to be decluttered. Make sure the bedroom receives the maximum natural light. Install closet organizers in closets; eliminate wall and door hooks.
8. First impressions are still the key - don't forget the entryway. It needs to be well lit night and day.

Don'ts:

1. Don't use silk flowers - use the real thing if you have them.
2. Don't overlook window treatments. Buyers want the most light and the least embellishments on windows.
3. Don't use low wattage light bulbs - you want it light and bright.
4. Don't paint with bold colors.
5. Don't think that cleaning is just a part of this - it should be done first. Everything must shine.
6. Don't think everyone loves wallpaper. No two people have the same taste. If it's more than 3 years old, take it down and paint a neutral color.
7. If you have a pet and the food bowls, waterer or litter box is within eye sight, make sure you upgrade these items to something more than the left over bowl from breakfast. Even stage their area!

There are many homes on the market right now. Make sure yours stands out! Call or email me with any questions at (805) 901-8805 or LorraineBurns@sbcglobal.net.

Lorraine

More homeowners struggling to be current on their monthly mortgage payments

Foreclosure Statistics: California was third in the nation in most first-quarter foreclosures with 29,537 properties entering some stage of foreclosure in the first quarter of 2006 (per Realty Trac 2006 U. S. Foreclosure Market Report). The good news is only one in every 414 households was below the national average.

California:
January, 2006 homes that went in the foreclosure process: 9354
February, 2006 homes that went in the foreclosure process: 9110
March, 2006 homes that went in the foreclosure process: 11, 073
Quarter One 2006 (Total): 29,537
1 in every414 Households were in some stage of the foreclosure process
% change from the 4th quarter of 2005: 60%
% change from the 1st quarter of 2005: 86%

Lorraine