Memorial Day

We pay tribute to those who have died fighting to defend our nation.

http://home.comcast.net/~nw-fla/tribute_flag_B_thompson.htm

Looking To Get Your Best Deal?

There are 5 questions home buyers should ask and use to their advantage when buying a home.
To help home buyers negotiate their best possible sales price and terms, here are the five key questions home buyers should ask. The answers to these questions will help you determine how much negotiation you may have on any given home.

1.) WHY ARE YOU SELLING THIS HOME? The primary reasons the home buyer needs to know why the seller is selling are to (1) tailor a purchase offer that will meet the seller's needs, and (2) determine if the seller is highly motivated to sell.

2.) HOW MUCH DID THE SELLER PAY FOR THIS HOME? In most communities, this information is a public record, which the buyer's agent can easily obtain. The reason smart home buyers insist on knowing this vital information is it shows how much negotiation room the seller has.

3.) WHAT DEFECTS DOES THE HOME HAVE AND HAVE THERE BEEN ANY RECENT PROFESSIONAL HOME INSPECTIONS?In most states, home sellers must now provide buyers with written home sale disclosures revealing any material facts that affect the home's market value or desirability.

4.) WHAT PROBLEMS HAVE YOU HAD WITH THIS HOME?
An open-end question like this will remind the home seller of any problems that, hopefully, have been corrected.

5.) WHAT IS THE QUALITY OF THE PUBLIC SCHOOLS?
If you don't have school-age children, it's easy to forget this important question. But top quality schools contribute to home values and future market value appreciation. Families prefer to buy in communities with superb public schools and are willing to pay extra for the privilege.

Search the MLS for Ventura County Real Estate at:
www.VenturaRealEstate.org

Rents are truely rising!

Here's a quote from a USA Today article by Noelle Knox called "Renters Will Dig Deeper in 2007". The article begins with the words...renters be warned...rents will rise about 5% this year and since the beginning of 2005, rents have increased 14%.

Renters - are you sure it's not time to consider home ownership?

Call me -call anyone one this list. We are here to help you.

Lorraine
(805) 901-8805

Alternative to the traditionally built home

How about a modular home? Look at this

picture of the breakfast bar looking into the kitchen. Does this look like a modulat home? Well, it is. It was built in 2003 and is located in Ventura. It is in an all-age park off of Wells and Telegraph Roads. Asking price is $225,000. Call Lorraine to schedule your appointment to see it. More pictures at:

www.VenturaRealEstate24-7.com

Lorraine

Benefits to Current Market

Lawrence Yun, National Association for Realtors senior economist, says one benefit for the current market is the disappearance of speculative behavior, which contributed to abnormal price growth. “Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time,” Yun says. “Housing first and foremost is shelter. Second, it’s a long-term investment that slowly builds the greatest amount of wealth for most families. It’s good that we’re getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market.”

Search the MLS for Homes in Ventura County at:
www.VenturaRealEstate.org

No-Fee Mortgages available Tuesday

May 7, 2007
Bank of America Rolls Out No-Fee Mortgage

Bank of America on Tuesday will begin offering nationally a no-fee mortgage, which will eliminate most of the charges that add a few thousand dollars to every closing. Bank of America, which is the nation’s second largest lender by assets, has been offering this mortgage in Washington state since September. In February, it expanded the program to eight additional states. Tomorrow, it will begin advertising the “No Fee Mortgage Plus” nationally.

The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. The loans aren’t available to subprime customers.

Floyd Robinson, Bank of America's president of consumer real estate and insurance services, says the loan eliminates, on average, $3,350 in closing costs on a $200,000 loan.No other major bank appears to be offering similar loans. Robinson says the bank is able to make money by cross-selling new products. "This is about a relationship more so than about a single product sell," he says.

Source: The Associated Press, Ieva M. Augstums (05/07/07)

Your Property Tax Bill May DROP!!

Yes, your property tax bill may be lower this year!

Here's a brief overview of the assessment process: The assessment value of homes and other property is usually linked to fair market values and determined by local government. The assessment is made up of two components – the improvement or building value and the land (or site) value. The person with overall responsibility for accurately assessing the current value of properties in a local jurisdiction is the tax assessor. S/He's the public official who must set the value of properties for the purpose of apportioning the tax levy.

The assessor's office usually maintains inventory information about improvements to real estate, and creates and maintains up-to-date tax maps. The assessed value of a home is normally determined by one or more accepted methods of valuation. Assessments may be given at 100 percent of value or at some lesser percentage.

In most cases, the determination of value made by the assessor is subject to some sort of review, if an appeal is instituted by the property owner. Taxes are based on fair market values of individual properties. The local assessor then applies an established assessment rate to that fair market value. By multiplying the tax rate by the assessed value of the property, a tax due is calculated.

If you feel the property tax bill you receive is too high, you can always appeal for reconsideration. Be prepared to document why you believe your property is over-valued by the assessor. Contact your local assessor's office for information about their appeal procedure. Contact your Realtor for an up-to-date Comparative Market Analysis (CMA) on your property for your documentation.

Lorraine, Realtor
Visit my web site at www.VenturaRealEstate24-7.com
I can also supply you the CMA for free!

Open House 1 to 3 today Sun 5-6-07

Come on by and say "Hello!". I will be holding 217 Youmans Drive in Ventura Open House today from 1 to 3 pm in Ventura. From Telephone Road (by Barnes and Noble Book Store/Shopping Area) turn toward the 126 freeway on Portola. Turn right on Thille. Turn left into Imperial Mobile Home Park. First street (immediately after you turn in) is Youmans - turn left. Come around the park to the first stop sign. House is on the corner across from the stop sign -park across the street next to the wall. Asking price $135,000. Lorraine

See more pictures at:

www.venturarealestate24-7.com

Don't Get Pre-Qualified, Get Pre-Approved!

Do you want to get the best house you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, we have always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are worthless, and here's why! None of the information has been verified! Unknown problems can surface for example: recorded judgments, child support payments due, glitches on the credit report (due to any number of reasons both accurately and inaccurately), down payment funds that have not been in the clients' bank account long enough, etc. So the way to make a strong offer today is to get "pre-approved". This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and a weapon we recommend to all of our clients to have in their negotiating arsenal.

Search the MLS for Ventura County Real Estate at:
www.VenturaRealEstate.org

Fast facts on home prices and mortgage rates

Fast Facts from the C.A.R. Newsline (Wed. May 2, 2007):


Calif. median home price - March 07: $580,090 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region March 07: Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region March 07: High Desert $320,830 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Fourth Quarter 06:25 percent (Source: C.A.R.)

Mortgage rates - week ending 4/26:30-yr. fixed: 6.16%; Fees/points: 0.5%
15-yr. fixed: 5.87%; Fees/points: 0.5%
1-yr. adjustable: 5.43%; Fees/points: 0.7%(Source: Freddie Mac)

Lorraine
Call me with any of your real estate needs.
Visit my web site at http://www.venturarealestate24-7.com/