Kelly Turbeville - Real Estate Possibilities in the Saddleback Valley

Great news, the new FHA loan limits were released today, ahead of schedule, with little fan-fair.

The new limits for Orange County are:

• Single Family Residences: $729,750
• *2 Family Residences: $934,200
• *3 Family Residences: $1,129,250
• *4 Family Residences: $1,403,400

Single Family Limits for San Diego were increased to $629k and for Riverside they were increased to $500k.

Now it will take a little time to filter down, but this temporary increase, will certainly help home buyers have access to better jumbo loans, which was previously set at $417,000 and help with down payment requirements, currently FHA down payments are at 3%. As well, this should build some security for investors to increase their demand for these federally insured loans, resulting in jumbo rates coming down!

If you are in the process of re-financing and or considering buying a home, keep in mind not all Lenders are FHA approved. In addition, there are specific requirements a homeowner must meet when selling to a FHA buyer.

Keep in mind this is technically a temporary change till the end of 2008. I wouldn't imagine they will go back down to the previous levels as there is legislation to secure California is a high cost state but you never know.

This change, along with the current inventory level and reduced pricing, we just about have a perfect storm for buyers!

* These are 2-4 units' investment properties

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above information is provided as a courtesy and is deemed reliable but not guaranteed.

Portola Hills eNews

As you can see there are some great properties available currently. Should you know anyone looking to move to the area, please make sure to contact Kelly to review the best deals on the market?

Are you ready to buy an REO? In was speaking with a buyer the other day; something they mentioned stuck with me and I thought hmm, this a good topic to review.

First so we have a clear understanding of what an REO property is; REO stands for Real Estate Owned property. Meaning a bank or investor took back this property from a seller either via an agreement or after foreclosing.

As I was speaking with this buyer about what they were looking for in their new home, came out "we are only interested in buying a REO property", with great interest I had to ask why this limitation and out it came, "because we can get the best deal"

Ok, so let's get down to the nitty gritty. Why would a buyer assume a bank is going to take less then market value? It's a bank! They are in the business to make money! So with them present, we reviewed comps, determined a low asking price and called 5 homes listed and spoke with REO agent. Out of the 5 homes called, one agent advised the bank is willing to negotiate but they already had 10 offers in. All four other properties noted, and this is key, the bank has received several low ball offers, but was keeping the home, on the market fully anticipating it would get market price based on the last sold comps. My buyers were very shocked.

So we then looked at several other homes that were not REO or short sales properties but priced well as the seller needed to move but was not desperate. We ended up finding a great home, priced below market with the seller helping with closing cost.

The point of sharing this story is because we often here this assumption regarding REO/Short Sale properties being the best deals, but in fact they are often not. In addition, with an REO keep in mind you are buying a home AS-IS. The bank does not have any disclosure information from the previous seller. Yes, you can get an inspection which is recommended but that does not always tell you what is behind that wall, if you no what I mean.

It is not our goal to dissuade anyone from considering these properties. We just hate to see buyers limit themselves to only these types of properties when the market is full of other viable opportunities.

In closing, if you know anyone who is having a difficult time with their home, please call us. We are seeing a lot of fear based listings on the market when if we can just calm the nerves of sellers we may be able to help them keep their homes. It is Kelly's goal to provide a trusted helping hand vs. focusing on just getting a listing. If we can find a way to help the homeowner save their home we will!

Open House March 1^st and 2^nd: 28711 Pendleton Dr. Portola Hills. 3 bedroom with loft/2000 sq. ft and priced to sell $535,000

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above information is provided as a courtesy and is deemed reliable but not guaranteed.

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We have all heard the news it is a Buyers Market (yeah!). However, when I speak with potential buyers what I am finding is they are stuck, sitting on the fence of indecision!

It is hard to watch the internal struggle and it generally isn't about the details we here, value, price, etc. There is this dream of homeownership, but that is undefined for the buyer. We watch as they struggle with the difference between a house and an investment, treating a home like a stock. They know in their hearts they want a home. They see the positive impact a home has on ones life, but just can't vision the security it brings both in intangible ways and financially.

As a home buyer, if you are sitting on the Fence of Indecision, here are three aspects of homeownership we want you to take into account. Then call your Realtor®. You are never going to understand the blessings of homeownership until you take the risk and get off the fence.

First: It's a home! It's a place to rest your head at night, make memories and call your own and you get the benefit of utilizing it as an investment. But this asset is different from a stock. This is an asset in which you get two bangs for your buck, it depreciates over time yet it grows in market value.

Second: A home should be looked at as value asset and rarely will become worthless. Yes, there are declines and there can be catastrophes, but even with those issues your home will keep a major portion of its value. The key is to remain calm and stick to your plan, even when there are decreases you have an incredible opportunity to make it back up, you are in control!

Let's not forget the memories your home has, I have never had anyone tell me their memories were worthless.

Third: tax benefits, tax benefits, tax benefits, what other investment can you put in 5 percent of the cost, enjoy all the appreciation. Remember, your investment to start is the down payment yet you are getting a return based on the value of the home.

If you live in the home at least two years, depending on your status you get this other great little present to keep a huge portion of your wealth tax free up to $250k or $500k. In addition, let's not forget the other benefits the government gives us that include: property tax write offs, interest rate deductions and as noted above depreciations.

Hello, what other avenues of investments give you this little upside?

As you are making your decision to get off the fence, though all the above financial aspects are important, in your heart you know the most important answer you are searching for is that feeling a home provides. Focus on this and the rest will follow.

Don't let this market pass you by. We have a window of opportunity currently that Orange County has not seen in years: Selection of homes is high, demand is low, interest rates are still low and the government, just made the deal all the more sweeter with the Stimulus Package.

To find out what your best plan of action is contact us today!

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

Recently we sponsored a great seminar on the outlook for 2008 real estate market and I once again walked away with an overwhelming feeling of how blessed we are to live in such a great county.

I know this past year has been a tough one for many, that includes me, but when you look at the economic forces behind this county, it is clear we stand apart. With permission I wanted to share a couple of the facts that will provide a greater understanding of why this county will continue to be an economic powerhouse.

Real Estate Sales & Pricing: The strength in this market can be seen in the numbers. Yes, the 11 year appreciation streak came to a halt and the number of home sales was cut in half, but when you look the true numbers we see that Single Family sale prices were only down 0.4% and Condo's sales prices were down 2.7% from December 2006. Remember, all real estate is local!

County Defaults & Foreclosures: We hear from the media at every turn "Record Number of Defaults". What we don't hear is the breakdown between a delinquency, defaults and foreclosures and that 70% of these filings are resolved before a homeowner looses their home.

Out of 72k notices of default filed in the 3^rd quarter, a new record for the state, we did not hear that since the last increase in 1996 we added 2 million more homes and condos.

Orange County Wealth Factor: Orange County has a median income of approximately $75k which is the 6^th highest in the state. Not included in that numbers is an additional 12% tied up in investments, interest and capital gains.

Out of the 3 million residents, 11% have a net worth exceeding $1 million dollars, we have 8 billionaires and are 3^rd in the U.S. with 113,299 millionaires, 67,729 earn more then $200,000, 30% earn in excess of $100,000. Not to forget, 22% of homeowners in the county own their homes outright.

Population & Employment: 2007 could be considered a slower year in growth for the county with only 23,000 new residents, but we still rank 2^nd in the states total population. The county is considered a net in-migration county w/16% of immigrants Asian and 33% Hispanic. The expected population growth through 2005 is 4 million!

Looking at jobs, Orange County has 1.57 million workers and ranks 5^th in the nation. The county's unemployment rate is 4.3% ranking it the 3^rd lowest in the state.

Housing and Rentals: With the dense population and expected growth, we are beginning to see builders phasing out single family detached homes; with very few expected to be built after 2010. Planners are developing more clustered/vertical developments. With rents the county ranks 3^rd in the U.S for apartments and 4^th in retail growth in the U.S... 2007 we saw an average rental increase of 6.4% due to strong demand and high occupancy rate of 95.5%. Making Orange County still a viable investment opportunity.

I am by far not an economist, but I do see strong strengths in the Orange County market that can not be taken away. As you can see from the data, though we did have significant challenges in 2007, we still have a very stable economy.

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above data is provided as an opinion and is deemed reliable but not guaranteed

Kelly's Weekly Events with her clients in mind!

Ladies looking for something to do this upcoming weekend that will inspire you to new heights. Saddleback Church in Lake Forest has two events with you in mind.

Girls Night Out: Friday, January 18
7:00 to 9:00 p.m. in the Worship Center
Cost: FREE

- Special guest Ashley Smith Robinson, author of Unlikely Angel, will share how God used her to influence her captor and impact hundreds of lives through her amazing story.

- Kay Warren and Debbie Eaton, director of Women's Ministry at Saddleback, will share messages of hope and encouragement.

- We'll enjoy music and worship led by Angel Smythe and her band.

Invite a friend or the women in your small group!

Can't make Friday nights event, then consider the Saturday Morning Event - Soul Matters For Single Women and Charmed Influence

Sat 1/19/2008 @ 9:00 am.

Tent 2 at the Saddleback Campus

Ashley Smith as our guest speaker for our breakfast event.

Ashley's story is well known and it was so good to have her come to Saddleback for weekend services, but we heard so little of her story. This is a wonderful opportunity to hear her speak specifically to those who are single and those married to husbands who are on a different spiritual path.

This is also a free event, but as this event will be serving a breakfast it is best to RSVP and ensure there is a seat for you...

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. It has become a passion for Kelly to inspire Singles and escpecially Single Women towards financial security through Real Estate.

Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above information is provided as courtesy and is deemed reliable but not guarenteed.