This really doesn't have anything to do with real estate per say.. but it affects me and I'm a Realtor, so therefore its connected!
I was checking in on my son (Ryan, 6yrs old) last night before I went to bed and felt compelled for some reason to sit there and watch him sleep. and not in a creepy way either! I just sat there for a second, peaceful and quiet, listening to him breathe and it made my heart skip a beat, or more like pulled at my heart strings, like a rush of emotion or something. And all I could think was that no matter what the market is doing, no matter what the interest rates are, no matter how many deals fall through, no matter how defeated I feel I know that all I have to do is watch my baby sleep and it all goes away. There's no use in trying to drink your sorrows away, no amount of alcohol can bring you that kind of joy. Trust me, Ive tried!!
Its amazing what our kids can do by just being there!
When buying a house, for most people, it's all about the location and the neighborhood. So how do you "select" the perfect neighborhood?? It's not always easy, especially if you're not from the area.
So what are some things that should be taken into consideration?
For most people, the commute to work is a big one.The proximity to schools, shopping centers, churches, parks and any other activities your household enjoys doing also ranks up there.
Scouting the neighborhood would be a good idea. So would driving around at different times of the day and different days of the week. Talking to your potential new neighbors is also good. No one knows more about the neighborhood than the current residents! Maybe asking them about any homeowner dues if there's an association for that neighborhood. You may not be ok with paying that amount per month, or may not like the covenants, conditions and restrictions they have in place.
While you're there, study the traffic patterns, listen for noises coming from surrounding areas, or even smells for that matter. Check out the condition of the properties around the neighborhood too. Chances are, if it bothers you during your drive-by/stakeout you probably need to reconsider.
You know what else can make it that much easier?? Finding the perfect realtor/neighborhood expert to help you with your search. ( call me!!)
And remember to have fun with it. They don't call it house hunting for nothing!
If mediterranan food is your thing, than you NEED to know about El-Basha. Unless you already do!
Its Greek and Lebanese cuisine at its best. Great location, ( I went to the one in Covington, 1958 N. Hwy 190) , great food. great service. I havent been to a restaurant that enjoyed like that in a long time. I couldnt have found anything to complain about, even if I tried!
I had the chicken shawarma plate. The portions are huge, vegetables were fresh ( theres nothing worse than wilted lettuce on your plate!), warm pita that just melts in your mouth! Theres usually alot of garlic in Lebanese cooking that can sometimes be overbarring, but this one was just right. They have a great lunch menu and an even better dinner menu. Can't stop raving about it!
If you happen to be in the area, you should definitely give it a try!
Check out their website. www.albashabr.com
Bon Appetit!
Back when I was in the process of getting my license, one of the things that was most emphasized during the classes, was the importance of the code of Ethics and all the RESPA regulations. So I was shocked to see that when it came to Short Sales and Foreclosures, that was the first thing that went out the window. It's not realtors that are in violation though, but the banks! Ya, I said it!
Absolutely shocking. Its like they have disregarded everything that agents have worked so hard to accomplish and the level of professionalism we strive to maintain.
Examples of what they are doing??
- Violating deadlines as set in the contracts
- Specifying lenders to be used ( RESPA violation)
- Not using the sales contracts provided by the State which allows them to add and remove clauses that were meant to protect the rights of the buyer
- Specifying that seller is to choose closing attorney (that the buyer pays for by the way. really??)
- Cutting, and in some cases removing, agent commissions. ( agent in the office got no commission on a transaction due to the fact that she was related to the buyer. What???)
- Contacting the clients directly, disregarding both agents
- Demanding deposits before contract is signed by the seller
It really makes you think, is anybody seeing this?? Its almost like they keep trying to push the envelop just a little bit further every to see how much they can actually get away with. So far, pretty much anything! Makes me wonder what could possibly be next???
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This Month in Real Estate ............................................................................................................................................... Commentary
After a steep run-up in prices during the first half of the decade, home values have readjusted back to normalized levels. Fixed mortgage rates are sitting near record lows and the number of homes available for sale is providing home buyers with more options. Also encouraging are indications that the high end of the housing market could begin moving again as luxury financing becomes more readily available. Despite high unemployment and looming foreclosures, experts maintain their expectations that the economy will grow in 2010, while the government carries on its search for solutions to help both troubled homeowners and the unemployed.
The Housing Market
Existing Home Sales Existing home sales slowed in January. According to Lawrence Yun, NAR chief economist, this is mainly due to the lack of urgency with the extension and expansion of the first-time buyer tax credit in November. January sales of 5.05 million remain 12 percent above the 4.53 million-unit level last year. Median Home Price Existing-home price was $164,700 in January, 3.4 percent below December and unchanged from January 2009. Distressed homes, which accounted for 38 percent of sales last month, continue to skew prices downward as they typically are discounted in comparison with traditional homes. Inventory The supply of homes continued to shrink, falling 0.5 percent to 3.27 million, representing a 7.8-month supply at the current sales pace. Compared to a year ago, there are now 10 percent fewer homes on the market. This is the lowest level of competing homes on the market since March 2006.
Mortgage Rates Mortgage rates edged above the 5 percent threshold during the week of February 25, but remained near historically low levels. As the Federal Reserve mortgage-backed securities purchase program is scheduled to run out at the end of March, the Fed has held the door open to extending it if the economy weakens.
Affordability Affordability remains at record levels, supported by the lowest mortgage rates in decades, low home prices, as well as the first-time buyer tax credit. So far this year, the home price-to-income ratio has fallen well below the historical average of 25 percent. The ratio now stands at 14.1 percent.
Sources: National Association of Realtors, Freddie Mac Government Action
Jumbo Mortgages Begin to Thaw
The cost of jumbo loans, often used to purchase luxury homes, shot up during the financial crisis because lenders steered clear of anything that could be considered somewhat risky. Plus jumbo loans are too large for the government to support through the Federal Housing Administration, Fannie Mae, or Freddie Mac.
The good news: The jumbo loan markets are beginning to unfreeze and return to normal. The difference between interest rates on conventional loans and jumbo loans has decreased from higher levels seen last year. In some cases, the down payment requirements are easing as well, but they often still depend on the level of borrowing - the more the mortgage, the higher the down payment percentage. In New York, mortgage professionals report the following common down payments: Borrowers will still need a good credit score, typically at least 700, evidence of high income, and a sizable bank account.
Sources: Los Angeles Times, Inman News
Topics For Buyers & Sellers
2009 Tax Tips
Tax time is coming up. Don't forget about the following benefits in 2009 for homeowners. What's deductable in itemized deductions for homeowners? 1. Mortgage Interest 2. Points - paid at closing if you purchased or possibly if you refinanced this year 3. Mortgage Insurance Premiums 4. Property Tax 5. Energy Efficiency Credits - see IRS Form 5695 for qualifying projects 6. Home Buyer Tax Credit - see IRS Form 5405 to claim your credit if you qualify
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Contact me, Nicole Azzi (985) 327-9058 for information about what's going on in our area.
Newsletter Contents 1. Commentary 2. The Housing Market 3. Government Action 4. Topics for Buyers & Sellers
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For a more detailed report with additional graphs and government action, please see the This Month in Real Estate PowerPoint Report. |
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As the market continues to show shoots of recovery, experts believe that the roots will continue to grow. In his annual letter to the shareholders of Berkshire Hathaway, Warren Buffett said, "Within a year or so, residential housing problems should largely be behind us."
