The east Simi Valley McKeon Condos, otherwise known as the Vista Del Monte(s) have lost more than 50% of their value. At the height of the market run up, the Simi Valley McKeons were selling at $310,000 to $320,000. Currently units in the McKeon complex have closed at $145,000 up to $154,000. While this much of a drop may signal the we may be nearing a market bottom, it is a telling tale as to how big the housing market free fall has impacted Simi Valley real estate.
That's right. If you have:
buckets of old batteries,
old computers,
computer monitors,
television sets,
VHS machines
etc.
These items would be better disposed of properly than in our land fill.
You can bring your items to the Simi Valley Town Center on Saturday 1/10/08 beteween 9 am and 3 pm near Wells Fargo and clear some of that clutter out of your garage, closets and storage cabinets.
A Simi Valley Becker Christmas Tradition
Thank you to the Becker Family on Sycamore Drive in Simi Valley California. The Becker Family has been Simi Valley's Christmas Cheermister for years. I lived only a few blocks away from their home till last year. Cathy and I have always stopped by with our children and the Becker Christmas house is always a hit with my family and the residents of Simi Valley. There is still time to see this incredible display of Christmas Spirit. The home is located on Sycamore drive in the 1300 block just north of Royal on the east side of the street.
Simi Valley Home Sellers Save Money on Title Insurance
In the wake of the LandAmerica Bankruptcy and laws that will go into effect January 1st for California Title Insurance; I have the pleasure to tell you that the playing field for Title Insurance companies is being leveled. LandAmerica's bankruptcy news brings attention to a part of every real estate transaction and thus gives me this opportunity to help Simi Valley home sellers make an informed decision when choosing a Title company.
That's right you get to choose the Title company you want to use. When home sellers are faced with the estimated cost sheet for selling a home, they put trust in the agent preparing that sheet to recommend a Title company. Usually the recommendation coming form the agent is based on service provided by the Title Company. Those services are now being heavily regulated and will help drive down the cost of Title insurance. Many times the services include Title companies providing lunches, breakfasts, tickets to sporting events, concerts etc. for Real Estate Offices and their agents. Title companies battle for preferred status in the individual offices and the policies presented to Home Sellers were based on relationship. Pricing had no influence. The Title companies can no long er pamper brokers, their offices and their agents in the State of California to earn business. It would be nice if the State would enact laws to would keep Real Estate Broker owners from locking competing Title compnies out of their offices as well. Fair competition is good for you the home seller and bad for Brokers.
The importance to you as a home seller is that you should demand to see quotes on Title insurance policies (you will pay for when you sell your home) from several Title companies. Sounds easy? Well yes and no. You see, the big Title Companies underwrite and operate many brands, so for instance Fidelity owns Chicago Title, Ticor and soon will own the bankrupt LandAmerica Lawyers Title. So if you were to get quotes it might be a good idea to get a quote outside the Fidelity umbrella and vice verse for the other large companies.
The important thing to remember is that you can get a lower rate and save money by comparing quotes.
Last, the argument against finding the lowest rate, will be only one argument, and that is if the lowest company quote is coming from a company that will be in business down the road. LandAmerica was proof that even large companies can get into trouble. I believe you can find the most competitive rate for Simi Valley homes sales by comparing several companies. What never gets discussed is that Title insurance policies have a very low loss payout ratio. Do you know any friends, peers or family members that have ever had to make a claim on a Title Insurance Policy? Now compare that to the policy on your car.
The agent you are interviewing to list your home should come with the rate sheet for a couple of Title Insurance companies and be prepared to explain the benefits of using one company over the other.
Whether you agree or disagree, open discussion is a great way to exchange points of view and opinion. Please comment below.
Every month I post the YTD Home Sales numbers for Simi Valley on my blog at http://www.homebuysblog.com. The encouraging news is that volume is up from last year, inventory is shrinking, however sellers are still frustrated by declining prices and patient/methodical buyers. Struggles ahead include unemployment that is over 8% for California, our current state budget is a disaster and that our own State Assembly/State Senators tried to sneak all kinds of new taxes (disguised as fees) into new legislation. The climate for a recovery has not arrived.
If you you think I have a bearish outlook for Simi Valley Real Estate, you are partially correct. What I know from experience is that times like these create wealth for those who are positioned to make smart purchases now. Interest rates are at 37 year historical lows. The government is trying everything it can to cause a recovery that is not going to ripen for a while. While our elected officials flounder in stupidity, they will do things that will create opportunity and this interest rate drop is one example.
The experience I spoke of earlier is the home I bought in 1994....a 3 bedroom 2 bath, 1500 sq ft Kingspark in central Simi Valley (still have it as a rental). I paid $167,000 and at the top of the market, in the late 80s it was selling in the $200,000s. Rates were below 10%, Fannie Mae offered me a 3% down payment and no mortgage insurance. The house fit my needs, I had no idea if the market had bottomed out, but I saw the opportunity and now wish I could have bought several more back then.
We are in the same position today as I was in 1994; opportunities will make themselves available we just have to be smart and ready to act when it is time.
Please check out the charts below and visit the full report on the figures for Simi Valey Moorpark Home Sales at http://homebuysblog.com/2008/12/10/simi-valley-moorpark-real-estate-market-update-nov-2008/
Below are a couple of excel charts I created to give a better visual picture for the last 3 years.
Be sure to set your news reader subscription for my Blogs here at activerain and http://www.homebuysblog.com, just look for the RSS links.
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Simi Valley Real Estate Specialist Licensed over 12 years, California DRE 01224852. Dedicated to earning your trust and respect long before I ask for your business. Simi Valley homes for Sale.
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