2008

Slowly approaching year end and it's been a tough year in Real Estate and the economy. News after news of bank failures, slow sales and home foreclosures. A lot of positive consumers out there, however. For some, this year was a great opportunity to get into a home that is affordable and at low rates. I thank all my clients and business partners for the great year I have had! Continue to be positive, the market will come back around and things will get better. The numbers are truely showing positive signs in Orange County. Numbers are what we need to see not the negative press. We're all in this together as a entire economy! Here's to 2009!

Stats

OC Sales are up 18% from last year. We had a pretty tough start from August 07 to Jan of 08 but this year is coming out very strong. Of course, prices are down 38% from last year but what goes up must come down. Great deals out there. Renters are seeing a lot of opportunity to purchase with a low down payment, 30 year fixed loan that puts them a little over rent prices but home ownership is definitely worth the extra money. I guess you can compare leasing a car to buying a car. A little more a month to own but with Real Estate it's potential appreciation and an investment over the long hall. My clients have been very good to me. I get great referrals and appreciate the loyalty. Can't do it without you! 7 years in this business has paid off and I'm really looking towards building all of my clients' wealth in the next 5 years. It's a great year to buy or upgrade!

Market Updates

Been awhile since I wrote. Such a busy market for me. Great time to buy. Prices have come down a lot to make it very affordable for consumers to buy. Many first time home buyers who have been on the fence are getting into homes and payments are very comfortable. Very close to renting. In Garden Grove alone, 89 SFRs went into escrow within 1 month. There's definitely demand in the market. News still making it seem like a bad market but the same negative news has been published everyday for the last 5 or 6 years in Real Estate. Ultimately, if you renting and buying make sense and the payment is comfortable.....there's no reason not to buy. Rates are still historically low and FHA is making it doable to obtain a loan without 20% down. There's no down market here. My prediction, 1.5 year turn around in the market.

Banking System Running Out of Funds

I've been analyzing the market and haven't had that much to write about but now I have to say, that sooner or later our banks will run out of funds to lend. Although we have stimulus packages, confirming loan limit increases, ultimately, if the bank holds more property then mortgages we're not going to be in a better place. Surprisingly, activity has increased within the O.C. area. If your priced right you'll get the multiple offers. We're not in a bad market, we're just in a changing market. Still need to filter out some bad "professionals" and we'll have a healthy market soon. About rates, we're still "historically" low but seems like consumers think it's still high. Until next time....

BofA's Purchase of Countrywide

Sorry haven't written for awhile. Business is going so well! It's going to be a great year for 2008!

Most of the news hasn't been worth writing about but this topic is pretty impressive. Although, I don't like banking w/BofA because of the non-sense fees they charge. Overall, I think they're a great company. Very conservative as far as lending is concerned. So the fact that they purchased CW....makes me impressed because as much as asset managers are unloading, BofA is purchasing the largest mortgage lender to add to their portfolio. What does this say? Maybe not short term gains but BofA see's a long-term gain in Real Estate and Mortgages. As much as I don't have a crystal ball, things will get better soon. Downturns happen but with positive outlook on the economy and overall well being....this "credit crisis" will long be over and just a part of history and past mistakes.

I'm totally for the purchase and think BofA made a great choice. They're a great bank and they got a great deal!

Happy 2008! Let's be Positive!