Monday, November 30, 2009

FSBO Woes: Why It's So Hard to Sell Your Own Home

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For most people, a for-sale-by-owner transaction simply isn't in the cards

Granted, some people are able to sell their own homes without the services of a real estate agent. Some of these successful do-it-yourselfers are very experienced home sellers. Others are transferring ownership of their home to a child, a coworker or a tenant who's already living in the home. These circumstances are the exception, not the norm, however. For most people, a for-sale-by-owner (FSBO) transaction simply isn't in the cards. Here are five reasons why.

1. FSBOs can't list their home in the MLS. FSBOs aren't permitted to put their home in the multiple listing service (MLS) because these industry membership organizations are open only to licensed real estate brokers and agents. FSBOs are also locked out of many home search engines and Web sites, including the gigantic Realtor.com. Sure, a determined FSBO can put a for-sale sign in his or her front yard and run a tiny advertisement in the local newspaper, but the home won't receive nearly as much exposure as it would through the MLS.

2. Agents won't show FSBO homes. In a typical home sale, the buyer's agent receives a percentage of the commission that the seller pays the listing agent. Without a listing agreement, there's no guarantee that the buyer's agent will be compensated for his or her services, unless the buyer has signed a buyer's brokerage agreement that specifically provides for such compensation. Even if a FSBO offers to pay the buyer's side of the commission, most agents won't want to go through a transaction with an unsophisticated self-represented seller across the table. That means the pool of potential buyers for FSBO homes is limited primarily to unrepresented and probably unqualified prospects.

3. FSBOs usually overprice their home. Like most homeowners, most FSBOs honestly believe their own home is worth more than comparable homes in the same neighborhood. Usually, they're wrong. A real estate agent can provide an update on market conditions, an assessment of the likely selling price of the home and tips for improving the home's buyer appeal. Overpricing a for-sale home is a sure way to deter potential buyers.

4. Buyers will feel intimidated. Potential buyers will spend less time in a for-sale home if the owner is present during the showing, and they'll be shy about discussing its pluses and minuses with their own agent if the owner is within earshot. Buyers will also be less inclined to make an offer if they know they'll be negotiating directly with the seller. Having an agent on each side creates an effective emotional buffer between the seller and buyer.

5. FSBOs are likely to stumble into legal trouble. Real estate transactions are fraught with potential liability for unwary sellers, particularly in states that have extensive disclosure requirements (such as California). A FSBO who overlooks even one required form or legally mandated disclosure could face a protracted and expensive buyer lawsuit after the transaction closes.

McMillin Realty has dedicated, professionals that work and live in South County. They are experts in your market. When thinking about selling your home, contact the neighborhood leader in real estate - www.mcmillinrealty.com

McMillin Realty | We Serve San Diego: San Diego Real Estate|Chula Vista Real Estate|Point Loma Real Estate|Eastlake Real Estate|Otay Ranch Real Estate|Downtown San Diego Real Estate|Carlsbad Real Estate|Rancho Bernardo Real Estate|4S Ranch Real Estate|Bonita Real Estate|La Jolla Real Estate|Imperial Beach Real Estate|Coronado Real Estate|Clairemont Real Estate|Pacific Beach Real Estate

Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink

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Now is the time to SELL!!!

Washington, November 23, 2009

Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.

Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.”

Now that the tax credit has been extended and expanded, potential buyers have until April 30 to have a contract in place. “There is still a large pent-up demand that can be tapped before the tax credit expires. Our recent consumer survey further shows that 13 percent of successful first-time buyers had a previous contract that was cancelled or fell through – there likely are many more buyers who were attempting to purchase but simply ran out of time,” Yun said.

Historically low interest rates also are boosting the market. “Mortgage interest rates last month were the third lowest on record dating back to 1971,” Yun noted. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.95 percent in October from 5.06 percent in September; the rate was 6.20 percent in October 2008. Last week, Freddie Mac reporter the 30-year rate dropped to 4.83 percent.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said strong demand by first-time buyers is creating some unusual conditions. “In parts of the country, especially in Southwestern states but also in Florida and suburban Washington, D.C., we’ve been getting many reports of multiple bids in the lower price ranges with foreclosed properties getting absorbed quickly,” she said.

“In fact, low-end inventory has become very tight in many areas and in some cases buyers are becoming more aggressive. In this kind of environment it’s important to work with a Realtor® who can walk you through the process and help you negotiate a satisfactory deal,” Golder said.

Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from an 8.0-month supply in September. Unsold inventory totals are 14.9 percent below a year ago.

“The supply of homes on the market is now at the lowest level in over two-and-a half years – we’re getting closer to a general balance between buyers and sellers,” Yun said. The last time the relative housing inventory was this low was in February 2007 when it also was at a 7.0-month supply.

What does this mean to you? If you are on the fence about selling your home, NOW IS THE TIME!!! Buyers are out there, inventory is low, it is a seller's market! Call a McMillin Realty associate today! They are experienced in this type of market and in your community. Know one knows better - www.mcmillinrealty.com McMillin Realty also has a fully staffed Short Sale department to assist you if you are in need. www.CallScottForHelp.com

source of information: Realtor.org (National Association of Realtors)

The Best iPhone Real Estate App

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Everything great about the iPhone comes alive with the Trulia app. Use your iPhone to search all homes for sale near you, find nearby open houses after Sunday brunch, or daydream about your favorite beachfront getaway. Scroll through the color photos or see results on a local map. See full property details and then get directions from Google. It's just that easy and it's free! It works great on the iPhone 3G, the original iPhone and the iPod touch. Your home buying experience will never be the same.

Find homes for sale near you

Automatically find homes for sale near you.

• iPhone knows your location and finds the homes near you
• See the property highlights in the search results
• Edit your search and filter the homes directly from the results screen

Get the details for every property

You get all the important details that you need.

• See a color photo and read the full description
• Get the Open House times and dates
• See the property on a full screen map

Other cool features

Other features include.

• Flip through the properties on an interactive map
• Get driving directions from Google maps
• Save the properties you’re interested in to your iPhone

Demo Video

Buying a Home 101 part 3

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Getting the money right

For most people, buying a house involves a double financial whammy.

First you have to assemble a pile of cash for the down payment and closing costs. Then you must convince a bank to lend you an even more staggering sum - generally 80 percent or more of the purchase price.

So your first step, even before you start the actual hunt for a property, should be to get your financial house in order.

Start with your credit

Credit reports are kept by the three major credit agencies, Experian, Equifax, and TransUnion. Among other things, they show whether you are habitually late with payments and whether you have run into serious credit problems in the past.

A credit score is a number calculated from a formula created by Fair Isaac based on the information in your credit report. You have three different credit scores, one for each of your credit reports.

A low credit score may hurt your chances for getting the best interest rate, or getting financing at all. So get a copy of your reports and know your credit scores. Try Fair Isaac's MyFICO.com, which charges $15.95 each for reports and scores from Equifax and TransUnion. Experian scores and reports can be accessed from experian.com and cost $15.

Errors are not uncommon. If you find any, you must contact the agencies directly to correct them, which can take two or three months to resolve. If the report is accurate but shows past problems, be prepared to explain them to a loan officer.

Know what you can afford

Next, you need to determine how much house you can afford. You can start with one of the Web's many calculators. For a more accurate figure, ask to be pre-approved by a lender, who will look at your income, debt and credit to determine the kind of loan that's in your league.

The rule of thumb here is to aim for a home that costs about two-and-a-half times your gross annual salary. If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower.

Another rule of thumb: All your monthly home payments should not exceed 36 percent of your gross monthly income.

The size of your down payment will also determine how much you can afford.

Line up cash

If you haven't already, you'll need to come up with cash for your down payment and closing costs. Lenders like to see 20 percent of the home's price as a down payment. If you can put down more than that, the lender may be willing to approve a larger loan. If you have less, you'll need to find loans that can accommodate you.

Various private and public agencies - including Fannie Mae, Freddie Mac, the Federal Housing Administration, and the Department of Veterans Affairs - provide low down payment mortgages through banks and mortgage companies. If you qualify, it's possible to pay as little as 3 percent up front. For more, check out their Web sites at Fanniemae.com or Freddiemac.com.

A warning: With a down payment under 20 percent, you will probably wind up having to pay for private mortgage insurance, a safety net protecting the bank in case you fail to make payments. PMI adds about 0.5 percent of the total loan amount to your mortgage payments for the year. So if you finance $200,000, your PMI will cost $1,000 annually.

Once you've considered the down payment, make sure you've got enough to cover fees and closing costs. These may include the appraisal fee, loan fees, attorney's fees, inspection fees, and the cost of a title search. They can easily add up to more than $10,000 - and often run to 5 percent of the mortgage amount.

If your available cash doesn't cover your needs, you have several options. First-time homebuyers can withdraw up to $10,000 without penalty from an Individual Retirement Account, if you have one, though you must pay taxes on the amount. You can also receive a cash gift of up to $13,000 a year (the limit for 2009) from each of your parents without triggering a gift tax.

Gift taxes are paid by the donor, not the recipient. (In fact, if your and your spouse's parents are both well-heeled, they can give you a total of $104,000 in one year - $13,000 from each of the four parents to each of you.)

Check on whether your employer can help; some big companies will chip in on the down payment or help you get a low-interest loan from selected lenders. You can also tap a 401(k) or similar retirement plan for a loan from yourself.

Buying a Home 101 part 2

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Are you ready to own?

Home ownership means you no longer pay monthly rent for the roof over your head. You can do what you want with your house (within reason). When you leave, you can sell it to recoup the purchase price and - with any luck - earn a profit too.

But don't kid yourself. Home ownership comes with a slew of disadvantages, responsibilities, and downright headaches.

So before going any further, consider whether your lifestyle and finances make home buying a smart move.

TIP: High costs mean you should be prepared to stay put. Except in a roaring real estate market, it usually doesn't make sense to buy a home you'll own for less than three or four years. Reason: the high transaction cost of buying and selling property means you could lose money on the deal. If you do make money, you'll pay capital gains taxes if you're in the house less than two years.

When home prices are falling, it just makes the case against buying even stronger. So ask yourself if you can really stay put for that long. Will you need to move because you are transferred by your current employer or a new one? Are you thinking of going back to school?

TIP: It may make more sense to rent On the financial side, one key question is whether it costs more, on average, to rent or own in your area. The rule of thumb is that if you pay 35 percent less in rent than you would for owning - including the monthly mortgage, property taxes, and any homeowner's fees - then it's smarter to continue renting.

Only if all those answers still point towards owning should you proceed to the next step - getting the money right.

Buying a Home 101 part 1

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Top things to know

1. Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

4. If you can't put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

5. Buy in a district with good schools.

In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

7. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

McMillin Realty | A Corky McMillin Company , San Diego, CA , P:866-694-6491 We Serve San Diego: San Diego Real Estate|Chula Vista Real Estate|Point Loma Real Estate|Eastlake Real Estate|Otay Ranch Real Estate|Downtown San Diego Real Estate|Carlsbad Real Estate|Rancho Bernardo Real Estate|4S Ranch Real Estate|Bonita Real Estate|La Jolla Real Estate|Imperial Beach Real Estate|Coronado Real Estate|Clairemont Real Estate|Pacific Beach Real Estate

First Time Home Buyer Tax Credit Extension – $6500 Move-Up Buyers Helping?

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The first time home buyer tax credit extension is expected to greatly help the housing market. Not only are first time home buyers receiving a check for $8000 move-up buyers are receiving a check for $6500. If you have lived in your current residence for five years or more and you are “moving-up” into a new home you have the opportunity to qualify for a $6500 tax credit if you close before April 30th, 2010. This is expected to but a jolt in the housing market but we have yet to see it take effect in the data.

Earlier this week we learned that mortgage applications fell by 11.7% during the week ending November 6th, 2009. This data is from a period in which home owners were still waiting to see if the first time home buyer tax credit was going to be extended. There is little doubt that this is a strong reason we saw a drop in mortgage applications over this period of time. The new data is likely to show a slight increase and as the month moves forward hopefully we will see mortgage applications rise.

With mortgage interest rates very close to all time lows now is a great time to lock in to a low mortgage rate on a first time house purchase or a move up purchase. Not only can you lock in to a mortgage rate well under 5% but you will also receive a tax credit. This is basically free money to put in your pocket so do not let this opportunity pass you by. Make sure to research which lender will work best for you but it should not be a problem finding a mortgage lender offering low mortgage interest rates.

HOUSING: Market faces short-sale stampede in 2010, forecasters say

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Short sales of homes frustrate buyers, annoy lenders, and cause real estate agents to tear their hair out waiting for deals to close.

In 2010, there will be a whole lot more of them, a market research firm said.

Surveys conducted by Campbell Communications show that short-sale inventory is rising quickly, and can be expected to do so even faster in the next few years. Meanwhile the number of ordinary home sales and foreclosures will grow slowly.

A housing market swamped by a wave of subprime mortgage foreclosures that peaked in 2007 is facing billions of dollars of adjustable loans that begin to recast in 2010, according to data from Credit Suisse. As low "teaser" rates expire, mortgage payments will jump for many homeowners.

With U.S. unemployment higher than 10 percent and the economy showing few signs of improving, analysts foresee a herd of distressed properties reaching the market between 2010 and 2012. But real estate agents waiting for a stampede of foreclosures to break out may be left standing at the gate, as homeowners seek alternative ways to avoid defaults.

"When someone becomes unemployed, there's a number of options. One is foreclosure," said Thomas Popik, Cambell Communications' research director. "Increasingly, a number of other options are available."

President Barack Obama has made avoiding foreclosure a priority in his administration. As part of the American Recovery and Reconstruction Act, lenders were offered incentives to modify loans of distressed property owners.

"We have a massive government intervention going on," said Sean O'Toole, founder and chief analyst for real estate Web site ForeclosureRadar. "We simply don't have the political will to foreclose on these folks."

In a short sale, borrowers get permission from their lenders to sell their property for less then they owe on a loan.

They solicit buyers and submit bids to a mortgage servicer, which in turn determines whether or not to approve the sale. If the sale is approved, the buyer can get a home at a discount, the seller avoids having a foreclosure as part of their financial record, and the bank can avoid becoming a homeowner.

"Banks are bad at owning real estate; they're not in that business and they're just bad at it," said Mark Goldman, an instructor at San Diego State University.

Lenders agree with Goldman on this point. A spokeswoman for GMAC Financial Services, Jeannine Bruin, said her company prioritizes keeping borrowers in their homes, but failing that, it prefers short sales to foreclosure. JPMorgan Chase & Co. has the same policy, spokesman Gary Kishner said.

"Foreclosure costs us a lot of money," Kishner said. "When a foreclosed house goes up for sale, we don't know how much house is going to go for. If we can avoid that, obviously it's better for us."

O'Toole has a sees it differently.

"What's pushing it forward is there's such a lack of inventory, and you've got this huge Realtor force that needs something to sell," he said. "This is one of the things that gives them something to sell."

Short sales also suffer from being complicated deals involving multiple lenders and thus multiple bureaucracies. In the end, the deals can take nine months or longer to complete.

"You'll have a lot of people lining up to offer short sales, but it's tough to get the banks attention to give them a deal," said Nathan Moeder, a real estate economist with The London Group.

And while most analysts agreed that there will be a substantial increase in short-sale inventory next year, not all think short sales will be a dominant force in the market.

"I don't think they'll become a stronger component of the market then REOs," O'Toole said, referring to bank-owned foreclosed properties. "I think REOs will still be a significant quantity, but I think we'll see a lot more growth in short sales than elsewhere."

By ERIC WOLFF - ewolff@nctimes.com | Posted: Wednesday, November 11, 2009 4:10 pm

The Chula Vista market has been especially hard hit, but there is help. McMillin Realty has developed an entire department dedicated to Short Sales and the specialized marketing and negotiating that is necessary to close this type of transaction smoothly and efficiently. Call them today to see how they can help you. 800-599-8715 ext 3202 or go to www.CallScottForHelp.com

McMillin Still Has New Homes in Otay Ranch

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Terracotta in McMillin Lomas Verdes

An ideal family neighborhood, Terracotta's courtyard homes come in four floor plans in Spanish, Monterey, Craftsman, and Spanish Colonial architectural styles. These courtyard homes provide a gorgeous street scene with a pedestrian promenade surrounded by lush landscaping meandering throught the community. Front porches make the perfect place to sip lemonade and chat with a neighbor while watching your children play.

Two story, detached courtyard homes
3 - 5 bedrooms
2.5 - 3 baths
132 lots
From 1,577 to 2,010 square feet
Access to private Enclave Swim Club

Florentine Bedrooms 3 Baths 2.5	$365,990 1,577	Virtual tour
Saltillo Bedrooms 3 Baths 2.5	$375,990 1,671	Virtual tour
Palagio Bedrooms 4 Baths 2.5	$385,990 1,775
Rustica Bedrooms 4 - 5 Baths 2.5	$400,990 1,908	Virtual tour
Talavera Bedrooms 4 - 5 Baths 2.5	$410,990

New Homes in Chula Vista

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If you’re looking for homes in South County San Diego, your search should no doubt include Chula Vista. Why is that? To start, Chula Vista encompasses the majority of South County, and is in fact the second largest city in San Diego County. So, what does the selection of new homes in Chula Vista look like right now? Pretty good! Take a look:

Andorra (at the Summit of Eastlake): From builder Cornerstone Communities, these 3 - 5 bedroom homes have 1,445 - 2,745 square feet of space. Priced from the mid $300,000's.

Cordova at Windingwalk: From builder Brookfield Homes, these 3 - 4 bedroom homes boast 2.5 - 3 Baths and 1,638 - 2,024 square feet of space. Priced from the high $300,000's.

Cortina (at the Summit of Eastlake): From Cornerstone Communities, these are an incredible value with 3 - 4 bedrooms, up to 3 baths, and 1,300 - 1,715 square feet of space – all this, priced from the low $300,000's!

Of course, if you are seeking something with a higher ticket price, same distinguished schools, neighborhood amenities and charm as South County, but like the farther distance from downtown and beaches, maybe North County is the place for you. However, if you want a homebuying experience – and lifestyle – that is South County all the way, you can’t beat the homes in Chula Vista. South County San Diego is a thriving region thanks to this still-developing city. For more information on any of the above communities in Chula Vista, simply contact a McMillin Realty sales office and a friendly sales associate will be glad to help you.

McMillin Realty | We Serve San Diego: San Diego Real Estate|Chula Vista Real Estate|Point Loma Real Estate|Eastlake Real Estate|Otay Ranch Real Estate|Downtown San Diego Real Estate|Carlsbad Real Estate|Rancho Bernardo Real Estate|4S Ranch Real Estate|Bonita Real Estate|La Jolla Real Estate|Imperial Beach Real Estate|Coronado Real Estate|Clairemont Real Estate|Pacific Beach Real Estate

2009 REALTORS® Conference & Expo Live

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Thousands of REALTORS® will gather later this week, Nov. 13-16, in San Diego to "Chart a Winning Course" at the 2009 REALTORS® Conference & Expo. The country's biggest event for REALTORS® will feature hundreds of programs, exhibitors, networking opportunities, and special guests, including Condoleezza Rice, FHA Commissioner David H. Stevens, and William Shatner.

Daily Featured Events

Plan to attend these events on Friday, November 13:

Economic Issues & Residential Real Estate Business Trends Forum

The Future of the MLS

The Latest on Appraising Green Residential Properties

Economic Issues & Commercial Real Estate Business Trends Forum

Managing the Risks and Opportunities of the New Home Valuation Code of Conduct (HVCC): A Joint Risk Management & License Law Forum and Regulatory Issues Forum

EES: Dealing with Emotions in Negotiation: Five Practical Tools

Plan to attend these events on Saturday, November 14:

EES: Seven Levels of Decision Awareness

State of the Real Estate Industry: Real Estate Services Forum

New Sales Speak

Expanding Commercial Real Estate Investment Opportunities: Distressed Assets

An Hour With the FHA Commissioner

Bringing Value to Your Client Through Lease Negotiations

Legislative and Political Forum

General Session

McMillin Realty will be hosting a cocktail mixer at the Bitter End on Saturday, November 14th for their associates, networking partners and invited guests.

McMillinRealty.com Offers New Services to Clients

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Now McMillin Realty's clients can compare and shop internet and phone services right from their site.

As an added benefit to their clients, McMillin Realty has added a widget, powered by Whitefence, that will allow their clients to shop, compare and order cable, phone or satellite services for their home. Once in the program, the client will also be able to order and shop from among dozen of other services from moving to storage to change of address with the post office.

"We want to continue to find items that offer value to our clients and post them to our website", says Vice President of Marketing, Liz Klaser. "We already have the best website when it comes to property searches, which is the main reason the consumer comes to our website, but we want to offer them more. We want our clients to see value besides a search they can run in any real estate website. I love looking for new and informative gadgets to add to our site. I've also added a cool school gadget too."

So if you have an opportunity, even if you are just surfing the web for fun, come on by, check out McMillin Realty, browse all the cool stuff they have to offer. It really is a "BIG" company website, built for and around our community - South County.

We Serve San Diego: San Diego Real Estate|Chula Vista Real Estate|Point Loma Real Estate|Eastlake Real Estate|Otay Ranch Real Estate|Downtown San Diego Real Estate|Carlsbad Real Estate|Rancho Bernardo Real Estate|4S Ranch Real Estate|Bonita Real Estate|La Jolla Real Estate|Imperial Beach Real Estate|Coronado Real Estate|Clairemont Real Estate|Pacific Beach Real Estate

Walk Score Adds Transit Info

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Embargoed until Nov. 5, 2009, 12:01a.m.
Contact: Aleisha Jacobson
206-522-5622
aleisha@frontseat.org

McMILLIN REALTY AND OTHER LEADING REAL ESTATE SITES ADD PUBLIC TRANSIT POWERED BY WALK SCORE

McMillin Realty, ZipRealty, LPS Real Estate Group, Windermere, San Francisco Chronicle and hundreds more now showing transit.

(Seattle—Nov. 5, 2009) Front Seat, the civic software company that operates Walk Score
(www.walkscore.com), the leading measure of neighborhood walkability, today announced that
McMillin Realty of San Diego, ZipRealty, LPS Real Estate Group (formerly FNRES and Cyberhomes), Windermere, San Francisco Chronicle, and hundreds of additional real estate websites will now provide public transit information powered by Walk Score.

“Accessible public transit plays a significant role in the decision making process for many home buyers,” said Patrick Lashinsky, CEO and President of ZipRealty, which operates in 36 major markets. “This added feature from Walk Score makes it easier for our clients to make an informed decision from the start of the search.”

Public transit information is provided on the Walk Score Real Estate Tile, which is available for free and shows the Walk Score of any property, a map of nearby amenities and transit, and Google street view. Additionally, public transit information will be displayed when looking up scores on WalkScore.com.

“Our rDesk IDX real estate search customers are already using Walk Score as a selling point for properties. Now they can use proximity to transit as another selling point,” said John Hensley, Chief Product and Technology Officer, LPS Real Estate Group.

“A recent study in Denver showed homes within a half-mile of light rail appreciated more than 17% while the overall Denver housing market fell more than 7%,” said Mike Mathieu, Founder of Front Seat. “Public sites of Multiple Listing Services like ColoProperty.com and ReColorado.com now have transit powered by Walk Score and make it easy to find a great place to live near light rail in Colorado.”

Public transit data is currently available in 40 cities throughout the U.S. and Canada. Walk Score retrieves transit data from cities that publish a public Google transit feed. Walk Score will automatically add transit for new cities as more public transit feeds are published. Public transit on Walk Score is funded by a grant from the Rockefeller Foundation.

About Front Seat and Walk Score Walk Score is a project of Front Seat (www.frontseat.org), a civic software company based in Seattle. Since its launch in July 2007, Walk Score has become the most popular worldwide measure of walkability. Over 700 real estate websites show Walk Score on their listings and over 2.5 million scores are distributed to partners each day. The Walk Score team is advised by a ten- person Advisory Board, which includes urban planning, environmental and technical experts.

McMillin Realty has been using Walk Score on their site with great enthusiasm to show how "walkable" many of their community neighborhoods are, and what great facilities they offer. "When I first discovered this awesome feature I was so excited to be able to offer our clients something new, that extra something they weren't getting from their typical real estate search site" says, Liz Klaser, VP of Marketing for McMillin Realty. "I am a mother of three and when I was looking for a home it was important to me to know if schools and parks were within walking distance, but really I got so much more."

Chula Vista Real Estate Trends

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As you can see from this chart Chula Vista real estate is on the move. Inventory is low and prices are on the rise! If you are on the fence about selling your home, NOW is the time!

Real Estate Market Chart by Altos Research www.altosresearch.com

Real Estate Market Chart by Altos Research www.altosresearch.com

5 Ways To Avoid Foreclosure

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Over the last few years, as real estate values have plummeted and the overall economy has slipped into recession, foreclosures have been on the rise. Perhaps you or someone you know is facing the imminent threat of losing their home. Don't despair - in this economy every income class has been affected. These are good people; they aren't deadbeats or irresponsible borrowers; and in our area of San Diego, we got especially hit hard. They simply got caught in a financial storm that has become impossible to escape.

So are there ways to avoid a foreclosure and escape becoming a casualty of the current economic Tsunami? Yes! Let's take a look at five ways to avoid a foreclosure:

Be proactive

The best way to avoid foreclosure is to take control of your financial destiny before a problem presents itself. For instance, if you know that you have one of the tens of thousands of loans with adjustable rate mortgages getting ready to reset to a higher rate, act now to refinance the loan at a lower fixed rate. Often your current lender will be willing to refinance your current mortgage quickly and easily, but be sure to shop rates by exploring local lenders and banks.
Apply for hope

If your current lender is unwilling to refinance the loan and other lenders have turned you down, you may wish to consider the HOPE program. This is a government sponsored program for borrowers at risk of default and foreclosure. The program provides new 30-year fixed rate mortgages that are insured by the Federal Housing Administration (FHA). But be aware that these loans come at prevailing interest rates and borrowers must agree to share in any equity appreciation when the home is sold or refinanced at a later date.
Request forbearance

If your financial situation has changed, perhaps you lost your job or had a medical emergency and you cannot make your payment, you may want to request forbearance from your lender. Forbearance simply means that the lender allows you to skip one or more payments while you get your financial house in order again. This doesn't mean they give you a free ride however. Missed payments are generally tacked back on to the end of the loan and the interest on the note continues to accrue during the deferment.
Request loan modification

One key item to remember when facing foreclosure is that your bank or lender does not want your home back. Because of this, if you have any reasonable chance of repaying the debt, they will often work with you to create a plan that will meet your financial needs. One way to kick start this process is to request a loan modification. A loan modification means that your lender agrees to change the terms of your current mortgage to fit your current financial situation. Often this can include a reduction in the interest rate, extension of the term of the note, or even a principle balance adjustment.
Consider a short sale

It's likely that if you are facing foreclosure you have considered selling your home. The problem comes if you owe more than the home is worth. To deal with this challenge, many homeowners request a short sale from their lender. A short sale means that the lender agrees to accept less than what is owed on the home in exchange for not being forced to foreclose on the property. However, be aware that the timeline for accepting an offer subject to a short sale can last from a few weeks to a few months as lenders are swamped with similar requests from thousands of borrowers nationwide. McMillin Realty has a short sale department dedicated to only helping this type of seller, and can make this process easier by being the middle man with the lender. www.callscottforhelp.com or call 1-800-599-8715 ext. 3202 to get the process started.

The best advice, as hard as it might be to follow, is to remain calm and unemotional when talking with your lender to. Remember the person you are talking to isn't the bank, they are an employee of the bank. To achieve the best results, write down the points you want to cover during each call, take notes of the conversation, and always record the date and time you called. In many cases your hard work will save you from being a foreclosure casualty.

McMillin Realty services

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Tuesday, November 3, 2009

Monday, November 2, 2009

Be proactive

Apply for hope

Request forbearance

Request loan modification

Consider a short sale

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