Real Estate Information

Purchasing a home will most likely be the largest purchase you will make. It’s a big step, so how do you know if you are ready to take that leap and become a homeowner? If you are considering purchasing a Chino Hills home , now is certainly the right time for buyers! With historically low interest rates and low home prices, many potential homebuyers are making the leap into homeownership.  Below are some things that you can consider when making the decision:

You are on the right track if you maintain a budget and are able to stick to it. If you have your finances in order that is the major first step. in becoming a homeowner, especially in a difficult economy that can be financially challenging. Having good money-management skills are a must-have so that when you do own a home you will be able to have a smooth financial flow for monthly home expenses.

• Saving is hard, especially in a struggling economy, but if you are able to save and have a sizable down payment of at least 20%, you are on the right path. Keep in mind that with a down payment of at least 20%, you will start out with having some equity. There are options out there for zero or low money down loans but if you have to sell your home before you expect you can potentially lose money and you will also need to pay for PMI (priviate mortage insurance).
• Because a mortgage is a large monthly commitment. It is important to have a steady source of income. We all know that these days there is no real thing as job security but when you buy a home you are going to be required to have a reliable source of income to cover not only mortgage payments but all the other monthly and unexpected expenses that come along with homeownership. It is important to look at how stable your source of income is as well as having an emergency savings fund where you will have enough funds to cover these expense in case of a loss of a job or other emergency.
• Your debt and credit are clean. Having a good credit score will help to not only get a home loan but will also get you a lower interest rate on your mortgage. Hold off on any large purchases such as cars before applying for a loan as this could affect your rating. Also review your credit report for free at annualcreditreport.com  before even applying for the loan to check for any errors.
• In addition to the financial aspect of homeownership, you need to be sure you are ready for the other things that come along. Owning a home is a big responsibility; things like lawn care, upkeep as well as unexpected repairs need to be considered as part of owning a home!

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The Starlight Bowl at 1249 Lockheed View Drive in Burbank has Emilio and Malo LIVE Sunday night from 6:30 to 9PM. Here's a little more information on them:

Emilio
Emilio brings fiery passion, rhythm, energy, and love to his music. He skillfully blends elements of Spanish Flamenco guitar with South American, African and Middle Eastern rhythms, and then adds touches of modern and new age influences which make his music for both a meaningful and energetic experience.

Emilio has been exposed to different cultures which have helped in the development of his music. "While growing up, I always had a variety of music and culture around me. One minute listening to very profound Flamenco music, and the next, dancing to Merengue music in the living room," Emilio explains. "These things stay with you as you grow up."

Emilio has released 5 CDs and has sold over 35 thousand copies of them including the last and much acclaimed "E-Thology" which was Produced by Robin DiMaggio and recorded in some of the countries best studios with Top tier Musicians!

Malo
In 1971, Arcelio Garcia, co-founder and lead vocalist of Malo, brought together a group of ten fellow teenagers using the framework of his earlier bands. He had come to San Francisco at the age of three and, not knowing how to speak English well, he developed his own style of writing music in English and Spanish. Little did he know that this special combination of talents would produce the monster hit, "Suavecito." Only one year later, their first album was the #2 album for November 1972 and Malo was also Top 20 for the year. Many artists have since copied his style of writing music and formed their orchestrations after the sound of Malo.

The timeless song "Suavecito" still has an impact on today's artists. Recently, Warner Records and Quality Records released competing rap versions of the classic with the original vocals. Founder Garcia is known as an influencing force in the Bay Area music scene. It was vocalist Garcia that invited Jorge Santana to be a member of Malo long before anyone had heard of his brother Carlos. Malo has kept the same energy after 40 years together.

Today's Malo, still 11 pieces, features a massive layer of lead guitar built on a foundation of percussion with a big chunk of brass blended into the mix.

Malo also includes Jorge Santana on guitar, David George on drums, Gabriel Manzo on guitar and vocals, Daniel Cervantes on keyboards, Ramiro Amador on bass, Gilbert Ross on timbales and percussion, Pete Rodriquez on trombone, Jack Musgrove on trumpet and flugelhorn, Brian Beukelman on trumpet and David Chavez on congas and percussion.

A great way to enjoy a Sunday evening in Burbank!

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Even in the slow, sluggish economy we are in, selling your home is still possible. Just follow these tips:

1. Find an agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident with.at has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.

2. Research and understand your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. You can learn a lot about staging, pricing and what is appealing to buyers.

3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.

4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.

5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow market, the quicker you can get your home noticed, the better off you are. Just make it so that the prospective buyers see your Chino Hills property as a great value! Constantly be looking for ways to make your home stand out against the competition!

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Test your skills playing everyone's favorite game, table tennis! Has it been years since you pickd up a paddle?

This drop-in program is available at the Heritage Park Community Center at 20-- S. Brea Canyon Road in Diamond Bar every Tuesday and Thursday evenings from 7:30 p.m. until 11:00 p.m. and Sunday evenings from 6:30 p.m. until 10:00 p.m.

Participation is free of charge and open to all ages. Simply bring your paddle and table tennis balls and be ready to play!

For more information, call the City’s Recreation Services Division at 909.839.7070 in Diamond Bar.

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With so many homeowners underwater, selling your Chino Hills home through a short sale has become a popular alternative to foreclosure. It is a good idea to do your homework and understand as to what is involved. The paperwork and approval process can be complex and lengthy. short sales can have requirements and conditions that can trip up both buyers and sellers; and while it may present a way to avoid foreclosure, lenders aren’t anxious to jump into a short sale. Here’s what you should know if you are considering purchasing a short sale property:

The Basics

The bank does not own the property, but it is the party that will take the loss. That means the bank will be the one to approve the offer, not the seller. It also means that the property will be sold as is and the buyer will be responsible for any repair costs. Since the bank is taking less than what is owed, there is not much room for negotiation. You will make an offer on an agreed upon amount; and at the end of the process, the offer may or may not be accepted. The bank may also continue to accept offers from other prospects.

Be Prepared to Wait

If you are in a hurry to close on a property, purchasing a short sale home is probably not for you. The bank may take several months to review and approve or decline the offer. You may want to introduce yourself early on in the process with the bank’s loss mitigation department, so that you can at least stay informed along the way.

There’s No Guarantee

A short sale can present a real bargain – although there is no guarantee that the offer will be accepted. In some states, the seller may also be liable for making up the difference in the sale price and loan amount to the bank, which may affect the price the seller is willing to accept from you. The discount on the selling price may not be worth the wait and aggravation of dealing with the lender. Do your own market analysis to understand the real value of the home and the neighborhood.

It’s best to work with a realtor who is experienced in the short sale market. The realtor can help you through the process, including determining that the short sale is already lender approved. While some short sales do work out, they present high-risk transactions for all parties involved. Do your homework and understand both the benefits as well as the challenges that may be involved.

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Get out this weekend and visit the Corona Certified Farmer's Market, it brings the best of fresh, locally-grown produce to the Corona community. With 20 certified growers you are sure to find the best deals on farm-fresh fruits and vegetables year-round. You can also do a little extra shopping down the specialty aisle or grab lunch, snacks or dinner to go from one of the many food vendors!

The Corona CFM will be open every Saturday, rain or shine, from 8:30 a.m. to 12:30 p.m. Located off of the 91 freeway at N. Main St. in the Main St. Marketplace it is the perfect place for you to come do your Saturday morning shopping to support the local farming community in Corona!
 

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As a Chino Hills homeowner there may be circumstances that come up where you need additional funds to remodel or make repairs to your home, or you might need some money to cover an emergency expense. A home equity loan is a great way to access the equity in your home and provide you with the extra funds you may need. Another benefit that many homeowners don't know, is that there are also some tax benefits in doing so as well.

There are two basic types of home equity loans.  One type is a traditional loan where you borrow the whole amount of the loan, then pay it back with specified monthly payments over a specified term.  The second type is a Home Equity Line of Credit (HELOC) where you obtain a fixed line of credit based on the equity of your house.   Typically with this type of loan you only pay interest on the amount that you borrow, and your monthly payments may vary also.

The interest is deducible up to the purchase price of the house plus any improvements.  Many people mistakenly think that all real estate related interest is deductible.  Several years ago the held true but tax reform has since been passed. However, for most people the tax deductions are still substantial, but you may want to consult a tax professional to determine how much you can deduct in your specific case.

However, even if the interest is not deductible, the savings associated with the lower interest rates charged on a home equity loan, will still be beneficial to pay off other higher interest credit cards or other loans.

It is important however to do the math and be responsible when considering these types of loans. Many Inland Empire homeowners found themselves in trouble when they borrowed against the equity in their home and then when housing values declined, they owed more than the house was worth.

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Leave the kids at home and witness the only show in history to earn “Best Musical” from all four major British awards! Jerry Springer: The Opera is a fascinating mix of high art and low culture, infused with all the mayhem and excitement that hold worldwide television audiences in utter rapture. Don’t miss America’s favorite talk show host suffer through the worst day of his career in the funniest, most talked-about musical ever. Go see it in Chino Hills!

Saturday, July 9th at 11:00 PM at the Chance Theater in Chino Hills, you can join the fun!

For more information, visit the website for Jerry Springer: The Opera.

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There is no doubt that the housing market and the economy are intertwined. The economy will get better as housing improves. Housing will regain strength as the economy improves. How is the economy actually doing? One measure is the Misery Index which combines the inflation and unemployment numbers.  According to their site: 

The misery index was initiated by economist Arthur Okun, an adviser to President Lyndon Johnson in the 1960′s. It is simply the unemployment rate added to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation both create economic and social costs for a country. A combination of rising inflation and more people out of work implies a deterioration in economic performance and a rise in the misery index.

The higher the index, the weaker the economy. Here is a graph of the index over the last 18 months.

How does information like this impact Consumer Confidence?

Obviously, this index reflects on the factors that eat at consumer confidence. Bloomberg News reported on this saying:

Confidence among U.S. consumers dropped more than forecast in June as households contended with higher prices that are eating into incomes amid slowing job growth.

The Thomson Reuters/University of Michigan preliminary index of consumer sentiment decreased to 71.8 from 74.3 in May.

Bottom Line

It will be difficult for housing to rebound while consumers are concerned about their financial futures.

Article from KCM Blog

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The inventory of future short sales and foreclosures which will be coming to the market is known as ‘shadow inventory’. Future real estate pricing will be determined by the number of these distressed properties which eventually reach the market.

These properties sell at major discounts:

• short sales at a 10% discount
• foreclosures at a 35% discount

CoreLogic just reported this inventory is declining as more Americans are staying current on their mortgage obligations. Here is a graph from their latest report:

Bottom Line

There still are a substantial number of distressed properties that must be cleared. They will cause prices to soften in many markets. However, it is comforting that this number is finally beginning to decline.

Article from KCM Blog

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