Market Snapshot - Real Time Online MLS data

This month we have included the latest version of Market Snapshot, an award-winning, real-time MLS graphical report. The industry’s most current online real estate report has a new look and layout which offers even more market information on one page. Key comparative MLS data charts, including Asking price VS. Selling Price, Selling Times, and Neighborhood Inventory, are now available on the front page, through convenient collapsible sections. These enable viewers to remain in one web window and not have to toggle back and forth to compare data. You can have up to 100 of the closest active and sold listings displayed on the map for the Seller’s Market Snapshot as well as the Buyer’s.

Looking to Buy or Sell a Home? Find a Great Real Estate Agent
If you're in the market to buy a new home or are looking to sell your current home, enlisting the help of a real estate agent is your best bet to make the process as easy as possible. Finding a real estate agent who specializes in buying or selling is your first step. If you're looking to purchase a mountain cabin, for example, hiring a real estate agent that specializes in corporate real estate probably isn't the best fit.

When you're looking for a real estate agent, avoid hiring someone just because they're your friend or family member; getting a referral can prove a valuable resource, but don't feel obligated to do business with a particular agent just because you know them.

Experience is another crucial aspect of hiring a great agent. The enthusiasm of a new agent can be convincing, but there's nothing comparable to the contacts and marketing experience a more seasoned marketing agent can provide. The real estate profession has a remarkably high turnover rate of 80 percent, according to the National Association of Realtors, so ask a prospective agent for references and the last 10 fliers from homes they helped their clients sell or buy, depending on their specialty. You should try and find an agent with experience and certification with the local, state, and national associations of Realtors, which ties them to a code of conduct and professionalism, as well as the Multiple Listings Service database.

Remember that you are hiring the real estate agent, so it's okay to ask questions. Make sure your personalities and attitudes are a match. They should be open to your suggestions and a good listener. If you're looking for a home in the country with some acreage, and your agent continually takes you to view homes in the suburbs with swimming pools, it's time wasted for the both of you --so make sure your agent is attentive. Finally, you want to know that your agent is available if a home that meets your specifications comes on the market, or if a potential buyer for your home contacts them. Call your prospective agent when they're not expecting your call to see if they answer, and if they don't, see how promptly they return your call.

The better your real estate agent, the more confident you'll be during the home buying/selling process, so seek a good real estate agent that will be a good fit every step of the way.




Long Distance Home Sales

Shopping for a home is a big undertaking, but add a few hundred (or thousand) miles and you've got a long distance headache. But luckily, with today's technology, home shopping across the miles is much easier. Here are some tips to help you find your new home:

Look online. You'll be able to search for homes in the city you're moving to based on price, size, neighborhood, and many other factors that might make or break a housing decision. Looking online and in the classified section of the city's newspaper should help narrow down some choices. Once you've narrowed your choices down, you'll be able to make an appointment with a realtor to view the properties that meet all of your specifications, saving you valuable time and effort.

When it comes to finding a realtor, if you're moving for work, you may be assigned a relocation specialist whose company will have an agent they usually work with. However, if you're not getting help with your move, you'll need a real estate agent to represent your interest as a buyer; so ask your new employer, or a friend, or a family member that lives in the area for a referral. If you don't know anyone in your new town, ask your local realtor for a referral. Realty is a profession that thrives off networking, so chances are your local realtor can connect you with someone in your new town.

One note of caution: hiring a good real estate agent is important in any situation, but it's particularly important when you're shopping for a home long distance. Your realtor should be a good communicator, keep in touch with you, and be attentive when you discuss your wants and needs. Especially if you're under a time constraint, your realtor should only contact you about the kinds of properties you've expressed interest in.

Lastly, don't trust your agent too much--even with the availability of useful tools like virtual tours, buying a house sight unseen is just not a good idea. Your research and real estate agent may have given you a lot of information on a house, but there are factors like walking through a neighborhood to get a feel for it, and visiting the schools your children will attend, that you should check out first. After you've done your research and found some homes you're interested in, you and your family should plan a weekend where you can go to your new town and tour houses. As a family, you should pay special attention to the neighborhoods, the distance from work, schools, the gym, the mall, museums, etc.

Shopping for a new home and moving to a new city should be exciting, so try not to get so distracted by the destination that you don't enjoy the journey along the way. As long as you do your research, keep the lines of communication open with your realtor and family, and be cautious before making any major decisions, you'll find the perfect new home--whether it's a few states away or on a different continent.


Financial FAQs for First Time Home Buyers
What financial benefits are there to buying a home, instead of renting?
When you rent a home, you essentially throw that money away every month, but when you buy a home, you're making a lasting investment. Even better, when you own a home you can deduct each month's mortgage interest from your , and sometimes even state income taxes, which will save you a lot over time by basically reimbursing you for the interest you pay each year. You can also deduct the property taxes you pay on your home. And keep in mind that the more pride you take in your home by renovating it and doing home improvements, the more likely it is that your house will increase in value over the years, making it an even more lucrative investment, not to mention more comfortable and enjoyable for you and your family to live in.

How much of a deposit should I plan on putting down toward my first home?
The amount of deposit depends on the price of the home you're looking to purchase, along with the specifications of the lender you decide to work with. However, a general rule of thumb is to plan on depositing 5% of the price of the home as your down payment.

Besides a down payment, what else do I need to apply for a home loan?
You'll need documentation that confirms your identity and your income, like your driver's license and birth certificate, tax returns, pay stubs, and bank statements.

What other fees can I expect during the home purchasing process?
You should generally budget between 5-7 % of the price of the home (on top of the money you'll deposit) to cover additional fees and charges that come along with buying a home. Depending on your unique situation there may be a different amount of fees, but generally the fees are: building and pest inspection, valuation fees, lenders' mortgage insurance, connection fees for phone, gas, water, and electricity, and solicitors fees.


Tips for a Stress Free Move

Moving is a big decision, not to mention a lot of work. But once you've put in the required notice at your rental office, or you've sold your home and found the perfect living space in your new city, the planning should begin. Preparing for a move can be a very stressful undertaking, but, if properly planned, you can definitely simplify the process, making the transition from your old home to your new one much smoother.

Be prepared.
Having adequate supplies will make your move easier, so you'll want to have more than just boxes. You'll need packing tape to seal your boxes, permanent markers to label them, newspaper to insulate breakable objects, and bubble wrap to protect your more fragile belongings. You should be able to obtain boxes from your local grocery store, but if they're out of boxes, try fast food restaurants. You may consider purchasing some plastic storage boxes if you have items you won't be using soon after the move. If you have a few boxes of items that are going to go straight into the attic, for example, plastic boxes might be a wise investment.

Start early.
Sorting through your belongings will help you decide if there are some things you can part with -- without missing it later on. Even if you end up keeping everything you own, take advantage of the fact that there are items you only use part of the year. If it's summer, you can pack your skis and your winter clothing first, as you won't be needing those items for a while. The early phase of packing is the time to pack up that stack of books you've been meaning to read, Christmas lights, holiday decorations, and any other items you can comfortably live without until you've moved into your new place. If you're finding you have a lot of items that are in good condition that you want to be rid of, have a moving sale. You can use the profits to help you with moving expenses, and you can donate the items left over to a local charity.
 
Clearly label boxes.
When labeling boxes, try to be as descriptive as possible. Instead of labeling sheets and pillowcases "guest bedroom," for example, label them "sheets and pillowcases- guest bedroom," and so on. This will not only help you know where to place the boxes on moving day- it will also help you locate an item if you find yourself needing it before you've completely unpacked.

Plan, plan, plan.
If you're not planning on hiring a moving company, start recruiting the help of friends and family members early on. Usually, they'll be happy to help as long as they've been given enough notice, and you'll likely have plenty of time beforehand to ask them in advance. Make sure you call or send an email reminder a week before moving day to remind them. On the day your helpers arrive, make it a goal to have all your belongings packed in boxes, and disassemble the furniture that can be disassembled.

Remember that everything you can do ahead of time will make your move simpler for everyone, and considering the fact that moving is naturally stressful, the more you can prepare yourself for a smooth moving transition, the better.

Tax Credit and Housing Updates
By Gina Steed

Tax Credit for Home Buyers
First-time home buyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Additional Housing-Related Provisions

Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing —This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance — This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

More Help for Homeowners in the Future
Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

The Economic Stimulus Plan is huge, and impacts a number of industries. I’ve highlighted some of the major provisions that may impact you now and in the future.

NO BONES ABOUT IT!
SUPERIOR SERVICE - SUPERIOR RESULTS!

Keller Williams LA Harbor Realty
Catherine Bennison - Realtor Associate
Direct: (310) 707-2162
Cell: (310) 748-7889
Fax: (310) 519-1882
E-Mail: CBennison@KW.com
Website: www.CatherineBennison.com

March 2009

In This Issue:

Catherine Bennison's
South Bay
Real Estate Newsletter

Catherine & Winston
Direct: (310) 707-2162
Cell: (310) 748-7889
Fax: (310) 519-1882
E-Mail: CBennison@KW.com
Website: www.CatherineBennison.com

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Preventing Foreclosure

Foreclosure is a bleak reality in the country's current real estate crisis, but even in difficult financial situations, it's avoidable with these steps:

1. Face the problem head on. When you realize you're falling behind on your mortgage payments, contact your lender... most lenders provide options for borrowers to help them get through difficult financial times without facing foreclosure.

2. Prioritize your spending. A mortgage is often the largest expense a family is responsible for, but difficulty paying the mortgage is usually due to poor money management, not lack of money. Write down every purchase you make in a week and you may start to see that frivolous spending (eating out, buying unnecessary items, etc.) is adding up and taking away from the mortgage fund. Consider eliminating optional expenses like cable, internet, and club membership until you're caught up on mortgage payments and have a budget in place to prevent it from happening again.

3. Use your assets. If you're in dire financial straits and having difficulty catching up on your mortgage payments, consider selling a second car or getting a second job to help catch up. This will not only bring more money into your home, but it will also demonstrate to your lender that you are actively trying to keep your home, even if it means making sacrifices.

4. Know your rights. Contact your State Government Housing Office to learn about foreclosure laws and timelines in your state to find what your lender can legally do if you don't make your payments. And finally, don't succumb to "foreclosure prevention companies" preying on the vulnerable. These companies often charge the equivalent of 2-3 months' worth of mortgage payments to negotiate with your lender, a service that various nonprofit organizations will do for free.



Good Smell, Easier Sell: How Fragrance Can Help Sell Your Home

Did you know that, according to ActiveRain.com, the most successful fragrance to use when you're trying to sell your home is a cinnamon apple fragrance? If you're looking to sell your house, your nose knows, but how does it work? Potential homebuyers subconsciously equate certain scents with feelings of comfort and familiarity, definitely factors that will help them imagine living in your home, so before you open your house for tours, try these home staging tips to help get your home smelling fresh and fabulous:

Bake something before guests arrive. The smell of freshly baked bread or the aroma of an apple pie a few minutes out of the oven will really waft throughout your home and right into the noses of potential home buyers.

Use candles. You don't even have to light candles for them to help brighten up the fragrance of a room, so place some candles in closets, bathrooms, and bedrooms to freshen things up a bit.

Buy some flowers. A vase of flowers on your kitchen table will not only brighten up your kitchen, but if you use a fragrant variety of flowers like roses or gardenias, they'll enhance your home's selling power.

Simmer a pot of mulling spices on your stove for an easy sweet-smelling kitchen. Try simmering cinnamon sticks and cloves on your stove in some water on low temperature and your home will start smelling good enough to eat (or live in!).

Finally, remember that with scents, less is always more. Everyone has had an experience with too many scents at a perfume store or an overpowering cologne worn by someone in an elevator, so when you're using fragrances to stage your home for tours, don't go overboard. And remember, if all else fails, use an apple cinnamon fragrance to charm potential home buyers.


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