Real Estate Information

There’s some good news for Whittier home sellers: according to the California Association of Realtors, median home prices statewide increased to $308,050 during April 2012. This is a price increase of 5.7% from the prior month, and an increase of 4.7% from a year ago.

California median home prices have not been above $300,000 since December 2010.

One of the drivers behind price improvement is the reduction in distressed properties.Short sales and bank-owned properties accounted for 42% of total home sales in April 2012. A year ago, distressed properties accounted for 47.7% of the market.

Here in Los Angeles County, total sales activity increased 1.3% from a year ago, though the median home price of $289,700 is a bit softer than the California average. The average time a home spends on market has improved, with homes showing 54.8 days on market for April 2012, down from 55.5 in April 2011.

We are also seeing a reduction in the number of homes on market from a year ago, and shrinking home inventories have contributed to firmer prices. On the average, demand is highest for homes listed under $500,000. Current statewide inventories are running just under a 4 month supply in this price range. Last year, we had about 5 and ½ months of supply. In all price ranges, inventories have declined from a year ago.

The tighter supply, combined with a reduction of distressed properties and an improving economy, have real estate analysis optimistic about the housing market. However, the fact that distressed properties still account for 42% of the market is a reminder that future home prices will have a very gradual rise. Much depends on the volume and handling of distressed properties that remain in lender’s pipelines.

What does this mean for Whittier home sellers? The value of your Whittier home is always affected by the most recent sales of similar homes in your neighborhood. As your Whittier real estate professionals, we can show you the latest market data and evaluate your home value. When you decide to sell, you can trust our local market expertise for a sales strategy that works!

If you are thinking of selling your home, or you just have a few questions, contact us today! Our friendly real estate professionals are ready to help you!

The Domis Team
Prudential California Realty
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Whether you are buying a new home, financing a car or consolidating debt, you might be surprised by what your credit report can unearth these days. And while it’s no secret that lending practices have become cautious, you may not realize how much of your financial history is under scrutiny.

Several months ago, the data mining company CoreLogic  announced that it would partner with credit tabulator FICO to create a new consumer score. The product of the joint effort, called a “CoreScore,” does not replace the traditional credit histories available through Equifax, TransUnion and Experian. Instead, it supplements them, using transaction histories not previously amassed. 

Here is what your CoreScore may include:

• Rent payment and eviction history
• Child support judgments
• Utility payment history
• Record of payday loans
• History of property tax and HOA payments
• Record of all real estate property owned
• Record of property owned with negative equity

The CoreScore became available to lenders, employers and insurance companies as of March 30, 2012. While the CoreScore may make credit more accessible to those lacking traditional credit histories, it may also cause lenders to ask more questions about your financial past.

As a Whittier home buyer, should you be worried about your CoreScore? Unless you have negative events in these histories, you probably don’t need to worry. Even then, remember that the CoreScore is not replacing normal credit reporting; instead, it adds another layer of data to your consumer profile. 

You will able to pull your CoreScore report later in 2012, through annualcreditreport.com. You can file disputes and request corrections on your CoreScore report, just as you can with your traditional credit history.

We want you to be prepared for your home purchase and we hope this information helps you! If you are thinking of buying a home, there are wonderful homes for sale in Whittier and we’d love to show them to you! We also have information about mortgage financing to help you prepare for a successful home purchase.

Contact us for the latest Whittier market information, and for the best in friendly, professional service! 

The Domis Team
Prudential California Realty
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Our prior blog from April 24 talked about changes to the short sale process and how it could help the Whittier real estate market. However, the clock is running out on an important benefit of short sales. The 2007 Mortgage Debt Relief Act is set to expire at the end of December 2012.

Unless Congress takes action to extend the law, home sellers with closings in 2013 would have to count any forgiven mortgage debt as income for tax filing purposes.

The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude “income” from the discharge of debt on their primary residence. Debt reduced or forgiven via mortgage modifications, short sales and foreclosures generally fall into this description. The tax break is considerable, as it allows up to $2 million in forgiven mortgage debt to be exempt from income tax. This provision applies to debt forgiven in calendar years 2007 through 2012.

The IRS sees forgiven debt as “taxable” because you received the benefit of the loan and use of the proceeds, but were released from the obligation of paying it back in full. To the IRS, the difference between what you borrowed and paid back is a monetary benefit, and therefore considered income. Without the Mortgage Debt Relief Act, the impact of the housing downturn would have been much more severe for homeowners and the economy as a whole.

What does this mean for Whittier home sellers? If you are selling your home and it has negative equity, you need to take action now while the Mortgage Debt Relief Act could protect you. Of course, there’s the possibility that Congress will extend the law, but there are no guarantees. Visit the IRS.gov website to find out more, and see your professional tax preparer for guidance.

If you’re thinking of selling your Whittier home, now is the time to get the information you need in order to make the best decisions. Contact us today for the very best in local expertise and friendly, professional service! We will provide you with the latest Whittier market information and evaluate your home. 

The Domis Team
Prudential California Realty
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Music lovers, take note: the 2012 Whittier Idol finals take place at the Whittier Center Theatre on Saturday, May 5! A total of thirteen talented contestants will compete for cash prizes. The winner will also enjoy local fame, with future performances assured at two city concerts.

The outstanding vocalist for 2011 was only ten years old! Erika Estrada won it all last year with her soaring rendition of Beyonce’s “Listen.”

The Whittier Cultural Arts Foundation supports Whittier Idol as part of their ongoing mission to advocate the visual and performing arts in the greater Whittier community. Outreach efforts include raising funds for the arts in all public and private sectors. They also assist schools in making the arts part of an essential education.  

You can help the arts thrive in Whittier by becoming a member or by volunteering during events! 2012 memberships will start this July and run for twelve months.

In the meantime, enjoy the wonderful vocal talents of our local, up-and-coming stars at the Whittier Idol finals! For tickets and more information, call 562-567-9400.

A strong cultural arts program enhances Whittier’s quality of life and attracts new residents. If you are thinking of buying a Whittier home, we will be happy to tell you more about our vibrant community! There are beautiful homes on the market today and we would love to show them to you.  Contact us today for the best in local real estate expertise and friendly, professional service!

The Domis Team
Prudential California Realty
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There's more good news for home sellers in Whittier, CA! Starting June 15, mortgages backed by Freddie Mac and Fannie Mae can expect a quicker response to short sale requests. Freddie and Fannie hold more than half of all residential mortgages, which are serviced by some of the largest banks in the country.

The new guidelines require mortgage servicers to acknowledge the receipt of a short sale request within three business days. Within five business days, the servicer must advise the sender of any other documentation requirements.  

Once all documentation has been received, the mortgage servicer must provide a decision regarding the short sale within 30 days. If further review is needed, the servicer must provide weekly status updates. Short sale reviews usually take longer if a second mortgage or other lien exists on the home. The more parties involved, the longer the process.

Lenders and regulatory agencies have embraced short sales as the most viable foreclosure preventative. By eliminating the “black hole” of paperwork churn experienced by so many home sellers and real estate professionals, fewer homes will fall into foreclosure. In turn, this should prevent future declines in home values.

Yet short sales are not a perfect solution. The home seller must prove that he or she cannot afford to satisfy the mortgage. A seller who has other assets won’t find a free escape from negative home equity. But for those facing tough choices with limited financial resources, a short sale is a better answer than abandoning the home to foreclosure. In fact, many lenders are providing cash incentives for home sellers to complete their short sale programs.

Will short sales make a difference? So far, California foreclosures in the first quarter of 2012 are down by 17.6% from a year ago. While older foreclosures are expected to hit the market this year, there seems to be light at the end of the tunnel.

If you are thinking of buying or selling a home, we have the Whittier real estate experience that makes the difference! For the newest Whittier home listings, and the latest Whittier home sales data, contact us today! Our friendly real estate professionals are happy to help you. 

The Domis Team
Prudential California Realty
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According to the latest data from the California Association of Realtors, Los Angeles County experienced a double-digit gain in sales activity from February to March 2012. March sales activity was up by a robust 25.5% in a month-to-month comparison. March 2012 real estate sales are also up 1.2% from a year ago.

While sales activity is up, prices have been slower to rise. California home prices increased by an average of 1.6% from March 2011 to March 2012. Statewide, the price of a single-family home averages $291,080.

Across the board, tighter home inventories are reducing the time a home spends on the market. Homes for sale in the Los Angeles Metropolitan Area averaged just 57 days on market, down from 63.2 last month. 

We are also seeing an increase in new construction permits. This is a nationwide trend, but the West leads the way with a 44% increase from 2011. 

While concerns remain about home foreclosures that have yet to hit the market, most analysts agree that the housing recovery is showing traction. As long as employment trends hold steady, a pent-up demand for housing will give momentum to sales activity. Home buyers are coming down from the fence!

What does it all mean for Whittier? That's where our local expertise comes in! While statewide trends give us benchmarks, your Whittier home value is most affected by recent sales in the immediate area, including the presence of any distressed properties. This information is ever-changing and varies from one neighborhood to another. 

If you are considering selling your Whittier home, contact us today! We will be happy to share the very latest Whittier market information and evaluate your home. 

The Domis Team
Prudential California Realty
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Take a stroll down memory lane and enjoy the charm of uptown Whittier during the 17th Annual Antique Street Faire! This family-friendly event is on Saturday, April 28, from 9:00 a.m. to 4:00 p.m. Admission is free!

With 90 vendors offering collectibles, furniture, jewelry, vintage clothing, art and more, you'll want to get there early! Not into antiques? Come for the wonderful selection of local food and live entertainment!

This is also a great opportunity to discover the value of antiques or collectibles you may have tucked away in the attic! Antique seminars will be happen throughout the day. On-site appraisals will be offered! 

The Whittier hometown fun includes an Apple Pie Baking Contest, open to all ages. There is a $10 entry fee. Registrations must be received at least 3 days before the contest on April 17. Judging is the day of the event and you must be present to win. There will be 3 winners chosen by the judges.

You an even involve the family dog at the Antique Street Faire, during the Best Dressed Vintage Dog Costume Competition! Whether you have a poodle skirt for your Poodle, or a vintage cardigan for your Corgi, show off your classy canine friend in this fun, photogenic event! Be sure to register 3 days in advance! Insider's tip: make sure Fido is fully comfortable in his vintage threads before the show! 

The Antique Street Faire is located at 13000 Philadelphia Street in Uptown Whittier. Visit the website for complete details! 

The vibrant, historic community of Whittier is a great place to live! If you are considering buying or selling a home in Whittier, let us know! Our friendly, experienced team of real estate professionals will answer your questions and give you the latest Whittier market information!

The Domis Team
Prudential California Realty
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About 23 million Americans are planning to move to a new home, condo or apartment in 2012, according to the latest survey by American Express.  Most of this group identify themselves as renters, but about 10 million of them plan to buy a home.

Of those who are staying put, 70% have plans for a home improvement project.

Interest in home ownership and home improvement remain high, and this has given rise to numerous do-it-yourself websites, internet videos, magazines and television programs. Both investors and owner-occupiers are embracing do-it-yourself projects, with 72% of the survey respondents putting sweat equity into their properties rather than hiring professionals.

Those who are planning to sell their homes are especially cost-conscientious with their projects. The most common upgrades include new appliances and paint, along with interior decorating and landscaping projects.

When home sellers were asked about their willingness to make concessions for a home sale, 65% responded that they would make offers of the following nature:

• 15% would pay for the buyer's closing costs
• 29% would make any requested repairs
• 41% would include appliances in the deal
• 12% would include furniture/personal property

What does all this mean for home buyers and home sellers in Whittier, CA? First of all, it means that the pride of home ownership is alive and well! Homes in good condition that are priced right will draw buyers. But before you start choosing paint colors, contact us for Whittier real estate information!

We have the local experience you need when it comes to the latest trends and home prices! Whether you are buying or selling a home, we can help you!

The Domis Team
Prudential California Realty
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It's no April Fool's joke - as of April 1, 2012, FHA-backed mortgages will require a higher mortgage insurance premium and a cleaner credit report. The new changes are aimed at reducing the Federal Housing Administration's risks in the face of ongoing loan losses.

FHA loans have been a lifeline for first-time homebuyers, and some industry analysis fear that the new guidelines will lock out more home buyers from the market. Here are the new rules, and what they could mean for Whittier home buyers:

Effective April 1, 2012, FHA loan amounts under $625,500 will have an annual mortgage premium of 1.25%. This is a small increase of 0.10 from the current premium of 1.15%.

Larger loans will have a bigger hit. Starting June 1, 2012, FHA loan amounts over $625,500 will have an annual mortgage premium of 1.50%, which is an increase of 0.35%.

The upfront mortgage insurance premium has the largest increase. This is increasing by 0.75%, creating a total upfront premium of 1.75%. This premium can be rolled into the mortgage.

It all means a slightly higher mortgage payment on new FHA loans. To bottom-line an example illustrated in the New York Times, a $200,000 home purchase with 3.5% down, would cost $25 more a month. Not much to panic over, is it?

Concerning credit reports, the FHA will require buyers to resolve any outstanding credit disputes of $1,000 or more on their credit report. There are two exceptions: if the dispute involves a case of identity theft, or the disputed account is more than two years old, they will be exempt from the rule. 

For all other credit disputes, borrowers will either have to pay the remaining balance on the account, or enter into a payment plan, making at least three payments on it. Payment plans will need to be documented and submitted to the FHA. 

Essentially, disputed credit accounts over $1,000 have to be resolved before you can get a mortgage. The FHA has reportedly found a correlation between credit disputes and mortgage defaults. 

While the FHA rule changes will affect some mortgage applicants, well-prepared buyers won't find them to be show-stoppers. We hope this information helps you with your Whittier home buying plans! 

As your experienced real estate professionals, we can help you have a smooth home buying experience! Work with us when buying your first home. For the latest Whittier market information and real estate listings, contact us today!

The Domis Team
Prudential California Realty
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Are you thinking of selling your Whittier home this spring? The Whittier real estate market is competitive, but there are some basic strategies you can use to make your home stand out. Here are a few examples from Home and Garden TV:

1. Focus on the first impression.Curb appeal counts! Brighten your home’s exterior with inexpensive shrubs and colored flowers.Make sure walkways are in good condition. Your home’s front entrance and foyer should be clean, bright, and fresh. 

2. Be ready to show! Keep your home "show-ready" at all times. It means a little extra housework on a daily basis, but it beats having stressful, last-minute cleaning marathons that turn your household upside down.

3. Your kitchen sells your house. If you’re considering updating any room in the home, this would be the one to invest in.The fastest, most inexpensive kitchen updates include painting and new cabinet hardware.If your appliances are old, consider replacing them.Countertops that are worn, cracked or stained should also be replaced.

4. Keep it impersonal. There’s a fine line between warm and inviting, and having so many personal photos and keepsakes around that your buyers feel like intruders.Your buyers need to picture themselves living there, and you may need to pack some of your treasures away to accomplish this.

5. Don’t go overboard. Quick fixes pay off, but you don’t want to get carried away and turn your home sale prep into a full-scale renovation. Instead, put a fresh coat of paint on the walls.Replace faded curtains.Replace worn out or stained carpeting. Take care of leaky faucets.Clean the grout.Make sure kitchen drawers and closet doors open and close smoothly.

6. Keep pets and supplies out of sight. For your pet’s safety, and for consideration of allergy-prone buyers, consider boarding your pets at a kennel service for a day, or have them temporarily stay with relatives during a showing.Be sure to clean up pet hair before each showing.Dog dishes, litter boxes and pet toys should be hidden away.

7. Let there be light! Let in as much natural light as possible.Remove the drapes, clean the blinds, and wash the windows.Put in higher-watt bulbs.Update old lamp shades.Bright areas create an impression of space!

8. Remove clutter. Your closets and cabinets shouldn’t be more than half-full.Clutter is enemy #1 in home selling! If your garage has turned into a family warehouse, empty it out.Rent a storage unit if needed; remember that you want a good offer as soon as possible!

9. Use a Whittier real estate professional who understands your needs. The Whittier real estate market is quick-moving, and economic conditions change rapidly. The Domis Team has the local experience and resources you need for a successful home sale!

10. Price it right. Get a market analysis and consider the advice of your Whittier real estate professional. Depending on your needs, you might employ a strategy of pricing your home below the current market value in order to attract immediate attention.Multiple offers can push up your sale price!

If you’re interested in selling your Whittier home, contact us! Our experience and professionalism is your advantage in today’s ever-changing Whittier real estate market.Whether you need a complete marketing plan, or you just have a few questions, we’ll be happy to help you!

The Domis Team
Prudential California Realty
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