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Short Sale Changes May Help Whittier Home Sales

by The Domis Team

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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Real Estate Trends Favorable for Whittier

by The Domis Team

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 homecontact 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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Get Ready for the Whittier Antique Street Faire!

by The Domis Team

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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Are You Ready to Get Moving in Whittier?

by The Domis Team

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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Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562-458-6947
Fax: 562.902.5158
The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale

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Linda Domis - DRE #00571375 | Ryan Domis - DRE #01969771
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