Open House This Sunday, June 26th, 2pm-5pm

1010 Eilinita Ave., Glendale

This attractive Cape Cod home has all the rooms you can ask for including 4 bedrooms, 3 baths, a family room, formal dining room, den, plus a finished attic and sun roof! Vintage features throughout add to its charm and character. The living room features trestle beam ceilings and a traditional fireplace.  Newly updated kitchen and baths provide modern amenities.  This home is located in the desirable Oakmont Woods neighborhood with La Crescenta schools and access to a community pool. Close to hiking trails and easy freeway access for the best of both worlds!  Offered at $829,900.

Come visit the Home Team Sunday to see this wonderful home.

Conforming Loan Limit to Drop September 30th

The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit to $729,900 which has been wonderful for buyers in high-cost areas of the country like California.  Buyers have been able to take advantage of higher conforming loan limits and have also been able to avoid higher interest jumbo loans.  Unfortunately, the high balance conforming loan limit will drop on September 30th to $625,500.  After this date, Fannie Mae and Freddie Mac will no longer purchase loans over $625,500. For most buyers, this means they will need to be able to put at least 20% down for loans over $625,500 and the approval process will be more difficult.  For sellers, it means their buyer pool will be smaller for homes in the $650,000 to $800,000 range.

How will this change affect you?  Are you looking to buy or sell in the next 6 months in this price range? 

If you have questions about this change in conforming loan limits and how it may affect you, I encourage you to contact me and the Home Team.  We would also love to hear your thoughts on the loan limit drop so please share your comments with us.

HAS THIS MARKET STABILIZED? IS IT A GOOD TIME TO BUY?

We are living in uncertain times. You turn on the news and hear that unemployment is over 10% in most states, and in a few like Michigan, closer to 20%. It sounds like a vast number of people are missing house payments or ready to have their homes foreclosed. An exaggeration, but it is happening.

However, how is this directly impacting your life? If you have a relatively stable job (I know no one is exempt) and are financially solvent with money in the bank, what is your concern?

Normally your biggest question is, “If I buy tomorrow, will the value go down another 10% in the next year”? Our Market Trend report shows that over the last   3 months prices have begun stabilizing. Usually that means that as supply and demand shift, property values will start going up. Is there a guarantee they will do so and that this will continue every day of every month, or that values will begin rapidly appreciating? No. But, the economy is showing positive signs of growth.

So, if I buy a home now, what if the economy gets worse? Yes, that can happen and there are some economists that are predicting that. However, the majority of economists are not. In fact, they are saying that because some people chose not to buy in the last 2 years, there is now a pent up demand for homes. Smart buyers realize that the market has begun to stabilize and are purchasing. Interest rates are at a 50 year low. That alone should motivate most of the buyers. There is more to choose inventory to choose from right now due to the time of year.

Bottom line, yes the market is healthier. Yes, it is a great time to buy. The BIGGEST question for you should be, “why are you buying and how long do you anticipate living there? If you intend to live there for at least 5 years, that should carry us through this cycle.  Historical data shows real estate is the highest return investment you can make. We all know it’s not the stock market now!!

I would like hearing your opinion or email me direct if you have a personal question. Email me if you want your neighborhood trends showing the current status of your area.

Charmer in Oakmont Woods- Coming Soon

Fall in love immediately with this character Cape Cod in an established neighborhood.  Set on a rise, this 4 bedroom 3 bath home, with over 2566 square feet, has a formal dining room, family room and striking living room.  With gleaming hardwood floors, trestle beam ceilings and traditional fireplace, the living room is a delightful place to entertain.  A studio room is ideal for an office retreat or library.  A newer kitchen with stainless steel appliances, granite counters, maple cabinets, cooks stove and recessed lights create an inviting space to cooks and relax.  A master suite with its own bath boasts a jetted tub.  There is a finished attic ideal for a play area or music/art room.  Easy care rear yard with patio, garden, and soothing fountain.

·         2566 square feet (per assessor)                                               

·         8960 square foot lot (per assessor)                         

·         4 bedrooms/ 3 baths     

·         Central air and heat       

·         Hardwood floors downstairs

·         Formal dining room                                                                        

·         Recessed lighting                                                                                                            

·         Updated kitchen

·         Finished attic- great for playroom or office

·         Fully fenced rear yard