Buy a Home in California Now or Pay More Later

As I have talked to some of you over the past few months a frequent theme has been your fear to enter the market as a buyer because prices may drop again. While no one can ever predict the market with precision, it looks like we may be nearing the “trough” of the home price decline in California. What does that mean for you? It means home prices are as low as they will ever get. It is time to buy low now and sell high later. Of course, you don’t have to sell as long as you are enjoying your mammoth equity, right?  Many of us here in the profession feel  this is the time.

Give me a call so we can take full advantage of foreclosure pricing, and builder liquidation pricing while we still have low interest rates. This is a golden time for a buyer and it may not soon come again. All opportunities change and some just end. Ask yourself if you want to be left on the sidelines or if you want to participate in the most favorable buyers market I have seen in my 30 plus years in Real Estate.

According to an article in the Wall Street Journal Friday, May 29, 2009 California’s median price for existing homes rose 1.4% in April from March. This marks the second consecutive monthly increase in housing prices and prompted some industry officials to declare that the states long swoon in housing values could be at or near the bottom.

If you would like to review the entire article please e-mail me at GerryDavidRiley@yahoo.com I will send you over a guide to locating and reading the entire article.

A Consumer’s Guide to Mortgage Modifications

Many of my customers and friends have asked me about mortgage modification and whether or not it would help them.  Foreclosures have certainly generated a lot of attention of late,  and when mortgage difficulties become personal it is important to have accurate information and trustworthy counsel.

With approximately 81,000 properties in California receiving a foreclosure filing in February, and one in five homeowners underwater nationwide, many consumers are seeking mortgage modifications, but may not understand how they work.

A loan modification is generally a temporary adjustment to a home loan that lowers the monthly payments by reducing the interest rate the borrower pays. In most cases, borrowers are eligible for loan modifications if they can prove their troubled mortgages can be brought back to good standing with the modification.

Consumers interested in learning more about loan modifications should contact a mortgage counselor at an agency certified by the U.S. Dept. of Housing and Urban Development (HUD). A list of agencies can be found online at www.hud.gov.

As always, feel free to give me a call to discuss any real estate related topic.  I am blessed to list and sell property in significant volume throughout the entire state of California from San Diego to San Francisco and all points between and I would be honored to be your real estate “go-to” person.

Making Home Affordable

Homeowners were lent a hand this month by the Obama Administration’s newest effort to help families remain in their homes. The ‘Making Home Affordable’ program was created to help as many as 9 million homeowners who want to stay in their homes, but are struggling with their finances.

As with most legislation of this type, some of the details are still pending and subject to further clarification – but I would invite you to call me so we can begin to discuss how they might benefit you.
There are two important elements of this program:

One part of the program will be available to 4 to 5 million homeowners who have a solid payment history on an existing home loan owned by Fannie Mae or Freddie Mac. Many of these homeowners have been unable to refi and take advantage of lower interest rates because their homes have lost value. This plan allows for rate and term refis up to a 105% loan-to-value, which will help many homeowners take advantage of today’s lower rates or refinance an adjustable-rate home loan into a more stable product, such as a 30-year fixed rate loan.

To qualify, the home must be your primary residence and have a loan balance not exceeding $729,750. While there are still a few unknowns in the mix, this program will help a large number of homeowners cut their monthly expenses and benefit from the lower home loan rates available today.

The second part of the program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly home loan payments. This program lets home loan servicers modify eligible loans for those who have experienced financial hardship. The plan is designed to help these at-risk borrowers decrease the payment amount on their existing loan.

Help Is Here
The housing and job markets continue to be hard hit by the contraction in the economy. But combined with earlier measures, such as the $8,000 tax credit for first time home buyers, the Making Home Affordable program may actually have some legs to help the housing market and economy overall.

So What Now?
Regardless of which opportunity may be right for you – the best first move is to pick up the phone and give me a call. After we evaluate your personal situation I can put you in touch with an appropriate, knowledgeable professional I trust to help you work through the details.

Two Years Before the Mast :: Homes in Dana Point, CA

Richard Henry Dana wrote as an “onboard diarist” in the 1830’s of his discovery at Dana Point, California, a beautiful Southern coastal boundary of Orange County in his classic work “Two Years Before the Mast:”

Revolutions are matters of constant occurrence in California. They are got up by men who are at the foot of the ladder and in desperate circumstances, just as a new political party is started by such men in our own country. The only object, of course, is the loaves and fishes; and instead of caucusing, paragraphing, libelling, feasting, promising, and lying, as with us, they take muskets and bayonets, and seizing upon the presidio and custom-house, divide the spoils, and declare a new dynasty. As for justice, they know no law but will and fear.

I was struck by this quotation in how California appeared so primal and brutal to this Englishman exploring and writing about the Southern coast. I think he perceived that Christianity and “culture” brought civilization to the land. On the other hand, he writes throughout his tome on how wonderful the beans and tortillas and spicy foods were that the “savage” natives made for him. He refers to their “constant occurrence” revolutions as primal things. Over a hundred years later, I wonder how he’d view those natives now.

The beaches are spectacular. The buildings and hotels along the cliffs are ominous yet alluring.  Home prices in this coastal area are at an all time low.  If interested please feel free to contact me to discuss what’s out there and how you might make this historical place your new home.

Perfect Time for Buying a Home in Murrieta or Temecula

Now is the time to buy real estate!

I specialize in coastal South Orange County listings but today I wanted to talk about another California region with great opportunity:

Temecula Real Estate is in a state of all time boom! Homes are selling for 200 to 300k less than they sold for just two short years ago.  Murrieta Real Estate is the same story.  The value of these properties belies their price.  If you have been thinking of buying in this area now is the time.  I would be happy to email with you about what is available or talk to you on the phone.  Contact me.  I have lists of gorgeous forclosures with prices that will make your jaw drop to the floor.  I started this blog to get the word out about these incredible deals and I am very happy you are reading it right now.

What about sellers?

Sellers, your situation is not perfect but the key to getting a house sold is simply finding the right buyer.  I have decades of experience doing that.  I specialize in connecting buyers and sellers and finding the right fit.

The land of milk and honey … and wine!

It is a perfect time for buying a home in Murrieta or Temecula. Let me show you why.  I have examples of of properties and buyers from Corona to the wine country and places surrounding that.  I’d like to share these amazing resources with you.  Please email or call me today so I can help you achieve your real estate dreams in Murrieta, Temecula and surrounding areas.

Gerry Riley
GerryDavidRiley@yahoo.com
(951) 757-0227

I look forward to serving you!

A valuable tool to search for the home of your dreams

RileyState now makes it possible to easily search for homes to buy or lease.  Click on Search MLS and try the map search for starters!  Zero in on a general location, and when you find a home that looks interesting click on “details” and after reading the information about the home, scroll to the bottom of the page and explore a suite of sophisticated, yet easy to use, real estate calculators that will help you better understand the cost of home ownership, and evaluate how it fits into your current financial position.

I am pleased to leave the ability to search open to you without requiring up front registration.  Get your feet wet in this important search process without me looking over your shoulder.  Please understand, however, that my business is representing clients in buying and selling real estate and I have over 30 years experience doing just that.  At any time you decide the time is right for me to give you a call to provide more information about a listing, to schedule an appointment to see inside a home, to list your home for sale or just to talk about your real estate needs.  You may also call me at 951.757.0227 or e-mail me.  I am interested in getting to know you and understanding your real estate needs.  After all, Real Estate is spoken here.

Thanks for visiting RileyState.  Enjoy the Journey.

Gerry Riley - Broker

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