Folsom Living

Successful Short Sales

Denise Aquila — Thu, 17 May 2012 21:13:25 +0000

If you need to short sale your home there are a few things you need to be aware of:

1. Bank of America has recently changed their policies regarding short sales and are more user friendly.
2. Wells Fargo has streamlined their process and combined their many short sale departments. They are also performing up front appraisals so a short sale can be pre-approved before a seller finds a buyer.

Most importantly, the Mortgage Debt Relief Act is due to expire 12/31/12. This is huge. It means if you are thinking of short selling your home you must be closed no later than 12/31/12 otherwise you may potentially be liable for taxes on the debt relief you receive from the bank. You may want to chat with our accountant to find out what that means to you. This will expire unless the government votes to extend it.

Get in touch with your Realtor or contact me sooner rather than later for important help in navigating through this process and preserving your credit as best as possible.

Strategy for successful home purchase As a buyer there are some things you can do...

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Real Estate Market Improved

Denise Aquila — Mon, 14 May 2012 17:36:14 +0000

Real estate in the greater Sacramento area is on the move. Many homes in all price ranges are getting multiple offers, many at or above the asking price. Inventory is very low so buyers are finding if there is a home they like they need to make a decision quickly and make their offer as attractive as possible. For sellers it still means you need to have your home in “show ready” condition because the buyers while they want to buy, they are still very cautious and want to make sure they purchase a quality property.

As the prices increase the appraisals will catch up with the new pricing. If you are looking to purchase or sell you may not want to wait too long. While the market is good it changed so quickly it could just as easily go the other direction again. Short sales are still out there and there is still “shadow” inventory the banks haven’t released as of yet. However, banks have realized they get approximately 20% more money by completing a short sale versus a foreclosure. That is good news for all.

Be sure to contact your Realtor for details. Of course, I always stand ready to be of assistance if needed.

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To Buy or Sell Now?

Denise Aquila — Fri, 23 Mar 2012 00:14:21 +0000

To buy or sell now – that is the question. While many buyers know it is a good time to buy because interest rates are favorable and prices are low they still hesitate because they worry the prices may fall more. On the other hand, sellers are not likely to sell now because the prices are depressed and they don’t want to sell at the current value for their home.

Neither is right or wrong. It all comes back to what is best for you personally. The cost of a home isn’t just the price – you need to factor in interest rates, tax benefits and the benefits of owning – being able to paint a room if you choose. Owning a home gives one stability and creates a calming affect even if one isn’t conscious of it.

For the sellers they must analyze why they are selling – is it to move closer to grandchildren, downsize to a more manageable property or to simplify their life? Also, if a seller is selling and repurchasing the perceived loss on the home they are selling needs to be compared to the gain on the buying side due to prices. The differential is what really needs to be considered.

Buyers and sellers are not currently on the same page. 80% of buyers think it is a great time to buy but inventory is low so they have fewer choices. Only 7% of sellers feel it is a good time to sell.

In a nutshell, education as to what buying and selling really means to you personally should be the ultimate deciding factor in how to proceed.

National Housing Trends I compile information from National Assn. of Realtors, Move, Inc.,...
Ask a seller Ask any seller if now is a good time to...

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Help for Seniors

Denise Aquila — Wed, 21 Mar 2012 23:45:02 +0000

In these economic times it is always good to know where you can find help for anything. So, I am listing a few places seniors can find assistance for various things. If you know of other places please let me know and I will include them in a future posting. Be sure to have information such as pension amount, social security number, list of expenses etc. available.
1. BenefitsCheckUp.org. Enter in the proper information and you can find out if any of the federal and state benefits programs apply. There is a wealth of information here and is the best place to start.
2. ncoa.org. This is the National Council on Aging. Put in the requested information and find out if additional state or local programs are available.
3. Visit the local Senior Center and see if they have a volunteer who assists with giving out information on local programs such as Meals on Wheels, etc.
4. Veteran’s Administration – if the senior served in the military there may be additional programs available.

Unfortunately there isn’t one spot where one can check on all programs available but free money and benefits are worth a phone call!

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Ask a seller

Denise Aquila — Tue, 06 Mar 2012 16:22:36 +0000

Ask any seller if now is a good time to sell and you will get all sorts of different answers. Some will say they have lost too much money to sell, others will say it doesn’t matter because they need to sell because of health or job reasons while others will sell and upgrade or downsize to another home that fits their needs better.

The correct answer is for the seller to do what is right for their particular situation. If you are worried about the the bottom line if you sell ask your Realtor to give you an estimated statement of what the proceeds will be. That will give you a visual picture of what the scenario will look like. If the sale is because of job or health issues sometimes the seller doesn’t have a choice and feels as if they are a victim of the economy. That could be entirely true but doesn’t change the value of the home at that time.

If selling due upgrading or downsizing the seller is currently getting the advantage of depressed prices in both circumstances. On the selling end the seller may receive less than they wanted but the difference in the “phantom” loss of money needs to be compared to the amount of “discount” being received on the buying end.

Hope that helps! As always, make sure you consult with a Realtor that has your best interest in mind.

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Updating blog

Denise Aquila — Fri, 02 Mar 2012 22:40:49 +0000

As times change so will this blog. Currently being redone please check back often for more exciting things to come. It will not only be a real estate blog but a community blog you can share with family, friends and one I hope you will want to bookmark and visit often.

Check back soon!!!

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National Housing Trends

Denise Aquila — Fri, 02 Mar 2012 22:38:59 +0000

I compile information from National Assn. of Realtors, Move, Inc., various articles from the Wall Street Journal, CNN Money and Bank of America Mortgage Index study and submit the following for you to think about:

1. 70% of Americans still believe owning a home is part of the American Dream while 62% of those think buying now will be a good investment over the next 10 years.

2. Median home price rose from $170,000 to $190,000 over the previous year (prices may be stabilizing and even rising depending upon your neighborhood).

3. 37% of buyers are first-time buyers; 64% of all buyers are married couples.

4. 66% of sellers were first-time sellers (perhaps moving to a larger home) and 39% of sellers never reduced their price.

Hopefully some of these facts are something you will think about if you are thinking of buying or selling your home. Interest rates still remain historically low and inventory in many areas has been greatly reduced. So, while it is a buyer’s market from an interest rate perspective it may become a seller’s market for home prices if inventory remains the same. As always, the picture varies depending on where you live and what you are looking to buy or sell but housing remains a key dream in people’s goals.

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For Better or Worse

Denise Aquila — Tue, 01 Nov 2011 23:54:21 +0000

Many people currently believe their children won’t do as well as they have done. That is a drastic change from the previous opinion prior to the current recession. The best thing we can do for our children is to live within our means and not try to “keep up with the Joneses”. Now is the time to spend more time with family and friends developing relationships that a recession can’t take away. Instead of purchasing that new Mercedes or Coach purse put the money towards the children’s college. You could even encourage them to save too.

Having a home is still the American dream but in spite of the reduction in prices people still believe it is much harder to purchase a home today than it was 10 years ago.

So, every day be thankful for what you have, set your personal and family goals and move toward them regardless of what the newspapers or daily news on TV says. You can control your own destiny if you choose.

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Pros and Cons of reduced property taxes

Denise Aquila — Tue, 25 Oct 2011 19:12:05 +0000

Don’t be caught unaware of an increased tax bill you weren’t expecting. While it is great to have your property taxes lowered because the value has diminished you need to be aware of what that means. It does mean your taxes will be less than originally expected but it also means your taxes can increase more than the levels as dictated under Proposition 13. In a nutshell it means that as long as the values are below your original purchase price if the assessor determines the value has gone up the taxes can go up to any amount determined to be the current assessed value until such time it reaches the Prop 13 original purchase level.

So, you need to make sure you are aware of this and if you receive a tax bill that is high you will understand why. Of course, you can always make a call to your local county assessor for an explanation.

In a nutshell, if possible it is wise to save the original property tax amount so you won’t be caught short.

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Realtors and Dentists

Denise Aquila — Fri, 05 Aug 2011 23:27:55 +0000

I know you are probably wondering what Realtors and dentists have in common. I recently broke my tooth and had to see my dentist to get a crown. As I was sitting in the chair I reflected on the relationship I have with my dentist. I have been her patient for over 30 years. As I thought about my relationship with my real estate clients I was thinking about the similarities in her relationship to her patients. While she doesn’t send me items of value or call me from time to time she does let me know she has updated the way she does business to today’s standards. Because of that I feel not only do I benefit from her experience she is utilizing the latest technology in her business as well.

When you interview a Realtor make sure the Realtor not only has experience but uses today’s tools to assist you in obtaining your goal. Remember, your home is the largest investment you will ever make so you want to make sure you are working with someone that understands that investment and is there to make sure your goal is achieved.

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