Southern CA real estate listings and homes for sale, home buying, home selling information – Advantage Property Finance Group

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Spring 2010 is looking bright for the housing and finance market!

March 23rd, 2010 9:03 AM

Can you feel it? The munchkins are coming out of hiding! The bears are coming out of their dens after a long, cold winter!

In the housing market, people are feeling more confident about investing in property. Home prices are stable, back to reality. Between the $8000 first time buyers can get and my credit to them of part of my commission, they have very little out of pocket closing costs. By the way, that credit is good up until June 30th as long as we get you into escrow by April 30th!

On the financing side, mortgage interest rates are crazy low!! Various types of financing options are available now. For example, I have a 30 yr loan, fixed for 5 yrs, in the 3%'s. Hey, did you know I work with all the major banks to get my borrowers the lowest interest rates? I do the shopping for you!

Self employed borrowers should see an expansion of guidelines this year to help them qualify for home financing. There is a huge sector of self employed home owners who would greatly benefit from being able to refinance their homes, or move up or move down to purchase homes. A large sector of those who have lost their homes are in this group of self employed workers who's pay was cut, and were not allowed to modify their loans! What a shame!

The rental market is heating up, as well. The rental market will continue to grow as folks who cannot afford their mortgages rent out their homes to other folks who have done the same. It's like a big housing swap!

Call me anytime if you need more info...This is what I do!

Posted by Joyce Riviere on March 23rd, 2010 9:03 AMPost a Comment (0)

The market is heating up.

March 9th, 2010 7:18 PM

We now have 6 distinctive real estate markets today. The first market 1 is the few and far between folks who want to refinance their home to fix an adjustable rate loan or to reduce their current interest rate. Not many of them left, but they are out there. The next three markets are purchase loans. The second market 2 is the well capitalized group who are looking for good deals. They are making full cash or mostly cash offers on good properties and they are making a killing right now. The third market 3 consists of the buyers who have the 10-20% down and strong enough salaries to qualify for the typical single family residence. This is a small but growing group. The fourth market 4 are the first time homebuyers with the 3-5% down payment. Now, with the great $8,000 credit that they have at their disposal, you would think that it would be easy to purchase a home, but it's not. These poor folks, they make offers on properties and are continually passed up for other offers that have larger down payments. I feel sorry for this group. Some of them have given up after making multiple offers, opting to rent for awhile and save up a little more money. I am working to develop options for the. The fifth market 5 are the renters. We are becoming a country of "serfs" and "lords". I foresee a lot more rented properties in the near future than owner occupied properties. There are many people who, for various reasons, are not able to purchase now, or have lost their homes and cannot buy another one for several years, or are simply not confident in the stabilitiy of their employment status or property values. These people either have to or want to lease at this time. This group is keeping our property management services very busy right now. The sixth market 6 are the short sales. They are owner occupied and investment properties. People are selling because they have to financially or have lost their investment's equity to the extent that it is detrimental to their portfolio. This is a brisk business right now. I am compliant-centric ex-bank VP and I love pushing paper so I seek that business. There will always be a real estate market. I hope you all know that I am here for you, no matter what your needs are. You can contact me at any time. My direct line is 714-642-5881.

Posted by Joyce Riviere on March 9th, 2010 7:18 PMPost a Comment (0)

Ready for Year 2010!

December 30th, 2009 10:20 AM

The light beginning to shine through the darkness of the last few years...that is what our clients are looking for. We have steadfastly been on duty, standing by to help and support them, with resource information, financial solutions, finding buyers for homes, relocating families, providing funds for investments, remodelling, construction, and helping small businesses grow. My staff has worked tirelessly in this past year and I am unspeakably grateful. We have closed a record number of real estate transactions this year, proving this quote:

Diligence and Perseverance are the parents of good luck.
-Rosie Cash

Posted by Joyce Riviere on December 30th, 2009 10:20 AMPost a Comment (0)

It's getting better!

September 16th, 2009 12:22 AM

As the Beatles song goes, some 40 years ago this year "I have to admit it's getting better, it's getting better all the time." It's true, all the stats lead us to that conclusion. So, WooHOO! However, if your thinking of calling me in the morning to ask for a 100% LTV, stated income loan with a 580 FICO score, please wait...oh for maybe the next 20 years. I don't see the economic irresponsibility of our country's recent history repeating itself any time soon. What I do see is a slow, controlled growth pattern emerging and continuing for the next 3 to 5 years. HOWEVER, please be aware of the reality of the "stimulus" package effect, we are headed into a long term period of INFLATION. That's great news for investors who have seen their portfolios deplete over these past 5 years, but BAD NEWS for borrowers, as they are about to watch interest rates climb to very high rates. Luckily, I remember rates in the teens, back in the '80's. It was a very busy time, as borrowers worried that rates might exceed 20%. They did not, and once they got down to under 10%, there was a great surge of loan applicants who considered anything less than 10% to be very low. So prepare for the future. Higher rates on your loans, higher rates on your investments, and equity building. How will lending guidelines change? Will the lenders allow the self employed alternate methods of verifying income, such as bank statements? I do anticipate this, within the next year. It's getting better, all the time.

Posted by Joyce Riviere on September 16th, 2009 12:22 AMPost a Comment (0)

Can you say "R-E-C-O-V-E-R-Y" ?

June 9th, 2009 11:01 AM

Here's what we have all been waiting for...

On Monday, June 1, the Commerce Department reported total construction spending unexpectedly rose 0.8% in April.

The Institute for Supply Management reported the monthly index of manufacturing activity rose in May to 42.8 from 40.1 in April.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.7% to 90.3 in April from 84.6 in March.

The Commerce Department reported factory orders rose 0.7% in April, after a revised 0.9% drop in March.

The Institute for Supply Management reported the monthly index of non-manufacturing activity rose in May to 44 from 43.7 in April.

Initial claims for unemployment benefits fell by 4,000 to 621,000 in the week ending May 30 from a revised figure of 625,000 in the previous week.

So far, so good!

Posted by Joyce Riviere on June 9th, 2009 11:01 AMPost a Comment (0)

What is wrong with this picture...

March 31st, 2009 8:06 AM

Sales are up, prices are down, rates are low...if you heard this statement several years ago, you would have jumped on this market! So, what's wrong with this picture?

How many of you have lost income due to the recsession (or maybe Dr. Alan Israel is right when he insists it's a depression). Or is it, since the lending rules have changed to reflect the sagging property values, that not as many of us have a real down payment laying around?

No 100% financing or stated income (over 80%) at this time. Self employed borrowers are having the worst time of all qualifying for loans. It's back to net income for them.

It'll all be back some day, believe me. Whatever you think it is, don't blink twice, you will miss this market. All is in flux and we are, at all times, a few spoken (or mis-spoken) words away from a market shift.

Anyway, I mean it when I say, I am here for you. Things are tough, but not as tough as they were...or are we just getting used to "tough"??? We resilliant little creatures will find light at the end of the tunnel, even if we have to dig our own tunnel and install the friggin light ourselves! No, I'm not a Polyanna, I am just making lemonade ("when life hands you lemons...").

Posted by Joyce Riviere on March 31st, 2009 8:06 AMPost a Comment (0)

New economic indicator Edwin Acevedo

March 19th, 2009 8:53 AM

Exciting news, if you really want to know if the economy is going to improve soon, check this out.

Edwin Acevedo just joined Advantage. I have known Edwin for five years. He was working for Boeing and working on his Masters Degree. He was buying real estate and became a saavy real estate investor.

Recently, Edwin left his position at Boeing and got his Broker's license. The fact that someone so highly educated would leave the corporate world to work in real estate full time tells me that 2009 is going to be a great year. In fact, I would consider Edwin's move a positive economic indicator!

Heads up, we are planning an open house in April, as soon as we get the new building sign up. It will be a fabulous wine and cheese even, complete with pilates and electric boat rides outside here in the harbour. It will be lots of fun and a little zany, so look for our invitation!

Posted by Joyce Riviere on March 19th, 2009 8:53 AMPost a Comment (0)

Bernanke's speech a big "duh"

February 24th, 2009 8:01 AM

Federal Reserve Chairman Ben Bernanke told Congress Tuesday the economy is suffering through a "severe contraction" and pledged to use all available tools to lift the country out of the recession that already has cost millions of Americans their jobs...

What else is new?? What tools?? Aren't you fresh out of available tools?? Are there any sharp tools in your shed?? Isn't this the same statement you made six months ago?? Is this just another opportunity for Congress to postulate and get their faces on TV in front of their constituents??

...and this is me, the optimist! The truth is, the Congress is without tools. In the end, the markets are making the decisions. The markets, struggling to retain their freedom, are US and our power to INVEST IN AMERICA.

Still lovin' it!

Posted by Joyce Riviere on February 24th, 2009 8:01 AMPost a Comment (0)

This Week's Economic Reports Effect on Interest Rates

February 8th, 2009 11:16 PM

There are only three pieces of economic data scheduled to be posted this week along with a couple of Treasury auctions and relevant speeches from highly important speakers. Only one of the three reports are considered to be of high importance while one is moderately important. The third is not considered to be of much importance unless it varies greatly from forecasts.

None of the economic reports will be posted tomorrow. However, tomorrow evening President Obama will address the nation on national television. He will likely speak about his economic recovery plan amongst other important topics. What he says may heavily influence trading the following morning. It is very difficult to predict whether the markets are likely to react favorably to his words or negatively. But I am expecting to see volatility Tuesday morning.

Fed Chairman Bernanke will be speaking before the House Financial Services Committee Tuesday at 1:00 PM ET. He is expected t o testify and update the panel on the Fed's liquidity injections and future plans. His words could create movement in the markets and possibly mortgage pricing during afternoon trading.

There is no relevant data scheduled for release until Wednesday morning. This is when the week's least important data, December's Goods and Services Trade Balance, will be posted. This report measures the U.S. trade deficit and can affect the value of the U.S. dollar versus other currencies, but it usually does not cause enough movement in bond prices to affect mortgage rates.

The most important of the three reports this week is Thursday's release of January's Retail Sales data. This report is very important to the financial markets because it measures consumer spending. Since consumer spending makes up two-thirds of the U.S. economy, any related data is watched quite closely. If Thursday's report reveals weaker than expected sales, the bond market should thrive and m ortgage rates will fall. However, a stronger reading than the expected unchanged level of sales could lead to higher mortgage rates. Current forecasts are calling for a decline in sales of 0.3%.

February's preliminary reading to the University of Michigan Index of Consumer Sentiment will be released late Friday morning. This index measures consumer willingness to spend and usually has a moderate impact on the financial markets. If it shows an increase in consumer confidence, the stock markets may move higher and bond prices could fall. It is currently expected to rise slightly from January's final reading of 61.2 to 61.5 for this month.

Overall, it is difficult to peg a particular day as the most important of the week. Tuesday will be quite interesting with the reaction to President Obama's words from Monday evening and Fed Bernanke's testimony on the Fed's attempts to stabilize the financial system. The single most important piec e of economic news comes Thursday, so that day needs to be given much weight also. Throw in the fact that there is an early close Friday due to the President's Day holiday next Monday, and we have the makings of an interesting week ahead of us.

Posted by Joyce Riviere on February 8th, 2009 11:16 PMPost a Comment (0)

TAKING A BITE OUT OF McMANSIONS

February 1st, 2009 7:24 PM

Smaller Is Better Goodbye to McMansions and, hello to the Mini Mac, as Americans turn to 'right-sized' homes. Recent research suggests that homes being built today are getting smaller. According to the U.S. Census Bureau, the average size of homes started in the 3Q08 was 2,438 square feet, down from 2,629 square feet in the 2Q08. Similarly, the median size of homes started in the 3Q08 was 2,090, down from 2,291 in the 2Q08. The statistics confirm what the housing industry has suspected, America's housing demands are downsizing.
Gayle Butler, editor-in-chief of Better Homes and Gardens, said for many homeowners, it is not so much downsizing as "right-sizing", giving up big homes with unused space for homes that better fit their needs.
As homes get smaller, home-owners are economizing the space they do have. Butler says she is seeing more interest in "Wii-sized spaces." Other features high on the list include flexible family rooms that accommodate a variety of activities, from video games to fitness systems, and outdoor kitchens and entertaining areas.
According to a survey conducted by the magazine, 32% of the 733 potential new-home buyers participating said they expected their new home to be either somewhat smaller or much smaller than the one they already own.
"Either by necessity or choice, they're willing to take a step back from the McMansions," Butler said.
Other housing trends include:
Simpler Elements Consumers say they need fewer luxuries in their next home. 20% or more of the participants in the survey viewed upgraded landscaping, granite countertops, and luxurious master suites as less important, 35% graded high ceilings as less important.
Going Green The Better Homes and Gardens survey said 90% of those surveyed are planning to have energy-efficient heating and cooling systems and 31% plan to have geo-thermal heat. "The green theme touches everything in the home, from the food we look to consume, our health concerns in the home, building -- even our furnishings in the home," said Robin Avni, senior director and consumer strategist for the firm Iconoculture, a cultural trend research firm.
According to the National Association of Home Builders, 88% of builders surveyed in January said that they are building or planning to build a larger share of smaller homes and 89% said they're planning on building more lower-priced models.

Posted by Joyce Riviere on February 1st, 2009 7:24 PMPost a Comment (0)