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You CAN Sell In A Slow Market!

by Leticia & Associates

With the housing market still slow and a sluggish economy, selling your home can be a challenge due to the fact that there is steep competition with new home foreclosures and falling prices. However, there are some things you can do to help sell your home in a slow market quickly! Below are some tips to get your home off the market and into contract!

  1. Find an agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident with.at has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.
  2. Research and understand your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. You can learn a lot about staging, pricing and what is appealing to buyers.
  3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.
  4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.
  5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow market, you need to get your home noticed quickly and be willing to negotiate so that prospective buyers see a great value in your property. Don’t stop looking for ways to make your home stand apart from the competition.

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Federal Mortgage Modification Plan Losing Enrollees

by Leticia & Associates

In an effort to get more people back in their homes,  President Obama announced a program in early 2009 aimed to help. The plan was to give homeowners a break on their monthly payments by reducing the interest rate to as low as two percent for the first few years of the mortgage in some cases. For the average family, this resulted in the saving around five hundred dollars every month, and it also helped that the mortgage was lengthened to forty years from the usual thirty. 

However, many people have become disillusioned with this seemingly foolproof plan to get America's economy back on track. Enrollment is down and homeowners already on the plan are dropping out for a variety of reasons. Some have sold their home or did  a short-sale, so they no longer need the program. However, other people are being forced out because their home was foreclosed upon, or they no longer qualify for the loan. When the process began, everyone was allowed into the program and Obama pressured the banks involved with it to let people in with no proof of income required.

More than one third of the people who originally qualified for the modifications have had to drop out due to lack of income. The number of people who have been successful with the program is less than those who have had to drop out of it. As more and more homeowners drop out, the foreclosure nightmare of 2009 is beginning to repeat itself, because even after the mortgages have been revised by the program people still have far too much debt to allow themselves to stay afloat, and this could have repercussions on the economy much greater than what has already happened to it.

As John Taylor of the National Community Reinvestment Coalition said, "It's sad that they didn't put the same amount of resources into helping families avoid foreclosure as they did helping banks."

 

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Photo of Leticia & Associates Real Estate
Leticia & Associates
Keller Williams Vision
15325 Fairfield Ranch Rd Ste 100
Chino Hills CA 91709-8834
(909) 731-8187
(909) 731-8187 cell/text

We can assist buyers, sellers, investors, first time home buyers, relocations, and is a certified short sale specialist in todays real estate market. We provide real estate services in Chino Chino Hills and the surrounding communities of Corona, Diamond Bar, Fontana, Ontario, Rancho Cucamonga, and Upland, Yorba Linda, Brea, La Habra. 

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Kim Hughes - Real Estate Virtual Assistant

CA BRE No. 01885348