Wright Realtors Real Estate News - July 2018

What's New at Wright Realtors

< July  / September >
Aug 30
The 20% Down Payment Myth
MythBy Gene Wright

In an article last month, I talked about a government plan that could have a huge impact upon the future of real estate: it's called QRM ( Qualified Residential Mortgage), being portion of the Dodd-Frank Act. In defining the proposed QRM, lenders will be required hold 5% of a risk of any residential loan unless considered to be a QRM, a loan that features a minimum of 20% down payment while meeting other borrower credit history and debt-to-income prerequisites.

Aug 29
Neighborhood Information in High Demand
City CentreBy Gene Wright

When people are seeking a new home to live in, they typically want to know a few key details beyond number of rooms and price: Most often, they want to know about the neighborhood, it's attributes and what kind of commute they will have. It's a fact, that more than three fourths of potential homebuyers say being around a half hour commute getting to their job just as important, while two thirds of homebuyers say having an easy walking distance to food stores and restaurants is a key attribute in making a decision about where to live.

Aug 26
REALTORS® Press White House to Assemble Policy Makers, Stabilize Housing
White HouseBy Gene Wright

To lend a hand in developing policies that will alleviate the national housing crisis and buttress an economic rebound, the National Association of REALTORS® have asked for a White House hosting of a meeting of industry leaders, policy makers, and government interests focused on repairing the U.S. housing.  REALTORS®, says Ron Phipps, NAR President, Are the number one advocate for housing matters, are completely aware that homeownership sustain our national economy," . "Housing and homeownership problems affect every American, which is the very reason we need robust policies to help in stabilizing housing and lead us out of the economic struggles of today.

Aug 23
Short Sale Process Needs Fixing
By Gene Wright

Over half the Central Valley Real Estate Agents typified closing a short-sale transaction as strenuous" or extremely strenuous, in a Satisfaction of Lenders Survey report performed by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The report gauges Real Estate Agent experience in working with mortgage lenders in their latest transaction. A large majority of agents surveyed worked with short-sale contracts deals in which a lender agrees to accept a reduced amount from the loan amount owing by the current borrower.

Despite being assured in recent months by lenders that they would try to fix their short-sale methods, it's clear that what being fixed is inadequate. Lenders are not in touch with the the market realities and the consequences on struggling homeowners, which results in preventable foreclosures which only worsens California’s economic situation, hampering a desperately needed upturn.

Aug 22
Tax Benefits for Homeownership Must Be Kept
Tax Benefits for Homeownership Must Be KeptBy Gene Wright

Any modifications to the interest tax deduction on mortgages whether now or he future could threaten any recent development toward stabilizing of housing, drastically erode the prices and values of homes, wipe out the wealth accumulation of the middle-class and cripple economic growth. Now is no time to be talking about changing any tax laws, that could additionally impair any fragile housing market recovery, plus a broader recovery of the job market.

Aug 20
Homeowners with Unaffordable Mortgages Becoming Frustrated with Inability to Refinance
By Gene Wright

Overall approval with primary mortgage servicer providers has gone down hill considerably from 2010, as dissatisfaction is still mounting among homeowners who took out their loans during the height of the runaway housing market, in a report by J.D. Power and Associates the 2011 U.S. Primary Mortgage Loan Servicer Satisfaction Report (SM) recently released. Additionally, mortgage servicing companies brand perception has deteriorated resulting from negative media coverage over reported abuses inflicted towards homeowners by mortgage service companies. The report shows that general approval of primary mortgage loan servicers has slipped down to 718 from a scale of 1,000 points, off a full 29 points from a report of 747 in 2010. The report shows customer approval within four general areas of mortgage loan servicing which includes: escrow account administration; billing and payment processing; website; and telephone contact. Satisfaction has decreased from each of the four aspects from 2010.

Aug 18

Concerns over Credit Stop Renters from Buying
Concerns over Credit By Gene Wright

Over one half of the U.S. renters live in one family homes. 78 percent of all tenants living in one family houses believe that buying a home would make more sense than renting. Yet difficulty obtaining the financing, which includes poor credit, would stop the majority of them, (over 53 percent), from becoming homeowners, if they were actually moving. Seventy-two percent of renters in one-family homes believe it would be hard for them to acquire a home loan, with 33 percent bringing up their poor credit history as a major drawback to getting a loan.

Aug 17
How to Win in a Bad Economy
By Gene Wright

How to Win in a Bad EconomyCredit-rating crises, Debt-ceiling debates and international economies hovering over a double-dip down-turn could be be more than plenty to frighten many wanna-be entrepreneurs away from the risky pursuit attaining their goals. Although not everyone  Innovators who are able to realize their true inner strengths and line up their business model with their goals and natural talent will find success even during turbulent situations. Companies and entrepreneurs with a clear comprehension of their purpose function with definiteness and assurance, the two things companies and customers are searching for most in these turbulent times. Not everyone is penniless in the current economy, many are thriving. Capitalizing your life's purpose is the paramount way to have abundances.   

Aug 16
Staying Healthy at the Amusement Park
Staying Healthy at the Amusement Park By Gene Wright

Dehydration, nausea, sunburn, or an accidental injury can call a quick halt a family outing. Here are a few tips for staying safe Sip on water all day. You’ll prevent dehydration symptoms including headache, dizziness, fatigue plus potential digestive distress. Don’t hang on until you're feeling thirst and then attempt to drink an entire bottle at one time, Stay away from alcohol and caffeine.  

Aug 15
Protect the American Homeownership DreamProtect the American Homeownership Dream
By Gene Wright

During April 2011 the rate of homeownership declined to 66.40 percent, the lowest point it’s ever been at since 1998, in a report by the U.S. Census. Some would contend this states that owning their own home is not the priority of Americans as was once was, although they couldn't be more wrong. What it really says is that the contrived 69 percent intensified level of 2005 wasn’t maintainable. The level of today is simply a return back to a more natural level.

The American homeownership dream is as intense as ever, although it warrants protecting and not more regulatory government stumbling blocks.

Aug 14
First-Time Homebuyers disheartened by stringent credit
By Gene Wright

Troubles getting mortgages are stopping more and more first-time homebuyers from acquiring a home even in the face of extremely affordable home prices in most regions. One serious consequence has been the slowing down of the amalgamation of short sale and foreclosure homes.

The National Association of REALTORS® latest quarter report shows first-time homebuyers bought just 35 percent of the homes on the market during the 2011 second quarter , depressed from the 2010 second quarter of 46 percent, during the pinnacle of the tax credit for first-time buyers Another Survey also showed the ratio for first-time home purchasers in the real estate market dropped to a low of 35.4 percent for June, losing from the 37.3 percent during May. As the first-time homebuyers closings have reduced, the distressed property inventory has gone up  

Aug 12

The Value in Home Maintenance
By: Gene Wright

The Key to Safeguarding Your Home  and Property Values is Regular Home Maintenance.
It’s always just those small things that have a tendency to trip people up, Cracked and missing caulking around doors and windows, or perhaps a furnace filter hasn’t been cleaned or replaced in a long while. This may not appear like very much, but with that missing caulking, water could seep into your sheathing, resulting in mold or rot. Before you know what's happening, you’re facing an expensive $5,000 repair which could have been avert with a $4 worth of caulking and a half hour's time.

Maintenance Has a Bearing on Property Values

The consequences of neglecting maintenance is outright structural and property damage to your home. Doing regular upkeep, keeps overall property values up.   A

Aug 11

Property Fence optionsProperty Fence Options
By: Gene Wright

When fence shopping you should consider everything from function to styling and the amount of maintenance it’ll need. By choosing the right fence it can be any of those things There are literally hundreds of unique styles to select from, plus a number of different materials to build it with, each having their own prices and maintenance requirements. Also you must be sure your new fence doesn’t stir up any neighborhood animosity or violate local ordinances. Here’s the way to avoid those dangers and end up a long-lasting beautiful fence that goes with your home and with your budget.  

Aug 10
Top 5 Items You Should Do to Help Your Home Sell Quickly
By Gene Wright

Although many markets through the U.S. continue to experience issues while the market does a slow turnaround, Wright Realtors real estate movies quickly, and that's because we adhere to some basic rules.

1. Curb appeal has always been key to selling homes

If it appears rundown on the exterior, then it probably run down on the inside also. Curb appeal is everything about the first impression. Buyers want to sense as if they could move in the home from the instant they drive up in front. Basic enhancements like an exterior paint job, mowing the lawn and planting a few flowers tremendously improve the exterior feeling of a home.

Aug 08
Stockton City Council Requires Owners of vacated homes to maintain them
Distressed propertyIn an attempt to eliminate the broken windows, brown yards, and overall disrepair of a slew of foreclosed homes in Stockton, the City Council passed an ordnance requiring banks and other out of town property owners to employ contractors to keep up these vacant homes they have title to. The Mayor stated it was a proactive movement on the part of Stockton.

The council's vacant and abandoned property policy was passed to put the pressure on lenders and other vacant property owners to take care of houses sitting vacant although in the early foreclosure stages, many times several months prior to a final foreclosure..

5 Top Tips For Homebuyers
For some buyers, it is the best of times and for others, the worst of times. Homes in many areas are selling for as little as half of what they were selling for two years ago. But, with the number of foreclosures continuing to rise in many markets, it's also hard to determine how much lower home values will drop. Also the buyer competition is fierce with multiple offers on almost every good property.

The lending situation is difficult, too. While rates on many types of loans are at historic lows, fewer people are qualifying for them. It will pay to prepare a little before you begin house hunting.

Aug 07
5 Top Tips for Home Sellers
By Gene Wright

It should come as no surprise to most sellers that we are in a buyer's market, with a large supply of houses. But there are things that sellers can do to make the process productive.

1. Wait, if you can

In very troubled markets such as Las Vegas, Phoenix, South Florida and Southern California, you're better off waiting to sell, if you can manage it. With half the homes for sale in the Southern California market identified as bank repossessions, it would be harder for buyers in this area, for example, to fetch a great price for their home.  
Aug 07
Curb Appeal Online
By Gene Wright

Real Estate Curb Appeal.
In the old days (1980 bc "Before Computers") curb appeal used to mean the degree of appeal to prospective buyers when they looked at the exterior your home. The very first time they saw your home, and it's a preview for all of your home. But computers have changed all of this with the advent of Web sites like Realtor.com, Facebook, plus the local Realtor Web site with the house listed for sale.

Your home's appeal now begins a long time prior to a buyer even showing up at your front door. The process now begins online. And it is no longer only your front entry door that creates the atmosphere, it's your whole house that buyer's want to see, and long before ever coming to your home.

Aug 06
Are ‘Move Up’ Buyers Starting to Feel Trapped?
By Gene Wright

The Los Angeles Times reported that a majority of home owners who wish to move up to a larger home are putting the desires on hold, feeling stuck in a listless housing market plus the evaporating equity in their present home.

"Impending move-up home buyers ... are mostly sitting on the fence of today's market, leaving a key factor of the U.S. housing market jammed in park," The Los Angeles Times' commentary notes. "The pledge of increasing prices and move up mobility, at one time a powerful influence in the U.S. housing story, has been nearly eliminated by the economic recession."  

Aug 05
Home Security Check Up
By: Gene Wright

The first place to begin toward preventing break-ins of your home is to do a through security check-up of your home to discover where your home is the most defenseless This step-by-step guide, set out in order of risk, could be a good starting place. Burglars look for an easy target. Stand on the curb looking at your home and ask yourself: if your property appears neglected, hidden, or vacated? Do you have a front door or walk that's hidden by overgrown shrubbery provides burglars the ideal cover they need as they break in a door or front window?  

Aug 04
Time to Begin Working on Fall Garden
By Gene Wright

Middle to latter summer is the perfect time to begin a fall garden, or the "second season" favorite cool-season vegetable crop or flowers, What do you plant?. Even where winters become cold while the ground even freezes hard, there are many vegetables that can still be raised to maturity prior to first frost. For food, plant lettuce, beets, cilantro, , radish, kale, spinach, peas, Swiss chard,, salad greens, broccoli, cabbage, carrots, onions, larugula, leeks and parsley When picking varieties, choose the fast-maturing ones to be assured of a harvest prior cold weather setting in.

Annual flower seeds that do well in cool weather also can be sown now to bring fall and spring blooms, including candytuft, alyssum, stock, calendula, and sweet peas.  

REALTORS® to Federal Regulators
A Narrow Qualified Residential Mortgage (QRM) Classification is Unnecessary to Guarantee Safe, Secure Mortgage Lending

A proposed law by the federal regulators to require a minimum of 20 percent down payments, rigorous debt-to-income ratio constraints and strict credit standards will end millions of Americans from gaining access to secure, low-cost home loans, concurs the National Association of Realtors® (NAR).

In a commentary letter recently submitted by NAR expressed displeasure over the unjustifiably narrow definition of (QRMs) which would be excepted from risk preservation regulations. Non-QRM home loans will have higher rates of interest and fees, creating more expense for home ownership or even unattainable for a great many of the hopeful homebuyers in today's market. NAR suggested regulators to abandon the purported risk retention requirement and to start over.  

Aug 03
Low-Paying Positions Dominate Recovery Efforts
Most of the new jobs being generated in these economic times are lower-paying positions, while higher-paying jobs have been sluggish to come back, in a report issued by the National Employment Law Project (NELP).

Lower-wage positions like sales, cashiers, office clerks, and food workers expanded 3.2 percent from the previous year during the first quarter of 2011, the report said. In stark contrast, higher-wage positions like engineers, registered nurses, and finance workers went down by 1.2 percent. Mid-wage jobs like customer service representatives, paralegals, and machinists expanded by 1.2 percent.

Aug 02
Improvement Projects to do in Spite of the Heat
Home Improvement ProjectsAll of us know the philosophy, whether from the Bible or from the Byrds: To everything there is a season, and a time to every purpose. It's just good sense plus good dollars & cents that the hot summer is not a good time to take care of certain projects around the home. When the temperature hovers in the 100s, is not ta good time to plant shrubs and trees, unless you’re into removing dead landscaping and spending hard earned dollars to replace it. But there are a number of projects you can do yourself or done that can be taken care of in air-conditioned inside environment or outdoors during early mornings or early evenings, while the sun is not scorching hot. Think of this as your summertime t-do list. The cost estimates provided below are based upon national averages. You should carefully shop until you locate the item and price that you can live with, and pay particular attention to product service guarantees and warranties.  
Aug 01
Foreclosure Initial Clean-Up Generates Additional Income
I am frequently about additional real estate income opportunities . Initial foreclosure clean-up is another real estate income flow for real estate people. there are people making as much as $15,000 or $20,000 per month with an initial foreclosure clean-up business

A number of real estate agents from around the US are making supplementary money from the initial foreclosure clean-up business. Several are also providing their assistance for the recurring lawn care necessary. They charge as much as $2,200 for a major initial clean-up, less depending the condition of the house. they clean-up 10-15 houses per month which adds up to $25,000 or more per month.  

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