Coldwell Banker Preferred Now Has A Youtube Channel!

The real estate company I work for is at it again. This new endeavor only increases the success of my clients in getting their homes sold!

http://www.youtube.com/cbpreferred

Short Sale Testimony

"Mike sold our home for us as we needed to do a short sale. His system for short sales helped us to get a buyer quickly. Thanks to Mike, the bank approved the sale of our home, and he even negotiated on our behalf when the bank asked us to pay out of pocket to accept the deal, making sure we didn't have to pay anything to the bank! We are grateful for Mike's hard work."

-Mr. & Mrs. B.

Today's Mortgage Rates

15 year fixed - 4.375%
30 year fixed - 4.875%
30 year 5/1 ARM - 3.75%
30 year 7/1 ARM - 4.125%
FHA - 4.875%
VA - 5.0%
Cal PERS - 5.375%

All of these rates assume loan amounts $417,000 or less ($368,750 for FHA in Kern County), 720 credit score (640 on FHA), 20% down payment (3 1/2% for FHA) and a 15 day lock on owner occupied properties.

Sniff a Scam - Is the guy doing your Loan Mod a Scam Artist?

If you want to do a loan modification, I strongly recommend going straight through the bank itself. Not only can you do it yourself, it is also free.

If you must use a third party to do it for you, here is what to watch out for:

1. Third parties that want to charge you an up-front, non-refundable fee to do a loan modification for you. The usual price is $3000 or $3500. Not only is this poor practice, it borders on mortgage fraud (article here).

2. Third parties that encourage you to intentionally MISS a payment. Some banks previously wouldn't work a loan modification with you unless you were already in a form of default (i.e.- a missed payment). However that is no longer the case. Loan modifications and short sales are available to people who have NEVER missed a payment.

3. Third parties that are IMPOSSIBLE to get a hold of after you pay them. Or, when they do call you back, they always tell you "I'm working on it. " You can always call the bank and ask them what the progress is. Customer service reps will type in notes for EVERY single call. The third party should keep a call log of the date and time of his calls, who he spoke to, and what was discussed.

Make sure the third party clearly indicates to you if your modification is an actual loan modification or simply a forebearance. A forebearance is nothing more than a partial payment that keeps the default status in "limbo." As soon as you miss one of these payments, the default process continues where it left off.

Good luck. For more information on the benefits of short sales, please call us at 661-616-3601.

54% of Loan Modifications DON'T Work

From the article:

"The latest data from the Office of the Comptroller of the Currency (OCC) shows that over 50% of homeowners who had their loans previously modified in order to avoid foreclosure have re-defaulted. This seems like an awfully high failure rate."

Full article here.

50% of All Homeowners "Upside Down"

This is why doing a short sale right now is so important! It will probably be YEARS before home values go back up!

From the article:

"More than 50 percent of the mortgages in Kern County are now reportedly "upside down," with the house worth less than the loan."

Full article here.

Why Now Is The Time To Sell Your Home

Please listen to me. This is not a gimmick. This is not a sales pitch. I am not messing with you. If you are thinking about selling your home within the next three years, and you want as much money as possible out of the sale of your home, you need to sell your home NOW.
Bank owned foreclosures are out of control. Drive through your neighborhood. Ever wonder why you never see your neighbors at “that” house, and you are worried that the grass is growing high or turning brown, or there is some weird note in the window? Chances are- that home is another foreclosure. I was shocked when we had 1000 new defaults on home loans in one month late last year. It’s not getting any better: January, February and March each averaged 1,600 NEW defaults per month! 80% of homes that enter default turn into bank owned foreclosures within a year. Do the math.
There was a moratorium- a government imposed stoppage, of new foreclosures coming on the market. Because of that, selling inventory of homes is down (approximately 1500 when it used to be over 3000). But this moratorium ended September 15. The banks are now allowed to put their foreclosures on the market for sale. Do you think they are going to wait, losing time as other banks put their homes on the market? Unlikely.
A brash of many foreclosures coming on the market will cause home values to go down even more than they are now. You think the home values NOW are bad, wait until more foreclosures come on the market! Why? Because banks don’t care about other homeowners, like yourself, in your neighborhood. They only care about selling their foreclosed homes as quickly as possible to limit their losses. If that means pricing their homes far below the rest of the neighborhood, they will do it.
With more foreclosures for sale it means more competition for banks to sell their assets before other banks do. This means cutting their list prices even more to beat other banks. If a home buyer buys another bank’s foreclosure before theirs, they lose out, and don’t want that to happen.
So if you are considering selling your home, I strongly recommend you selling it NOW. At the current rate of defaults and foreclosures, it doesn’t look like the foreclosure market is going to end anytime soon. To receive the most out of the sale of your home, contact our office TODAY!

661-616-3601

Today's Interest Rates

15 year fixed - 4.5%
30 year fixed - 5.0%
30 year 5/1 ARM - 4.0%
30 year 7/1 ARM - 4.5%
FHA - 5.0%
VA - 5.0%
Cal PERS - 5.375%

All of these rates assume loan amounts $417,000 or less ($368,750 for FHA in Kern County), 720 credit score (640 on FHA), 20% down payment (3 1/2% for FHA) and a 15 day lock on owner occupied properties.

5 Reasons Your Home Did Not Sell

Contrary to what the news is telling you, homes are selling everyday. When a home expires from its listing contract WITHOUT selling, or the “For Sale By Owner” sign has been flopping in the wind for several weeks, here are the five top reasons they did not sell.
Recorded Info!
Call 24/7!
1-800-918-0927 x. 105

Search For Homes For Sale In Kern County

You can now search for all available properties for sale in Bakersfield and all of Kern County, California, at http://www.kerncountyhomesearch.com/. Using this easy, simple to use website, you can locate properties for sale based upon your desired number of bedrooms, bathrooms, house size, lot size, area, amenities and more! With http://www.kerncountyhomesearch.com/, you can even have e-mails sent to you- keeping you up to date on all properties fitting your desired criteria, the day they come out, so you will know of properties for sale, sometimes before even the for sale sign is up! With high-in-demand foreclosures coming on the market daily, this feature is a must have in finding the best deal before all of the competition know the property you want is for sale! Click on http://www.kerncountyhomesearch.com/ today and see how easy it is to use!

Short Sale Consultations

Today's Interest Rates

15 year fixed - 4.75%
30 year fixed - 5.25%
30 year 3/1 ARM - 4.5%
30 year 5/1 ARM - 4.25%
FHA - 5.375%
VA - 5.375%
Cal PERS - 5.75%

All of these rates assume loan amounts $417,000 or less ($368,750 for FHA), 720 credit score (620 on FHA), 20% down payment (3 1/2% for FHA) and a 15 day lock on owner occupied properties.

Market Review: June 2009

Activity for June, 2009

As of July, 2009, there are 2,564 residential properties for sale on the market in Kern County.
In May, 828 homes sold.
That is a 3 1/2 month supply of homes if no other homes come on the market.
During May 1164 homes were listed.

Of the homes currently for sale...

91 of these homes are priced above $500,000.
During June 8 of these homes sold.
That’s a 11 month supply in this price range if no others come on the market.
During June 19 additional homes in this price range were listed.

288 of these homes are priced $250,001-$500,000.
During June 89 of these homes sold.
That’s a 4 month supply in this price range if no others come on the market.
During June 127 additional homes in this price range were listed.

511 of these homes are priced $150,001-$250,000.
During June 211 of these homes sold.
That’s a 2 1/2 month supply in this price range if no others come on the market.
During June 295 additional homes in this price range were listed.

929 of these homes are priced under $150,000.
During June 520 of these homes sold.
That’s a 1 1/2 month supply in this price range if no others come on the market.
During June 723 additional homes in this price range were listed.

Number of homes sold in Kern County per month:
January - 671 February - 682 March - 845 April - 884
May - 665 June - 828
Number of homes per month sold is up from May to June. Number of listings coming on the market is also increasing. The month supply of homes for all categories have all DECREASED (supply is selling quicker). This means we currently, believe it or not, HAVE MORE DEMAND THAN SUPPLY. The banks are in another moratorium from listing foreclosures. Even though the number of foreclosed listings is gradually increasing compared to the past few weeks, right now is the best time, for the next few years, to sell your home for the most money possible. We actually need MORE listings to meet demand.
Y O U N E E D T O L I S T Y O U R H O M E T O D A Y !

Number of Bank Owned Foreclosure Listings Is Increasing

Banks are slowly but surely being able to increase the number of foreclosed properties they have for sale. This will quickly counter-act the current problem of many buyers and not enough inventory to fill their demand. However, this may also lead into increased interest rates as well, demanding upon the market. That is why it is IMPORTANT and VITAL to be sure you are completely pre-qualified and ready to go to purchase a home for this market!

Contact Marisa Cornejo today at 661-835-5331 to be all prepared to submit offers on homes for sale!

New California Foreclosure Moratorium Goes Into Effect TODAY

From Sacramento Bee:

After a severe economic storm of more than 365,000 California foreclosures since early 2007, the state's long-awaited 90-day foreclosure moratorium law goes into effect Monday.

Moratorium to force lending insitutions to have federally approved loan modification / short sale programs in place and being utilized:

Backers say it will make lenders try harder to keep borrowers in homes. Starting Monday, loan servicers must prove to the state they have comprehensive loan modification programs in place – or be denied rights to foreclose on their own schedules.
"You have voluntary programs that they don't have to do," said Assemblyman Ted Lieu, a Torrance Democrat who was the author of the bill. "This creates an enforcement mechanism to force them to do it. The hammer is the 90-day foreclosure moratorium, which they all hate."

Full article here.

BRAND NEW: Sign up for Kern County Home Search E-Mail Report!

To provide better service to our clients, we have begun the "Kern County Home Search E-Mail Report." This free e-mail report will be sent to you, at no obligation, to help you fell better informed about the current real estate market in Bakersfield and surrounding Kern County, CA. With topics like: Overview, Loans & Interest Rates, Buyer's Options, Today's Insider Secret and more, this short but full e-mail report is just what you need to set yourself apart from other buyers who are frustrated in this market because their offers are not being accepted. With our discounts (up to $20,000!), experience, qualified lender, and home-buying systems and procedures, you will quickly realize how benefiting it is to use our services! For a quick and free e-mail report, feel free to call us, or you can email me at:

miketowers@cbbakersfield.com

I look forward to your real estate success!

California Homebuyer's Downpayment Assistance Program Is Back

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA first mortgage loan.

For more information, contact Marisa at 835-5331 or Mike at 706-6922 today!

Market Review: May 2009

As of June 1, 2009, there are 2,401 residential properties for sale on the market in Kern County.
In May, 665 homes sold. That is a 3 1/2 month supply of homes if no other homes come on the market. During May 1038 homes were listed.

102 of these homes are priced above $500,000. During May 6 of these homes sold. That’s a 17 month supply in this price range if no others come on the market. During May 27 additional homes in this price range were listed.

371 of these homes are priced $250,001-$500,000. During May 46 of these homes sold. That’s a 8 month supply in this price range if no others come on the market. During May 143 additional homes in this price range were listed.

704 of these homes are priced $150,001-$250,000. During May 187 of these homes sold. That’s a 3 1/2 month supply in this price range if no others come on the market. During May 338 additional homes in this price range were listed.

1224 of these homes are priced under $150,000. During May 426 of these homes sold. That’s a 3 month supply in this price range if no others come on the market. During May 530 additional homes in this price range were listed.

Number of homes sold in Kern County per month: January - 671 February - 682 March - 845 April - 884 May - 665

Number of sales are down, as well as number of listings (2700+ in mid-April down to 2401 today). The number of foreclosures on the market have drastically been reduced. However, the foreclosure moratorium is now over and bank owned foreclosures will soon flood the market again. Now is the RIGHT time to list your home for sale to receive the most value, before home values are further lowered by the competitive banks. Speculators are estimating bank owned foreclosures for sale will last for awhile, possible through 2012. Bakersfield home values have dropped to below 2002 levels, with some real estate experts estimating we will soon drop before 1999 levels. Now is NOT the time to wait, now is the time to list with an aggressive agent to get your home sold, for the best value, in the quickest time, with the least amount of hassle!

Interest Rates Are Going Back Up! Buy Now!

Interest rates were at record lows- 30 year fixed was even down to 4.75%! Now it's back to 5%, with FHA at 5.25%. Buy now before it goes higher again!

Frustrating Loan?

NOW is the time to list your home if you are in a frustrating loan! If your loan is too high, your monthly payment is too high, if you are going through financial strains due to the economy, medical situations, family situations, or your job, YOU NEED TO CALL ME! I can help you sell your home and position you to purchase a home again much sooner than if you let the bank foreclose on your house! PLUS, I will be able to reimnburse you up to $1000 in moving costs! This is your opportunity, take it!

Right This Minute...

Right this minute, there are 2,484 homes for sale in Kern County. Right now is a terrific time to buy!

Of these, only 596 are bank owned foreclosures. Right now is a terrific time to sell!

Right now, interest rates are hovering around 5%. Right now is a terrific time to get a loan!

If you are upside down in the value of your home and can't afford your monthly payments, you can short sale your home and be positioned to buy again while prices are still low!

Right now is a terrific time!

New Report For Buyers!

A new report is now available to homebuyers.

"6 Things You Must Know Before You Buy" is a simple, easy to follow tool to help homebuyers, especially in today's market. This short yet valuable report is available, free of charge, to those who are interested. Please call 661-616-3601 and leave your mailing address, so we can mail it out to you today!

Scott Recommends: "Home Prices Edge UP In February"

Scott: "With good interest rates, NOW is the time to buy!"

From cnnmoney.com:

NEW YORK (Reuters) -- Prices of U.S. single-family homes rose by a seasonally adjusted 0.7% in February from January but were down 6.5% from a year earlier, the Federal Housing Finance Agency said on Wednesday.
The regulator's monthly home price index for January was revised down to a 1% increase from a previously reported 1.7% gain.
The index is 9.5% below its April 2007 peak.
For the nine Census Divisions, seasonally-adjusted monthly price changes in February ranged from a 1.2% decline in the East North Central Division to a 3.8% increase in the Pacific Division, FHFA said.
The index is calculated using purchase prices of houses financed with mortgages that have been sold to or guaranteed by mortgage finance sources Fannie Mae or Freddie Mac
FHFA regulates Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500) and the 12 Federal Home Loan Banks.

Market Review: March, 2009

As of April 19, 2009, there are 2,734 residential properties for sale on the market in Kern County.
In March, 845 homes sold.
That is a 3 month supply of homes if no other homes come on the market.

124 of these homes are priced above $500,000.
During March 8 of these homes sold.
That’s a 15 1/2 month supply in this price range if no others come on the market.
During March 26 additional homes in this price range were listed.

381 of these homes are priced $250,001-$500,000.
During March 50 of these homes sold.
That’s a 7 1/2 month supply in this price range if no others come on the market.
During March 146 additional homes in this price range were listed.

758 of these homes are priced $150,001-$250,000.
During March 211 of these homes sold.
That’s a 3 1/2 month supply in this price range if no others come on the market.
During March 347 additional homes in this price range were listed.

1471 of these homes are priced under $150,000.
During March 576 of these homes sold.
That’s a 2 1/2 month supply in this price range if no others come on the market.During March 818 additional homes in this price range were listed.

Contrary to the doom and gloom reported on the news and in the newspaper, homes are selling in Kern County. March beat February for homes sold (682), as well as January (671). However, in March, listings sold (845) was beaten by new listings (1,337). The buyer’s market is going strong, with many people facing multiple offers on bank owned foreclosures, not to mention long bank responses, and homes that don’t qualify for the increased FHA loan market, with many banks unwilling to do repairs. In addition, there is a moratorium on the amount of foreclosures coming on the market, making this the best time for owners to sell their homes, for the best possible value, for a long time, before the foreclosures once again flood the market. Price, condition and location are the deciding factors in homes being sold, with PRICE being the most critical factor in getting showings and sales. Here’s the good news: 800+ homes sold last month! Yours can be one of them! People have two options in pricing their home:
1.) Pricing too high, helping their neighbor sell their home.
2.) Pricing the home right, selling their home instead of their neighbor!
Are you willing to price your home competitively in order to get it SOLD?

Find Homes With Land For Sale!

Did you know that right now, in Kern County, there are 150 homes for sale with at least an acre of land? Did you know that there are 217 lots and land properties for sale with at least an acre of land as well?

If you are searching for land property, the best tool you have at your disposal is http://www.kerncountyhomesearch.com/ Kern County Home Search gives you access to Real Estate Agents' database of property for sale, the Bakersfield Multiple Listing Service. Search for property based on your desired area, size, amenities, and even amount of land that goes with the property! You can also sign up for e-mail notifications of the newest properties that come on the market that fit what you are looking for, enabling you to know about the property being for sale even before the "for sale" sign is up! Go to http://www.kerncountyhomesearch.com/ today!