For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees charged to lenders on loans they buy for resale to investors. Fannie and Freddie also are adding risk fees to more loans offered to borrowers with exemplary credit. Although lenders could absorb the cost, most are expected to add the fees to loan costs.

• To avoid a fee or to receive a discount, most borrowers will need FICO scores of 740 or better and down payments of at least 25 percent.
• The fee increases likely will affect most loans with terms longer than 15 years that are sent to Freddie beginning March 1, and to Fannie beginning April 1.
• The most notable aspect of the fee increase is that the fees are being added to more loans to borrowers with higher credit scores. With few exceptions, risk fees previously hadn’t applied to borrowers with FICO scores of 740 or higher.

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LOS ANGELES (Oct. 4) – A weaker-than-expected economic recovery will result in a projected decline in California home sales for 2010, although home sales are expected to edge up slightly in 2011, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) “2011 California Housing Market Forecast” released today.

California home sales for 2010 are forecast to decline 10 percent from the 2009 sales figure of 546,500 homes sold.  Sales in 2011 are projected to increase a lackluster 2 percent to 502,000 units compared with 492,000 units (projected) in 2010.  After two consecutive years of record-setting price declines, the median home price in California will climb 11.5 percent in 2010 to $306,500 and increase another 2 percent in 2011 to $312,500, according to the forecast.

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Your first meeting with your Realtor of Choice at your home, their homework should be done!  Before a Realtor gets to your home, the Comparable Market Analysis (CMA-known as Comps) should be done.   Your Realtor of Choice should ask if he/she may take a picture of  the outside of your home before interviewing with you.  You, their future Client, should consider interviewing three Realtors before you make a decision to list your home with one Realtor.  Briefly, what is the difference between a Realtor and an Agent.  A Realtor takes an extra Class/test to earn the name Realtor.  It is further confirmation of an honest,  fiduciary relationship between you and your Choice of Realtor.  Preparation of your Realtor shows they are ready to work for you, express knowledge and your Realtor is organized.

Your appointment time is set and you are ready in anticipation of what your Realtor will have to say about real estate, the state of Market conditions and your home!  Sit back and listen to their Presentation; have questions ready when the Presentation is finished.  As part of the Presentation, a Marketing Plan is essential !  If a Marketing Plan is not part of the presentation, be sure to ask what that plan is to sell your  home.  Once your questions are answered and you determine a Price; allow your Realtor of Choice to take some pics to start the Plan.  Your Realtor will probably be back for more pictures.

Now, to the meat of your Property.  Expectations, what does that really mean?  All in one word, it is called Responsibility of the Realtor to sell your home and Responsibility of the Seller, You, to listen to your Realtor.  Your home must be “ready” to market it to a future Buyer of your home.

Here are the ingredients for the Sellers Responsibility

1.   PRICE.   What determines the Price?  Answer:  An appraisal, a Home Warranty, Comps and a Pre-Listing Inspection.  This should be covered as part of the Presentation by the Realtor.

2.  TERMS.  This means what the Buyer can afford to pay in current market conditions.  A Buyer is more concerned about what the monthly payment is and down payment over the ASKING PRICE.  Your Realtor can help you.

3.  CONDITION.  Getting your home “ready” to sell  which means curb appeal and staging your home inside and outside.  No eye sore allowed!  Its time for a Yard Sale!!  Also, landscaping is your curb appeal.

4.  LOCATION.  You have heard the term price, price, price !  It is also Location, Location, Location!  I am sure there are many times we wish we could up and move our homes to the best locations of the Area we live.  Unfortunately, that is not a realty which means the Buyer determines the worth of your property based on current market conditions.

5.  COMMUNICATION.  I know you feel the Realtor should be contacting you, and,  yes,  this is correct throughout your listing time period.  At the same time, it is important for the Seller/owner to call with suggestions and keep in touch with your Realtor; ask questions throughout the process to learn especially if this is a new educational experience.

Here are the Ingredients of the Realtor’s Responsibility

1.   EXPOSURE.  This is where the Marketing Plan comes into ACTION.  You and your Realtor should be team players to get your home SOLD.  Any ideas you can give your Realtor, the better.

2.  TERMS.  Your Realtor networks with Lenders so that prospective Buyers are pre-approved in submitting an offer. Terms also include the Net Sheet on what you earn and a Net Sheet on what the Buyer will pay.  Terms include commissions paid, and an on-going Negotiation process to close the transaction to get your home Sold.

3.  MARKETING PLAN.  This is in conjunction with Exposure.  You should know what the Plan is to get the best exposure to get your home Sold.

4.  NEGOTIATION SKILLS.  Once an Offer comes into play, there are many steps to go through before your home is Sold especially if you are dealing with a Bank Owned Property or Short Sale.  There are many players involved to coordinate a smooth transaction.

5.   COMMUNICATION.  It is essential that your Realtor contact you and advise you of current Marketing Activity of your property.  It is important that the Seller and Realtor make the effort to contact each other, make it a positive relationship to get your home Sold.

Good luck in Selling Your home !

The combination of affordable home prices, low interest rates, and the federal tax credit for home buyers have created an opportune time for many buyers to purchase a home. Many real estate analysts also believe that most housing markets have stabilized, but that some markets may decline further.

You can read the latest newsletters by clicking here and here.

The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers.

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Dream about your little/big home on the Prairie, in Corning. There are over 70 acres to enjoy with your family and animals. The property includes a:

• Variety of terrain from level to rolling hills and a valley.
• Six months of the year there is a stream and pond
• The property also has a well.
• 90% of perimeter property is fenced with four acres fenced for your cattle area.

Asking price: $350,000.

Location: 6200 Paskenta Road, Corning CA

Lucky 55!  A nice quiet senior Park for your retirement close to the Sacramento River for fishing. The park offers a dock for your boat and recreation. Below are a few more details about the property.

• The home offers two bedrooms and two bathroom with an expandable living room.
• The kitchen has new dishwasher and a small dining area.
• The home is very bright with a front porch for your outdoor pleasure.
• There are two outbuildings 6×8 and 10×12 with a lovely carport.

See features of the park at Huntersriverresort.com.

BARGAIN PRICE:  $13,000.00

Don’t forget to check out the latest issue of Your Home and Lifestyle Magazine. It’s filled with a lot of useful information!

You can download the latest issue on the website.

Thousands of potential home buyers are expected to converge the weekend of March 13 and March 14 at the Los Angeles Convention Center for the FREE third annual Southern California Home Buyer’s Fair. The event is sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the Los Angeles Times.

For more information, click here.

A recent real estate report indicates that consumers may be taking their time house hunting this winter, which some economists believe could lead to a “double dip” in home prices. A recent report from the NATIONAL ASSOCIATION OF REALTORS® (NAR) showed that its pending home sales index declined 16 percent in November to a reading of 96, the first decline after nine consecutive months of gains.

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