Should I Buy? Or Continue to Rent in Rancho Cucamonga, CA?

This is a question that a lot of first time buyers and people who are just staring to get back on their feet, are contemplating right now. When is the time right to buy? If you listen to the news they will tell you the market has not hit bottom yet, which I believe is to be true. There is no crystal ball or magic that can predict what the market is going to do today let alone in the next few months. All we can do is give you the facts about what the housing market is doing currently. Now, may be the right time for some people to buy. For others it might be in their best interest to wait. But before you make that descsion consider ALL the facts:

First, mortgage rates are at all-time historic lows. By historic, I mean, they have never been this low EVER in the history of mortgages. Some buyers I have talked with told me it was like borrowing free money the rates were so low. Well maybe not quite free; but lower than ever recorded. The difference in the interest rate can increase your buying power in terms of price range you are looking in or substantially lower your existing payment on a home you have been saving to buy. Consider in Rancho Cucamonga, CA the average home price hovers around $350,000. One percentage point in interest affects that payment by a little over a $130.00 a month.

Secondly, home prices are at 2003 price levels in much of the area in Rancho Cucamonga and surrounding cities. meaning the average person is earning more than they did in 2003 but paying 2003 prices for a home. This makes the amercian dream of owning a home more affordable to more people. (The abnormally high unemployment rate obviously does not factor into this theory.)

Additionally, the market is currently in a buyers market. By that I mean a stable market (one which does not favor the seller or the buyer) is a six month supply of inventory. Less than that favors the seller. More than that favors the buyer. Currently we are in a buyers market.

As stated in my previous posts, owning a home gives you numerous tax benefits. A lot of first time buyers are unaware that the interest they pay on a mortgage is tax deductible. So, you are saving even more money when you go to file your taxes each year. Though you should consult your tax accountant for the full understanding of the tax benefit to owning a home.

And finallyly, you may be able to pay a monthly mortgage payment that is relatively equivalent to current rental rates in Rancho Cucamonga and the Inland Empire. Most of the homeowners in the past year or so, that I have helped by a home, that were renting, are paying close to what they were paying in rent, for their mortgage...including property taxes!

So, is it a good time to buy a home? For some, the answer is going to be an obvious yes. For others it might not be. Each one is different; but one thing that is for certain the market has never seen this type of inventory coupled with interest rates this low increasing the buying power of the average American family.

Foreclosure Process Of Properties Still Under Scrutiny.

The method by which lenders processed foreclosure bank owned properties is still being examined by regulators and the central bank, according to U.S. Federal Reserve Chairman Ben S. Bernanke. He stated that results of the investigation will be available by next month.
According to Bernanke, the government is concerned about alleged irregularities in the processing of foreclosures. He added that they are studying intensively the way a distressed foreclosure home is being processed by lenders and whether there are practices that lead to faulty foreclosures.
Bernanke further added that they take seriously any violation in the processing of houses in foreclosure. The Fed Chairman delivered the speech during a conference on housing finance and loan mortgages organized by the Federal Reserve and the Federal Deposit Insurance Corp. However, Bernanke reportedly did not issue any statement about monetary policy or about the future of the nation's economy.
The conference was held a week before the Fed is scheduled to discuss issues such as foreclosure houses by state, securities buying and methods of boosting economic growth with investors and economists of the country. Bernanke also talked about the Federal Reserve's efforts to address housing market concerns during his speech.
The Federal Reserve chairman also revealed in his talk that over 20% of homeowners in the U.S. are underwater or are paying more on their mortgages than what their properties are worth. He also stated that problems with foreclosure bank owned properties will likely last for a few more years. Declining sales during the months of September and October were the primary reasons cited by Bernanke for the continuous weakness of the residential property market.
The Fed agency also expects the slowdown in housing sales and home construction to continue until the end of 2010. The agency asserted that tighter lending standards and the ongoing economic downturn are the primary reasons for this prediction.
Meanwhile, the Federal Reserve's claims are supported by the latest housing data. Housing starts are pegged at an annual rate of 610,000, with September contributing largely to the number. The figure is over 30% fewer than the record starts recorded in January 2006 which was 2.3 million. Huge supplies of foreclosure bank owned properties are reportedly affecting the construction industry's confidence in projects.

Source: EForeclosureMagazine.com

Short Sale My Rancho Cucamonga Home...

Another short sale in Rancho Cucamonga just closed by Carlos Silva!  I have come to find out that the short sale training and certifications are key to closing the short sales.  The banks are constatntly changing their short sale guidelines and will continue to do so!

We have take those extra few minutes to take webinar classes that HAFA and other institutions are offering in order to further educate ourselves, in order to better serve you, with the short sale process.  The last thing we want to do is find out about a change in a particular financial institutions terms, right before a closing!

If you have ANY questions regarding doing a short sale in Rancho Cucamonga, CA or any other surrounding city, please feel free to give us a call at (909) 224-5391.

Buy again in Rancho Cucamonga after a BANKRUPTCY!

A past filing of bankruptcy does not mean you can’t buy real estate again in Rancho Cucamonga. We can help you get a mortgage or find other ways to buy a home, if you do get turned down for a traditional mortgage. So if you are in the market to buy in Rancho Cucamonga, Fontana, Ontario, Upland, Claremont, here are a few things to consider:

■Have a copy of your current bank statement
■Have written proof of your monthly income
■Make a list of all your current monthly bills
■Collect all your recent credit card statements
■Have a copy of your bankruptcy agreement If you have straightened out your credit since the bankruptcy, you are in a much better position to get a mortgage.

Hopefully, you are currently paying all your monthly bills on time and rebuilding your credit rating. The bigger your down payment, the easier it will be to get a mortgage. So, where can you get money for a down payment?

■Have you been having money taken out of your checks and put into a savings?
■Do you have any money market accounts?
■Do you have money invested in mutual funds?
■Do you have certificates of deposit about to come due?
■Will you be receiving a bonus from your employer?
■How about a friend or relative who would loan you the down payment?

For more detailed information about qualifying for a mortgage with a BK on your credit, let's sit down with an experienced mortgage lender who can answer all your questions!

Upside Down on Your Home in Rancho Cucamoga?! There's hope!

Talking Interest Rates! I constantly receive calls, day in and day out, with folks asking me about refinancing into a fixed mortgage. As well all know, there are many borrowers out there, who are willing to stick it out and stay in their home, even though they owe more than the home is worth. The Home Affordable Refinance Program (HARP) was developed just for that reason. The program runs through June 30, 2011. How does HARP help? The program allows qualified borrowers who owe more than their homes are worth to refinance at lower interest rates. It’s projected to help 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. If you own in Rancho Cucamonga, Fontana, Upland, Ontario, or Claremont, and your interest rate is higher than the current available interest rates, you may be in line for a reduced fixed rate. However, some homeowners may not see their interest payments go down if they refinance to a fixed rate and payment. Unfortunately, not all will qualify...those include homeowners who are: paying interest only, have a low introductory rate that will increase in the future, face a balloon payment If you are one of these homeowners, you should still consider refinancing because it could save you a great deal of money by reducing the amount of interest you pay over the life of your mortgage. Who qualifies for HARP? You may qualify if: You own and live in your home, the loan on your home is owned or guaranteed by Fannie Mae or Freddie Mac, when you apply, you are current on your mortgage payments, the amount you owe on your mortgage does not exceed 125% of the current market value of your property, you’re able to pay the new mortgage payments, or the refinance improves your ability to pay your mortgage long term. Once again, let's sit down with a mortgage professional, qualified and experienced with the HARP Program. Him/her will breakdown your scenario and advise further!

Rancho Cucamonga Real Estate - Tips for Showing Your Home!

It does not take too much time or money to add the wow factor to any room. Making your home look nicer is actually very easy and can be accomplished without the need to hire an interior designer or spend a months salary on expensive new wallpaper. Here are 10 tips that will help you brighten up, freshen up, spruce up and improve ANY room in your home. Shift the furniture around the room to give it a totally new look. Try chairs at odd angles in corners and try moving the sofa away from the wall if possible. You could drag the soft out, place it at a diagonal angle which will make the room look much wider than it does at the moment. Play with the space and see what works best. If you like, you could plan it out on paper first, making scale replicas of your furniture that can be arranged in your virtual room. Choose a great color that everyone loves and then paint a single wall in that color. To add to this huge focal point,, try placing some contrasting furniture or pictures there which will add to the overall effect. Don't go too mad with the color though - stick to something that is in tune with the rest of the room. Adding plants to a room adds light and color and makes the room look much nicer too. There are also many different types of silk flowers you can buy that will do the job just as well as real ones - if not better. The quality of fake flowers and plants is so good that your friends will struggle to notice the difference. Try putting down a large rug to act as a focal point in the room. Some people like large contrasting patterns, but try to opt for something that is not too way out unless you are looking to make a design statement. Rugs look great under tables too and can be used to divide spaces and areas. Hang some large art prints on the wall or add a mirror which will add visual space to your room. Look at all of the different types of frames you could use too - which would look best or most interesting. Mirrors add depth to a room and can be used to create the illusion of space. Try placing them where they will be seen and used, rather than in a dark corner. Do you like antiques or collectibles? Put them on display in your room. They look great and also show people your personality and style. Add small groups of objects to the room to have them on display. They will look great on top of cabinets or on bookshelves. A sofa needs cushions and adding some contrasting patterns and colors is a perfect way to add some wow factor to your room. Just by adding 6 small patterned pillows on the furniture in your room, you can make it look 10 times better. Look into changing your lights and lamps for more contemporary models. There are many different types on the market now. Often, the fixtures and fittings such as lighting can date a room, so think about how light can be used to add something to the room. If you have an old chair that you love but has seen better days, add a throw or afghan to it to cover it up and hide the worst of it from the eye. There are many different types, colors, textures and designs of throw you could use, so again, think about contrasting colors and textures that will add to the room. The quickest and easiest way to spruce up a room is to clear away as much clutter as possible. Hide away the piles of papers, books and magazines and look to see if the things you have around the room are really required. The more visual space you can see in the room, the more stylish it will become. If you decide to hang new pictures, mirrors or shelves, consider using a cheap rotary laser that shoots out a beam of light that is at a perfect horizontal angle. These products are perfect for a wide range of DIY jobs but are also used by construction firms for building houses! Read the rotary laser reviews website for more information on how they can help you do your DIY at home.

Article Source: http://EzineArticles.com/?expert=Tao_Schencks

Getting Ready to Sell Your Home in Rancho Cucamonga...a Few Staging Ideas!

Are you preparing to sell a house or condo? If so you likely know the importance of properly preparation and making it look just right. After all, in today's house market you are challenged to take every possible action to turn your house into the one that sells. One of the important steps is to stage the house. Staging involves creating exactly the right look to appeal to the greatest number of prospective buyers. It involves placing a limited number of items into the house such as a few key furniture pieces and simple yet tasteful knick knacks. Staging is one of those times when less is really more. Just a few small, attractive pieces of furniture are required. Then simple decorations such as candles, hand towels and throw rugs are added to pull everything together. This is where your local dollar store comes into play. As you are preparing your house or condominium to go onto the market, a trip to your local dollar store should be right at the top of your list of to-do actions. There you can find: * Hand towels and washcloths * Throw rugs * Shower curtains * Shower curtain rings * Candles * Candle holders * Artificial flowers * Vases * Kitchen towels and washcloths * Household cleaners (Bathroom, kitchen, carpet, floor, window and more.) * Sponges * Mops * Brooms * Dust pans * Scrubbers * Deodorizers * And much more You will find many of the items and supplies to make your house or condo show well. It will look clean, smell clean and inviting. With a good job of tastefully staging your house or condo, it will motivate visitors to start thinking about just how nice your house really is. Some will start to imagine exactly what they would do to decorate if it were their home. The great news for you; rather than paying many dollars each for these important staging items, the price at your local dollar store will be much more aligned to your tight budget. Don't forget to spend a little time searching each aisle of the store for those little extras to make your home even more appealing to prospective buyers. You never know what might be there. Each of those items is inexpensive. Best of all, while the cost is low, these simple items can help you accomplish the big job of selling your house. Give it a try.

Article Source: http://EzineArticles.com/?expert=Bob_Hamilton