Los Angeles Home Source – A Real Estate & Lifestyle Blog

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Santa Monica Pier

Sign up today for this free workshop and learn:

·       About the home buying process step-by-step

·       How to take advantage of the $8,000 home buyer tax credit

·       How to get pre-approved and what type of loans are available

·       What you should know about  our local housing market

·       What escrow is and the closing process

·       The advantages of buying income property

·       The value of a real estate professional in assisting you with your home search

When:

Wednesday, December 9, 2009

7:00 p.m. – 8:30 p.m.

Who:

Anyone who is considering buying a home in the next 12 months

Where:

Keller Williams Realty

2701 Ocean Park Blvd., Suite 140

Santa Monica, CA  90405

To RSVP, please contact:

Michelle Dolon

310-570-9231

realestate@losangelescahomesource.com

RSVP Required!

The first 10 people to RSVP will receive a Starbucks Gift Card and a free copy of the book “Only 8 Steps to Home”

Seating is limited

Raffle Prize Giveaway

Refreshments Provided

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The best time to buy your first home is now.   Interest rates are at an all time low,  prices of Los Angeles homes have essentially bottomed-out, and the government is giving away an $8,000 tax credit to first-time homeowners who purchase by April 30, 2010.

#1 – $8,000 Tax Credit from the Government Extended Through April 2010.

First-time homeowners are defined as someone who did not own another main home at any time during the three years prior to the date of purchase. For example, if you buy a home on December 15, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another home at any time from December 15, 2006 through December 15, 2009. So if the last time you owned a home was prior to December 15, 2006 you are eligible for the credit even though it is really not your “first” home. For married joint filers, both must meet the first-time homeowners test to take the credit on a joint return.

A tax credit is defined as an item that reduces your actual tax. It differs from a tax deduction that reduces only your taxable income. A tax credit is generally much more valuable than a deduction. The tax credit reduces the actual amount of tax that must be paid. A deduction, on the other hand, only reduces the taxable income. Therefore, the tax deduction is subject to the variation in the progressive tax rate. A tax credit does not depend on the tax rate and so it is of equal value to a taxpayer regardless of his income level.

Simply put, a first-time homeowner will receive $8,000 back from the government when a tax return is filed. Of course, the government will withhold any taxes owed first. The point is, THIS IS FREE MONEY!

#2 – Low Interest Rates.

Rates on a 30 year fixed home loan are at about 5% right now. In 2006, 2007 and 2008 rates topped 6.5%. When you consider how interest rates impact your monthly payments, this is a huge savings that you don’t want to miss out on.

What this means is that if you purchased a $500,000 home with a 6.5% interest rate, your monthly principal and interest payment would be approximately $3,160. The same home purchased with an interest rate of 5% would have a monthly payment of approximately $2,684. This is a monthly savings of $476. A $1,000,000 home at 6.5% would be about $6,320, and at 5% would be about $5,368. This amounts to a monthly savings of $952.

#3 – Property Values on the Rise.

National home sales have fallen 15.6% from 2006 through 2009, according to The National Association of Realtors. However, for the last quarter property values have seen an increase. With a stabilizing economy, this trend will likely continue. This means that now is the time to get the best price from a prospective seller and have the highest negotiating power.

#4 – Tax Savings.

The ability to write-off property taxes and interest means more money in your pocket. A rent vs. buy calculator is a great tool to use to fully understand the savings dollar for dollar.

#5 – Invest for your Future.

By purchasing a home in a buyers market, you will begin to build equity now, instead of throwing your money away on rent. Assuming property values will continue to climb, in five years you will have added value to your property and will be in a position to upgrade, or stay in your existing home and watch the equity rise.

For a free, no obligation buyers consultation, please email me at realestate@losangelescahomesource.com.  I will help you understand the process to buying a home and give you tools to simplify your search.

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Did you know there is a program available to new Los Angeles home buyers that can help them make their mortgage payments in special situations?

The CALIFORNIA ASSOCIATION OF REALTORS® Housing Affordability Fund (C.A.R.H.A.F.) rolled out a plan earlier this year which offers a mortgage protection program to first-time home buyers.  Through the program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months.

Some changes were made to the program effective August 1, 2009.   There no longer is coverage for accidental disability or a $10,000 death benefit.  The program was enhanced by including a reduced vesting period at the close of escrow, so that home buyers can access the policy sooner in the event of job loss.

In order to qualify for the mortgage protection program, applicants must:

• Be a first-time home buyer (must not have owned a property in the last three years)
• Open escrow April 2, 2009, or later and close before December 31, 2009
• Use a California REALTOR® in the transaction
• Purchase the property in California
• Be a W-2 employee (can not be self-employed)

For more information on this program, please contact Michelle Dolon at realestate@losangelescahomesource.com.

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Buying your first home in Los Angeles can be a stressful experience – but it doesn’t have to be. As with anything else, if you take the time to fully understand the home-buying process, chances are you will not only have a more enjoyable experience, but you will also put yourself in a better position strategically to find the perfect home.

Here is a breakdown of the 10 steps I recommend to a potential first-time homebuyer:

1. Attend a First-Time Home Buyers Workshop. This is a great opportunity to learn the latest information and news regarding the national and local housing market. You will be educated on the buying process, as well as provided with resources and materials to facilitate your search. Oftentimes, there will be loan and escrow officers in attendance to provide additional information and resources to you.

2. Select a Realtor. You may wonder why you need a Realtor (or Buyer’s Agent) and how he/she will help you in your home search. A good Realtor will partner with you throughout the complete buying process – from finding the perfect home to getting your offer accepted. Their loyalty is only to you as opposed to the Seller’s Agent whose loyalty is to the seller. The Realtor should fully understand your needs and take the appropriate steps to insure your goals are met. He/she should work tirelessly on your behalf and put your needs and desires ahead of their own. Ultimately, your Realtor will submit and negotiate offers for you, until your goal of home-ownership is realized.

3. Obtain Pre-Approval from a Lender. This is crucial for several reasons. It will give you a clear understanding of the price of a home you can afford and obtain financing to purchase. You will know the price point of homes to look at, and won’t waste time and resources viewing properties that won’t be right for you. When you find the ideal property and your Realtor submits an offer on your behalf, you will be taken more seriously by the seller and will be in a better position to have your offer accepted.

4. Begin Scouting Neighborhoods. If you haven’t decided on a neighborhood at this point, it’s a good idea to begin researching and scouting areas of the city that appeal to you. Things to consider are schools, crime rate, accessibility to public transportation, affordability, proximity to work, etc. Get out and explore different neighborhoods, talk to residents, visit local restaurants, and walk around. Do research online. Chambers of Commerce and community websites are both excellent resources for learning specific details on any given community.

5. View Homes Online. Your Realtor should have a website that will give you access to the MLS – the same system that Realtors use to search for homes. Once you know which area(s) you’d like to focus on, begin to view the properties online. In addition to photos, you’ll find information on features, amenities, price, homeowner’s dues (if it’s a condo), square-footage, and more.

6. Tour Homes. Based on your buyer’s consultation, your Realtor will select properties for you to view. You may have found homes online, as well. Take notes while you’re touring the homes and rate them on a scale of 1-10 (1 being “hated” and 10 being “loved”).

7. Compare. At some point, you will have viewed and rated enough homes to be able to narrow your selection to a few favorite homes. Your Realtor can guide you through the process of analyzing the details of each property so that you are able to select the property that best fits your lifestyle and requirements.

8. Make an Offer. Your Realtor will write and structure an offer on your behalf, with the ultimate goal of yours being the offer that is accepted. Chances are you will receive a counter-offer from the seller, and it will be the responsibility of your Realtor to negotiate on your behalf to get you the best possible deal.

9. Close. Your Realtor will coordinate and supervise the preparation of all closing documents and guide you through the closing process, as well as help you resolve any closing issues.

10. Move-in. Congratulations! The day has finally come. You are officially a homeowner and are moving into your new home. Your Realtor will support you through this process by providing resources to simplify your move and being available to assist with any post-closing issues.

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With over 3,000 square foot of elegant living space, this gorgeous 4 br/ba home features a dramatic two-story living area with a stately fireplace; grand staircase with custom patina wrought-iron railing; charming chandeliers in most rooms; master with fireplace and en-suite marble bathroom with jetted tub; lovely modern kitchen with center island; family room; 2 car garage; and many artistic touches too numerous to mention!

There is also a 600 sq. ft. bonus recreation room in the beautifully landscaped and private back yard.

Prime location south of the boulevard in Encino is within walking distance to many houses of worship, restaurants, shopping, and more.

Not to be missed!

Seller is entertaining offers in the $950,000 to $1,000,000 range.

NOT A SHORT SALE OR REO, AND NOT YET LISTED ON THE MLS.

FOR A PRIVATE VIEWING OF THIS HOME, PLEASE CONTACT ME AT 310-570-9231.

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When I made the decision to begin a career in the Los Angeles real estate industry, I spent a great deal of time trying to determine which would be the best company for a new real estate agent.  For those seeking a career in real estate, it’s very important to choose the right company.

It was very important to me to join a group that:

1.   Cared about and nurtured its agents

2.   Offered excellent education and support

3.   Gave back to the community

4.   Offered proven systems to support an agent’s business

5.   Utilized cutting edge technology

After attending many interviews, spending hours online doing research, and talking to people in the community, I came to the conclusion that there was one company that stood way above the others – Keller Williams Realty.  I’ve since joined the Santa Monica office, and I’m glad that I did.

Here is a synopsis of the benefits of being a real estate agent at Keller Williams Realty:

The Industry’s Best Training, Coaching and Career-Building Resources

Keller Williams Realty is in the business of helping their associates to become the best they can be.

At the center of Keller Williams Realty’s learning-based culture, Keller Williams University (KWU) provides a curriculum addressing every aspect of success as a real estate professional. KWU Classes are offered within local real estate offices, at the regional level, and at the national level in Austin, Texas.

Multimedia distance learning is also offered online, via KWConnect, the real estate industry’s most innovative distance learning program.

Considered by many to be the leading coaching and masterminding program in the real estate industry, Keller Williams’ Mega Achievement Productivity Systems (MAPS) was the recipient of the 2009 Stevie Award for Sales Training or Coaching Program of the Year.  MAPS coaches are committed to transforming the careers of real estate professionals via a range of programs that focus on letting go of limiting beliefs and being held accountable to the actions needed to achieve goals.

Family Reunion, Keller Williams Realty’s annual gathering of associates, is the best-attended company event in real estate.  Close to 10,000 associates from across North America gather every year for inspiration, insights and market-leading information to power their productivity to the next level.

The Millionaire Real Estate Agent is a how-to book for transforming agents’ sales careers into thriving businesses. Drawing from both personal experiences and those of other millionaire agents throughout North America, Gary Keller, along with his writing team of Dave Jenks and Jay Papasan, created a step-by-step guide to achieving a million-dollar sales career. The book is one of the best-selling real estate career guides in history.




SHIFT: How Top Real Estate Agents Tackle Tough Times, is the latest book from Gary Keller’s best-selling writing team. SHIFT explores 12 proven tactics to jump-start a real estate business during tough times and power it forward when markets rebound.

The Best Opportunity to Build Wealth

Committed to treating associates as stakeholders and partners, Keller Williams Realty has created a unique profit sharing program in which close to 50 percent of every market center’s profit every month are returned to those who have attracted other productive associates into the market center.  Our profit sharing system grew from the conviction of Gary Keller, co-founder and chairman, who created Keller Williams Realty on the belief that if the company focused on building its agents’ careers, agents would in turn build the company.

Keller Williams Realty’s profit sharing program enables any associate to become part of the growth trajectory for any Keller Williams Realty market center, and be rewarded with passive, potentially long-term income, without investing any capital.

To date, 14 Keller Williams associates have earned more than $1 million in profit share and fully 23,769 associates are participating in the profit share program.

High-Tech Edge

As technology continues to transform the ways in which prospects search for homes and agents communicate with their clients, Keller Williams Realty is at the forefront with the tools and training that agents need to stay on the leading edge. As with everything we do, our technology is focused on our agents’ success, and is led by our Electronic Agent Consortium (eAgentC™), an agent-focused technology group. The research, training and tools eAgentC provides enables agents to fully leverage technology to gain a competitive edge in their businesses.

What Really Matters in Real Estate

Research consistently shows that clients choose agents, not companies. That’s why Keller Williams Realty does not believe in charging agents for costly, national advertising campaigns, and instead devotes its resources to helping agents to build their own brands.

News Room

Keller Williams Realty Receives Nod as the Highest Ranked in Customer Satisfaction

J.D. Power and Associates names company highest in customer satisfaction for second year in a row

AUSTIN, TEXAS (September 2, 2009) —According to the J.D. Power and Associates 2009 Home Buyer/Seller Study^SM, Keller Williams Realty, Inc., the third largest real estate company in North America, received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms for the second year in a row. The company also ranked second highest among home sellers in the study.

“We couldn’t be prouder. This is an achievement our associates have truly earned. It is the face-to-face interaction and the relationships they build daily that has impacted this study and elevated Keller Williams Realty to another level in customer service,” said Mark Willis, CEO of Keller Williams Realty. “Knowing that this study was conducted during the toughest times the market has seen shows that spirit and dedication can make an impact.”

IF YOU ARE INTERESTED IN A CAREER WITH KELLER WILLIAMS REALTY ANYWHERE IN THE COUNTRY, PLEASE CALL ME OR SEND ME AN EMAIL FOR A CONFIDENTIAL CONSULTATION.

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Do you have a Los Angeles home you’re trying to sell?   In addition to being priced right, there are others things you should do to insure you sell your home in the shortest amount of time:

1. Make a Good First Impression

Little things can make a huge difference.  First and foremost, make sure everything is clean and tidy.  No one is impressed by a messy exterior.  Rake the leaves. Sweep the porch.  Dust for cob-webs.  These are the basics and the musts.  But why not take it a little further?   Infuse a little color.   How about adding some colorful, potted flowers or flower boxes to the windows?  Paint the front door an eye-catching color.  Design a flower bed in the front of your home.  Studies have shown that people are drawn to color so take a little time to add a little color.

2. Clean It Up

The most important thing you can do to the interior of your home is make sure it’s clean.  Wax the floors.  Clean the carpet.  Scrub the baseboards.  Clean the fireplace. Touch up the trim, or better yet, repaint the walls if the paint is fading.  Remember that the majority of homebuyers will respond to neutral shades inside.  So stay away from the deep, jewel tones no matter how much you may like them.

3. De-Clutter

Unless you already maintain minimalist approach, gather up half of your home accessories and put them out of sight.  I’m talking about family photos, souvenirs from your vacations, dog toys, children’s toys, books, magazines, doll collections, etc.  This will accomplish two things – 1) your home will appear larger, and 2) the prospective buyer will be able to imagine their belongings in the home.  This is imperative because the better someone can visualize making it their home, the better the chances that you’ll get an offer.

4.  Re-Arrange the furniture

In a smaller home, make sure that your furniture is arranged in a way that creates the perception of open space.  This will make the rooms appear larger.  Don’t block entry ways or place too much furniture in the center of the room.  Create attractive living areas that best express the room the way it was intended.  If your home has nooks and crannies, get creative and show prospective buyers inventive ways to use the space that maybe they wouldn’t think of.  If your home has large, expansive rooms, focus on creating multiple gathering areas with your furniture arrangements, as opposed to one large sitting area.

5.  Check Bulbs and Faucets

Remember, light and bright sells homes.  Help add to the natural light by ensuring all the bulbs are replaced and are working.  And when the property is being shown, turn them all on.  Fix any leaky faucets. The dripping sound will be a nuisance, and a prospective buyer may wonder what larger problems may exist if you don’t fix the minor ones.

6.  Closet and Cabinet Doors

All closets should have doors.  If you’ve hung curtains in the bedroom closet where the doors should go – put them back.  It looks tidier and “finished.”  And make sure that all of your doors and cabinets open and close smoothly.  As far as door handles and pulls, if yours are seriously outdated consider updating them.  Kitchen handles and pulls are generally pretty easy and inexpensive to replace and new ones will instantly create a more modern look.

7.  Hide the Cords

Keep unsightly cords hidden from view.  Run them along the wall, bundle them together with fabric covers from your local home store.  Or buy pieces of fabric that match your wall color and wrap them yourself. And hide the extension cords.  Or better yet, remove them altogether.

8.  Storage Space

If your home has an attic, basement and/or garage, make sure they are tidy and de-cluttered.  If it’s short on storage space, utilize a closet to create an effective storage area.

9.  Consider Your Closets

Organize the closets.  Get the shoes off the floor.  Fold the sweaters on the shelves.  If possible, pack half of your belongings and get them out of the closet.  Remember, the idea is to create the impression of space and organization.

10.  Make Your Bathrooms Sparkle

Bathrooms sell homes, so let them shine. Make sure the grout is clean and the countertops sparkle.  Clean the cabinets and door handles.  Remove supplies from the counter.  Add a pretty soap dispenser and a fragrant candle.  Invest in quality, fluffy towels to coordinate with the bathroom’s color scheme.

11.  Create Dream Bedrooms

Make your bedrooms fresh and inviting.  Arrange the furniture in a way that compliments the design of the room. Eliminate excess furniture to make the room appear larger.  If the bedroom has hardwood or tile floors, add a rug for coziness. If possible, create a sitting area.  It could be as simple as a comfy chair and ottoman, an afghan and a reading lamp. Pay attention to your bedding  – it should be clean and fresh looking. Add a few decorative pillows to finish the look.

12.  Pets are family, too

We love our pets and it’s certainly their home, too. Take the time to insure their areas are clean and tidy as well.  When you’re showing your home, make sure they’re contained somewhere out of the way for the comfort of your guests, as well as for their own protection.

13.  Outdoor spaces

Pay attention to your patios and decks.  Remember, these are an extension of your home and should be viewed as another room to enjoy.  Create comfortable sitting areas where the prospective buyer could imagine relaxing.  Utilize flowers, pillows, outdoor lighting, and candles.  Add a water feature to create a tranquil environment, especially if your home is in a noisy area.

14.  Finishing touches

Create a warm, inviting environment to showcase your home.  Light some fragrant candles and play soft classical music.  Bake chocolate chip cookies.  Provide water infused with lemons, oranges or cucumbers.  In the winter, offer hot chocolate or apple cider.  Treat prospective buyers as your guests and create the type of ambiance that will appeal to their senses.  Remember, buying a home is most often an emotional decision.

15.  Keep a Low Profile

It’s better to let your Realtor handle showing your home, once you have it prepared.  After all, this is their speciality and one of the things they’re being compensated to do.  If you must be home, keep a low profile and allow prospective buyers to view your home with a minimum of distraction.

Remember, your Realtor is a trusted resource not only for helping you sell your home, but also for giving you home staging tips and and helping you get it ready to sell!

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