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8 ways the Real Estate market has changed for 2013

Tuesday, January 22, 2013
by Carol or Jim Chamberlain

Count the ways the market has changed for 2013
1. Homes have increased in value and the demand is up. There was a 10.1% increase in home values in November to $180,000 average from a year ago per National Association of Realtors. Nine consecutive months of home price increases accross the U.S..
2. Record low loans will be a thing of the past. Rates will be increasing to 3.5-4% says senior Analyst Greg McBride with Bankrate.com. Now, barring any unusual changes in the economy interest rates should hold steady. Cost of getting a FHA will mostly likely increase this year. Reserves are at all-time lows and with the Federal Housing Administration Fiscal Solvency Act of 2012 it gives them authority to raise premiums to build back up its reserves.
3. Inventory of existing home down again in November by 3.8%, fewer distressed properties for sale, and lowest inventory since 2005.
4. New rules to protect home buyers from predatory lenders. Ability to repay rule, which takes place in January 2014 but most lenders will put in place this year. This should stop the risky practices such as interest only and "No Doc" loans that help create this mess in the first place. To many loans in the past set the buyer up to fail with loans they could never afford.
5. Home-Equity loans are back. Just like home loans, home equity loans have been going down too.  Home prices appear to be going up again lenders will be competing for your home equity business.
6. There are less and less distressed home deals to buy. Banks are giving distressed homeowners a chance to stay in their homes by giving them principal reductions as a way of avoiding short sales. 
7. New construction is up a whopping 27% over a year ago. Record low interest and increase in employment has spurred builders to break ground on new home projects.
8. You missed the bottom of the home sales market but prices are still at record lows. It’s time to check with a Realtor to see if it’s right for you to buy a home now. If you wait too long you may find the market will pass you by again.
Call Carol at 714-726-3166 or Carol@carolandjim.com

1. Homes have increased in value and the demand is up. There was a 10.1% increase in home values in November to $180,000 average from a year ago per National Association of Realtors. Nine consecutive months of home price increases accross the U.S.

2. Record low loans will be a thing of the past. Rates will be increasing to 3.5-4% says senior Analyst Greg McBride with Bankrate.com. Now, barring any unusual changes in the economy interest rates should hold steady. Cost of getting a FHA will mostly likely increase this year. Reserves are at all-time lows and with the Federal Housing Administration Fiscal Solvency Act of 2012 it gives them authority to raise premiums to build back up its reserves

3. Inventory of existing home down again in November by 3.8%, fewer distressed properties for sale, and lowest inventory since 2005.

4. New rules to protect home buyers from predatory lenders. Ability to repay rule, which takes place in January 2014 but most lenders will put in place this year. This should stop the risky practices such as interest only and "No Doc" loans that help create this mess in the first place. To many loans in the past set the buyer up to fail with loans they could never afford.

5. Home-Equity loans are back. Just like home loans, home equity loans have been going down too.  Home prices appear to be going up again lenders will be competing for your home equity business.

6. There are less and less distressed home deals to buy. Banks are giving distressed homeowners a chance to stay in their homes by giving them principal reductions as a way of avoiding short sales. 

7. New construction is up a whopping 27% over a year ago. Record low interest and increase in employment has spurred builders to break ground on new home projects.

8. You missed the bottom of the home sales market but prices are still at record lows. It’s time to check with a Realtor to see if it’s right for you to buy a home now. If you wait too long you may find the market will pass you by again.

Call Carol at 714-726-3166 or Carol@carolandjim.com

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Best Location to Install a Carbon Monoxide Detector

Tuesday, January 15, 2013
by Carol or Jim Chamberlain

I can't figure out where is the best place to install a carbon monoxide 
detecter. Some you can plug into a wall plug, some say mount near 
bedrooms on the wall, and they have combination detecters for both 
carbon monoxide and smoke detectors which you install high on a wall 
or ceiling.

So where is the best place to install a carbon monoxide detector 
according to the National Center for Bitoechnology information (NCBI) 
in conjunction with the Center for Hyperbaric Medicine, Virginia 
Mason Medical Center, Seattle WA 980101 did a test by introducing 
carbon monoxide at the top, middle, and bottom of a Plexiglass 
Chamber and found and over time the gas spread equally throughout the 
Plexiglass chamber. This web address provides information on the 
test: http://www.ncbi.nlm.nih.gov/pubmed/

So it doesn't matter where you place the detecter just make sure it 
is not obstructed by curtains, furniture, etc., and outside of sleeping 
areas at any level on the wall.

Best rule, read the directions for the carbon monoxide detector you 
purchased. If doesn't state what level on the wall to install you 
can choose the best location on the wall for you. If you have small children you 
might want to consider placing the detector on the middle of the wall 
or higher to keep away from little fingers. 

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Brea Baptist Church Car Show

Thursday, January 10, 2013
by Carol or Jim Chamberlain

Come to the 5th Brea Baptish Church Car Show to be held March 23, 2013 at Birch and Flower in Brea CA 9AM to 3PM.

You will see 100 hundred of the finest pre 1976 cars, hotrods, Woodys, Panels, Muscle cars, Lead sleds, etc.  There will be gourmet food trucks, vendors, Blues Brothers & original film car, The Tank one of kind motorcycle, working farm and big trucks, and much more.  Its a fun day for the whole family.

If you would like to show your vehicle click here to download a printable flyer with registration form. 

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Contact Information

Photo of Carol and Jim Real Estate
Carol and Jim
Preferred Home Brokers
3230 E Imperial Hwy, Ste 125
Brea CA 92821
714-726-3144
714-726-3144
Send an Email

Carol & Jim Chamberlain 714-726-3166 or 714-726-3144                  "Yes, We Can Be In Two Places At Once!"                                              BRE Lic Numbers: 00912962, 01015143