Prices Up, Sales Up, Foreclosures Down... Why Wait?

California home prices posted an eighth straight annual increase in October, the latest evidence that the state's housing market recovery is picking up steam amid tight inventories. The median price for new and existing houses and condominiums reached $285,000, up 18.8 percent from $240,000 in October 2011 and hovering near a four-year high of $287,000 in September, DataQuick said.

To view local market conditions and real estate prices throughout Ventura County, please visit www.prucalhomes.com to sign up for weekly market update reports. Foreclosed properties made up a smaller part of the sales mix, lifting the median price because they tend to sell at steep discounts. DataQuick said homes that were foreclosed upon in the previous year accounted for 17.4 percent of existing home sales last month, down from 34 percent a year earlier and down from 58.5 percent in February 2009.

The total number of homes sold is actually up, even though we hear inventory is low.  It is just selling too fast.  There were 39,254 homes sold in the state last month, up 15.2 percent from 34,087 sales the same period last year, DataQuick said. The gains come in an environment of low borrowing rates and a limited supply of homes for sale.

Many homeowners are still owe more than their property is worth, making them reluctant to put their homes up for sale until prices climb. According to research firm CoreLogic, several California markets exceed national figures for homeowners with "negative equity." At Prudential California Realty, we have a dedicated Short Sale Department, fully-staffed with expert negotiators to ensure a stress-free and smooth transaction. 

If you or someone you know wants to take advantage of this great market to buy or sell a home in Southern California, please visit www.prucalhomes.com to contact a local real estate agent, or call 888-352-1652.

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Community Spotlight: Oxnard

Check out this video of highlights from the 

beautiful city of Oxnard, California!

To contact a Ventura County Realtor visit www.prucalhomes.com. We can provide community information or help you buy, sell, or rent in Oxnard and the surrounding areas.

Oxnard Real Estate, Oxnard Homes For Sale, Oxnard Real Estate Agent, Oxnard Rentals

Prudential California Realty Is Getting Social!

Prudential California Realty agents have access to some of the finest technology tools available on the market today. Prudential’s broker/owner Bob Majorino says that it is now more important than ever to have an online presence.

“People trust the recommendations of their friends and family, and referrals are the primary source of business for many of our sales professionals. There is a huge opportunity for us to begin engaging with our customers and their online networks through the use of social media,” said Majorino.

According to the National Association of Realtors, more than 35 percent of buyers start their home search online.  Prudential already has a strong presence on top 3 real estate consumer websites Trulia, Zillow, and Realtor.com.

The new push towards social media includes the addition of a new consumer facing blog, offering general home maintenance and real estate tips, and company accounts with Facebook and LinkedIn.  Each page can be directly accessed through the company's website www.prucalhomes.com or through the company’s Facebook page at Facebook.com/prucalhomes

Prudential is also using the SEO power of You- Tube, the world’s second largest search engine. A custom virtual tour video is created for every Prudential California Realty listing and placed on the company’s channel at youtube.com/prucalhomes.

Prudential has recently taken advantage of the hottest new social media trend, Pinterest, which has a primary demographic of women under 40 and is one of the fastest growing websites in history. We are using Pinterest to connect with users about the latest home décor, landscaping, and remodeling trends, while showcasing our luxury properties providing massive online exposure for our agents and their listings at Pinterest.com/prucalhomes

To learn more about Prudential California Realty's digital home marketing system or to contact a Ventura County Realtor, please visit www.prucalhomes.com

Quick and Easy Holiday Decorating Tips

In Southern California, we are lucky enough to have mild weather all year round.  Sometimes, it's hard to feel like "the holidays" when we have sunny 80 degree weather.  Check out these great tips to quickly transform your home into a cozy holiday haven:

Cranberry Vase Filler
You should be able to find packages of cranberries under $5.00 at your local farmer's market, or major grocery store during the fall and winter months.  Clear glass vases in assorted sizes and floating candles can usually be found at a dollar store, or craft store.  Simply fill the vases about 1/3 of the way with fresh cranberries (you can also add some red food coloring for a more festive look), add water to about an inch below the top, and top off with a floating candle.

Natural Leaf Place Card
Set your fall or Thanksgiving table using the beauty of natural fall color.  Find leaves in your yard or at your local park.  Use a silver Sharpie or gel pen to add your guest names or a special message.

Ribbon Stemware Charms
Entertaining on a budget?  If you are hosting a holiday gathering, try using colored ribbon rather than wine charms to add some colorful flair to your stemware.  

Suspended Ornament Chandelier
Create a holiday chandelier for your table, or just hang throughout the house to complete your festive look.  Simply tie a strand of ribbon (size will vary based on ceiling height) to the top of your ornament.  Gather about 5-10 strands of different lengths and tie together with a bow at the top - just hang and enjoy!

Seasonal Photo Frames
This favorite decorating idea can be used all year long.  Take any frame that you have in your home, and print out a color message that matches the season.  Change out the photos all year long!


For more tips on preparing your home for sale during the holiday season, contact one of our highly trained Prudential California Realty Sales Professionals at www.prucalhomes.com.  We are your Ventura County Real Estate Experts.

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Like us on Facebook! Facebook.com/Prucalhomes

Community Spotlight: Thousand Oaks

Check out this great video showcasing the beautiful city of Thousand Oaks.  

Prudential California Realty dominates the Conejo Valley, maintaining the highest average sales price, and highest overall sales volume.

Your local Prudential Real Estate office is located at 2860 Thousand Oaks Blvd. Thousand Oaks, CA 91362.  For other office locations, please visit www.prucalhomes.com

The California Real Estate Market Is On Fire! 2012 CAR Survey Results

Favorable home prices and record-low interest rates combined with high demand and a severe shortage of available housing have created a highly competitive housing market in California, with nearly six in ten home sales receiving multiple offers, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2012 Annual Housing Market Survey.”
57% of home sales received multiple offers in 2012, the highest in at least the past 12 years, with each home receiving an average of 4.2 offers, up from 3.5 offers in 2011.  Lower priced homes – typically real estate-owned (REO) or short sales – attracted more multiple offers than equity sales.  Seven of 10 REO sales and short sales received multiple offers, while only half of equity sales received more than one offer.
“Well-qualified buyers are recognizing the once-in-a-generation opportunity to purchase a home in California and are jumping into the market,” said C.A.R. President LeFrancis Arnold.  “However, the fierce market conditions have forced many buyers to compete with all-cash offers and investors, setting off multiple offers and bidding wars, making it even more difficult for first-time buyers to become homeowners.”
The competitive housing environment led to more properties being sold at or above the list price, with 41 percent of homes selling without a markdown from the asking price, the highest since 2005 and up from a long-run average of 32 percent.  Additionally, homes sold faster in 2012, with equity sales selling in 32 days compared with 67 days in 2011.  REOs took 30 days to sell compared with 50 days in 2011, and short sales took 90 days compared with 141 days in 2011, reflecting the still-difficult process.
Other key findings from C.A.R.’s “2012 Annual Housing Market Survey” include:
• Nearly one-third (30 percent) of all home buyers paid with all cash in 2012, more than triple what it was in 2001, when nearly 9 percent of buyers paid all cash.
• Demand for investment properties and second homes remained strong in 2012.  Sixteen percent of sales were to investors, and 7 percent were to buyers who purchased a second or vacation home.  The remaining 77 percent purchased the home as a primary residence.
• International buyers made up 5.8 percent of sales in 2012, relatively unchanged from 5.7 percent in 2011.  Buyers from China, Canada, India, and Mexico made up the vast majority of international buyers at 39.1 percent, 13 percent, 8.7 percent, and 8.7 percent, respectively. 
• While still below the long-run average of 39 percent, the share of first-time buyers rose from 34.2 percent in 2011 to 35.8 percent in 2012, thanks to improved housing affordability resulting from low interest rates and affordable home prices.
• First-time buyers were attracted to distressed properties because of their lower price point.  Forty percent of all first-time buyers bought either an REO or short sale in 2012, down from 44.3 in 2011.  The decrease was primarily due to a shortage of inventory of distressed properties.
• Reflecting tighter lending standards, very few home buyers have a second mortgage.  The share of home sales with a second mortgage has fallen dramatically from a high of 43.4 percent in 2006 to 1.8 percent in 2012. 

If you want to take advantage of today's great market and are interested in buying or selling a home with a top real estate company in Ventura County, please visit www.prucalhomes.com or call 888-352-1652.

Prudential Dominates Conejo Valley Real Estate

Prudential California Realty continuously holds the top spot in the Conejo Valley for total sales volume!  AND, in addition  to holding the highest average sales price nationwide, we also maintain the highest sales price locally!  Congrats to all of our hardworking Prudential Agents

Learn The Lingo - Helpful Real Estate Terms

Adjustable Rate Mortgage (ARM) - A mortgage where the interest rate is subject to change over the term of the loan as

determined by market influences such as interest rates on Treasury securities.

Amortization - The process of paying debt by installments of principal and earned interest over a fixed period of time.

Annual Percentage Rate (APR) - A measure of how much interest credit will cost, expressed as an annual percentage.

Closing Costs - All fees and charges paid at closing for services including the lender or mortgage broker, and certain other fees paid to third parties for services that the lender requires the borrower to purchase.

Credit Application - A form used by a lender to obtain personal, financial and credit information to appraise an applicant’s credit worthiness.

Discount Points - A lump sum paid to the buyer’s creditor to reduce the cost of the loan. This payment can either be required by the creditor or volunteered by the seller in a loan to buy real estate.

Equity - The financial difference between the current market value and the amount owed.

Escrow - Property or money held by a third party until the agreed upon obligations of a contract are met.

Fixed Rate - The rate of interest charged for credit that does not change over the life of the loan.

Foreclosure - The legal action of the lender to take back possession of any property used to secure repayment for the loan when a debtor fails to meet the payment obligations.

Lien - Legal document used to create a security interest in another’s property. A lien is often given as a security for the payment of a debt. A lien can also be placed against a consumer for failure to pay what is owed.

Loan Origination Fee - The fee lenders charge for making a loan. Example: 1% for a $100,000 mortgage equals a $1,000 loan origination fee.

Market Value - The worth of something determined by a willing buyer and seller in an open market. Market value can fluctuate depending on supply and demand and other market forces.

Multiple Listing Service (MLS) - An online database of available listings that licensed real estate professionals use to access detailed and property information that is not available to the public

Principal - The original balance of money loaned. As the loan is paid over time, the principal is the remaining loan balance.

Property Taxes - The annual real estate taxes charged to property owners based on the assessed value of the property.

For first time homebuyer information, or if you are looking to buy or sell a home in Ventura County, please visit www.prucalhomes.com or call 888-352-1652

Homeowner Advice: Get Ready for Fall!

Fall is just around the corner. To retain your home's best value, it's important to stay on top of projects and repairs, both large and small. Seasonal maintenance is a great way to be sure new issues are quickly addressed. Small repairs may seem insignificant, but letting them add up over time means an overwhelming list down the road. 

Take a personal inventory of repairs that need to be addressed. These could range from paver stones that need replaced in a patio to a large-scale roof replacement. Walk your home from top to bottom and make a list of issues. Look for paint that needs retouched, tiles that need grouted, loose or scuffed baseboards, broken screens, squeaky doors, and everything in-between.  Budget and prioritize what can be addressed now, what needs a professional to fix, and what needs to wait for available funds.

Be sure to address each of these issues each Fall:

Call the HVAC guy: Your unit has been working hard all Summer during this brutal heatwave. Now is a great time to service your unit before the hard work of Winter.

Check and clean chimney: Dirty chimneys cause hundreds of home fires every year. Be sure to have a professional clean and inspect your chimney each Fall.

Clean the gutters: It's not just about appearances, though clean gutters do look better. A clogged gutter system can back-up water on your roof and cause leaks.

Yard maintenance: Be sure to rake leaves and pick up downed limbs during Fall. Empty and put away flower pots. Address flower beds and put down new mulch for a clean appearance. 

 Fall is a great time to address the needs of your property...all in beautiful weather. Take an inventory of your home's needs and be sure to follow through with proper home maintenance. Your home's value will thank you.

To list or sell a home, or to search for real estate in Ventura County, please visit www.prucalhomes.com or call 888-352-1652

PRUDENTIAL NORTH RANCH OFFICE NAMED #1 IN WESTERN U.S.

Prudential California Realty is pleased to announce that the Westlake Village / North Ranch office has been named the number one office in the Western United States throughout the Prudential Real Estate Network for the second quarter of 2012.

The Westlake Village / North Ranch office is home to real estate agents with the Fine Homes International designation. Prudential Real Estate has established minimum qualifications that a sales professional must meet in order to receive the Fine Homes designation. Typically, Fine Homes agents represent properties in the top 10% tier of the local market, and they represent affluent buyers and sellers throughout Westlake Village and the Conejo Valley area.

Broker/Owner Bob Majorino says, “The upper-end market is alive and well in and around Ventura County, as evidenced by the exceptional sales volume from our North Ranch office. There is so much buying activity right now, there has never been a better time to sell.”

In addition to the success of the Westlake Village / North ranch office, Prudential California Realty continues to dominate the Conejo Valley. Prudential has maintained both the highest average sales price and the highest overall sales volume for the first half of 2012, based on sales reported to the MLS. “Prudential California Realty’s tools are unmatched. We are able to provide better service, achieve maximum exposure of our listings, allowing our sales professionals to develop new relationships and ultimately, grow their business,” said Bob Majorino.

With five offices throughout Ventura County Prudential California Realty is an independently owned and operated member of BRER Affiliates, Inc. For additional information about the Prudential Westlake Village / North Ranch office, or to buy or sell a luxury property please contact 805-373-8888 or visit www.prucalhomes.com.

Improve Your Credit Score

Those about to start house hunting should check their credit score before things get too serious. There is nothing quite as frightening in the mortgage process as learning that your credit report contains a late payment or other blemishes that can prevent you from buying a property. 
   The higher your credit score, the better your chances are of financing a home. A credit score of at least 620 will give consumers a fighting chance to secure a home loan; 720 should qualify in most cases. 
   However, a lower credit score doesn’t necessarily mean you can’t finance a home. Credit score repair begins with your credit report. You can request a free copy of your credit report annually from the Federal Trade Commission at AnnualCreditReport.com. Check the report for errors. 
   Don’t panic if your report contains blemishes. There are steps you can take to fix negative marks, regardless of whether the marks are in error or if you’ve missed a payment or two. The simplest thing to do if you’ve missed a payment is to call the creditor and ask them to erase the negative listing. You can also do this with a well-documented letter. There is no guarantee that a lender will do this, but if you’ve been a good customer through the years, this method has proven to be successful.

If you are one of the many who have defaulted on a student loan you can enter into a “rehab program,” which will get your account back on track after 12 months. This may not be the quick fix you need when buying a home but the sooner you do this the better.

   For disputing a negative mark that was not your fault, you can try disputing the account with the credit bureaus as “not mine.”

   One quick fix used by borrowers to boost their credit score is to have an older family member with a sound credit rating add you as an authorized user on a credit card. This can help increase your score and you wouldn’t even need the card in your possession. With more loans requiring higher credit scores today, it’s never too early to start fixing credit challenges. 

Contact Prudential California Realty's trusted Lender, California Premier Lending with any credit questions or to see if you qualify to buy a home. Visit www.prucalhomes.com

Enter To Win A Day Of Wine Tasting!

Ask your Prudential California Realty agent for an entry form!  

Prudential is awarding one lucky winner with a "Day of wine tasting for 2." The prize includes transportation on the Grapeline, gourmet lunch, and tastings at 3-5 wineries in your choice of either Paso Robles, Santa Ynez, San Luis Obispo, or Temecula. 

Contest ends October 15th, send your entries to your Realtor or local Prudential office.

Certain rules and restrictions may apply.

Home Improvements That Sell

Realty Times Feature Article by Broderick Perkins

In a mash-up survey of 450 real estate agents and 1,660 homeowners, homeowners get it - most of the time - when it comes to home improvements that help induce sales and higher prices.

Realtor.com's home improvement survey, conducted online from June 6 to June 13, 2012, tapped agents and Realtor.com users who are homeowners planning to improve their home before putting it on the market.

Given today's home buyers are aware of soft market conditions that can put a drag on values, they want a home that's ready to appreciate and that's a home in the best shape possible.

Nearly 90 percent of real estate agents believe home improvements can help a home sell faster, and nearly 73 percent say home work can boost the price, provided the home improvements are the right home improvements.

Nearly three in four (71.4 percent) real estate agents say sellers too often underestimate the power of simple home improvements - repairs, painting, and cosmetic upgrades.

Not so, say more than one in four (75.21 percent) of homeowners polled. They most certainly plan to repair broken household items before listing their home for sale.

Also, 65.9 percent of real estate agents said another common mistake among homeowners is not making "the right" home improvements for the local market. Like upgrades from home to home help pull up values overall.

Agents, 62 percent of them, also said too many homeowners make specialty improvements based on their own tastes rather than what might appeal to a buyer.

Recommended home improvements

The most common home improvements recommended by real estate agents included:

• The vast majority, 96.5 percent, of real estate professionals surveyed recommend sellers repair household items that are broken before putting a home on the market.

• More than half, 63.8 percent, of real estate agents recommend sellers make kitchen improvements.

• Most, 59.3 percent, of real estate professionals recommend sellers make bathroom improvements.

What sellers improve

Are sellers complying with real estate agents' recommended home improvements? Again, for the most part, yes.

The most common improvements made by home sellers:

• A majority, 75.21 percent, of sellers planning renovations will repair broken household items before selling their home.

• Most, 53.43 percent, of owners plan to add new flooring before selling their home.

• Also most, 53.37 percent, of sellers plan bathroom improvements before selling their home.

Homeowners appear to have dropped the ball on kitchen work, but they aren't pinching pennies when it comes to home improvements that sell.

Home improvement budgets were $2,001 to $5,000 for 24.1 percent of home sellers planning improvements; $5,001 to $10,000 for 22.23 percent and $10,001 to $20,000 for 16.63 percent.

To learn more about home improvement ideas, or for a free estimate of your home's value, please visit us at www.prucalhomes.com, or call 888-352-1652

Oxnard Couple Wins Prudential Gas Card Giveaway

Oxnard Couple Wins Prudential Gas Card Giveaway

Every season throughout the year, Prudential California Realty sponsors a contest for clients and local residents. Prudential sales professionals distribute contest entry forms to past clients and local neighborhoods. Prudential sponsored the giveaway for a $200 Chevron gas card, with a “Summer Roadtrip” theme. The lucky winners of this season's contest were Vince & Ruthie Tovey. The entry form was brought in by agent team Carrie Stanton & Cathy Thomas from Prudential California Realty's Oxnard office location.

The winners, Vince & Ruthie Tovey had previously worked with Carrie & Cathy on their recent purchase of a Hueneme Bay Condo. “We would like to thank Carrie & Cathy for helping us find our condo. Ruthie and I are 'Silverstranders' and have been for many years. We love the culture, the Port Hueneme and Oxnard area, the climate, and most importantly the local people.”

Originally from the East Coast, Vince Tovey was stationed at Camp Pendleton in the 60s and visited the area several times with a friend. “I had a US Marine buddy who was from Ventura and we would swoop up here on a weekend pass. After the military, I decided to come back to this area and stay for good - it was a great decision.” Ruthie was born and raised in the Port Hueneme area, and Vince likes to call her his “True California Girl.”

Carrie Stanton & Cathy Thomas sent out over 200 contest entry forms to communities throughout Oxnard & Port Hueneme, and personally delivered entry forms to past clients. “We are thrilled that Vince & Ruthie won the $200 gas card. They are a great couple with a wonderful story and they have been some of our best clients,” said Thomas.

Prudential Survey: Americans Increasingly Confident About Market Recovery

           Prudential California Realty's parent company, Brookfield Real Estate & Relocation Affiliates recently announced the results of their second quarter Consumer Outlook Survey.  The national survey results indicated that Americans are increasingly optimistic about homeownership and their confidence levels are rising from both the first quarter and the previous year.

·               Nearly two-thirds (64%) of respondents have a favorable perception of the U.S. housing market, up from 60% in the first-quarter survey and 52% in first-quarter 2011.

·               69% believe that real estate is a good investment despite the market volatility of the past few years, up 6% from the first-quarter 2012 survey and 17 percentage points from first quarter 2011.

·               72% expressed confidence that the real estate market and property values will improve during the next two years

       Similar to the national sentiment, signs of growing confidence are apparent among local residents as home prices in Ventura County continue to rise.  According to DataQuick, the median home price was $365,000 last month in Ventura County, up more than 3% compared to the same time last year. 

       “The American Dream is clearly on the mend,” said Bob Majorino, Broker/Owner of Prudential California Realty. “Americans are feeling better about homeownership and the ongoing recovery taking place in residential real estate. Many are increasingly optimistic about their personal circumstances and with housing affordability near all-time highs here in Ventura County, they want to act on the opportunity.”

       With five offices throughout Ventura County, Prudential California Realty is an independently owned and operated member of BRER Affiliates, Inc.  For additional information about Prudential's outlook survey, please call (805) 496-0555 or visit www.prucalhomes.com.

Prudential 2012 consumer attitudes survey q2 findings final from Prudential Snyder

Prudential to Launch New International Marketing Program

       

        Prudential California Realty recently announced the implementation of Proxio, an international listing and networking service. Proxio's Global Real Estate Network is a powerful global marketing and networking service that empowers real estate professionals to market themselves and their listings globally, in over 100 countries, in 19 languages and 30 currencies.  The announcement, made last week at each of the five Ventura county office’s weekly sales meetings will benefit agents and clients alike, providing international exposure for all of Prudential’s listings.

       According the National Association of Realtors 2012 Profile of International Home Buying Activity, home sales to international buyers have increased 24% since last year, with international sales making up 9% of the total residential market. Presently, Prudential California Realty is the only real estate company in Ventura County utilizing Proxio’s services to globally market property listings. 

     “With the influx of international buyers looking for a great investment, it is now necessary to have every property accessible in multiple languages to be viewed by potential buyers across the globe.  It is a major priority for Prudential to have the most advanced marketing tools available, and no other real estate company in Ventura County offers the same level of exposure for our property listings,” said Gina Lipari, Marketing Director for Prudential California Realty. 

      The partnership with Proxio enables networking opportunities between Prudential agents and over 400,000 real estate professionals across the globe.  Westlake Village / North Ranch agent Jeff Johnson believes the partnership with Proxio will be a valuable tool for home sellers who want maximum exposure. “I already an extensive local network of qualified buyers and listing agents with which to promote my listings, but now I am able to broadcast every listing to the entire world and tap into a whole new market of homebuyers” said Johnson.

      With five offices throughout Ventura County, Prudential California Realty is an independently owned and operated member of BRER Affiliates, Inc.  For additional information about Proxio’s global listing service or Prudential California Realty, please call (805) 496-0555 or visit www.prucalhomes.com