by Sharron Parker | Mar 17, 2014 | Housing Market
Slow and Steady Price Rise Boosts Housing Market Outlook
The details seem stubbornly worrisome. Mortgage requirements have grown stricter. The Federal Reserve may or may not turn off the cheap money spigot—and if anything causes the stock market to sputter, its uncertainty. Occasional bits of good news in the labor picture can’t overcome the fact that unemployment remains stuck on high in many states.
All of this should be bad news for the housing market in Leisure Village, except for one overriding factor: apparently, American consumers aren’t buying it.
Despite uncertain economic news, consumers’ overall expectations for the housing market remained steady. The Federal Reserve Bank of New York’s monthly Survey of Consumer Expectations, issued last week, found that most expect home values to continue to climb through 2014. The uncertainty factor remains largely stuck in neutral, pretty much as it has for most of 2013.
The survey found more nuggets of good news likely to affect the Leisure Village housing market. There was no reported change from last month’s report that close to 20% of respondents say they are likely to change residences in the coming year…similarly, the previous month’s finding that 44% predict their personal wealth will increase remained steady. Taken together, the two factors could likely indicate that a healthy number of home buyers will be looking for housing of greater value than that at their current address.
Fannie Mae’s most recent monthly National Housing Survey echoed the positive findings among consumers: “Notably, respondents’ home price expectations climbed significantly in February—with 50% saying home prices will go up in the next year…” Their finding of more volatile consumer attitudes was mainly attributed to momentarily high energy expenses caused by unexpectedly frigid winter weather.
Whether or not the national statistics accurately reflect local consumer dispositions, they provide a backdrop that bodes well for the impending spring selling season. Soon we’ll be entering the time of year which traditionally results in a considerable uptick in Leisure Village’s housing market activity – which may be prime time for determining whether this is the moment to make a change in your own residential outlook. For more pinpointed, up-to-the-moment details about your own neighborhood’s housing market profile, give me a call!
by Sharron Parker | Mar 13, 2014 | Events
On Saturday March 15, 2014, the Camarillo Police Department is partnering with Leisure Village Security for the third time, to collect unused / expired prescription medication from residents of Leisure Village. The Camarillo Police Department started its first prescription Rx collection at Leisure Village in December of 2012. Knowing how difficult it is for some elderly residents to bring the unused / expired prescriptions to the drop off bin at the Police Station, the Camarillo Police Department has been bringing the collection to the residents.
During the first two collections, a total of 220 pounds of unused / expired prescription medication was collected. Based on the success of those two collections, the Camarillo Police Department and Leisure Village Security decided to conduct additional collections every six months. The Camarillo Police Department would like to remind citizens that unused or expired prescription medications are a public safety issue and can lead to overdose and abuse.
The non-medical use of prescription drugs ranks second only to marijuana as the most common form of drug abuse in America. Additionally, the majority of teenagers abusing prescription drugs get them from family, friends and the home medicine cabinet. Unused drugs that are flushed contaminate the water supply.
As a reminder, if you want to drop off unused / expired medications at the Police Department, we have a Pharmaceutical drop-off bin in our lobby. The lobby is open Monday-Friday from 8:00AM-5:00PM.
by Sharron Parker | Mar 11, 2014 | Home Buyers, Home Sellers, Housing Market, Interest Rates, Mortgage-Lending
New Fed Leadership Will Affect Leisure Village Home Loan Rates
On January 6, the Senate confirmed Janet Yellen to head the Federal Reserve’s Board of Governors, making it the first time ever that a woman has led the nation’s most important financial institution. In some respects, it makes her the most powerful woman in the United States.
As with every personnel change in the Fed, Yellen’s rise has fostered plenty of concerns about the direction the Federal Reserve will take under her leadership. Since it’s the institution that determines the federal funds rate—which in turn dictates how much businesses and individuals pay for their loans—any change in Federal Reserve policy has a significant impact on our Leisure Village home loan rates. Sooner or later, those rates affect just about all of us.
So, what clues do we have about the direction Ms. Yellen is likely to lean? One came just before the financial crisis. Before the financial meltdown, Yellen expressed concerned. In 2005 she is quoted as saying, “Analyses do indicate that house prices are abnormally high, that there is a “bubble” element, even accounting for factors that would support high house prices.”
Last year was an excellent one for Leisure Village real estate, yet according to the Standard & Poor’s Case-Shiller Index, national housing prices are still 20% off the peaks set in 2006. Research from real estate website Trulia shows that U.S. housing is still 4% undervalued (compared with a 39% overvaluation reached at the 2006 peak). Happily, Yellen, an early identifier of the previous housing bubble, has not expressed similar concerns about today’s real estate market.
In 2012, the Federal Reserve’s previous leadership announced an unemployment threshold of 6.5% as the point at which it would consider raising interest rates. During Yellen’s first testimony as Chairman, she stated that the Federal open market committee would likely keep interest rates near zero well past that mark. In Yellen’s view, the “recovery in the labor market is far from complete.” As evidence, Yellen pointed to 7.1 million people who are mired in part time work but who would prefer full time jobs—and to the 3.6 million people who have been unemployed longer than six months.
For Leisure Village home loan rate watchers concerned that a rise in rates might dent real estate values, the new Chairman has sounded some reassuring notes. In her recent address to the Committee on Financial Services, Yellen explicitly stated that she expects “a great deal of continuity in the FOMC’s approach to monetary policy.” That could mean that interest rates for local home loans might gradually rise, it’s not likely to be precipitous.
The bottom line: dramatic rises in interest rates are unlikely under Yellen’s watch, but those considering getting a home loan who have not yet taken advantage of still low interest rates might do well to consider doing so.
by Sharron Parker | Mar 11, 2014 | Leisure Village Homes
Let me share with you a story about my listing in Village 9.
The seller originally had an offer for $378,000 without any cosmetic upgrading.
The house was in fairly original condition and I encouraged her to upgrade the house.
She decided to put in $11,000 (estimate from me and my handyman).
It sold for $410,000 — $10,000 more. She is very happy as am I! 🙂
by Sharron Parker | Mar 3, 2014 | Home Buyers, Home Sellers, Leisure Village, Leisure Village Homes
Things Your Leisure Village Real Estate Agent Thinks You Should Know
Real estate agents in Leisure Village are true veterans when it comes to every aspect of what needs to take place for a home to be sold. We know in advance what all the pieces of the puzzle are, and what needs to be done for them to fit together properly. We’ve also seen why some homes stay on the market for too long, while others get snatched up right away. And the best part is—we want our clients to know all those same things!
Every rule may be made to be broken, but here are three generalities that just about every Leisure Village real estate agent will probably agree are worth knowing:
1. Where speed is important, price your house just under the market. As real estate values strengthen, sellers are growing more confident about the value of their offerings—even as prospective buyers continue to believe it’s a bargain-hunter’s market. That’s a terrific opportunity for sellers who realize that by simply setting their asking price just below what an optimistic, “let’s just see what happens” price, they can peg their offering to attract the serious buyers ASAP. It’s axiomatic: the longer a house is on the market, the less likely it is to close at its asking price. The best strategy, always: sell as quickly as possible.
2. A buyer needs to walk into your house and find that it looks great. It may seem like a trivial detail to you, but real estate agents in Leisure Village know that even incidental atmospherics—little things that you’d think a buyer would know they can easily rectify—can instantaneously repel buyers. So make your home smell great! Establish a clean, fresh scent and be diligent in renewing it for every showing (after making sure any clutter is tucked away!)
3. Your Leisure Village real estate agent will help speed the process of selling your home, but there are some parts of the timeline that can’t be rushed. Know in advance: the process takes time. It takes time to get your home in shape, make the necessary repairs, list it on the market, negotiate an offer, then proceed through all the paperwork, observing successive deadlines set to allow proper execution. Here’s another area where your real estate agent will be a great resource for dependably establishing exactly what to expect—and when to expect it.
If you will be seeking the right Leisure Village real estate agent to make this spring your own hot selling season, I’m standing by to make it happen. Call me!
