Don’t wait to buy if you like low interest rates.

http://www.realtor.org/RMODaily.nsf/pages/News2010020804?OpenDocument

Federal Reserve Bank of New York President William Dudley says the central bank will scale back its purchases of mortgage-backed securities late next month. While interest rates likely will climb when the program ceases, the extent of the rise remains to be seen.

Dudley says the Fed will act if rates spike too much. Still, analysts worry that the end of the MBA purchase program and expiration of the home-buyer tax credit, along with higher premiums and tighter underwriting of FHA mortgages, will work together to stifle home sales and price stabilization in the coming months.

Source: Inman News (02/08/10)

Mortgage lenders pursue homeowners even after foreclosure

As terrible as it is to lose your house to foreclosure, at least it’s a relief to put your biggest financial headache behind you, right?

Wrong.

http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0

Redondo Beach Real Estate Listings

The Redondo Beach Real Estate Market. Here it is in a nutshell: There are only 42 single family homes ‘for sale’ in South Redondo Beach (area’s 155.156,157)   http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-58184529-698 In North Redondo there are only 33 single family homes ‘for sale’. http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-58184539-710

There are only 62 Condos and Townhomes ‘for sale’ in South Redondo Beach (area’s 155.156,157)   http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-58184557-993 In North Redondo there are only 43 Condos and Townhomes ‘for sale’. http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-58184552-420

Inventory is way down. Interest rates are very low. Tax credits are available for a short tome for most buyers. Now is the time.

Chinese Drywall info

Homeowners nationwide have been complaining of drywall (also know as wallboard, gypsum board or plasterboard) that smells like rotten eggs. In several cases, they have even had to leave their homes. The suspected drywall arrived at about two dozen ports around the country.

Where did this drywall come from?
The drywall is from a German-based company, Knauf Tianjin, which has subsidiaries in China. These subsidiaries manufactured the drywall from waste materials found on scrubbers within coal-fired power plants.

How did it get into so many homes?
From 2004 through 2006, after hurricane Katrina and other storms, the strain on the supply of American-made drywall required many builders to resort to international suppliers in order to fill demand. As a result, many distributors imported from the Knauf Tianjin company. It is alleged that this issue effects more than 200,000 sheets of drywall used to make homes between 2004 and 2006.

So, why the rotten-egg smell?
The waste materials used by Knauf Tianjin to make the drywall appear to contain iron sulfide (FeS2 pyrite), hydrogen sulfide (H2S), carbonyl sulfide, sulfur dioxide (SO2), and carbon disulfide (CS2).Many believe that humidity causes the sulfur in the drywall to give off gas, which creates the noxious odor—but that’s not all—the sulfur corrodes copper as well.

Why is this drywall a problem?
Besides the horrible odor, Sulfur corrodes copper and is often evident by the copper blackening and flaking off. This drastically reduces the functional life expectancy of any copper building material, such as evaporator coils and tubing, which can ultimately cause an air conditioner to fail.

Chinese drywall may also corrode copper plumbing, copper electrical wiring, and copper water lines. Metals such as chrome, brass and silver may also be affected. In homes with Chinese drywall, bathroom and kitchen faucets and drains are typically tarnished.

What is being done about the problem?
The building industry is being hit by a ton of lawsuits–especially in Florida, where seven of the affected ports were located. A class action lawsuit has been filed against the makers, exporters and suppliers of Chinese drywall products that have been found to emit noxious odors, damage air conditioners, as well as other systems, and potentially lead to health problems. Health officials say that a definitive connection between the Chinese drywall and health problems has not been made, though over 50 complaints have been made to the Florida health department thus far.

U.S. Inspect is looking into the Chinese drywall issue and refining ways to help provide identification methods for homeowners and real estate professionals. Keep a lookout for more posts on this blog. I’ll be providing updates on the latest, qualified information on this timely topic.

See more from USInspect:  http://www.usinspect.com/users/admin

Redondo Beach Market numbers.

Time for an update on what is happening in the Redondo Beach Real Estate Market. Here it is in a nutshell: There are only 41 single family homes ‘for sale’ in South Redondo Beach (area’s 155.156,157)   http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-55314852-819 In North Redondo there are only 37 single family homes ‘for sale’. http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-55314891-536

There are only 75 Condos and Townhomes ‘for sale’ in South Redondo Beach (area’s 155.156,157)   http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-55315000-970 In North Redondo there are only 43 Condos and Townhomes ‘for sale’. http://www.mrmlsmatrix.com/DE.asp?k=251793XSBJB&p=DE-55314921-223

Inventory is way down. Interest rates are very low. Now is the time.

Does an Open House sell your home?

If you are a homeowner who is considering selling your home, you have probably began to interview several agents to list your home.  Many of these agents have most likely given you many marketing tactics that they will use to get your house sold.  One of the big ones they usually offer, is to hold weekly open houses to get potential buyers interested in your home.  But is this really helpful in the sale of the home?  Or does it just help the agent get clients?

With the help of technology and the internet, open houses are becoming obsolete.  A lot of buyers have the ability to search for homes online, from the comfort of their home or office.  Buyers want to save as much time as they can when looking for a home, and walking into a home from signs, just doesn’t prove to be as effective as the other means that are available this day and age.  Maybe back 10 years ago, open houses were the way to go, but now they are becoming a thing of the past.  Most of the time when an agent holds the open house on your behalf, they are doing it simply to pick up buyers or prospective clients.  Usually what they get is all the neighbors coming through your home just to be nosey and alleviate their curiosity on the way you live.  Most of the time, you get no traffic in the home.  A lot of other agents come through the open house to see what type of inventory is out there, and possibly even for their clients.  An agent is rarely ever successful in picking up a buyer at an open house.  Most consider open houses to be a waste of time.

Most sellers these days are in a hurry to sell, and do not have time for looky lous to come ask them a million and one questions about your home.  Some sellers though, really press this on their agents, leaving the agent no other choice but client satisfaction.    Back when the market was hot, open houses were 50 percent effective in the sale of 2 out of 4 homes being sold by a buyer who came to the open house.

An open house generally benefits the agent more than the seller.  Agents will hold them in hopes of picking up clients, or to simply get their name out there for referrals and such.  Some agents will just feel they are a waste of time off the bat.  They have to put out signs around the neighborhood, and a lot of times just sit, in a complete strangers home, and hope that some serious buyer comes in and writes an offer, most of the time that does not happen, causing the agent to become discouraged.

You and your agent can work together, to see if an open house would be effective in the sale of your home.  Some agents may agree it would help to sale your home quicker.  If it is newer and a hot item on the market.  Your Real Estate Professional can use their best judgment to help you decide what works best for you.  The agent has your best interest at heart.

For sale: 805 N. Juanita Ave #B, Redondo Beach, CA 90277

Beautiful Rear Unit 2226 Sq.Ft Townhome

Beautiful Rear Unit 2226 Sq.Ft Townhome

See it online at http://805nJuanita.com
Call me to see this fabulous home today.
Jack McSweeney
DRE#01027223
RE/MAX Palos Verdes Realty
310 346-0391

New Listing in So. Redondo coming soon

Located in South Redondo Beach. It will go on the MLS on Monday, September 28th. Very nice two on a lot, rear unit. Convenient to shopping and ocean.

Good News: Possible Tax Credit Extension

Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.
Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, “It’s something we can get done.”
Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

Beat The Tax Credit Deadline

http://www.realtor.org/RMODaily.nsf/pages/News2009081701?OpenDocument

Time is running out for first time buyers to take advantage of the $8,000  Tax Credit.

See link.