A Recent Success Story on a Short Sale

Inventory update in foreclosures, regular sales and short sales..

Here's a little status update on our Listings:

9151 Regal ave, Anaheim - accepting backup offers

4832 5th street, Santa ana- 199k accepting back up offers

5013 Kent ave, Santa ana- regulars sale , in escrow in 7 days $40,000 over asking!!

1106 Flintridge Santa ana- regular sale in escrow in 5 days $45k over asking.. Pool home

13022 Edwards , la mirada - Foreclosure that won't last the week..offers have been received, so there's no time to waste if you're interested in this one

4717 flight ave, santa ana- short sale approved, in escrow and axmceepting back ups . A steal at 270k!

15920 miller ave, Fontana - foreclosure - attention! Great opportunity ! Feel out of escrow ***Clean 1900 sq ft home $ 214k, was 232k
another one that will not last...

If u'd like more info on any of these, or any of our other listings, just contact me directly! 714-745-0896

Existing Home Supply Falls by Nearly a Year

As reported by the National Association of REALTORS®, the number of Existing Home Sales dipped last month, ending the metric's 5-month winning streak.

Newspaper headlines today are overwhelmingly negative on housing. You'd almost believe this year's housing recovery had ended.

That's hardly the case.

See, the other side of the Existing Home Sales story is that -- while the number of units sold did fall by 3 percent -- the existing supply fell by nearly an entire month.

To home buyers and home sellers, this is huge. Home prices are based on supply and demand and with supplies plummeting, it means that home prices are poised to rise.

Indeed, dwindling inventory isn't "news" to today's buyers. Multiple offer situations have been common since the start of the summer and, should supplies fall further, they may soon be the home-buying rule rather than the exception.

Since peaking in November 2008, existing home supplies are down 23%.

Summit Event in the Desert

For those that don't know, I have a business coach that fills me in every week with the latest trends and issues dealing with Real Estate. Well, this last week, Tom Ferry ( my coach) had his yearly event that spoke to about 2000 top agents from all over the nation. He spoke about the current Buyers Market that we are experiencing, the Foreclosures situation and most importantly, how to better communication with the public and get more involved with the conversation that is occurring between Realtors, buyers, seller, investors, etc... One of the major topics was about social media and house to get connect with this conversation that most of us don't know even exist. So, my pledge after the event is to become even more informed and connected by subscribing to twitter.com and facebook.com (twitter.com/alexanderpiana and facebook search alexander piana).

Ive always said communicaiton is the key in all things Real Estate, so Im excited to get this started.

Watch those rates...

As I expected, rates went up last week and currently changed the payment the of 3 of my current clients. Now,we have to look at lesser priced homes and/or go into other areas to view homes in our price range. Many times I have clients tell me that they want to buy because of prices being so low. What they also have to consider is the current rate they get their financing at. Here's an example, my client went from being able to buy at $280k last month, to now only qualifing for $250k. This is the only way she can keep the same payment.

I believe inflation was the cause of the recent increase in rates. Typically we see changes in the rates around the summer time for one reason or another. If you've got pre-qualified in the last 3 months and haven't spoken to your lender in a while, I highly encourage you to give them a call to confirm your payment once again. Don't be victim of payment shock with the new rates...

Both Sides of the Housing Market...

My weekend was filled with 2 Open Houses in the Corona area. Within 4 hours or so my staff and I had a visit of over 20 families. For those that are not too familiar with the activity for an Open House, that is a substantial amount of people in a short period of time! After receiving 4 offers by Monday morning( 48 hours later), my conclusion is that the Real Estate market is alive and well. There ARE people buying their first home and people looking long term for investment/rental properties. Times couldn't be any better to buy Real Estate. I have been really seeing this movement for the last 6 months but more so recently. I'm sure the economic stimulus package and the governments tax credit of $8000 per couple did hurt matters any...

Unfortunately, the media today paints a much different picture of what is occurring with Foreclosure and Short Sale properties. Its commonly understood that Negative publicity always sells out the Positive. In the real estate example, the negative or the loss of a home by a family due to foreclosure, is something to understand and to learn from. Yet on the flip side, there is always a gain (or positive side) with another family that benefits, either with a new home for there family or a Rental property for their future. Its this positive that the media hasn't talked about at all. Being an agent and witnessing Real Estate move at the ground floor level, amidst daily transactions on selling and buying, I feel that the media could focus a bit more on the opportunities versus the losses within the housing market. I feel we all need a little bit of the bright side right now. Let me know what you think...