Archive for October, 2012


Top 5 Considerations in Hiring a Property Manager

Tuesday, October 30th, 2012

By Bob Preston

While every investor’s situation is different, there are certain scenarios and factors that typically pre-dispose owners to hire a property manager as opposed to handling the rental and maintenance process themselves and going it alone. We’ve assembled the list we think are top five considerations in deciding if you should hire a property manager.

1. Are you maximizing your property’s value and income?

Keeping your property in top shape and keeping vacancies low are key to maximizing your property value and income stream.  Advertising the home/unit, fielding renter calls, and showing the property can take a considerable amount of time but are critical to keeping vacancies low.  Maintenance and repairs are another significant component to keeping your property in “rentable condition” to achieve a maximum market rate.  Hiring a property manager assures you that the skills, knowledge, and time commitment are in place to keep your property producing.

2. What is your time worth?

Behind the seemingly simple task of collecting rent every month lie a number of unpredictable problems that can push people to their limits of time, knowledge and stress. Ask yourself if your time is better invested focusing on your job, family, or perhaps even enjoying retirement. (more…)

Fast Facts, October 2012

Wednesday, October 24th, 2012

Calif. median home price: September 2012: $345,000 (Source: C.A.R.)
Calif. highest median home price by region/county September 2012: San Mateo, $779,000 (Source: C.A.R.)
Calif. lowest median home price by region/county September 2012: Madera, $120,000 (Source: C.A.R.)

Calif. Pending Home Sales Index: August 2012: 118.9, up 2.7 percent from July’s 115.8Calif. Traditional Housing Affordability Index: Second quarter 2012: 51 percent (Source: C.A.R.)Mortgage rates: Week ending 10/18/2012 30-yr. fixed: 3.37% fees/points: 0.7% 15-yr. fixed: 2.66 fees/points: 0.6% 1-yr. adjustable: 2.60% Fees/points: 0.4% (Source: Freddie Mac)
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Consumer Attitudes on Housing

Thursday, October 11th, 2012

By Bob Preston

Results from Fannie Mae’s September 2012 National Housing Survey show Americans’ optimism about the recovery of the housing market and with regard to homeownership continued its gradual climb, bolstered by a series of mortgage rate decreases experienced throughout the summer. Consumer attitudes about the economy also improved substantially last month, breaking the progression of waning confidence seen during much of this year.

Keeping a relatively steady pace with recent periods, survey respondents expect home prices to increase an average of 1.5 percent in the next year. The share who say mortgage rates will increase in the next 12 months dropped 7 percentage points to 33 percent. Nineteen percent of those surveyed say now is a good time to sell, marking the highest level since the survey began in June 2010. Tying the June 2012 level (and the all-time high since the survey’s inception), 69 percent of respondents said they would buy if they were going to move.

With regard to the economy overall, 41 percent of consumers now believe the economy is on the right track, up from 33 percent last month, while 53 percent believe the economy is on the wrong track, compared with 60 percent the prior month. Both the right track and wrong track figures mark the highest and the lowest readings, respectively, since the survey began in June 2010.

SURVEY HIGHLIGHTS

Homeownership and Renting

  • Consumers’ average home price change expectation is 1.5 percent, consistent with recent periods and marking nearly a full year in which home price expectations have been positive.
  • Thirty-seven percent of those surveyed expect home prices to go up in the next year, the highest level since the survey’s inception in June 2010.
  • Thirty-three percent of respondents say mortgage rates will go up in the next year, a decrease of 7 percentage points since last month.
  • Nineteen percent of respondents say it is a good time to sell, the highest level since the survey’s inception.
  • Those who say now is a good time to buy dipped slightly to 72 percent.
  • The percentage of respondents who say they would buy if they were going to move increased to 69 percent, tying June 2012 at the highest level since the survey’s inception.

The Economy and Household Finances

  • Consumer optimism climbed in September, with 41 percent saying the economy is on the right track – the highest level recorded since the survey’s inception and an 8 percentage point increase over last month.
  • Forty-four percent of respondents expect their personal financial situation to improve over the next year, up from 42 percent in August.
  • The share of respondents who say their household income is significantly higher than it was 12 months ago decreased by 3 percentage points to 17 percent.
  • Thirty-four percent of those surveyed say their household expenses are significantly higher than they were 12 months ago, a 2 percentage point increase over August.

Read more on Fannie Maes site: http://www.fanniemae.com/portal/about-us/media/corporate-news/2012/5855.html

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Fast Facts, Summer 2012

Thursday, October 4th, 2012
Calif. median home price: August 2012: $343,820 (Source: C.A.R.)
Calif. highest median home price by region/county August 2012: Marin, $806,450 (Source: C.A.R.)
Calif. lowest median home price by region/county August 2012: Tehama, $89,170 (Source: C.A.R.)
Calif. Pending Home Sales Index: August 2012: 118.9, up 2.7 percent from July’s 115.8Calif. Traditional Housing Affordability Index: Second quarter 2012: 51 percent (Source: C.A.R.)Mortgage rates: Week ending 9/20/2012 30-yr. fixed: 3.49% fees/points: 0.6% 15-yr. fixed: 2.77 fees/points: 0.6% 1-yr. adjustable: 2.61% Fees/points: 0.4% (Source: Freddie Mac)
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