Lodi / Stockton CA Homes For Sale & Real Estate Information

I hope you all had a fun and safe 4th of July weekend!  Yesterday was our country’s celebration of independence.  But what about our financial independence?

When the banks have ‘bad debt’, they write it off.  When a business or corporation has a ‘bad debt’, write it off.  BUT when a homeowner has a ‘bad debt’, just writing it off ain’t gonna happen.

A lot of people who can afford to stay in their homes are just saying good-bye to them  and their mortgages by exercising their freedom of choice and just walking away from their financial responsibilities.  This is commonly referred to as Strategic Foreclosure or Strategic Default.

So, what’s a honest homeowner to do when they’re home is now worth much less than they paid for it only a few short years ago?  Well, before you just get up and walk away you should definitely consult with a real estate attorney, a good Realtor, and also a CPA to find out what options and legal consequences you’ll have depending on your choices and situation.

You could let the bank foreclose, or you could Short Sale your home.  REOs and Short Sales in Stockton and surrounding areas are the bulk of what’s on the market these days.  Just look around and I’m sure you’ll see For Sale signs up and down many streets in your own neighborhood.

Walking away from your home that’s “under water” (worth less than you owe) instead of trying to work with your bank(s) or having a Realtor short sale it for you, could actually leave you in deep water.

Here is some more specific information about this…CLICK HERE.

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• The Short Sale Process (home-mortgages.suite101.com)

Could it be true?  Could it be possible?  C’mon House…Let it ride, baby!  Let it ride!

If you’ve made an Offer to Purchase a home recently, especially a Short Sale in Stockton, Lodi, Modesto, CA or anywhere for that matter, then you know what I’m talking about.

To receive the home-buyer’s tax credit you had to have been “under contract” (meaning, accepted by the seller) by April 30th and have your deal “close escrow” by June 30th.  But since some banks are extremely slow to approve short sales, a lot of these deals haven’t closed escrow yet, and may not be able to by June 30.

It was put to a vote, and the Senate said YES to an extension until Sept 30th to get these deals closed.  Now it’s up before the House to approve this extension as well.

Here’s a quick read on this story… http://bit.ly/9fr0ru

Good luck Brandon!  I’m bettin’ on the House for you!

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• Senate votes to extend home tax credit deadline (reuters.com)

According to an article in the Boston Globe, here are four things sellers should understand about today’s market to make their homes as saleable as possible:

1. Real estate pricing is very local: “When you’re looking at comparables, you have to see what’s sold in the past three months. Look at your competition and what’s under agreement.

2. Get property pics online: Stage the property, then take pictures and video. Better yet, hire a professional photographer to do the job.

3. Disclosure is key: Tell potential buyers what’s wrong before they figure it out. That eliminates last-minute re-negotiations and cold feet.

4. Clean, clean, super-clean: A clean and clutter-free property makes potential buyers likely to pay more.

So, whether you’re still living in your home that’s For Sale, or you’ve already moved out, but are trying for a Short Sale in Stockton or Lodi areas, it’s always a good thing to get the most money for your home.

Make it a great day!

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• 7 Ways to Avoid a Crummy Real Estate Agent (usnews.com)

When it comes to buying a home, most potential buyers will use the listing price as the number one factor to determine the homes that they look at.  Even though you and a Realtor may determine the asking/listing price, the buyer will ultimately determine the selling price.  If the price is too high, most buyers won’t give it a second thought – which is why you want to determine the listing price carefully.  Real estate prices have dropped considerably in the last few years here in the Central Valley, so be careful not to chase the market downward with your pricing.

If you set the correct price, you’ll notice a much faster sale.  Setting the right listing price will also attract more potential buyers to your property as well.  You’ll also notice an increase in response from Realtors, and receive more calls about the property.  The listing price is very important – and it can ultimately determine whether or not you even sell your property.

A home can be overpriced due to several reasons.  Overpricing is something you want to avoid, as buyers tend to steer clear of homes that have been overpriced.  Normally, this happens when a buyer asks a lot more than the home is worth or valued at due to emotional reasons.  Some sellers ask a lot more than the value of the home due to location.  Although the location is very important, most potential buyers won’t give the home a second look if they think the price is too high – and more importantly out of their price range.

When you put your home up for sale, most activity will happen within the first couple of weeks.  If you put the right price on your home, you’ll notice immediate interest.  There are always buyers looking for homes in their price range, waiting for new homes to be listed or homes to be reduced in price.  Buyers who are waiting to purchase may miss seeing your home completely if the price is too high.

To determine the listing price of your home, you should always have your Realtor go over the comparable recent sales.  This way, you’ll know the possible value of your home.  You can sell it for market value or go a little under, although you should never attempt to go way over the value.  In doing so, you’ll miss out on a lot of potential buyers.  The home market is very competitive these days, which is why you want your home to draw as much interest as possible, as soon as possible.

Keep in mind that Realtors really have no control at all over the real estate market, only the plan behind the marketing.  Realtors don’t determine the asking price – the seller does through the assistance of their Realtor.  If you do things right and take each process step by step, you’ll set the listing price in the right area and have no problems selling your property, or at least getting offers for it.

Short Sales in Stockton and Lodi, CA areas are what’s fueling the market right now and will stay that way for the near future.  The main thing is to get a good solid offer on your home and then the lender(s) will determine if you get the ‘green light’ or not.  That will most likely only happen if you price it right from the start.

For several months last year I heard a lot that banks were not too willing to jump on   the Short Sale wagon due to they were making more money on a home once they foreclosed on it and then sold it as an REO.

Image by Getty Images via Daylife

I’ve been hearing a lot more lately that banks are actually starting to work more easily with Sellers and Realtors® in order to get the process to go more smoothly with the short sale of the home

because it’s less costly to the banks than a foreclosure and they are starting to learn how to streamline the process a little better.

Here is a great that I came across that explains just that…CLICK HERE

I am beginning to see more and more Short Sales listed and being SOLD in the Lodi and Stockton, CA areas.  Here at Realty World-Davis Homes & Properties, we are taking the necessary steps to help homeowners that may be facing the decision to have to do a Short Sale on their home and assist in this process to help make it as less stressful as possible.

READ THIS ARTICLE, then contact us to get your questions answered and see if a Short Sale is right for you.

Randy

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• Don’t foreclose! Do a short sale (money.cnn.com)

Well, we’re getting down to the wire on the deadline for the tax credits.  If you purcase your home last year and haven’t filed your taxes, then here is the much needed info on how to get your benefit:

http://bit.ly/b0P8CP

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

It’s never been a better time to purchase a home.  Low home prices and low interest rates.  At Realty World-Davis Homes & Properties we specialize in making the dream of owning a home become a reality.  If you’ve got any questions, we’ll have the answers.

With only weeks left to get your new purchase under contract before the deadline of the $8,000 and $6,500 tax credits end, time is of the essence.

We all know that the Lodi, CA and Stockton, CA area property values have been affected by the current real estate market due to all the foreclosures and short sales.  How the upcoming wave of foreclosures and short sales will impact home prices in our area is something that is being reported on daily basis now.

The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.

For the rest of this interesting article… CLICK HERE

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• Shadow Housing Inventory Still Looming (seekingalpha.com)

Sales activity for the Lodi and Stockton CA area have been down the last couple of months.  Was it due to the bad weather?  No, it wasn’t that bad.  Was it due to no incentives to purchase?  No, we still have the extended $8,000 tax credit for first-time home buyers.

So, what’s the real reason for the lack of sales going on right now in the San Joaquin Valley?  Are people still afraid of falling home prices?  Could it be the inventory of homes that the banks are holding on to after foreclosure?

I’d like to hear from you out there…the public.  What are YOUR thoughts on this and what do you think it will look like in th upcoming months?

Here are the stats for the San Joaquin County, CA…

I read a very interesting article about the Bankers wanting to change Florida to a Non-judicial Foreclosure state. When bankers want to make a change they are looking out for their own paycheck – not for the homeowner.

Click Here for the article. It will give you some insight to the way bankers think and the protections that we do not have here in California.

Steve Davis, Broker