Where to you start with a Redesign Project?

Mary Williams Interior Redeisgn

It’s so exciting! You are going to update, refresh or redesign your home. But wait! Before you hand over a hammer or money to just anyone there are a few things you need to get in order.

Know EXACTLY what you want.

That sounds pretty elementary, but if you don’t know exactly what you want, you may end up with something the contractor likes or wants only to find out that is exactly what you DIDN’T want.

Don’t run with the lowest bid.

If you are looking at remodeling or redesigning from just the $$$$, you may end up with exactly what you are paying for. I know it can get expensive, but spending the money on quality work as well as materials will save you huge headaches in the long run. Best thing to do is to gather three bids from reputable contractors and then ask the questions to determine who is the best fit for you and your redesign project.

Get it in writing!

S*P*E*L*L out your project in extreme detail and include time limits. Also, include verbiage which includes what happens if there is a defect in the material or workmanship. Be sure to include a payment schedule to what is paid at what point. Don’t pay all upfront – delegate a certain amount of money to be paid at different stages of the redesign, leaving the majority of payment after the work is completed.
Finding the right contractors or where to start can be daunting in itself, but I’m here to help!

If you are thinking about a remodel, redesign, or reorganizing;
then I am your redesign professional!

If you are considering selling your property,
and you think it needs staging; I am your neighborhood professional!

Call me at 760.567.7282!

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Vacation homes are HOT in the Desert!

According to a recent report from REALTOR(r) Mag, the Vacation Home market is heating up. Americans are feeling better about the economy and area showing that by spending money on Vacation or 2nd homes. One of the major enticements is the low interest rates - the other is the great deals out there. However, many vacation homes are purchased with cash in the Desert. Nationally about 46% of vacation home buyers paid in cash. If buyers did finance, they generally made at least a 27% down payment.

According to the NAR(r) report, there was a 10% increase in vacations homes purchased in 2012 - and it has been going on strong ever since and especially here in the Desert.

"A lot of buyers who were sitting on the sidelines decided last year was probably a good time to take advantage of buying a vacation home," says Paul Bishop, NAR’s vice president of research. "They were feeling pretty good about their own financial situation, given the growth in the market and in the economy."
Even though it's about the end of our Season in the Desert, it won't be too long and the winter season will be upon us. Why not take advantage of the housing prices in the Desert now and have your home all lined up to come back to in the Fall?

This would be a great time to purchase and then refresh and redesign during the hot summer months. Call me today to find out how.

Mary's Newsletter is Out!

May's Newsletter is Out!!

Follow this Link to Read More!

California's Median Home Price 28% HIGHER than Last Year!

Desert Luxury Realty

Total Single-family homes sold in California

April 2013 - 423,510 single family units sold

March 2013 – 417,880 single family units sold

April 2012 – 43,770 single family units sold

April 2013 was down 3.7% over last year, perhaps due to the low inventory.

Median Prices for homes sold in California

April 2013 - $402,760

March 2013 - $378,960

April 2012 - $312,500

April 2013 was 28.9% higher than last year AND the first time since 2008 the median home price has popped over the $400k mark. This also marks the 14^th continuous month home prices have gone up and 10^th month of double digit gains. The increase of the median home price in due to the increase of luxury homes sales. “The upsurge in the median price continues to be driven by an increase in sales in the upper- price range, where low inventory is less of an issue,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Over the past year, home sales in the $500,000-and-higher market segment posted a year-over-year gain of 35 percent on average, which contributed to an increase in the statewide median price of nearly 30 percent from the previous year.”

Inventory of Homes in California

Inventory of unsold existing homes was 2.8 month supply, which was down from March and down from 4.2 months last year. A 6 to 7 month supply of homes in California is considered normal. With fewer homes on the market, the homes are selling faster. Almost half the time as last year. April 2013 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

April 2013	Median Sold Price of Existing Single-Family Homes					Sales
State/Region/County	Apr-13	Mar-13	Apr-12	MTM% Chg	YTY% Chg	MTM% Chg		YTY% Chg
CA SFH (SAAR)	$402,760	$378,960	$312,500	6.3%	28.9%	1.3%		-3.7%
CA Condo/Townhomes	$319,080	$306,050	$237,320	4.3%	34.5%	2.1%		2.7%
Los Angeles Metropolitan Area	$370,640	$352,510	$289,700	5.1%	27.9%	6.0%		2.2%
Inland Empire	$231,610	$227,920	$181,770	1.6%	27.4%	2.1%		-4.6%
S.F. Bay Area	$685,530	$636,150	$526,370	7.8%	30.2%	13.6%		-1.8%
Southern California
Los Angeles	$361,630	$340,890	$286,800	6.1%	26.1%	9.0%	5.7%
Orange County	$653,740	$619,430	$513,950	5.5%	27.2%	6.8%	9.7%
Riverside County	$274,420	$263,670	$213,950	4.1%	28.3%	1.3%	-4.9%
San Bernardino	$164,470	$161,900	$132,030	1.6%	24.6%	3.4%	-4.1%
San Diego	$454,390	$436,710	$369,910	4.0%	22.8%	4.5%	9.2%
Ventura	$502,940	$475,000	$427,320	5.9%	17.7%	6.5%	0.5%

  Information from a news release from California Association of Realtors®.

Purchasing your vacation home in the Desert

[social] It’s a known fact, once you leave the Desert, you dream of come back and purchasing a home in the Desert. Most times it’s your second or vacation home – a get-a-way from the cold and snow of winter. However, before you start looking at homes, there are some things you may want to keep in mind.

Do you buy your home outright? Or do you finance it? Interest rates on vacation homes tend to be higher than conventional rates, but both are historically low right now. Both 1^st and 2^nd home interest rates are tax deductible … for now.

If you finance, should you opt for a 15 or 30 year mortgage? Adjustable rate? (Don’t forget we’re just getting out of the Housing crisis – many people had ARM’s.) If there’s a lot of equity on your first home, should you take out a home equity loan on that to pay down your vacation home? All scenarios to discuss with your loan officer before you write an offer or even start your Desert vacation home search.

Second/Vacation home mortgages, along with having higher rates, have more rules than if the purchase was your principal residence. One question the lenders will ask is how will you handle an unexpected financial crisis owning two homes and all their expenses? This will probably require you to detail and explain a lot more of your information than you would for your first home. It’s still a great time to purchase in the Desert and there are great homes on the market right now!

California Lifestyle Realty Featured Homes – May 10th to 12th

Your dream home awaits … Call 760-567-7282 today! Below are the latest properties featured in this week’s ad. Call me to see any of these great homes!

 

May 2013 Interior Redesign Newsletter

Pocket Listings in the Desert

“Pocket Listings” are not new in the La Quinta and surrounding areas in the Desert. In case you’ve heard of “pocket listings” but not sure what they are, they are homes which have been listed with a real estate agent/REALTOR®, but not submitted to the Multiple Listing Service.

Pocket listings are legal and a home owner can request their home to be a pocket listing, but is it in your best interest as a seller? The decision is totally up to you and what you think is in your best interest, but there are things you may want to think about before asking to have your home put in the “pocket”.

Your home will be restricted from the “public” access of the entire local multiple listing service. Your home may be unknown to other real estate companies and agents. If a potential buyer would search for your home on the internet (over 90% home searches start on the internet), your home may not show up unless it is on your agent’s website. In other words, not all willing and able buyers will see that your home is now on the market. You may not get the best possible price for you home, if it is not publically viewed.

However, according to CNNMoney, many high-end sellers would rather have more privacy when their home is on the market. And with the tight supply of home inventory, initial listings could create a frenzy of craziness.

There may be another reason you may want to list your home as a pocket listing - Test the real estate market because you may not REALLY be ready to sell.

Though the National Association of REALTORS® do not have an official policy on pocket listings, many of the legal and ethical rules and regulations are in place to protect the public.

If you’d like more information whether to have your home as a pocket listing or regular listing, call me at 760-567-7282 and we can discuss all the scenarios that are in your best interest in selling your home.
Also, don’t forget to follow me on Facebook!

La Quinta Summer Golf Tour

Summer Golf Tour

Registration begins on Monday, May 6!

ONLY $69 per player to register and reasonable weekly green fees

Continues through August 25

The La Quinta Summer Golf Tour is back. This 13-week golf program allows participants to play at some of the finest courses in the Coachella Valley. Tour participants may pick and choose which courses they would like to play. Players may choose to play in either single or team divisions; plaques will be awarded to the top finalists in both divisions at the Golf Tour Banquet on August 24.

This very popular summer program is back for another year of fun in the sun! 

Advance, intermediate, and novice golfers are all welcome to enjoy playing on this 13-week golf tour. Every Saturday morning, participants have the opportunity to play at some of the finest courses in the Coachella Valley. Players may choose to play in either single or team divisions and will be divided into flights based upon their weekly handicap. Points are earned throughout the tour based upon net scores. On the final Saturday of play, an End of Tour Banquet is provided for all participants to enjoy.

• Shotgun starts
• Reasonable green fees
• Plaques and prizes awarded at End of Tour Banquet

Enjoy these Participating Golf Courses!

• Indian Canyons, North Course
• Terra Lago, South Course
• Escena Golf Club
• Tahquitz Creek, Resort Course
• Indian Springs Golf Club (includes lunch)
• Indian Wells Country Club, Cove Course
• Marriott Shadow Ridge
• Eagle Falls Golf Course
• SilverRock Resort
• Westin Mission Hills, Gary Player Course
• Monterey Country Club
• Classic Club at Palm Desert
• Desert Willow, Mountain View Course
• End of Tour Banquet
• Desert Willow Golf Resort

*Guests are welcome to participate for a fee of $15 per week.

Please contact The City of La Quinta for more Details and egister at www.la-quinta.org/communityservices

If it starts with one REALTOR(r), Start Out Right!

Desert Luxury Realty

There Really Is Something About Mary.

Mary is not your typical real estate broker in any small and growing community. She brings high energy, passion, non-stop enthusiasm and knowledge to each of her clients from the Permanent Home Buyer to the Sophisticated Investor.

Her 6th sense and ability to listen carefully, allows her to quickly zero in on your preferences, saving you precious time. She is focused to the needs of all her clients, no matter what their criteria may be.

She makes buying or selling property fun, enjoyable, and easy. You’ll find yourself calling her over and over again for valuable information is easy and something you can depend upon. Making her clients feel confident and happy, is job one!

Mary has been in the service industry all of her working career, with over 30 years of a highly successful track record in Sales and Marketing, primarily in finance and real estate.

So, Is There Really Something About Mary? Call Mary and experience first hand why her clients become friends, returning repeatedly for their real estate needs and confidently referring their friends.

So find out what all the talk is about. . . . Give Mary a Call. . . . . . Mary Williams, That is!

Jumbo Loans May Mean Super-Sized Requirements in the Desert

With jumbo loans making a come-back into the Desert area mortgage market, many a luxury buyers (and sellers) are rejoicing!

But before you dash out and get a loan, you may want to know; Jumbo loans are coming with jumbo buyer requirements.

Specifically – buyers across the luxury home market that are considering a jumbo loan should be aware that large cash reserves are often required for purchases over $417,000.

Some lenders require their borrowers to have a reserve of up to 12 months’ worth of mortgage payments in the bank or liquid assets for purchases from $417,000 to $2 million according to a recent article from the Wall Street Journal Online. For loans over $4 million the figure is more like 36 months’ worth of reserves.

Cash reserves aren’t the only thing super-sized. Down payments are larger on a jumbo loan too. Most lenders require at least a 20% down payment for jumbo loans with some going as high as 45%.

If you don’t quite meet some of those criteria exceptions can sometimes be made. This is especially true if you call on a lender that you’ve done a great deal of business with. Items like reserve amounts can sometimes be tweaked with the right relationship or for a buyer who is strong in other respects such as credit or down payment.

Why the big costs? Jumbo loans represent a larger investment and a larger risk to the lender. Many of these homes are customized, making them appealing to a smaller pool of specific buyers so if the loan goes belly-up the home will be more difficult than average for the lender to unload.

The bottom line: Jumbo loans may require more money in reserve and upfront, but if you’re a strong buyer the luxury market can yield a pretty amazing home!

Whether you’re looking for a luxury vacation, a second home in the Desert, or even miles away from us, I can assist you with your purchase in La Quinta and surrounding areas. Call 760-567-7282.

April 2013 Newsletter

April's Newsletter is Out!!

Follow this Link to Read More!

Vacation homes sales were up by 10.1% Nationally in 2012

 Mary Williams

In a recent news release, the National Association of Realtors® 2013 Investment and Vacation Buyers Survey reported Vacation homes sales were up by 10.1% Nationally in 2012. As nice as that sounds, it’s still not up to the numbers we saw before the downturn.

According to the news release, NAR Chief Economist Lawrence Yun said, “favorable conditions are driving second-home sales.  We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes.  Attractively priced recreational property is also a big draw.”

Along with vacation home buyers, investors have been the major purchasers for the last two years in this market buying up the distressed properties and using cash to do so. Fifty percent of purchases made by investors were paid in cash. Those who did finance their investment properties made large down payments.

The 2013 Investment and Vacation Buyers Survey survey also detailed who were buying vacation homes:

• 80% will use the vacation home for vacations and retreats
• 27% will use the property as a future primary residence
• 23% will use it as a rental
• 23% saw the vacation home as a good investment
• 11% purchased the vacation home for another member of their family

NOW is the time to purchase your vacation or investment property in the Desert. If you’d like to have more details from NAR’s Vacation Home Survey, call me or follow me on Facebook!
Survey Report provided by the National Association of Realtors(r)

March Homes Sales in Riverside County, CA

Home inventory in La Quinta California

Mary Williams

According to a recent news release by the California Desert Association of REALTORS(r), "The Coachella Valley's real estate market forecast for 2013 is upbeat despite the dwindling inventory of available homes for sale in many valley cities."

The news release continued, " 'There is no question in my mind that if we get more people engaged in listing their homes, we're going to see a higher increase in sales in 2013,' Appleton-Young told the audience."
Pat Veling, owner of Real Data Strategie, noted that this year's real estate market is 180-degree turnaround from last year in terms of housing inventory and prices. He said inventory will rise as home values rise, especially among those who are "underwater" in their mortgages.

This mirrors the same sentiment of an article by a post today by "Keeping Current Matters" regarding reasons to sell your home. In their article, they also report inventory is key to the housing market moving forward and say sellers do have an advantage right now since the demand is high and inventory is low -- and homes prices are going up.

It's a great time to list your home in the Desert area. But time is getting tight - though homes are sold during the summer months, there are more prospects around now and until it starts getting hot.

If you're wondering if you should list now, call 760-767-7282 and I'll go over all the possibilities your home may have.
   

Surging Market Lifted 1.7 Million Homes above Water in 2012

[The number of homes in negative equity is on the decline, according to the real estate data firm CoreLogic. In the fourth quarter of 2012, the rate of underwater homes dropped to 21.5 percent, down from the previous year’s 25.2 percent. Rising home values have lifted 1.7 million households into positive equity in the past year.Underwater households are those which owe more on their mortgage than the home is actually worth. Currently, more than 10 million, or about one in five homes are considered “underwater.” CoreLogic predicts that home values will rise another five percent this year, lifting an additional 1.8 million out of negative equity.During the fourth quarter of last year alone, 200,000 households entered positive equity, according to CoreLogic. “The scourge of negative equity continues to recede across the country. There is certainly more to do but with fewer borrowers underwater, the fundamentals underpinning the housing market will continue to strengthen,” said Anand Nallathambi, president and CEO of CoreLogic, in a statement. “The trend toward more homeowners moving back into positive equity territory should continue in 2013.”

Housing Market Improvements in Hardest-hit Cities

The drivers behind the reduced number of underwater homes are improved market conditions, rising home prices, and shrinking inventory. Economist for CoreLogic, Mark Fleming said in a statement, “Housing market improvements, particularly in the hardest hit states are the catalyst for households to regain equity and become participants in 2013’s housing market.” The states that tallied the most underwater mortgaged properties were Nevada, Florida, Arizona, Georgia, and Michigan. Of those states, two Florida cities, Tampa and Miami, had the highest share of properties in negative equity. Atlanta followed closely, along with Southwestern cities Phoenix and Riverside, Calif. In each of these metro areas, the percentage of mortgage properties underwater exceeded 35 percent. Many of these households struggle to make monthly payments, and moving into positive equity comes as a huge relief. For some, rising home equity means they can finally sell to break even, if not at a net gain. Matthew Oropeza told the Wall Street Journal about his experience owning an underwater mortgage on his Phoenix home. Oropeza purchased his home for $96,000, but as the local market tanked, he realized his home was worth only $64,000. Oropeza held onto his home as long as he could, until his employer required him to relocate to Orange County, Calif. Fortunately for Oropeza, the Phoenix home price index jumped 23 percent last year. So when he contacted his real estate agent, he realized that the market had turned and he might even make some money off the sale. Oropeza now has an offer of more than $100,000 and expects to sell his home in the coming weeks. Call me today at 760-567-7282 to see how your area market is doing!

Jumbo Loans in the Desert

It’s a Big Comeback - Resurgences in Jumbo Loans help Revive the Luxury Housing Market in the Desert. While the rest of the housing industry is making some modest (and in some areas significant) strides luxury markets in the local La Quinta and surrounding area.

According to the National Association of Realtors sales of homes in the $750,000.00-$1,000,000.00 range are up 38.7% from a year ago and the $1,000,000.00 and up range are up 25.7%.

So why the sudden surge in luxury homes in the Desert? 

One big player in that game is the reappearance of Jumbo loans.

These loans cover purchases of over the FHA and Fannie Mae maximum of $417,000.00. 

Jumbo loans aren’t a new type of financing; but were all but completely impossible to find after the bubble burst in 2008 due to a lack of secondary market purchasers. Recently they’ve been coming back in a big way: for the four weeks ending February 22nd, new jumbo activity was up 60% from the same period a year ago, according to Mortgage Daily.

 Recently interest rates for Jumbo loans were close behind those of conventional loans, a phenomenon that is pretty uncommon. Because these loans aren’t backed or guaranteed by the government they pose a larger risk to the lender, which means in turn that they generally carry a higher interest rate.

So who is eligible for a Jumbo loan? As stated above they pose a greater risk to lenders than conventional or other types of loans, so the qualifications for approval are much more stringent. A person who qualifies for a Jumbo loan probably has a credit score of at least 760, a bank account sporting a years’ worth of mortgage payments or savings, 30 percent down payment, etc.

 With good interest rates and more lenders willing to make a Jumbo loan things are looking up for vacation markets across the country.

February Homes Sales in Riverside County, CA

 

Top 10 Remodeling Projects

Why is there such low inventory in The Desert?

If you have been looking to purchase in the La Quinta and surrounding area, you soon find out there are fewer homes on the market as in the past. Why does the Desert have low Inventory?

1. 29% mortgages are still underwater = some sellers just can’t sell yet
2. 80% of investors are buying and holding and renting instead of fixing and flipping
3. Pocket listings are becoming more commonplace.
4. Some sellers are still unrealistic with pricing = not real listings

Market Conditions:

• 30% of all transactions are all cash …………….Lending is still tight
• It is predicted that interest rates will remain low until unemployment is at 6.5%

Check out the charts below to see how the real estate trends in the Desert have fluctuated over the last several years. (click on each photo below to enlarge)



If you don't see your community or information you'd like to know, call me today at 760-567-7282.