Biggest Trends for 2009
On Monday, the Women’s Council of Realtors had their California State Chapter meeting in Monterey at the Portola Hotel & Spa. Carol Rodini was the guest speaker and as usual she was fabulous. The title of her presentation was “What’s Ahead for this Market?” Below is Carol’s list of Biggest Trends for 2009, which I thought everyone would find interesting.
Foreclosures will continue to rise especially in California, Nevada, Arizona and Florida.
Prices will continue to decline probably another 6-10% especially in California, Nevada, Arizona and Florida.
Sales will increase in foreclosures and first time buyer area but higher end will see sales decline due to loss of wealth and loss of jobs in this buyer pool.
Commercial real estate will begin to slide and loans will be hard to get.
Interest rates will be low but the need to qualify will still be tough. Will need 20% down and FICO scores of 720 will be needed especially for jumbos.
Lower interest rates will only be for conforming $417,000 and below.
New home prices will continue to decline.
The bottom of the real estate market will depend by area. Some will bottom by the end of end of 2009 going back to 2000 prices and in the more distressed areas the bottom will not be reached until 2011 with prices going back to 1997-1998 prices.
Still, it will be a great year for first time buyers—more affordability, low interest rates—the key is qualifying.
November 2008 Home Sales Monterey County
Coast Drive to Big Sur
This past weekend my husband wanted to take a drive to Big Sur and enjoy a meal at the
Big Sur River Inn and Restaurant. As it turned out, it was a perfect day for both the drive and the meal.
Driving down the Coast reminded me of how fortunate I am to live in such a lovely place. Once again, I realized I don’t enjoy the place I live as much as I should. One tends to get caught up in the busyness of life and not stop to smell the roses—so to speak. There is no question natural beauty abounds here on the Central Coast and our drive did not disappoint. It was truly a feast for the senses. Then there was the enjoyment of a meal at the Big Sur River Inn.
It had been some time since I stopped and had a meal—not because I don’t like to eat there, but once again just not taking the time. When we arrived, we had just missed breakfast so instead had lunch. From the moment we entered the restaurant the staff was warm friendly and welcoming. Then there was the food!! It was fabulous!! The meals weren’t your ordinary sandwich and omelet, but extraordinary cuisine. The sandwiches came with fries or salad and the portions were perfect. We all left satisfied and not stuffed.
I don’t mean to sound like a commercial, but whether you are a local that hasn’t visited the River Inn in a while, or a visitor to the area, do take the time to drive the Coast and enjoy a meal at the River Inn.
Handley Drive, Carmel
The other day I viewed this impeccable Mediterranean style home, which proves it is still possible to purchase a lot of home in the Carmel area. While the list price of $1,300,000 is a little on the high side, if you are looking for a primary or secondary home, this is one you should definitely take a look at. The square footage is approximately 2300; it is a 4-bedroom/3 bath on a lot that is, according to the Assessor, 7,800 square feet. There are two bedrooms upstairs and two bedrooms downstairs. This is the perfect entertaining home.
Additional benefits are it is situated with easy access on and off of Hwy 1, close to shopping, schools, the hospital, the airport and the beach. While it has been a vacation rental,this property shows pride of ownership--it is beautiful. The property may be sold furnished or unfurnished. Give me a call if you would like to take a look. It won't disappoint.
WCR Holiday Party
When December rolls around, there are lots of parties to attend. It is a time for friends, family and business professionals to gather by a warm fire and partake of scrumptious food, fine wine and fellowship. This year, at the annual Women’s Council of Realtors Holiday party, we had an added benefit.
Mr. and Mrs. Kaplan graciously allowed the local chapter of
Women’s Council of Realtors to hold their annual Holiday party in their gorgeous home. While the Kaplan home is stunning, I was moved more by the philanthropic work of Mr. and Kaplan than by the architecture of their home. The
Singer foundation , which operates out of the Kaplan home, was co-founded by Mr. and Mrs. Kaplan.
I had never heard of Harry Singer, until this party. Harry Singer was a common man who immigrated to this country in 1912 from a small village in Russia. He ran a small grocery store in Chelsea, Massachusetts with his wife and five children. He was an egalitarian. He was a man who believed in the equality of all people.
The focus of this foundation is on young people. The foundation works to develop programs to assist today’s youth withstand the peer pressure of gangs, violence addictive substances and irresponsible sex. As the foundations states “it is not enough to think, write and talk about the problems—we intend to show by active example what ordinary people are capable of achieving.”
The Harry Singer Foundation came into being because the descendants of the humble egalitarian believe today what President Woodrow Wilson said back in 1912: “Every country is renewed out of the unknown ranks and not out of the ranks of those already famous and powerful and in control.”
It was truly a lovely evening!
THERE ARE STILL GOOD RATES AND GREAT LOANS BEING MADE.
These are difficult times like many of us have never known. The mortgage industry has changed, lenders have left the business and lending standards have tightened, which is a good thing. Politicians are trying to put a fix on the situation, oil prices are unstable and one doesn’t even want to think about our domestic economy. This and a whole lot more negative news leaves one in tremendous uncertainty. In spite of all the negative reports there is good news in both the real estate and loan industry. As a consumer, you want to be sure to get the facts and work with a Realtor and Loan officer you can trust.
Here are the facts about loans –
• Many, mostly larger lenders remain and are more aggressively lending now than over the past 18 months.
• 30-year fixed rate loan rates have become very attractive. Rates for the 5-year ARM are even lower – in the low 5% range.
• Credit scores >700 and loan-to-values of 70% or less are receiving premium rates.
The media has done a thorough job covering the demise of the credit markets, but has not provided enough visibility to the success stories. They are out there. If you are looking for a home and need financing, do your homework and don't let the negativity get you down.
