The nation's housing sector is buzzing like bees in springtime. And indeed, housing has historically boosted the U.S. Gross Domestic Product (GDP) and job creation, which are key stimulators and indicators of economic health.
When GDP is referenced in news media, it means the total goods and services produced by labor and property in the U.S. This figure is measured quarterly, and recent figures show that GDP increased impressively at 3.1 percent in the 1st quarter of 2013, up from 0.4 percent in the last quarter of 2012.
Sales of previously-owned houses increased three straight months in March, rising 0.4 percent to a 5 million annualized rate, its highest level since late 2009, then took a small dip in late April by 0.6 percent to 4.92 million units. During this time, new home sales maintained an upward climb by 1.5 percent within expectations to 416,000. Analysts say housing could provide tailwinds strong enough to realize the improvement to the labor market for which the folks at the Fed are hoping. The Fed (which sets the U.S. monetary policy by monitoring national employment, prices and interest rates) recently noted that inflation also remains in check.
Homebuilders across the nation have contributed to the increase in Housing Starts, up a whopping 47 percent over the same period last year. At their highest since June 2008, Housing Starts spiked by 7 percent this March to 1.036 million units on an annualized basis, well above the 930,000 expected, though they did decline in April. Gains in home prices and construction will put more Americans to work this year, and that's good news overall for the health of the U.S. economy.
Showing posts with label Hotels. Show all posts
Showing posts with label Hotels. Show all posts
Friday, May 17, 2013
Wednesday, April 10, 2013
How To Restore Your Credit Score Quickly
The first thing you need to do when purchasing a home, before you continue your journey, is to get a copy of your credit reports. You need to get a copy of your credit reports from all three credit reporting agencies - Trans Union, Equifax and Experian.
Credit reports are extremely important in gaining an approval for your new home. The mortgage companies are more concerned about your recent buying and repayment history than what may have happened years ago. FHA policy requires a minimum credit of 530 to buy a home orrefinance . But most lenders prefer a score of 620 or higher. Borrowers with credit score above 580 require a 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed. If your credit score is below 580 new FHA changes require a 10% down payment. Negative data typically remain on your credit reports for seven years. 650 or higher was considered excellent by most mortgage lenders.
If your credit report is not looking to do good, there are many things you can do to restore your score. So that way in six months to a year you can start applying again for a home mortgage and get your approval.
1. Check your credit reports for errors. Again , that is plural so check all three of your credit reports for errors. If there are mistakes on your credit reports, you will need to start an investigation with the company or the source of the derogatory information. Contact them in writing and make sure you include all supporting documentation proving the information is in fact an error.
2. Set up a timely repayment schedule. If you have any accounts that you have been late in paying, you will need to begin paying all of them on time. Paying your bills on time for a minimum of six months will go a long way in improving your credit rating.
3. Collections. Try to avoid having your accounts turned in to collections. A collection is the most damaging of all credit issues. So work out a re-payment plan before your account turns into a collection. A credit improvement agency may be able to help you get your collections erased; but only if the creditor did not abide by all of the laws of the Fair Credit Reporting Act. However, this is generally not the case because most creditors know the laws and how to follow them. So don't count on this as a quick fix . Most collection accounts will stay on your credit report for a minimum of seven years.
4. Keep a low balance on all of your revolving credit accounts. Try to keep your balances below 50% of your limit. The lesser the balance the better it looks to potential creditors.
5. Do some soul searching. Try to determine what caused your credit status to get out of control in the first place. Then do whatever you have to to amend your bad habits - if any.
6. Get a secured credit card. Secured credit cards can be very helpful in improving your credit.
Credit reports are extremely important in gaining an approval for your new home. The mortgage companies are more concerned about your recent buying and repayment history than what may have happened years ago. FHA policy requires a minimum credit of 530 to buy a home or
If your credit report is not looking to do good, there are many things you can do to restore your score. So that way in six months to a year you can start applying again for a home mortgage and get your approval.
1. Check your credit reports for errors. Again , that is plural so check all three of your credit reports for errors. If there are mistakes on your credit reports, you will need to start an investigation with the company or the source of the derogatory information. Contact them in writing and make sure you include all supporting documentation proving the information is in fact an error.
2. Set up a timely repayment schedule. If you have any accounts that you have been late in paying, you will need to begin paying all of them on time. Paying your bills on time for a minimum of six months will go a long way in improving your credit rating.
3. Collections. Try to avoid having your accounts turned in to collections. A collection is the most damaging of all credit issues. So work out a re-payment plan before your account turns into a collection. A credit improvement agency may be able to help you get your collections erased; but only if the creditor did not abide by all of the laws of the Fair Credit Reporting Act. However, this is generally not the case because most creditors know the laws and how to follow them. So don't count on this as a quick fix . Most collection accounts will stay on your credit report for a minimum of seven years.
4. Keep a low balance on all of your revolving credit accounts. Try to keep your balances below 50% of your limit. The lesser the balance the better it looks to potential creditors.
5. Do some soul searching. Try to determine what caused your credit status to get out of control in the first place. Then do whatever you have to to amend your bad habits - if any.
6. Get a secured credit card. Secured credit cards can be very helpful in improving your credit.
Tuesday, April 9, 2013
Real Estate Terms Everyone Should Know
Take a look at this glossary of Real Estate terms, everyone should know when selling or buying a home.
Affidavit of title: A written statement that sellers make under oath certifying that they are in possession of the property, and that since the examination of the title on the date of the contracts no defects have occurred in the title. Marital status is also stated.
Agent: The licensed real estate salesperson or broker who represents buyers or sellers.
Appraisal: The estimated current market value of a property, as determined by a professional appraiser -- usually by comparing the property to recent sales of similar ones.
Assessed value: The value of real estate property as determined by an assessor, typically from the county.
"As-is": A contract or listing clause stating that the seller will not repair or correct any problems with the property.
Back on market (BOM): When a property or listing is placed back on the market after being temporarily removed.
Back-up offer: When an offer is accepted contingent on the fall-through or voiding of an accepted first offer on a property.
Bidding war: When two or more buyers compete for a property by submitting higher offers than the first.
Brokerage: A firm engaged in buying and selling real estate for clients, using brokers and real estate agents to handle the deal.
Broker's tour: A set time and day when real estate sales agents come to view listings by multiple brokerages in the market.
Buyers Agent: The agent who shows the buyers the property and negotiates the contract for the buyer through closing.
Buyer's market: A market condition characterized by low prices and a supply of properties that exceed demand.
Capital gain: Profit earned from the sale which is above the original purchase price.
Chain of title: The document that shows the succession of conveyances, from some accepted starting point to the current holder of title.
Closing: The end of the transaction process, in which the deed is delivered, documents are signed and funds are dispersed.
Closing Costs: Expenses above and beyond the purchase price of a house and land (such as agent fees, taxes, etc.) that is paid by the buyer or seller at the completion of the sale.
Closing statement: A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction
Commission: The compensation paid to the listing brokerage by the seller for selling the property, a percentage of which is also paid to the buyer's agent (although in some cases a buyer may be required to pay his or her own share of the commission).
Commission split: The percentage of commission which is split between the real estate sales brokerage and the real estate sales agent or broker.
Comparable: A property used in an appraisal or comparative market analysis (CMA) report that is equivalent to the seller's property.
Competitive Market Analysis (CMA): A comparison of the prices of recently sold or listed homes that are similar to a seller's property in terms of location, style and amenities. This is usually prepared by a listing agent for the property's seller.
Contingency: A provision in a contract that requires certain actions before the contract is binding or the transaction can be finalized or "closed."
Contract for deed: A sales contract in which the buyer takes possession of the property but the seller holds title until the loan is paid. Also known as an installment sale contract.
Cost approach: Determination of the estimated value of a property that comes from adding, to the estimated land value, the appraiser's estimate of the replacement cost of the building, less any depreciation.
Counteroffer: An offer made in response to an offer received from the buyer (which, in effect, rejects the buyer's offer).
Curb Appeal: The visual impact that a property projects from the view from the street.
Days on market: The number of days that a property has been for sale on the market.
Depreciation: A loss of value in property due to physical or functional deterioration.
Disclosures: Federal, state, county and local requirements of disclosure that the seller provides and the buyer acknowledges.
Down payment: The amount of cash put toward a purchase by the borrower.
DOM: Days on market -- the number of days that a property has been listed for sale.
Dual agent: A state-licensed individual who represents the seller and the buyer in a single transaction.
Earnest money: The money given as a good faith deposit to the seller at the time the offer is made. Once accepted by the seller, it is held in a trust account until closing.
Escrow account: The trust account established by a broker for the purpose of holding funds, such as the earnest money, on behalf of the seller or some other person until the closing.
Exclusive-right-to-sell listing: A listing contract whereby the owner appoints a real estate broker as his or her exclusive agent for a designated period of time, to sell the property on the owner's stated terms, and agrees to pay the broker a commission when the property is sold.
Expired listing: A property listing that has expired per the terms of the listing agreement.
Fiduciary relationship: A relationship of trust and confidence between the real estate agent and client, as under the terms of a listing contract or buyer agency agreement.
Flat fee: A predetermined amount of compensation received or paid for a specific service in a real estate transaction.
For sale by owner (FSBO): A property that is for sale by the property owner and not represented by a real estate agent.
Inclusions: Fixtures or personal property included in a contract or offer to purchase.
Installment sales contract: A sales contract in which the buyer takes possession of the property and pays the purchase price in periodic installments, even though the title is retained by the seller until the loan is paid off. The same as: contract for deed.
Lease option: When a lease gives the tenant the right to purchase the property during the lease term.
List date: Actual date the property was listed with the current broker.
List price: The price of a property through a listing agreement.
Listing agreement: A contract between an owner-seller and a real estate broker to have the broker find a buyer for the owner's real estate in exchange for the owner paying a commission.
Listing appointment: The time when a real estate sales agent meets with potential clients (who are selling a property) to secure a listing agreement.
Lockbox: A device with a combination or keypad that hangs from the doorknob and stores the keys to the property for sale, so that agents can gain access for showings.
Market value: The estimated price that a property is likely to sell for under normal conditions on the open market.
Multiple-listing service (MLS): A group of member brokers who agree to share their listing information with one another in the hopes of procuring buyers for their properties more quickly than they could on their own.
National Association of REALTORS® (NAR): A national association of real estate sales agents.
Net listing: A listing contract between the seller and the seller's broker which sets a baseline price for a property; the broker nets any funds above that price when it sells. This type of listing is illegal in some states.
Open listing: A listing contract under which the broker's commission is contingent upon the broker bringing in a buyer before the property is sold by the seller or another broker.
Parcel identification number (PIN): A county or city tracking number for a property.
Pending: The status of real estate under an accepted contract that has not yet closed its transaction.
Preview appointment: When a buyer's agent views a property alone to see if it meets his or her buyer's needs.
Quit-claim deed: A document that releases the grantor/seller from whatever interest he or she has in the real estate.
Real estate agent: An individual who is licensed by the state and who acts on behalf of his or her client, the buyer or seller.
REALTOR®: A registered trademark of the National Association of REALTORS® that can be used only to refer to its members.
Re-list: Property listed by a broker that formerly was listed with another broker.
Severalty: Ownership of real property by one person only; also called sole ownership.
Staging: Preparing a home for sale through the neutral but appealing placement of furniture and accessories.
Survey: The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions and position of a house on a lot, including the determination of any existing encroachments or easements.
Temporarily off market (TOM): A listed property that is taken off the market for a short time.
Title search: The examination of public records relating to a real estate parcel which determines the current state of its ownership.
Transaction: The purchase process from offer to closing or escrow.
Under contract: A property that has an accepted real estate contract between a seller and a buyer.
Walk-through: A showing before closing that permits the buyers one final tour of the property that they are purchasing, typically so that they can check for any changes or defects.
Affidavit of title: A written statement that sellers make under oath certifying that they are in possession of the property, and that since the examination of the title on the date of the contracts no defects have occurred in the title. Marital status is also stated.
Agent: The licensed real estate salesperson or broker who represents buyers or sellers.
Appraisal: The estimated current market value of a property, as determined by a professional appraiser -- usually by comparing the property to recent sales of similar ones.
Assessed value: The value of real estate property as determined by an assessor, typically from the county.
"As-is": A contract or listing clause stating that the seller will not repair or correct any problems with the property.
Back on market (BOM): When a property or listing is placed back on the market after being temporarily removed.
Back-up offer: When an offer is accepted contingent on the fall-through or voiding of an accepted first offer on a property.
Bidding war: When two or more buyers compete for a property by submitting higher offers than the first.
Brokerage: A firm engaged in buying and selling real estate for clients, using brokers and real estate agents to handle the deal.
Broker's tour: A set time and day when real estate sales agents come to view listings by multiple brokerages in the market.
Buyers Agent: The agent who shows the buyers the property and negotiates the contract for the buyer through closing.
Buyer's market: A market condition characterized by low prices and a supply of properties that exceed demand.
Capital gain: Profit earned from the sale which is above the original purchase price.
Chain of title: The document that shows the succession of conveyances, from some accepted starting point to the current holder of title.
Closing: The end of the transaction process, in which the deed is delivered, documents are signed and funds are dispersed.
Closing Costs: Expenses above and beyond the purchase price of a house and land (such as agent fees, taxes, etc.) that is paid by the buyer or seller at the completion of the sale.
Closing statement: A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction
Commission: The compensation paid to the listing brokerage by the seller for selling the property, a percentage of which is also paid to the buyer's agent (although in some cases a buyer may be required to pay his or her own share of the commission).
Commission split: The percentage of commission which is split between the real estate sales brokerage and the real estate sales agent or broker.
Comparable: A property used in an appraisal or comparative market analysis (CMA) report that is equivalent to the seller's property.
Competitive Market Analysis (CMA): A comparison of the prices of recently sold or listed homes that are similar to a seller's property in terms of location, style and amenities. This is usually prepared by a listing agent for the property's seller.
Contingency: A provision in a contract that requires certain actions before the contract is binding or the transaction can be finalized or "closed."
Contract for deed: A sales contract in which the buyer takes possession of the property but the seller holds title until the loan is paid. Also known as an installment sale contract.
Cost approach: Determination of the estimated value of a property that comes from adding, to the estimated land value, the appraiser's estimate of the replacement cost of the building, less any depreciation.
Counteroffer: An offer made in response to an offer received from the buyer (which, in effect, rejects the buyer's offer).
Curb Appeal: The visual impact that a property projects from the view from the street.
Days on market: The number of days that a property has been for sale on the market.
Depreciation: A loss of value in property due to physical or functional deterioration.
Disclosures: Federal, state, county and local requirements of disclosure that the seller provides and the buyer acknowledges.
Down payment: The amount of cash put toward a purchase by the borrower.
DOM: Days on market -- the number of days that a property has been listed for sale.
Dual agent: A state-licensed individual who represents the seller and the buyer in a single transaction.
Earnest money: The money given as a good faith deposit to the seller at the time the offer is made. Once accepted by the seller, it is held in a trust account until closing.
Escrow account: The trust account established by a broker for the purpose of holding funds, such as the earnest money, on behalf of the seller or some other person until the closing.
Exclusive-right-to-sell listing: A listing contract whereby the owner appoints a real estate broker as his or her exclusive agent for a designated period of time, to sell the property on the owner's stated terms, and agrees to pay the broker a commission when the property is sold.
Expired listing: A property listing that has expired per the terms of the listing agreement.
Fiduciary relationship: A relationship of trust and confidence between the real estate agent and client, as under the terms of a listing contract or buyer agency agreement.
Flat fee: A predetermined amount of compensation received or paid for a specific service in a real estate transaction.
For sale by owner (FSBO): A property that is for sale by the property owner and not represented by a real estate agent.
Inclusions: Fixtures or personal property included in a contract or offer to purchase.
Installment sales contract: A sales contract in which the buyer takes possession of the property and pays the purchase price in periodic installments, even though the title is retained by the seller until the loan is paid off. The same as: contract for deed.
Lease option: When a lease gives the tenant the right to purchase the property during the lease term.
List date: Actual date the property was listed with the current broker.
List price: The price of a property through a listing agreement.
Listing agreement: A contract between an owner-seller and a real estate broker to have the broker find a buyer for the owner's real estate in exchange for the owner paying a commission.
Listing appointment: The time when a real estate sales agent meets with potential clients (who are selling a property) to secure a listing agreement.
Lockbox: A device with a combination or keypad that hangs from the doorknob and stores the keys to the property for sale, so that agents can gain access for showings.
Market value: The estimated price that a property is likely to sell for under normal conditions on the open market.
Multiple-listing service (MLS): A group of member brokers who agree to share their listing information with one another in the hopes of procuring buyers for their properties more quickly than they could on their own.
National Association of REALTORS® (NAR): A national association of real estate sales agents.
Net listing: A listing contract between the seller and the seller's broker which sets a baseline price for a property; the broker nets any funds above that price when it sells. This type of listing is illegal in some states.
Open listing: A listing contract under which the broker's commission is contingent upon the broker bringing in a buyer before the property is sold by the seller or another broker.
Parcel identification number (PIN): A county or city tracking number for a property.
Pending: The status of real estate under an accepted contract that has not yet closed its transaction.
Preview appointment: When a buyer's agent views a property alone to see if it meets his or her buyer's needs.
Quit-claim deed: A document that releases the grantor/seller from whatever interest he or she has in the real estate.
Real estate agent: An individual who is licensed by the state and who acts on behalf of his or her client, the buyer or seller.
REALTOR®: A registered trademark of the National Association of REALTORS® that can be used only to refer to its members.
Re-list: Property listed by a broker that formerly was listed with another broker.
Severalty: Ownership of real property by one person only; also called sole ownership.
Staging: Preparing a home for sale through the neutral but appealing placement of furniture and accessories.
Survey: The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions and position of a house on a lot, including the determination of any existing encroachments or easements.
Temporarily off market (TOM): A listed property that is taken off the market for a short time.
Title search: The examination of public records relating to a real estate parcel which determines the current state of its ownership.
Transaction: The purchase process from offer to closing or escrow.
Under contract: A property that has an accepted real estate contract between a seller and a buyer.
Walk-through: A showing before closing that permits the buyers one final tour of the property that they are purchasing, typically so that they can check for any changes or defects.
Tuesday, March 19, 2013
Future of Ports O' Call in San Pedro
What do you want to see there? Hotels, shopping, fine restaurants or...? The sky is the limit. I have been waiting for the city to make some kind of motion to make plans for this area, it has so much potential. What I would love to see, is new restaurants that accentuate San Pedro's waterfront, and history with modern restaurants featuring local seafood overlooking the port and ocean. For entertainment have live bands performing on the weekends and access to the waterways. Hopefully, the community will come together to make big things happen for Ports O' Call, and get San Pedro to thrive again. You can voice your ideas at the public hearing, 5:30 PM April 2nd at the Warner Grand Theater on 6th St. in San Pedro. Its like monopoly, place your wants on this 30 acre prime water front property.
Its about time!
Gordon Inman
The Inman Team
Broker/Owner of Keller Williams LA Harbor
Its about time!
Gordon Inman
The Inman Team
Broker/Owner of Keller Williams LA Harbor
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