Glenn Tinturin’s Blog

Lake Arrowhead CA

Fannie Mae last week announced it is updating several policies impacting the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event, including a preforeclosure sale, short sale, or deed-in-lieu of foreclosure.

Among the changes is the amount of time that must elapse after the preforeclosure event before a borrower is eligible to obtain a new mortgage loan owned or guaranteed by Fannie Mae. This waiting period may be dependent on the loan-to-value ratio of the transaction and whether extenuating circumstances, such as loss of employment, contributed to the borrower™s financial hardship. Additionally, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.   These changes apply only to loans owned or guaranteed by Fannie Mae and do not impact those owned or guaranteed by Freddie Mac or the Federal Housing Administration (FHA).

To discuss your options for selling your home call Glenn Tinturin at 909-336-6733 or contact him at ArrowheadRealEstate.com.

Buyers  be aware of the April 30 deadline for closings and contracts in order to qualify for the federal Extended Home Buyer Tax Credit. To qualify for the credit, you must close on the home purchase by April 30, 2010, or have a binding written contract by April 30, 2010, and close by July 1, 2010.

Lake Arrowhead CA

My wife and I went for a nice walk today from our home a couple blocks away from Grass Valley Lake which is part of the Lake Arrowhead Country Club to the clubhouse which is a little over a mile away. What a perfect day! Grass Valley Lake was beautiful as always, and as its overflow runs down Grass Valley Creek, the sound of the water flowing over the rocks was just enchanting.

The weather was perfect for a comfortable stroll or a brisk walk. It was in the low to mid 50s with blue skies and just a slight breeze. When we got to the Country Club, we noticed they has many, many flats of pansies ready and waiting to be planted at the entrance. They always do such a beautiful job of landscaping every year.

As we turned around and started heading home, we were stopped by several friends – some driving by, others just outside their homes enjoying the beautiful outdoors before Easter Sunday, tomorrow.

To all of you out there, I wish you a very Happy Easter.

If you’d like to find out more about Lake Arrowhead, please feel free to visit the most comprehensive website for Lake Arrowhead Information and Real Estate, www.ArrowheadRealEstate.com. Or, if you would prefer to simply pick up the phone, you may call Glenn Tinturin at 909-336-6733.

Lake Arrowhead, CA

Homes in the Lake Arrowhead communities come in many different  flavors, with the full range of styles, features, and amenities. Since the lake, itself, is a private lake, most investment and vacation home buyers want to be  sure they get a home with Lake Rights. This means they will have the privilege of joining the Arrowhead Lake Association, to use its beaches and docks, and to put a boat in the water.

In order for a home to have Lake Rights, it must be  located within a neighborhood known as Arrowhead Woods. Lakefront homes, of course, also have Lake Rights, but are segragated  from the other areas and are searched  for separately in the MLS.  Because of this elite  privilege  of having Lake Rights, homes in Arrowhead Woods (and especially Lakefront homes) are afforded premium pricing.

Here is a look at the real estate market activity for Lakefront and Arrowhead Woods homes year-to-date:

Active Listings:   299
Median Price:   $549,000
Price Range:   $150,000 – $14,200,000

Mountain-wide, NOT including Arrowhead Woods and Lakefront homes:

Active Listings:   580
Median Price:   $329,000
Price Range:   $39,500 – $6,000,000

To find available homes for sale in Arrowhead Woods visit  ArrowheadRealEstate.com  or contact Glenn Tinturin at 909-336-6733.

ArrowheadRealEstate.com has had an extreme makeover, giving Lake Arrowhead Real Estate the supreme web site for both buyers and sellers. Not only can buyers search for active listings from multiple MLSs, but sellers can see pricing trends as well as selling prices and market trends. Looking for foreclosures? Want a lakefront home? Just go to Property Search and choose the appropriate menu item. These are all listed seperately,   and are very convenient to find. Do you need important phone numbers or links for services in the Lake Arrowhead area? They are all there. Is it snowing? What’s the temperature there? What’s the weather forecast?  What are the road conditions? You can now find it all at www.ArrowheadRealEstate.com. One place for all your information. So, don’t wait. Go check it out now. And, let us know what you think. We want to make it the best site for all your Lake Arrowhead real estate needs, today and in the future. Thank you for your help.

1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus-Experian, Equifax, and TransUnion. Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information you are being evaluated on is current and correct.2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations will usually be done within 30 days of your request.3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you’re struggling to catch up, contact your creditors to work out a payment schedule.4. Increase the length of your credit history. This accounts for about 15% of your score. Don’t cancel your old card or get a lot of new ones in a short time span because this can hurt your score.5. Keep credit card balances low. It’s a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don’t apply for new credit cards first.7. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.8. Pay off debt rather than moving it around. The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.

9. Beware credit-repair scams. By all means, don’t pay someone to wipe away the negative items in your file. If they don’t follow through, the damaging items will reappear in two or three months.

When you are ready to purchase a home, contact Glenn Tinturin in Lake Arrowhead CA at 909-336-6733 or visit ArrowheadRealEstate.com.

Existing, single-family home sales increased 2.1 percent in September to a seasonally adjusted rate of 530,520 units on an annualized basis in California.

Existing, single-family home sales increased 8.7 percent in the combined Arrowhead Woods and Lakefront areas of Lake Arrowhead, CA, with a total of 26 units sold for the month of September.

The statewide median price of an existing single-family home increased 1.1 percent in September to  $296,090, compared with August 2009.

The combined Arrowhead Woods and Lakefront areas’ median price decreased by about .77 percent in September to $322,500, compared with August 2009′s median price of $325,000.

California Association of Realtor™s Unsold Inventory Index fell to 4.2 months in September, compared with 6.5 months in September 2008.

In Lake Arrowhead CA, our Unsold Inventory is approximately 12.2 months, with 406 active listings in the combined Arrowhead Woods and Lakefront areas.

This is definitely a Buyers’ Market here in Lake Arrowhead CA. To take advantage of this great market today, go to ArrowheadRealEstate.com or contact Glenn Tinturin at 909-336-6733 today.

Effective October 11, 2009, the Buyer’s Choice Act prohibits an REO lender selling residential property up to four units from directly or indirectly requiring the buyer to purchase escrow services or title insurance from any particular company.   A buyer, however, who has received written notice of the right to make an independent selection, may agree to the REO lender’s escrow or title recommendations.   An REO lender that violates this law can be held liable for three times the charges the buyer incurred, whereas a violation by the seller’s agent may be subject to license disciplinary action.   This law expires on January 1, 2015.   Assembly Bill 957. To find out how this can help you in the Lake Arrowhead area, go to ArrowheadRealEstate.com or contact Glenn Tinturin at 909-336-6733.

Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors ®.  

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August 2009, rose 6.4% to 103.8 from a reading of 97.6 in July, and is 12.4% above August 2008 when it was 92.4. Read the rest of this entry »

Seeking real estate bargains?   Try looking at the high end
Buyers hoping to purchase deeply discounted homes may want to consider purchasing homes in the high end”especially those priced $2 million or more.   In some cases, buyers may be able to command even lower prices on these homes, as financing continues to be a challenge for buyers of luxury homes.  

MAKING SENSE OF THE STORY FOR CONSUMERS

·                   While data from the Federal Housing Finance Agency (FHFA) showed that average home prices rose 0.3 percent nationwide between June and July, including a 1.6 percent increase on the west coast, the data only relate to homes purchased with conforming loans guaranteed by the FHFA.   These loans are mortgages of up to $417,000 or up to $713,000 in the country™s most expensive regions.   The outlook for homes priced above that amount remains bleak.

·                   In many areas across the country there is a new level of value being established.   According to one broker, homes that used to sell for $8 million now are selling for $6 million, while homes previously priced in the $10 millions are selling for $8 million.   The price adjustment in the high end appears to be about 20- to 30 percent lower.

·                   A recent survey by Trulia.com showed that sellers listing homes for more than $2 million have reduced their asking prices by a total of $7 billion, with an average price reduction of 14 percent.

·                   Chip Case, economics professor at Wellesley College and coauthor of the Case-Shiller index, says that some of the markets finally may be catching up to the wider housing market downturn.   œThat level was more in the hold-out category, he says.   œUp until recently, the foreclosures weren™t hitting that level.   But they are now. There™s no question about that.   You™re seeing some contagion from the prime level to the luxury end.

·                   Sooner or later, even high-end homeowners need to sell.   And, when they get tired of waiting, they reduce their asking prices.   Factoring in taxes, upkeep and the opportunity cost of keeping money in a non-performing asset, an empty luxury home may be costing owners a lot just by sitting there, giving them a powerful incentive to make a deal.

To find out how the high end luxury market has been affected in Lake Arrowhead CA contact Glenn Tinturin at 909-336-6733 or go to ArrowheadRealEstate.com.