July 26, 2018
Short sales are NOT dead, just slowly growing old and tired. I'm in the middle of one right now, and that is why I know they aren't dead.
If you are in a situation where you bought your home at 100% loan to value (yes, it was possible for a minute in time), and the market turns (and then you lose your job or your property tax becomes due... or you have a family health issue, etc.), you may be in this position, sooner than later.
The market may be turning and if you bought this past year, and have NO or LITTLE equity, you may be in a short sale situation at some point if your income declines. What to do? Well, it's too late to tell you not to buy! So your choices?
1. Bury your head in the sand and ignore this (and cross your fingers)
2. Don't lose your income - in fact, get more income!
3. Sell now while you can
4. Bring in renters to those unused rooms
5. Rent out the whole house with a positive cash flow and buy a smaller place.
OK, these choices may not be satisfactory, but you may be in for a shock if you do nothing and you have no equity right now - if the market turns down, as indications say they will, you may be in a short sale position in the near future.
Posted by Connie Gohata. Posted In : Short Sale
July 26, 2018
All indications point to a turning point - we may be turning faster than it was thought, toward a more buyer-friendly market. That means homes won't be selling as fast, and they will either stay at the prices they are now or even go down!
If you want to sell - now is the time!!
Here's an article from Tim and Julie Harris, written by Tim Ventura to Agents who listen to their podcast:
Is the market going to crash? On yesterday’s show we cited data from CNBC, and in today’s show we’re discu...
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Posted by Connie Gohata. Posted In : Real Estate Market
February 13, 2018
I've been having trouble concentrating on work - why? Because I want to see who is winning what in the PyeongChang 2018 Olympics. It's because I have so much access - my phone, my iPad, my computer, my TV. I am writing this on my computer and watching Speed Skating on my phone. Republic of Korea just won!
But hey, all work and no play - or is it all play and no work won't bring home the bacon or the mortgage. So I'm shutting off the Olympics until I get in front of my lunch - it's only 11...
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Posted by Connie Gohata. Posted In : Life
February 13, 2018
I'm truly amazed at housing prices - even rental - in the west side of LA - or any part of Southern California. If you are a first-time home buyer, it's mind boggling. What should you do if you are just starting out?
My suggestion - since the housing market has shown (for the past 65+ years) that it will continue to rise overall, buy something that you can afford, now! If you bought a home in 1990, it has probably doubled or more, in value. I bought a house in 1974 for $35,000, in Fountain...
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Posted by Connie Gohata. Posted In : Building Wealth through Real Estate
November 21, 2017
Many people on this earth have nothing - we in the US, even if we are poor, are much better off than many of whom are in third world countries or those who are refugees living in camps.
We have opportunity, here, and if we can pick ourselves up by the bootstraps and be enterprising, there is nothing that can stop us!
I'm thankful that I have a place to live and people around me that love me.
How about you? What are you thankful for?
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Posted by Connie Gohata. Posted In : Life
October 24, 2017
I'm getting ready for the game - it starts today at 5:00 at Dodger Stadium, but I, like most of the rest of the world, will be watching it on FOX, channel 11 here is SoCal. That is in an hour and 45 minutes from now, just long enough for me to start something and not finish it. But I thought I'd at least leave my thoughts, here.
Behind the scenes of a Realtor??:
I get calls and solicitations every day - today was from a company who would send me referrals. They say the leads are vetted alrea...
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Posted by Connie Gohata.
October 20, 2017
It seems that we are in a hot market for sellers - BUT.
The BUT is that we are in a slower market - because there are not a lot of people who want to sell right now. There could be a number of reasons for this - sellers, even thought they will most likely sell at a good price, don't want to buy at a high price. The season isn't right - the kids are in school and the parents don't want to move. It would be less expensive to add on to the present house than move.
Then there are people like me ...
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Posted by Connie Gohata. Posted In : Real Estate Market
September 19, 2017
It depends on where you are looking - I was looking around Los Angeles, in the different parts of mid and west LA - I'm just amazed at how much these small homes are going for in price - not the $400K's - they are in the $600Ks to $800Ks - like they were made of gold. Some, in fact most of these were in the bread and butter neighborhoods, not the up and coming executive neighborhoods - so who, on a bread and butter salary can afford to live in these homes?
My home, in OC, is a 5 bedroom/3 bat...
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Posted by Connie Gohata. Posted In : Buying
August 14, 2017
My daughter is thinking about her future. She is looking at the difference between renting and buying a home - because in the near future, she is planning to get married. She is amazed that home prices are SOOO HIGH.
I told her that RENTS are high, too so she may as well BUY.
What about you? You have to start, somewhere, if you are going to buy. Why not squeeze the trigger and buy something small in a city or area that is not as desirable as where you want to end up? As prices go up, your...
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Posted by Connie Gohata. Posted In : Building Wealth through Real Estate
March 31, 2017
Time to get on the bandwagon - time to buy. Why? well, if you keep your property for 5 years, it could appreciate by a lot of $$!! Then you can use this money to put a small down on another house - move there, and rent out the first house. Rents are going up, too! You have a win-win situation, using leverage.
I was watching Flip or Flop the other day - they buy for cash - NO leverage, because they are in, fix up, and sell. No time for appreciation, except for what they build in to the ...
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Posted by Connie Gohata. Posted In : Building Wealth through Real Estate