Archive for May, 2010
It’s All About Real Estate
May 27th, 2010 categories: Buyers
I can’t tell you how important it is to buy Real Estate now! Now is the time to get into the market and BUY! All the smart money is out there buying and taking advantage of this opportunity in 2010. Contact me if you want to get in the game! You don’t want to be one of those people looking back and saying, “Why didn’t I buy in the summer of 2010???”
Don’t miss out! Call me (310) 508-1112
| Discussion: No Comments »
Greystone Mansion, Beverly Hills
May 23rd, 2010 categories: Upcoming Community Events
Music at the Mansion Series Continues!
Sunday, May 23rd, 2pm – Greystone Mansion, Living room, 905 Loma Vista Drive, Beverly Hills
Hyun-Soo Lee and Chun-Chieh-Yen will perform this Sunday. Hyun-Soo has been awarded numerous top prizes in International piano competitions and has performed in the Korean Symphony, World Youth Symphony. Chun-Chieh is top prize winner of international competitions including Hamamutsu International piano competition in Japan.
Concerts include a light reception providing an opportunity to meet the performers and tour the first floor of the Greystone Mansion. Tickets are $25, $20 for Seniors, students and youth. For more information call (310) 285-6850.
| Discussion: No Comments »
Top 5 Ways to Use a Tax Refund
May 20th, 2010 categories: Money and Mortgages
Thousands of Americans are receiving income tax refunds from the U.S. government, with the IRS reporting an average refund of $2,940 this year. In the current economy, consumers can make strategic choices to make sure that refund pays off for them.
My clients often ask me about financial matters, including advice on smart ways to manage income tax returns. According to Freedom Tax Relief (www.freedomtaxrelief.com), many tax refund recipients might be thinking of creative ways to spend that cash as the economy starts to recover. But before getting carried away, they suggest thinking more long term.
Freedom Tax Relief suggests the following as the top ways to wisely spend an income tax refund:
1. Pay down credit card and other high-interest debts (including payday loans). Few investments can top the rate of return for eliminating debt. Paying off credit card debt at typical interest rates effectively makes an investment that returns 20% or more per year. The only caveat: Be certain you change your mindset as well. If you pay off debts, only to charge up the credit cards or sign for a new car loan a few months later, you have ultimately gained nothing. If credit card debt is your problem, cut up or freeze your credit cards to ensure you do not re-create the same problem you have left behind. Use a debit card for future purchases that require a card.
Ready to pay down your debt? List and pay secured debts first (mortgage, car). Mortgage payments should take absolute priority. Then list unsecured debts (credit cards, loans) in order of highest interest rates. Make minimum payments on all but the highest-rate card. Use every cent of available income to make large payments on the card with the highest rate. When that card is paid off, apply the big payment plus the old minimum payment on the next-highest rate card until it is paid off. Continue until all debt is eliminated.
2. Create an emergency fund. The Great Recession has pointed out the importance of an emergency fund. Those who do not yet have enough readily accessible money set aside to cover several month’s worth of expenses should consider a tax refund a prime opportunity to create a fund that ultimately includes 6-9 month’s living expenses. These amounts are not necessarily equal to salary. Instead, they should include only what the household would spend if it were in dire straits. House these savings in a money market fund or rolling CDs so that the money earns interest and cannot easily be spent- but can be accessed in an emergency.
3. Make sure you have adequate insurance. Everyone should have health, auto, and home or renters insurance. If dependents rely on breadwinner’s income, look into life insurance. Consider an umbrella policy to protect from additional liability. And if the household could not survive without an income, purchase disability coverage. This is a huge savings step- one trip to the emergency room or one minor accident can easily end up costing thousands or tens of thousands of dollars out of pocket.
4. Fund the future. Contribute to retirement savings, whether an individual or Roth IRA, 401(K) or other plan.
5. Invest in the home. Homeowners might consider using refunds to cover major or minor maintenance to make sure no bigger (and more expensive) problems arise down the road. In addition, these capital improvements can create additional equity in a home.
No matter how big or small the amount, and despite the temptation to celebrate and splurge, make your choice on what to do with any refund carefully, experts say. Take time to make sure your money works for you and helps build wealth.
For more information please email me and feel free to share this with anyone you believe will benefit from these tips. Also, don’t forget to become a fan of Kathy Villa Real Estate on Facebook by following the link on the left. I look forwarding to connecting with you!
| Discussion: No Comments »
Top 5 Remodeling Headaches to Avoid
May 11th, 2010 categories: Home Improvements and Design
Whether you’re adding a room to accommodate an expanding family or remodeling to increase value, home renovations can be one of the best investments you make, especially in today’s economy. The key to a successful remodel, however, is knowing what mistakes to avoid. I have advised many clients on what renovations will offer the best return on their investment and pay dividends when the time comes to sell their home.
According to a Consumer Reports poll, the most popular remodeling projects for homeowners are kitchens (19%) and bathrooms (17%) . In another survey, however, Consumer Reports asked 6,000 readers to reveal what went wrong when they remodeled their kitchens and baths and how much those mistakes added to the overall cost of their projects. Here’s how to avoid their mistakes and save:
1. Don’t rush in. Changing plans is the most common, but costliest remodeling gaffe. Be sure to leave time for research and create a comprehensive plan, listing every product.
2. Prepare for the unexpected. There’s a lot going on behind the walls. Unexpected water damage was an issue with 17% of bathroom remodels, while structural problems caused headaches for 10% of kitchen projects. A good contractor will be able to anticipate such problems, allowing the homeowner to budget accordingly.
3. Don’t chase the “low ball.” Contractors are lowering their profit margins due to the tight market, but they often make up their costs in labor or other areas. Readers who went for “low ball” pricing ended up spending a median of $1,500 extra for labor on their kitchens and $1,000 extra on their bathrooms. Don’t sign a contract with a lot of open-ended amounts for products and materials- these are called “allowances,” in contractor speak.
4. Get the paper in order. Have the contractor attach copies of his or her up-to-date license, insurance and workers’ compensation policies to the written contract. He or she should also get permits and provide a lien waiver when the job is done; this will keep suppliers from contacting the homeowner for unpaid bills.
5. Focus on the boring bits. Specifying lighting and placement of trash cans are not much fun, but are critical to the process. For example, the proper exhaust fan will prevent mildew in baths and vent odors in kitchens.
Following the above advice will help ensure a successful and profitable remodel. For more information or for contractor referrals feel free to email me. And please share this information with anyone you know in the midst of remodeling- don’t let them make these same mistakes! Also, please join others by becoming a fan of Kathy Villa Real Estate by following the link on the left. I look forward to connecting with you!
| Discussion: No Comments »
Real Estate Outlook
May 6th, 2010 categories: Real Estate News
Real Estate Outlook: The Federal Reserve
What should we make of the latest reports on rising home sales and the Federal Reserve’s promise to keep interest rates low indefinitely?
Should we worry that at least some of the sales are being pushed forward by the expiring tax credits? Though that may be the case, take a minute and join the economists at the Fed to see the bigger picture. What’s going on in the economy nationwide?
In its “open markets committee” statement issued last week, the Fed pointed to the underlying positives: Overall national “economic activity continues to strengthen,” it said, and “the labor market is beginning to improve.” Of course there are challenges to keeping the rebound rolling along, but the direction for the year as a whole is good.
The Fed’s statement provides useful context for some of the encouraging numbers being racked up in the housing market. For example:
The Commerce Department reported last week that new home sales in March were up by 27% -hitting their highest levels since July of 2009. Even the median sale price was up by 4.3 percent compared with the same month the year before.
Home resales in some major markets were up impressively as well, such as in Chicago, where sales jumped by 50% last month over the year before, and were 48% higher than they were in February. Florida sales were 37% higher in March than February and were up by 24% compared with the year before. Las Vegas saw its highest sales totals in four years.
Not surprisingly, applications for new mortgages to purchase homes have been rising strongly as well. The Mortgage Bankers Association reported a 12 percent surge in purchase applications for the latest week. No question the expiring tax credits requiring signed contracts by April 30th played a role in that number.
Meanwhile, the National Association of Business Economics, a group that represents corporate and government economists, just came out with an upbeat forecast as well. Three-quarters of the economists surveyed expect growth in the national gross domestic product (GDP) of two percent or higher through the balance of the year.
Twenty-two percent of the private companies polled reported their payrolls and employee numbers increased in March, up significantly from the month before.
So the bottom line to keep in mind about the latest statistics and projections is this: The underlying economic factors, growth in jobs, growth in output, rising consumer expenditures and confidence, are the critical numbers to watch for future housing activity.
And at the moment, the consensus is that they look pretty promising!
courtesy of Today’s Local Market Conditions Report: Yahoo! Real Estate
| Discussion: No Comments »
How Do I Prepare My Home for Showings?
May 3rd, 2010 categories: Home Improvements and Design, Sellers
It’s a very exciting time. Your agent has just lined up a prospective buyer. A deal can be made or broken during the showing. How can you prepare your home to its best advantage?
1. Removing the clutter should be your first course of action according to the National Association of Realtors. The reasoning behind this is simple. Clutter distracts the mind and it distracts the imagination. A potential buyer needs to be able to see themselves and their own style in your home. By banishing disorder and welcoming in neatness you can give your house an advantage over any competition who is not as prepared.
2. The next step is to clean, after getting rid of the clutter. In the same sense that decluttering is removing “you” from the potential home of another, cleaning is removing your grimy mark. Have carpets cleaned, wax the floors, and remove any odors of pets or smoking.
3. Luxurious bathrooms are a must! A bathroom that is clean and full of comfort is appealing to most every buyer. Arrange new towels and rugs, as well as burn fresh smelling candles. Consider adding rich decor, such as paintings.
4. Windows that shine. We can be desensitized to the finer details of our home, but buyers will hone in on each and every imperfection. Be sure that during your cleaning and decluttering, you don’t forget to wash your windows. This way buyers will be able to focus their attentions on the beautiful grounds of your property, as opposed to the spots on the glass.
5. Let there be light. Burned out bulbs can make rooms look dark and dingy. Consider buying eco-friendly fluorescent or LED lights for use in your home.
6. Minor repairs are important. There are buyers who are turned off by even minor repairs. They see that loose cabinet door or that warped deck board as a two-fold evil. Either the house has been poorly cared for with bigger repairs waiting for discovery under the surface, or that the home may be too much work for them.
7. Don’t neglect your yard. For many buyers, a yard is an extension of the home. Be sure that for each showing, your yard is freshly mowed and any debris, trash, or clutter (toys, tools, etc) are put away. A great way to make flower beds appear neat and well tended is to add mulch. Clean off sidewalks with a power wash.
8. Add punches of seasonal color. Even if you aren’t a garden guru, you can still plant low maintenance flowers in beds and pots. Some examples of low maintenance flowering plants are: petunias, pansies, and vincas.
9. A petless home. We all love our pets, sometimes like they’re our own children. But they should be safely at a friend’s house or kennel during showings. While you’re at it, take your children and yourself out of the home during the showing as well!
10. Lock up your valuables. It would be nice to think that no potential buyer would steal from your home, but it could happen. Be sure that anything easily removed is locked away for safe keeping. And be sure that your real estate agent gets any one’s contact information before they are allowed into your home.
If you are thinking of putting your home on the market, feel free to call or email me for your real estate needs and questions. Don’t forget to share this information with your friends and family who may find these tips useful or need help selling their homes as well.
Courtesy of Yahoo Real Estate. Today’s Local Market Conditions Report
| Discussion: No Comments »
Free Jazz Concert in Beverly Hills
May 1st, 2010 categories: Upcoming Community Events
Free Jazz Community Concert!
Sunday May 2nd, 3:00 – 5:00 pm at Beverly Hills Civic Center Plaza, 450 N. Rexford Drive, Beverly Hills
The Playboy Jazz Festival will launch their popular free community concert series featuring Grammy nominee Bill Cunliffe and his Septet and Johnny Crawford and his Orchestra. Food and refreshments will be available for purchase to the public. Glass containers, alcoholic beverages and video/audio recorders are not allowed. Two free hours of parking are available at the Civic Center parking structure, adjacent to the Beverly Hills Library. Remember: Admission is FREE!
| Discussion: No Comments »