San Fernando Valley Real Estate Blog

Dear David and the Coldwell Banker Community Foundation:

On behalf of the San Fernando Valley Rescue Mission and the guests we serve, I want to personally thank you for your generous donation of $2,500.00 to help us purchase double-decker sleeping cots for our homeless families. Your contribution allowed us to purchase an additional 10 double-decker cots, increasing our overnight sleeping capacity by twenty. While cots are not a permanent solution to our homeless crisis, they are a temporary solution providing homeless families an opportunity to sleep in a safe, secure facility.

At the Mission, we could never do what we do without the support of people like you. We realize there are many excellent organizations you can support and we are humbled and honored that you have selected the San Fernando Valley Rescue Mission. We hope you will consider us again for any future allocations or disbursements.

The San Fernando Valley Rescue Mission currently is the ONLY emergency homeless shelter for families in the Valley. Over 50% of our guests each night are children under the age of 12. As a Mission we provide our guests 3 meals per day, showers, clothing, over night shelter and individual case management designed to help our guests break the cycle of poverty and move into their own home.

Again, thank you for your compassion, generosity and support.

Sincerely,

Ken Craft, Director

San Fernando Valley Rescue Mission

kcraft@erescuemission.org

You have some important things to consider when searching for the perfect home to buy in the San Fernando Valley. It can be a distressing task to sort through all of the homes on the market as well as deciding on what neighborhoods in which to focus especially if you are unfamiliar with the area. Your Buyers Agent can be especially helpful with this because they can refer you to reliable resources to gather important information you will need to make the right decisions.

It is important to research neighborhoods thoroughly as well as drive through certain areas to get an idea of which ones might suit you best. Here are some important factors to consider are:

a) Homeowner statistics-average family income, family type, occupation and education levels.

b) Profile of the neighborhood-amount of commercial development, density. Type of area-suburban, rural, city or small town etc.

c) Schools-test scores, number of national merit scholars and college students, school performance and student spending.

d) Crime statistics-you can usually get this type of data by calling your local Police Department-Public Affairs or visit their website.

e) Conveniences and amenities-proximity to parks, nightlife, transportation, shopping, restaurants, employment, schools, recreation and places of worship etc.

There are many ways to analyze areas you might be interested in. One way to go about looking at a particular area is to determine the "supply and demand". How many "For Sale" signs are in the area? How many of these properties have sold? What is the ratio between listing prices to sales prices? Are homes selling with multiple offers?

In popular areas home values are usually higher than others. If affordability is an issue you may try to look in an area that has not been discovered yet or that is on the outskirts of a metropolitan area. You might also consider buying a townhome or condo in the beginning in order to live in a better area if finances are a concern.

NAR statistics show that 80% of consumers are going online to websites such as Realtor.com, real estate brokerage and individual agent's sites to gather information on homes before contacting a Realtor. This statistic is growing daily because the internet has made is ever so easy to access important information online such as buying a home, crime statistics, neighborhoods, schools, etc.

You will want to narrow your search as much as possible otherwise you can be "searching for the one" for a very long time. To start off you should write down all of the important facts about each area you are considering on paper side-by-side to make it easier to analyze. Once you have selected the homes you want to see it is time to make an appointment with your Buyer's Agent to show them to you. Take notes on each property you view to be able to analyze them in detail later.

Once you have compared each home and have selected the one you are most interested in it might be time to write an offer! If the property is a new listing and there is a lot of interest you might have to move fast otherwise you run the risk of possibly losing it.

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You should check your own credit before searching for a home. The reason is that you will become aware of any negative items that you may not have known about. A mortgage lender will run your credit in order to "qualify you" for a mortgage so it is recommended that you check your credit preliminarily to eliminate any future problems. Being eligible for the best interest rates and discounts on homeowner's insurance are benefits to those who have excellent credit. It is free and easy to obtain a copy of your credit report.

You may request a free credit report from Experian, Trans Union or Equifax once a year. The three credit reporting agencies are:

1) Experian www.experian.com (888)397-3742 P.O. Box 949, Allen TX 75013-0949

2) Trans Union www.transunion.com (800)888-4213 P.O. Box 390, Springfield, PA 19064-0390

3) Equifax www.equifax.com (800)685-1111 P.O. Box 740241, Atlanta, GA 30374-0241

You may also call (877)322-8228 or visit www.annualcreditreport.com to request a copy of your free credit report.

The first step in beginning the home buying process is to get prequalified or preapproved. When you submit an offer on a property with a preapproval versus a prequalification you will be a stronger candidate in the seller's eyes. Having a preapproval will be beneficial to you especially if there are other offers on the table from other prospective buyers.

A prequalification means that you have filled out an application and a mortgage lender has checked your credit. A preapproval is going a step further and providing your income documentation (bank statements, tax returns, pay stubs etc) to the lender to verify your income and assets. A benefit to being preapproved in advance is that it enables you to close escrow sooner.

There are two ways a mortgage lender determines how much you can afford. First, the most amount of debt you can have cannot exceed 30% of your gross income including your mortgage. Secondly, your mortgage payment cannot exceed more 28% of your monthly gross income. The ratios above are standard requirements for most lenders in order to get a conventional loan.

However, there are other types of loans that are easier in which to qualify and may offer flexible down payment options, rates and terms. Some of them include FHA or VA loans. You should contact a reputable mortgage lender to discuss the different financing options available to you. You can ask your Buyer's Agent, friends, family or associates for whom they have had good luck with in the past.

It is important to have your interest rate locked in as soon as possible after finding a home and getting preapproved. A rate lock is good for a specific amount of time and has an expiration date. You must finalize the loan and close escrow before it expires otherwise the interest rate can go up and cost you more money each month in the end.

You should find an experienced reputable Buyer's Agent because you only purchase real estate in the San Fernando Valley but a few times in your life. So there is no way to know all there is to know about a major transaction such as this. Sellers are usually represented by a Listing Agent who works on their behalf and protects their best interests. A buyer should also have an advocate who will look out for their best interests and provide them with fair representation. A Buyer's Agent will guide you through every detail of purchasing your first home.

A Buyer's Agent is someone who works on behalf of the Buyer to protect their best interests. Real estate agency laws are different in each state, but Buyer's Agents are obligated to certain fiduciary duties such as always acting with their clients best interests at heart, keeping client confidentiality and consistent loyalty.

Two of the most important reasons to use a Buyer's Agent are:

•1)      To be more efficient.

•2)      To ensure your interests are protected.

The owner of the property you will buy will probably be represented by a Listing Agent. You deserve the same high level of service and commitment to protect your interests. A Buyer's Agent can give you the best professional representation from beginning to end. NAR statistics show that buyers who team up with a Buyer's Agent find their homes quicker and are able to view more properties while searching than those who do not.

Work with a Realtor who has the Accredited Buyer's Representative (ABR) designation. An Agent with the ABR designation has received specialized education and training by the Real Estate Buyer's Agent Council (REBAC) and understands the needs of buyers today. They have the experience to help you to make informed decisions throughout the transaction to a successful closing.

A Buyer's Agent can assist you with the following:

•a)      Recommending reputable service people that will be useful throughout the process such as mortgage lenders, inspectors, movers etc.

•b)      Help determine your specific needs.

•c)      Schedule property showings.

•d)      Refer you to legitimate sources of accurate information on schools, communities and neighborhoods.

•e)      Go over forms and contracts.

•f)        Help you to analyze homes of interest.

•g)      Negotiate the best possible price and terms.

•h)      Explain potential contingencies in the contract that can protect you.

•i)        Oversee the entire transaction and help you solve problems that come up during the process.

Most of the time, the Buyer's Agent gets paid from the commission the Listing Agent is paid by the seller which is based on the sales price. Some Buyer's Agents work differently than others; occasionally with a negotiated fee for their representation. You should discuss compensation up front with your Buyer's Agent so it is clear and in some cases a form called a "Buyer-Broker Agreement" may be used which explains their duties as your agent and how they are compensated.

It is also important to communicate with your Buyer's Agent because the more insight you can give them the better they will be able to assist you. You might want to discuss some of the following with your Buyer's Agent:

•a)      How soon you would like to purchase?

•b)      Why do you want to purchase a home?

•c)      How long do you plan on living in the home?

Research and planning are the keys to a successful home purchase. Purchasing your first home can be a complicated and overwhelming process but with the help of the right Buyer's Agent it can be a breeze!

Update #1

Leigh Court and her husband Timm Woolley just listed their Malibu estate for around $3 million. The wonderful 3500 square foot estate has 3 bedrooms, views from most rooms, family room and a gated courtyard. Leigh is a romance novelist and Tim is a music tour producer and director. Tim has recently finished a tour with the Rolling Stones.

Frankie Muniz, 22, lists his home in the Sunset Strip for almost $3.9 million. Muniz was an actor up until 2006 when he took a break to become a professional race car driver. His beautiful remodeled view home has 5 bedrooms 4 baths, 2000 square feet apprx and pool/spa. He is recently noted for his roles in CBS’s “Criminal Minds” and the film “My Sexiest Year” which just debuted at New York Hampton’s International Film Festival.

A Hollywood Hills home formerly owned by comedian, Paul Lynde, was recently put on the market for almost $3 million. The beautiful villa was designed by John Woolf and was built in 1926. The home has 3 bedrooms 3.5 baths, pool, gated motor court and guest house. Paul was a well known comedian whose resume consisted of various film, T.V. and Broadway works. He was also featured on the “Hollywood Squares” as the center square for many years.

M.J. Diebold, bought a villa in Beverly Hills for almost $3 million. Diebold is moving from Louisville, Kentucky where she is noted for creating a popular diet and exercise program. The villa is centrally located behind Neiman Marcus. The fabulous Mediterranean was built in 1926 and has 3000 square feet, 4 bedrooms 4.5 baths, family room and pool.

Update #2

Coldwell Banker has just listed the Shavelson estate in Studio City for almost $4.8 million. Director, producer and writer Melville Shavelson was 90 when he passed away in August. The beautiful estate was 3497 square feet with 4 bedrooms 3 baths, fruit orchard and pool. The traditional style home was situated on 2.6 acres. Shavelson was noted for his work on Emmy award winning series “Make Room For Daddy” and “My World and Welcome To It”. He was a former president of Writer’s Guild of America and worked on several films with big movies stars such as Frank Sinatra, James Cagney, and Lucille Ball.

Rachel Zoe and her husband Rodger Berman list their Hollywood Hills home for almost $3 million. Zoe is known for being one of the top stylists who makes over starlets in Hollywood. Berman is a wealthy entrepreneur. Their beautiful home has 2 bedrooms 3 baths, 2742 square feet, family room, pool. The Mid-Century remodeled home was built in 1956. Zoe is noted for the book she co-wrote “Style A to Zoe: The Art of Fashion, Beauty and Everything Glamour”. She has made over several stars including Kate Hudson, Demi Moore, Anne Hathaway and Nicole Richie. She has made a few appearances on shows as herself such as “The Simple Life” and “Project Runway”.

Jeff Lewis just sold a Los Feliz home for almost $4.5 million. The beautiful 5,000 square feet Spanish style home built in the 1920’s had 4 bedrooms 6 baths with guest house. Lewis also just listed another home in the same area for more than $1.8 million. This smaller gated modern home has 3 bedrooms 2.5 baths with 2,000 square feet and was redone. Lewis is a professional home flipper and is noted for starring on Bravo’s reality show “Flipping Out”. He has also recently appeared on “20/20”, “The Ellen DeGeneres Show” and “Nightline”.

Legendary 49ers wide receiver, Jerry Rice and his wife Jackie have put the estate in Atherton, CA on the market for $22 million. Their California French style home has 15,000 square feet and was built 3 years ago. It features 6 bedrooms, family room, library, office, home theater, gym, game room, underground seven car garage, pool/spa and guesthouse. This amazing gated property sits on 14 acres. Rice is 45 years old and retired from football in 2005 breaking numerous NFL records.

Information obtained from Los Angeles Times Hot Property for Update #1 and Update #2.