Real Estate Today.... forecasting Tomorrow....

The biggest news this week is news that home sales should rise by a huge margin in the coming year! According to the NATIONAL ASSOCIATION OF REALTORS®, the economic forecast is calling for a 13.6% jump, to 5.7 million units, boosting both the housing market and the overall economy.
The NAR reports the first-time homebuyer tax credit was far more successful than anyone anticipated in terms of enticing buyers and boosting home sales in 2009. And economists there say there is no reason to believe that will stop. In its annual economic forecast, the NAR predicts the extension of the tax credit through mid-2010 will further stabilize home prices, which is a major contributor to stabilizing the entire economy.

The NAR study, released last week, showed that first time buyers accounted for a record 47% of home sales over the past year, up from 41% in 2008 and much, much higher than the mere 36% in 2006.
And of course, buyers have been having enjoying record opportunities this past year…but looking ahead, the NAR sees some relief in sight for sellers too!
If there are no unforeseen shocks to the economy, the NAR reports said home prices should rise, between 3 and 5% in 2010, but with wide geographic differences.

VP of the National Association of Realtors Makes a Timeless Point

I read this article on the NAR website and felt it had a great point. As you will read, it may bring some value to today's market and a new fresh perspective on the economy and Realtors®. It emphasizes the joys every Realtor® experiences in helping clients discover their dreams, and illuminates the fact that for Realtors®, our job means a great deal more to us than a paycheck. Read it over and let me know what you think...

Giving the Money Real Meaning

Last week I received a call from one of my past clients to list his home. Like most sellers right now, the facts looked as though he would, at best, break even. Of course, this kind of news is not easy or fun to deliver. But again like most sellers, he expected it.

As we discussed the sale, it didn't take a psychologist to figure out that this fellow was more than a little depressed. I asked him why he was so down. And candidly he answered, "Because I haven't been able to make any real money".

So we talked about the economy and how so many people were hurting. But as we talked, I realized this conversation was not helping him feel better in any way. That's when I said, "But you're a doctor...you have helped heal people. You have helped give birth to hundreds of babies. You have saved lives. Yes, money is down right now, but you must feel a sense of accomplishment and pride in your service to humanity."

His answer was "not really". With insurance costs and all the changes in the medical field, he said he could make more money as a bartender than as a doctor.

Don't get me wrong. I am not judging my client. Financial strain can take a devastating toll on any person. It just struck me that this fellow had lost sight of other forms of compensation we receive from our work...compensation for the untold hours we spend day in and day out, for the risk s we take in setting up our businesses, for the heartache we have when something goes wrong....

Yes, my monetary compensation is down this year in real estate sales, but my sense of satisfaction in knowing I have helped a fellow human being find a home is not at all down.

How can you not feel successful and fulfilled when you sell first-time homebuyers their first home, and they shake your hand as though they just won the lottery? Or when you can sell a widow back the house she abandoned years earlier after her husband died suddenly? What more satisfaction is there than selling that retiree's condo so they can now move closer to their children and grandchildren?

Profit is essential to what we do, but it is not the only reason real estate is in the blood of so many REALTORS®. Look around. Successful agents are the ones who are passionate, not only about the money, but about the joy they have when they help someone realize their dreams.

NAR is there to help give us the tools to succeed. But NAR can't give us the passion to serve our fellow human beings. That's something each of us individually has to bring to the table. Ultimately, this is what makes our work so rewarding and fulfilling and gives the money real meaning. -- Steve Brown, 2009 NAR Vice President and Liaison to Committees

The Economy.... and Looking towards 2010....

I wanted to give my opinion on the economy as it stands going into the new year... I've perused many different articles, and heard all the financial gurus of our time and I have come to the following conclusions...

For the next few months, I think the economy is likely to feel fairly good. After four straight quarters of contraction, third quarter growth pegged at an annual rate of 3.5% will buoy the spirits of consumers and business managers, raising hopes that layoffs are over and net job gains are imminent. Joel Prakken, chairman of Macroeconomic Advisers, says the U.S. has escaped what could have been another Great Depression.

But by early spring: A test of the recovery as well as of the credit system, 18 months after it teetered on the edge of collapse. Not to mention another trial of the Federal Reserve’s skill, as officials try to keep nurturing the credit market with low interest rates, without providing so much monetary slack for so long that a new financial bubble develops.

Second, inventories will need more replenishing. Over the past five quarters, businesses cut back production and sold off inventory to meet recession-reduced demand. Now, available supplies have gotten too low and there’s evidence that factories are starting to hum again. Industrial production has posted three straight months of solid gains.Several upward forces are at work. There’s the federal stimulus of $787 billion. It will continue to prime the pump, adding about $90 billion a quarter to GDP next year and creating jobs that will help lift consumer confidence.

Low interest rates remain a key support, not only encouraging would-be home buyers to take the plunge, but also spurring companies to sell bonds, raising money for investment in plants and equipment. Odds are slim that Fed policymakers will hike rates before the middle of next year.

The recent pickup in housing construction should continue into 2010 and even enjoy a bit of a seasonal increase come spring. In addition to the attractive interest rates, a likely extension of the first time buyers’ tax credit -- and possibly an expansion of the credit to long-time homeowners who opt to buy a new abode -- will help buoy new-home starts.

For any questions regarding this article, e-mail me @ StJamesEst@aol.com

-Cristie

Obama Adminstration Releases New Data on Making Home Affordable Program, Incldues State-Specific Modifications to Date

 Today, the Obama Administration released the next monthly report for the Making Home Affordable (MHA) loan modification program. As part of an ongoing commitment to transparency, the report includes for the first time state-specific trial modification numbers. With more than 650,000 modifications under way across the country, the program is on track to meet its goals over the next several years.

“As this report demonstrates, struggling homeowners in every state now benefit from reduced monthly mortgage payments and have an opportunity to stay in their homes,” said Treasury Assistant Secretary Michael S. Barr.  “The program is having a pronounced impact in areas particularly hard hit by the housing crisis. We’re reaching borrowers at a larger scale than any other modification program to date, but there is still much more work to be done.”

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

Below is the link to check your eligibility:

Are You Eligible?


-Cristie

It's a gorgeous day in Beverly Hills, I love this time of year!!!

Posted via email from cristiestjames's posterous

A Turn-Key Condo in Serene Santa Monica Setting

I was really excited to list this renovated condo in Santa Monica! The majority of my listings are in the West Hollywood, Beverly Hills, and West L.A. zip codes so when opportunities arise, I enjoy expanding my repertoire! 17th Street, is a quaint street and this 2 Bedroom +2.5 Bath townhouse is set in a beautiful courtyard setting! 

Check out the photos below, We have a video in the making.... 

The owner has given a fresh look to this condo by updating and adding features such as hardwood floors, plantation shutters, stainless steel appliances gleam in the kitchen, and the master bathroom has a steam shower! This condo is so beautiful it has a lot of courtyard and patio space and is spacious bright open floor plan!