Team Green Realty Blog

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I'd greatly appreciate if you could pass my name to the people you know who are thinking about buying or selling real estate. I'll take excellent care of them.

DRE License No: 01373821

Real Estate Sales Statistics

2011-03-16T16:35:00.001-07:00

We're happy to announce that, after reviewing our most recent data, things in the real estate market are definitely improving in nearly all of our immediate areas. Check out the details below. These stats came from our local MLS database and include Chevy Chase Canyon, Glendale, La Canada Flintridge, La Crescenta, and Burbank.

The long and short of it is, in almost all areas, more homes are selling, selling faster, and the median sales price is UP! What more could you ask for?

: Real estate sales statistics for Burbank

: Real estate sales statistics for Burbank

: Real estate sales statistics for Chevy Chase Canyon

: Real estate sales statistics for Chevy Chase Canyon

: Real estate sales statistics for La Canada Flintridge

: Real estate sales statistics for La Canada Flintridge

: Real estate sales statistics for La Crescenta

: Real estate sales statistics for La Crescenta

: Real estate sales statistics for Glendale

: Real estate sales statistics for Glendale

: Real estate sales statistics for Glendale

: Real estate sales statistics for Glendale

Chevy Chase Canyon Website

2011-03-16T12:00:00.000-07:00

Press Release

For Immediate Release: New online community resource for Glendale residents in and near Chevy Chase Canyon.

Glendale, CA, March 8, 2011: Team Green of Keller Williams Realty has explored many ways to give back to their wonderful community in exchange for their success as real estate agents over the years. Their most recent contribution is in the form of a new online destination for residents in and near Chevy Chase Canyon. The web address for this new, free resource is www.chevychasecanyon.com. The site was built for residents living in the “triangle” formed by the 2, 210 and 134 freeways and has a few compelling resources for area residents. Included are: a community message board, community links of interest, and a listing (in map format) of real estate for sale and lease in the area.

Team Green is Glendale’s “Dynamic Duo” of real estate and is lead by a tech savvy couple that is passionate about their community, and about real estate. The team’s leaders are Stephen and Collette Green, who live in Chevy Chase Canyon. Collette commented on the team’s most recent project; “Our business is about service, and service to our community is simply an extension of our love for the area, and the people that live here. We believe that providing this free resource to community residents will have a positive impact and provide an online destination where residents can gather and share information. The site’s motto is Your Community…Your Voice.”

It’s no secret that online communities have the potential to pull residents together. In recent years social media sites have demonstrated seemingly magical powers that seem to grow as fast as their membership. Stephen commented on the site’s goals; “This is a project that will never be finished. We framed out the project with what we’ve heard from residents they would like to see. The existing content and features are very flexible, particularly the community message board or forum. We’ve had residents request forums specific to their new neighborhood watch program, a general discussion forum, as well as lost and found topics and, of course, an area real estate forum. Our goal with the site was to serve the community, and we’re happy to add whatever content they want to see.”

Team Green is open to creating additional sites for other communities as well. Visit www.chevychasecanyon.com to request one for your neighborhood.

Chevy Chase Canyon Community Web Site

2011-03-08T19:31:00.001-08:00

Press Release for Chevy Chase Web Download this file

C.A.R. reports California home sales rise in December, posting seven-month sales high

2011-02-02T21:32:00.001-08:00

California home sales rose in December, posting their highest level since May, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price increased from November, but was down from a year ago.

“December’s sales increase reflects buyers taking advantage of rock bottom interest rates and improved affordability since the first half of the year, when prices were higher,” said C.A.R. President Beth L. Peerce. “Most of December’s sales opened escrow in October and November. Rates hit their absolute lowest in October but began edging higher in November, prompting buyers to get off the fence,” she said.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,680 in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. December’s sales were up 5.9 percent from November’s revised pace of 491,590 but were down 6.8 percent from the revised 558,840 sales pace recorded in December 2009. The statewide sales figure represents what would be the total number of homes sold during 2010 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Following three consecutive monthly declines, the median price of an existing, single-family detached home sold in California increased 1.7 percent from a revised $296,690 in November but was down 1.6 percent from the revised $306,860 median price recorded for the same period a year ago.

“While sales rose in December, the sales pace in the second half of the year was lower than the first half as the housing market weaned itself off home buyer tax credits,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “For 2010 as a whole, sales reached 494,900 homes sold, down 9.5 percent from the 546,860 homes sold in 2009. However, the statewide median price increased 10.2 percent to reach $302,900 for the year, up from the $275,000 recorded in 2009,” she said.

Here are other highlights of C.A.R.’s resale housing report for December 2010:

A greater than usual drop in listings combined with the sales increase caused C.A.R.’s Unsold Inventory Index to decline more than one month. The Unsold Inventory Index for existing, single-family detached homes was 5.0 months in December, down from 6.2 months in November. The index was 3.8 months in December 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Thirty-year fixed-mortgage interest rates averaged 4.71 percent during December 2010, compared with 4.93 percent in December 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.31 percent in December 2010, compared with 4.31 percent in December 2009.
The median number of days it took to sell a single-family home was 57.5 days in December 2010, compared with 35.1 days for the same period a year ago.

Stephen Green

Keller Williams Does It Again!

2011-01-10T17:08:00.001-08:00

Keller Williams Realty Named Highest Ranked in Home Buyer Satisfaction by J.D. Power and Associates for Third Straight Year

According to the J.D. Power and Associates 2010 Home Buyer/Seller Study^SM, Keller Williams Realty, Inc., the third largest real estate company in the United States, has

received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row. The company also ranked second among home sellers in the study for the second year in a row.

“We are incredibly proud of our associates for earning this distinction and want to thank them for their commitment to their clients and communities," said Mark Willis, CEO of Keller Williams Realty. “We see this honor as demonstration of our company philosophy that it is the agent’s brand that matters most and no amount of money spent on advertising can replace the influence and reputations our agents have in their local communities. Our associates have earned this on their own, by building relationships in their communities."

The study was produced by J.D. Power and Associates to measure home buyers and sellers customer satisfaction. The results of the home-buying experience were determined by three factors including the buyer’s experience with their agent, the real estate office and a variety of additional services. Keller Williams Realty performed particularly well in the agent and office factors. And, overall satisfaction of buyers for the industry was up over last year.

Additionally, the study noted that the importance of real estate agents has increased substantially in the past year, with buyers and sellers relying on the negotiating skills of their chosen agent and help in navigating the market.

“It is thrilling to see our firm, once again, get public recognition for its incredible focus on customer satisfaction from such a prestigious group. Our associates continually demonstrate that it is possible to deliver the highest level of customer service in one of the toughest real estate markets on record," said Mary Tennant, president and COO of Keller Williams Realty. “We feel incredibly fortunate to be in business with them, and want to congratulate them on their hard work and dedication."

In the past year, Keller Williams Realty has continued to grow despite the well-publicized turmoil in the real estate industry. In addition to becoming the 3^rd largest real estate company in the U.S., surpassing RE/MAX®, Keller Williams Realty was ranked as the No. 1 real estate franchise on the 31^st Annual Franchise 500 list by Entrepreneur magazine and was voted the Most Recognizable Brand of Real Estate Franchises and the Trendsetter of the year for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.

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Stephen Green

REALTOR®

Ph: 818.LVTMGRN (818.588.6476)

Fax: 818.450.0220

I'd greatly appreciate if you could pass my name to the people you know who are thinking about buying or selling real estate. I'll take excellent care of them.

DRE License No: 01373821

January 2011 Market Update

2011-01-09T17:22:00.001-08:00

January 2011 Market Update

The housing market is recovering. As more home buyers are taking advantage of the improved affordability conditions. With mortgage rates hovering around recent record lows and home prices having generally stabilized, economists are expecting an upward trend to a healthy and sustainable level in 2011.

Encouraging signs are showing up across the economy. Retail sales recently hit their highest level since before the recession. Key measures of small and big businesses’ optimism marched back up to prerecession levels and new claims for jobless benefits are trending lower. Together they bode well for steady job creation and improved consumer confidence which is generally manifested in more spending.

As the economy improves, current stimulus efforts by the government and the Federal Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to benefit from historically favorable buying conditions.

Home Sales

Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6% above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.

Home Price

Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above year-ago levels. Distressed homes have accounted for a fairly stable market share, representing 33% of sales in November. This is on par with the 34% in October and 33% in November 2009. Historically favorable interest rates, coupled with stable home prices, continue to offer advantageous buying opportunities .

Inventory

The number of homes on the market continued to decline. Total inventory fell to 3.71 million in November from 3.86 million in October. This reflects the increasing response from buyers to improved affordability conditions. As lending standards return to historical norms and consumers become more confident about their financial situation, more people will be able to buy their first home, move up, or invest.

Affordability

Housing

affordability set a new record

in November. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio, currently at 13.5%, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to begin drawing affordability back up toward more normal levels.

Source: National Association of Realtors - October housing data released December 22.

Interest Rates

Mortgage rates are inching up but remain historically low. This trend continues to support home buying as it translates to significant savings for buyers. As overall economic recovery remains on track, rates are expected to rise to keep inflation in check.

Type	Rate
30 year fixed	4.77%
15 year fixed	4.13%
5/1-year ARM	3.75%
30 year average for a 30 year fixed rate mortgage	8.9%

Source: Freddie Mac, Rates as of Jan 7.

This Month's Video

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Stephen Green

REALTOR®

Ph: 818.LVTMGRN (818.588.6476)

Fax: 818.450.0220

I'd greatly appreciate if you could pass my name to the people you know who are thinking about buying or selling real estate. I'll take excellent care of them.

DRE License No: 01373821

Hiding the Lockheed Plant During World War II

2010-11-25T20:31:00.001-08:00

Hiding the Lockheed Plant During World War II

Lockheed: During WW II Lockheed (unbelievable 1940s pictures). This is a version of special effects during the 1940's.
I have never seen these pictures or knew that we had gone this far to protect ourselves.
During World War II the Army Corps of Engineers needed to hide the Lockheed Burbank Aircraft Plant to protect it from a possible Japanese air attack. They covered it with camouflage netting to make it look like a rural subdivision from the air.

Before

After:

HELLO EVERYONE - THIS SHOULD BLOW YOU AWAY IF YOU ARE OLD ENOUGH TO REMEMBER.

The person I received this from said she got back an interesting story about someone's mother who worked at Lockheed, and she as a younger child, remembers all this. And to this day, it is the first pictures of it she's seen.

Another person who lived in the area talked about as being a boy, watching it all be set up like a movie studio production. They had fake houses, trees, etc. and moved parked cars around so it looked like a residential area from the skies overhead.

Download our new iPhone app at: http://itunes.apple.com/

Stephen Green

REALTOR®

Ph: 818.LVTMGRN (818.588.6476)

Fax: 818.450.0220

I'd greatly appreciate if you could pass my name to the people you know who are thinking about buying or selling real estate. I'll take excellent care of them.

DRE License No: 01373821

President Obama signs legislation to extend loan limits another year.

2010-10-01T14:58:00.001-07:00

We’re starting off the new month with some great news from Washington, DC today that we wanted you to hear from us first.

Late yesterday, President Obama signed a resolution that included a provision extending through fiscal year 2011 the current conforming loan limit of $729,750 for high-cost areas, including many in California. The same limits will also be extended to loans insured by the Federal Housing Administration.

We’re extremely pleased that the Obama administration recognizes the need for such an action so that the housing market can recover. Without the extension, which was set to expire at year’s end, FHA loan limits would have dropped by as much as 50 percent in some areas, and the conforming loan limit would have dropped by about 40 percent.

C.A.R and the NATIONAL ASSOCIATION OF REALTORS® (NAR) have long advocated making permanent higher conforming loan limits. As a result of C.A.R.’s and NAR’s efforts, a provision of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits from $417,000 to $729,750 in high-cost areas and extending the limits through 2009. Yesterday’s actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through Sept. 30, 2011.

We applaud our congressional representatives for their actions to extend the higher loan limits through 2011. Without the extension of the higher loan limits, many California borrowers would have a harder time refinancing homes and obtaining financing for new home purchases. We hope Congress will now focus on making higher loan limits permanent.

The conforming loan limit determines the maximum size of a mortgage that government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

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Stephen Green

REALTOR®

Ph: 818.LVTMGRN (818.588.6476)

Fax: 818.450.0220

I'd greatly appreciate if you could pass my name to the people you know who are thinking about buying or selling real estate. I'll take excellent care of them.

DRE License No: 01373821

10 Reasons to Buy a Home

2010-09-16T13:45:00.001-07:00

10 Reasons to Buy a Home
Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed.

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Let us know when you’re ready to buy or sell. We are your personal team standing-by to help!

Download our new iPhone app at: http://itunes.apple.com/

Stephen Green

REALTOR®

Ph: 818.LVTMGRN (818.588.6476)

Fax: 818.450.0220

I'd greatly appreciate if you could pass my name to the people you know who are thinking about buying or selling real estate. I'll take excellent care of them.

DRE License No: 01373821

July Existing-Home Sales Fall, But Prices Rise

2010-08-24T13:20:00.001-07:00

July Existing-Home Sales Fall, But Prices Rise
Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009. Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.

Lawrence Yun, NAR chief economist, said a soft sales pace likely will continue for a few additional months. “Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September,” he said. “However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs.

“Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years,” Yun added.

Mortgage Rates Dip
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.56 percent in July from 4.74 percent in June; the rate was 5.22 percent in July 2009. Last week, Freddie Mac reported the 30-year fixed was down to 4.42 percent.

The national median existing-home price for all housing types was $182,600 in July, up 0.7 percent from a year ago. Distressed home sales are unchanged from June, accounting for 32 percent of transactions in July; they were 31 percent in July 2009.

“Thanks to the home buyer tax credit, home values have been stable for the past 18 months despite heavy job losses,” Yun said. “Over the short term, high supply in relation to demand clearly favors buyers. However, given that home values are back in line relative to income, and from very low new-home construction, there is not likely to be any measurable change in home prices going forward.”

Inventory Rises
Total housing inventory at the end of July increased 2.5 percent to 3.98 million existing homes available for sale, which represents a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June. Raw unsold inventory is still 12.9 percent below the record of 4.58 million in July 2008.

NAR President Vicki Cox Golder said there are great opportunities now for buyers who weren’t able to take advantage of the tax credit. “Mortgage interest rates are at record lows, home prices have firmed and there is good selection of property in most areas, so buyers with good jobs and favorable credit ratings find themselves in a fortunate position,” she said.

A parallel NAR practitioner survey shows first-time buyers purchased 38 percent of homes in July, down from 43 percent in June. Investors accounted for 19 percent of sales in July, up from 13 percent in June; the balance were to repeat buyers. All-cash sales rose to 30 percent in July from 24 percent in June.

Breakdown of the Numbers
• Single-family home sales dropped 27.1 percent to a seasonally adjusted annual rate of 3.37 million in July from a pace of 4.62 million in June, and are 25.6 percent below the 4.53 million level in July 2009; they were the lowest since May 1995 when the sales rate was 3.34 million.
• The median existing single-family home price was $183,400 in July, which is 0.9 percent above a year ago.
• Single-family median existing-home prices were higher in 11 out of 19 metropolitan statistical areas reported in July in comparison with July 2009 (the price in one of 20 tracked markets was not available). However, existing single-family home sales fell in all 20 areas from a year ago.
• Existing condominium and co-op sales fell 28.1 percent to a seasonally adjusted annual rate of 460,000 in July from 640,000 in June, and are 24.0 percent below the 605,000-unit level in July 2009. The median existing condo price was $176,800 in July, down 1.7 percent from a year ago.

By Region
• Existing-home sales in the Northeast dropped 29.5 percent to an annual pace of 620,000 in July and are 30.3 percent lower than a year ago. The median price in the Northeast was $263,800, up 4.8 percent from July 2009.
• Existing-home sales in the Midwest fell 35.0 percent in July to a level of 800,000 and are 33.3 percent below July 2009. The median price in the Midwest was $151,600, down 2.8 percent from a year ago.
• In the South, existing-home sales dropped 22.6 percent to an annual pace of 1.54 million in July and are 19.8 percent below a year ago. The median price in the South was $156,300, down 3.3 percent from July 2009.
• Existing-home sales in the West fell 25.0 percent to an annual level of 870,000 in July and are 23.0 percent below a year ago. The median price in the West was $224,800, up 3.3 percent from July 2009.

Source: NAR

Stephen Green

NO MORE STATE TAX ON FORGIVEN DEBT

2010-04-20T16:26:00.001-07:00

NO MORE STATE TAX ON FORGIVEN DEBT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law on 4/13/2010, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to pay off a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.