FLASH !   NOVEMBER TO DECEMBER 2011

Important News/Opinion/Commentary by Barry Noble ©2011

Continued from my home page:

But first: Great news:  In a divorce? Property dispute? Partnership break-up? New property Partnership forming?  Ask me about my Neutral Appraisal services, covering all parties to the dispute or agreement instead of trying to understand why each party's indivudal appraisal doesn't match up with the other party's appraisal. This is unethical and un-necessary - get a Neutral Appraisal.  Lawyers/accountants/individuals - call me today.

OK - back to Real Estate and home ownership. If you purchased your home in 2002 or earlier, and didn’t jump on the band wagon to refinance and re-refinance your home to pull out equity for new cars, vacations, expanded home improvements and fancier college educations, you should still be sitting comfortably, and if you don’t need to sell to move, or down-size for other economic means, sit tight and ride it out. So the house is worth what it was in 2002, despite some possible recent upgrading or remodeling. That’s life, in the Real Estate down cycle.

I still recommend: If you are underwater by less than 25% - if it were my decision, I would hang in there. Cyclical means just that – up and down, up and down. At some point we will stabilize and the Market Values will rise. The so-called “shadow inventory” of foreclosed homes yet to come on the Market for sale is predicted to be large. Major media outlets are predicting 800,000 to 1,000,000 plus homes remain in or partly in bank hands and more being published for Trustee Deed sales every week. The Banks are CATCHING UP WITH THEIR PROCESSING. with the fiasco of last year when some banks did not use proper tactics to foreclose on homes, many of the “transactions” STILL remain up in the air as they struggle to find out who really own the homes now. Many foreclosed home owners are resorting to lawsuits to try to get back the homes they previously tried so hard to keep. Expect more homes to come on to the Market out of Foreclosures, BUT - with the values so low right now, expect the values to stabilize and the Banks will hold back on putting the properties out well below Market to get fast sales, instead they'll set slightly higher sales prices and be more reluctant to consider low ball offers from investors.

It’s not all negative. There are some buys out there that are so reasonable for the quality and location, they will be considered the steals of the decade when the Market revitalizes and the Cycle comes back up again. As a Broker/Realtor as well as an Appraiser, I have been able to point out some incredible buys in my “local” area o Palm Springs and the 10 desert resort cities of the Coachella Valley, in Southern California. There are such “super” buys, everywhere in the US – even in some of the hardest hit areas, such as Las Vegas and now Charlotte NC.

Be cautious – never consider your home as a bank – and refinance, when the Market comes back, only for the most conservative of reasons, the best of which would be a refinance to lower the interest rate if the savings meant a drop of 1.25% or more. . I wouldn’t refinance unless it was a matter of life or death to need a few emergency dollars. Maybe that’s why we are still in our home – not under water and not in trouble with the mortgage. I wish the same for all of my readers. Call me if I may be of service to you.  I'd love and appreciate the opportunity to help you out - with the correct listing price to post, the appraisal for your loan (bank or private party), the appraisal of the house you want to buy with cash but want to be sure you are paying the accurate price and value. I offer appraisals for estate settlements and tax purposes, whether it be current markert value or the value on the date of death, or to help plan your estate - call or have your attorney call me. Accuracy and honesty govern every appraisal I provide, and ethical service is my constant goal.  To this end, when I help someone buy or sell a special property, I insist on NO DUAL AGENCY. Each party needs their own Broker to assure the best for each client.

   Don't just read this and move on - if there is anything I can do to help you - nows the time to contact me. Don't forget also my new Neutral Appraising offer.  I'm friendly and know the local desert resort cities and the properties. bnoble@dc.rr.com   760-992-9523.  ReturnToMainHomePage