Archive for May, 2008
Recipe: Baked Salmon with Mustard-Crumb Crust
May 13th, 2008 Categories: Recipes
2 tablespoons plus 1 teaspoon white vinegar
2 tablespoons of sugar
2 tablespoons Dijon mustard
1 1/2 teaspoons dry mustard
1/3 cup vegetable oil
4-6 to 7 ounce salmon filets
Dried thyme
1 cup fresh French bread crumbs (just break French bread and whirl in a food processor for a few seconds. It is easier to use if you mix some melted butter with the crumbs.)
Preparation: Place vinegar, sugar and both mustards in a blender or food processor. With machine running, slowly pour in oil until a medium-thick sauce forms. (This step can be done ahead of time—like a day ahead—-and chilled).
Pre-heat oven to 375 degrees. Lightly grease a 13 by 9 inch baking dish. Arrange salmon in dish and season with thyme, salt and pepper. Spread 1 tablespoon mustard sauce over each filet, covering completely. Press breadcrumbs onto fish. Bake salmon until cooked through and crumb topping is crisp and golden brown, about 18 minutes. Serve with remaining mustard sauce separately.
Recipe source: Chef: Bob Nicol of the LedgeStone Grille & Nicol’s Fine Dining; Stonebridge Village, Branson, MO.
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Buyer’s Love Neatness.
May 13th, 2008 Categories: Buyer and Seller Knowledge Center
50% of the kitchen counter top is covered with STUFF! The buyer sees this and is turned OFF! The bathroom counters is loaded with ”stuff” and the buyer sees this? TURN OFF!
What to do? If you can “box” it! Eventually everything will have to be boxed so do it now. If you
cannot “box” it, put it away in cupboard (or pantry).
You want the buyer to see order. Limit the number of articles on the counter top, provide lots of light, and keep things simple. You may want to consider a small vase with flowers on the counter in both the kitchen and bathrooms. Often candles are put in the bathrooms. If you do this, do so in three’s (just make sure it is an odd number and not even).
Fresh flowers are always nice but manufactured flowers look good today and they can be used.
Oh the kitchen cupboards……make sure they looks neat. Have cans sized correctly and aligned—not just thrown in there. Have the spices all together and aligned. Have bins for potatoes, onions and the like. Have cereal boxes sorted by size. Buyer’s love to see order.
Pots and pans…….have them stacked and have handles pointing in the same direction. Buyer’s love to see order.
Closets……arrange your shoes orderly and by type. Some people also have them by color and type. Clothes hangers should all be pointed in the same direction and if colored arranged by color. Attempt to have some spacing between hangers. This shows openness and most important buyer’s love to see order.
Blankets, sheets, towels……have them folded and stacked neatly by color and size. Buyer’s love to see order.
Dishes, cups and saucers should be neatly stacked. Have the cup handles facing a one direction. Silverware should be neatly put away in a divided tray. Buyer’s love to see order.
Toys….put them all away neatly in a closet or toy box. Buyer’s love to see order.
Neatness and order to a buyer says that you care about the home (pride of ownership). It is a small detail but one that can reap rewards…….one being the sale of the home!
Your comments are welcomed.
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Sell Faster…..Clean Bill Of Health—Polish, Repair and Inspect.
May 12th, 2008 Categories: Buyer and Seller Knowledge Center
Do the minor things before listing your home and benefit.
Those things are: CLEAN; POLISH; REPAIR; and INSPECT. Not necessarily in that order but do it. And yes it may take some muscle.
Under the heading of clean is de-clutter both inside and outside the home. Remove as much from the walls as possible. Remove the clutter in the garage. If you have boxes stored in the garage, stack them neatly and keep them low. You do not want a high rise anything in the garage. Get rid of any piles of anything in the yard.
Personal items are distractions to buyers. That is why it is suggested you remove as much from walls, rooms, whatever. You do not want your home to say “lived in”; you want it to say “for sale”.
Store excess furniture. Minimize the furniture that you have in each room. With furniture less is always better. Less furniture in a room makes it look bigger AND more importantly the buyer is picturing how their furniture will fit and look in a particular room.
Make sure everything is working. If the faucet is dripping, fix it. If doors do not close properly get them fixed. If it squeaks (whatever it is), oil it but get rid of the squeak.
Lights, camera…..action. Make sure you have lots of light. Make sure all dead light bulbs are replaced. When showing open all the shades…..let the light shine in. And yes have the lights on throughout the home.
If you want to see what things look like, look through your camera lens and that is what the buyer sees. If you don’t like what you see, certainly the buyer will not like it. Take the action necessary to make the situation look GOOD.
Be smart. Often there may be an unsightly thing in your neighbors yard. Set your blinds at an angle to minimize this situation. If you have shades pull them down slightly (if you can) to obscure the neighbors yard.
Minimize the use of room deodorizers. Use something natural like vanilla. Deodorizers, when used, give the impression that you are trying to conceal something. Baked bread or an apple pie always smells good.
Oh! One item that tends to always do well to get rid of odors is the use of lemon oil mixed with water that is been sprayed lightly in the home gives a freshness to the air throughout the home.
Windows, it is said, reflects the soul of the home. If the windows are dirty especially on the outside, the buyer thinks everything will be dirty on the inside. Keep in mind that first impressions are lasting impressions. Give a good and lasting impression with clean windows.
Most of the work will have to be done in the kitchen and bathrooms. Keep counters cleared. Put the mixer away, all the utensils in the draw and yes make sure the cabinets and draws are neat. Again if the buyer opens a draw and everything appears to be just thrown into it, that reflects on the whole house.
Closets……make them tidy and odor free.
Hardware floors are always a plus but make sure they look good. It could be money well spent if you had a professional look at your hardwood floors and see what it will take to make them sparkle.
When selling your home buyers are looking at ”move-in” ready. They do not want to think about replacing seals for leaking water faucets, or the work that has to be done to get doors operating properly, or……they just want a move in ready home.
Paint, paint, paint, paint. It is relatively inexpensive but can yield great results. Do not buy an inferior paint. Do it right and it will yield dividends. Take your time or have someone do it for you but a great paint job sings.
Inspect your home. Yes you will have to critic your property inside and out. So a thorough inspection is warranted to make sure that the little nits that need fixing are fixed.
When you have finished your inspection, do it again.
I would also recommend that you have a home inspection conducted. Be ahead of the curve and know what has to be done. In fact if a formal offer is made think about offering the home inspection package to the buyer. This shows that you have nothing to hide. You will have to come to grips with any major repairs so be upfront and generally it works out to every-ones benefit.
Again the buyer is interested in a move-in ready home. So if major repairs have to take place think of how you are going to handle the situation. Fix them before listing or give the buyer a credit so that they can have it fixed. Have a plan.
Remodeling before selling. NO. If you remodel either the bathroom or kitchen it is going to cost you money and it may not increase the value to your home. Secondly you will have limited time to enjoy the benefits. Often a good paint job and “staged” articles will do the trick. Keep things simple and nice.
If you can “stage” your home. Staging one’s home tends to get the seller top dollar and the property is not on the market as long. It is a win situation for the seller and also the buyer.
Now that you have the property ready to show, what does your marketing plan look like and do you understand it. I put this under inspection. It is a stretch but after going through all of the work you certainly want to make sure that your property is being looked at.
Understand up front that open houses do not sell homes. Only 1% or less of homes are sold at open houses.
Less than 3% of homes are sold through print advertising. The Internet, a good realtor are essential ingredients. Variety they say is the spice of life; so is marketing, particularly those best suited to selling your home in your area.
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Monday Morning Coffee Break: Ventura County Real Estate Doing’s For Week Ending May 10, 2008
May 11th, 2008 Categories: Weekly Real Estate Activity In Ventura County
It is continuing. Ventura County is getting closer to a normal market.
The Ventura County real estate market continues to build a base. This will be an on-going activity for the next 2-3 months before signs of an up swing become evident.
One can expect some hiccups before this occurs but the overall market strength is upward.
As shown in the chart the number of listed properties on the market has stabilized and in coming months this will start to decline; sales continue to increase and will accelerate; average number of days on the market for sold homes hovers around 3 months (this should reduce to approximately 60-75 days within 6-8 weeks); and the price variance between sold homes list price and sales price still approximates 4.5% (and this will come closer to about 3.5%).
The inventory (or back log) approximates 7 months (# of properties listed divided by actual # of homes sold). In January, 2008 the inventory approximated 15 months. A normal market is defined as having an inventory of 4 to 6 months. Below 4 months is defined as a sellers market; above 6 months is a buyers market.
The area that still remains the weakest is Fillmore.
The appreciation rate for Ventura County over the next 36 months will approximate 24.4%. This will probably change after the release of the next government housing report due with the next week or two.
For additional information regarding the upside of real estate in Ventura County see article entitled: http://www.venturacountyretalk.com/2008/05/05/it-only-gets-better-we-are-on-the-upsidea-historical-perspective-of-home-prices-in-ventura-county-and-what-can-be-expected-in-the-next-10-years/
Despite the overall national economic doldrums I think the appreciation rate for Ventura County will remain the same or show a slight increase. We will see in a few weeks.
Food and fuel prices continue to rise and it appears this will be on-going for several months (upward to a year).
Genie or Devil in The Lamp?
The recent agriculture report noted that there will be a decrease in corn planting of about 7% which will not bode well for food prices. Since corn is being used for both food and fuel one can expect all food products to continue to rise.
Oil is ready for a correction and OPEC appears to have some internal disagreements as to production. There can be some limited grace given whereby production will increase and fuel prices will decrease ever so slightly.
Many governments are now getting antsy over high food prices for fear of riots.
Our own Washington politicians are now having second thoughts regarding ethanol. Usually we are better off if the politicians stay out of things but one can expect that something will be done to right the ship. So we better watch out for what we ask for. Hopefully it is something that the market does for itself.
Won’t Help Real Estate
Real estate will take on a secondary role. None of current on-goings will help real estate in the near future, especially for 1st time home buyers. Money is being directed towards personal and family essentials.
Despite this Ventura County real estate will continue to strengthen with buyers purchasing upward and seller’s down sizing for the most part. Beach properties will be better than gold. Anything within 20-25 miles of the ocean will do very well.
Add to the general economy malaise, banks (as being extensively reported) have decided to become very aggressive in loan requirements. There are many buyers but stringent rules have kept these buyers from purchasing homes. For additional insight refer to: http://www.venturacountyretalk.com/2008/05/05/the-squeeze/
Banks and the Federal Reserve are now facing off on credit cards. There will be some changes that favor the consumer.
Please add your comments to this article.
For your real estate needs give me a call.
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The Squeeze……………
May 5th, 2008 Categories: "Say What? Just Some Real Estate Talk
It is starting to become crunch time and you will be hearing a lot of jaw boning.
Approximately 65% of the banks have positioned themselves to minimize approving refinancing or new home loans according to a recent poll.
Things are difficult now but will get a lot worse before things get better.
As reported in the Los Angeles Times (Sunday, May 4, 2008: Author: Kenneth Harney) banks have taken further steps to curtail other type mortgage loans, such as:
- Cash out refinancing
- Loans with less than full documentation of borrowers income, credit and assets
- Mortgages for certain second-home purchases
- Investment loan applications in which the buyer already owns at least three other rental properties.
- Mortgages to borrowers with nontraditional credit
- Short term construction loans that convert to permanent mortgages
- Adjustable rate mortgages in which the first adjustment occurs within 60 months after closing.
Freddie Mac has announced that it will restrict financing of second homes and real estate investment purchases.
Freddie Mac has also noted that they will not finance properties of any kind if the individual has four or more properties. So it appears for the time being that 4 is the magic number. Own four and financing for other real estate properties could be difficult, if not impossible.
Lenders indicate that the steps being taken are in areas they see as inordinate risks.
It is surprising that the people who created the problem (sub-prime mortgages and credit cards) are the same people who are squeezing out people interested in various type of mortgage loans.
Those individuals who are seeking loans based on “stated income” do not stand a chance of getting any type of mortgage in the near term (or as someone stated: maybe never).
So consumers have very few options and will have to accept for the time being that mortgage loans will be extremely difficult to get. Tighten that belt.
Steps being taken by the various financial institutions will negatively impact the real estate market, especially new home buyers. If you are a real estate investor lots of luck in getting a mortgage.
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It Only Gets Better! We Are On The Upside…….A Historical Perspective of Home Prices in Ventura County and What Can Be Expected In The Next 10 Years.
May 5th, 2008 Categories: National and Local Real Estate Appreciation Forecast
Noted below is a chart that should give a perspective of real estate sales in Ventura County from 1999 through April, 2008.
From the data it appears that average sales prices when compared to what has occurred during the first 1/3 of 2008 are approaching real estate prices of the year 2004.
That would represent a 25% decrease in home average sales values using January-June, 2004 as a base for analysis. This averages to be about an annual 10% decrease in sales values for each year since January-June, 2004.
However it does appears that $ 550,000 is the baseline. In other words the lows of the market have been set, basing is now occurring and within the next 4-6 months prices should be on the upside.
Why do I think the base has been set? Simply because the list to actual sales price variance in 1999, the days on the market and actual average sales prices are similar to the price variances, days on the market and actual average sales prices that we are experiencing today.
Yes, if I expanded this study and added more years something else may turn this logic around but that is what I see based on the data presented.
Other studies that I have taken show that Ventura County average home sales will appreciate approximately 24% over the next 36 months. Therefore homes valued today in Ventura County at $ 550,000 will increase in value to approximately $ 682,000 by the end of 2010 or the first quarter of the year 2011.
Keep your hats on. That same home valued at $ 682,000 in 2010 will be worth approximately $ 1,100,000 (give or take a little) by the year 2016-2017. So the picture does get a lot better.
The current market (described as a Phase 1 of a 3 phase cycle which lasts about 10-11 years) that we are in should be completed in about 6 months. Smart buyers should be very active today because they will have missed the bottom shortly.
Phase 2 will show some growth (reference the above chart for the period 1998 through 2002) but phase 3 will show the greatest appreciation and this is the time that home owners wanting to sell should sell. As the variance of list to actual sales price approaches 3.5% one can expect that the market is topping and will turn around to the downside within one year.
If you view the above chart one could state that the greatest growth in the County occurred between January 2003 through 2006. This was the phase three of the previous market.
That’s it! I thought a perspective was needed for us to look at. Ventura County real estate has been very good in the past and will be very good in the future. Patience is required.
Your comments are welcomed.
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Zipping It Up….
May 4th, 2008 Categories: Weekly Real Estate Activity In Ventura County
Monday morning coffee break—-Ventura County Real Estate Doings for Week Ending May 3, 2008.
The overall Ventura County real estate market continues its basing. As noted in the chart below listings continue to decrease, sales are increasing, the variance between list price and sales price has normalize. Days on the market for sold homes is still high but this too is showing signs of decreasing.
I myself am getting more phone calls from potential buyers. Many sellers continue to draw the line in the sand and are not appealing to buyers negotiating needs. Sellers are content to keep their property until they get the value they perceive to have.
Buyers seeking to purchase properties for nothing and have the seller share escrow cost are now finding slim pickings. Sellers are willing to sit and wait for their price.
Foreclosures and bankruptcies are still high. The jaw boning to help many of these people was just that….jaw boning. Very few have been helped either because they started the process too late or their banks have decided not to support them in saving their property. This area is a no win for both sides.
A side bar on contracts. Real estate contracts generally are sold to a 3rd party and contracts do have meaning. If one defaults on a contract it is difficult in many situations (especially real estate) to undue or amend the contract unless the bank or lending institution has kept the contract as part of their portfolio.
Back to the market. People are beginning to stir and want to buy. But they are finding that banks are not very friendly. That appears to be a trend.
There are other direct and indirect factors that prevent the real estate market from getting legs. For example:
The Federal Reserve has taken giant steps to steady the markets. Banks and other lenders have not.
These money institutions are still reeling in shock over the over the sub-prime melt down. They have not only become a problem but they face other problems (which by default become consumer problems).
Banks are seeing auto loans defaults increasing. Also the Federal Reserve has now stepped in and is mandating that the credit card industry remove certain practices that have been detrimental to what the Reserve is doing and injuries to consumers. The Federal Reserve has not acted as it is now since the depression periods of the late 1920-1930’s. It is starting to wield a heavy ax. Attila the Hun in action.
Consumers are now zipping up their wallets and purses. The Federal Reserve sees this and understands the overall reasons.
Vital stables are injuring consumers and economies at all levels. It is expected that most food items will increase from 4-10% over the next several months.
Vital (to Californians at least) is the continued increase in fuel. Action on fuel will become a major concern only when gasoline reaches $ 5.00 per gallon or more. Then the political talk will come into play with meaningless actions adding to increase cost of transportation (with added fees).
Part of this fuel increase is due to the use of corn for ethanol. Not all…..the decreasing value of the dollar is a factor; transporting fuels has increased significantly; State mandates of fuel mixtures has certainly added to the cost; lack of drilling or using other natural resources because of environmental concerns is a culprit; institutional, science and private non-profit agenda’s have added to the cost (part of environmental concerns).
I read that Congress wants to review the regulations they sponsored regarding the use of ethanol (heaven help us). Many States are now beginning to voice concerns that ethanol is doing more damage not only to respective State economies but the pay off of consumer ethanol use isn’t supported and it appears that not enough testing was done to say that it would help the environment.
But the lag in real estate has impacted monies going to the States. Real estate is and has been the golden goose.
Another side bar. I do not recall of any test done that showed that ethanol would be of help to our environment. I have seen and read a lot of what people thought would happen but no valid testing.
We tend to do things more on faith and assumptions rather than facts. It is cheaper. That is what cost us. And facts are weaved in such a way that any statement made appears reliable and valuable. Just like history.
Back to real estate. Other steps being taken by the Federal Reserve and other international type reserves: support the dollar from further erosion. It appears that the 3 year upward run of the European Unit and other currencies has peaked and this will be help the dollar.
Internationally a number of governments are viewing ways of negating the influence of commodity investors on major food groups such as rice, corn and other stables.
When taken in total the above points are reasons for the real estate market not getting legs. It will take time to resolve some of the monetary problems and other issues will take a lot longer to solve. But as soon as the monetary issues get resolved (even partially) then real estate will really get legs.
For your real estate needs call me at 805-933-1385.
Your comments are welcomed.
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