• Compass DRE# 01991628
  • Address: 2120 Colorado Blvd., Suite #1, Eagle Rock, CA 90041
  • Office Phone: 323-274-2148

Tracy King Blog - Eagle Rock Real Estate - Northeast Los Angeles Realtor

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Tracy King's Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

Tracy King begins her 27th successful year as a real estate professional specializing in buying and selling homes in Northeast Los Angeles with a depth of experience that makes her the only choice for both the first-time home buyer and the seasoned real estate investor.

Benefits of Home Ownership

Buying a home is not just a financial decision. Posted by the excellent mortgage broker, Linda Wilkes:
Social Benefits of Homeownership
A recent report
by the National Association of Realtors identifies homeownership's numerous social benefits. The report, "Social Benefits of Homeownership and Stable Housing," cites extensive research showing that homeownership increases civic participation, lowers crime rates and boosts children's educational performance.
Homeowners have a far lower move rate
compared with renters. Nearly 30% of renters changed residential locations in 2008 to 2009, while only 5.2% of owner-occupied residents moved. Because homeowners remain in their homes longer, they add stability to their neighborhoods.
Homeowners have an incentive
to improve the overall quality of their surrounding community. This incentive is evident in greater community involvement and awareness. Homeowners are twice as likely than renters to know the name of their local school board representative. One study found that 77% of homeowners voted in local elections compared with 52% of renters. Homeowners also had a higher incidence of membership in voluntary organizations.
Homeowners are more likely than renters
to form voluntary crime prevention programs, making it easier to identify a perpetrator of crime. Crime, drug use and juvenile delinquency rates all decrease in stable neighborhoods with extensive social ties. Consequently, homeowners are far less likely to become crime victims.
Homeownership makes a significant positive impact
on educational achievement. According to the "Journal of Urban Economics," teenage students of homeowners have a greater likelihood of graduating and young children of homeowners tend to have higher levels of achievement in math and reading. The positive effects on education may arise not from homeownership alone but from the combined social benefits of homeownership, namely a lower move rate, greater neighborhood stability, enhanced social ties and increased civic participation. For more information regarding mortgage rates and availability, contact Linda at:
Linda Wilkes
Senior Loan Officer Prospect Mortgage NMLS# 23610 1499 Huntington Dr. South Pasadena, CA 91030 Office: (323) 221-5111 Cell: (323) 719-6756 Fax: (877) 675-9296 This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted via email from Tracy's LA Real Estate

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Fundraiser for the Animals!

We are hosting a fundraiser at Colorado Wine Company on April 28, 6-8pm to benefit the North Central Animal Shelter!

Join us for wine, raffle prizes, and saving puppies - taste some good wine for a good cause!

Our goal is to purchase sponsorship for as many kennel cages as we can, since that way the money goes directly to the care of the animals at North Central.

$20 gets you a flight of wine, cheese plate, and good karma!

If you can't make it out, you can donate by sending a check made out to LA Animal Services and sending it to us at Tracy King, 2014 Estes Road, Los Angeles, CA 90041. We will add it to the total kennel sponsorship to help us reach our goal.

If you're in Missouri and want to donate closer to home we have a great vet in Springfield that has done a lot for the family. You can call and make a donation in honor of Jeanne Spradlin: 417-865-5367, or send a check to All Creatures Pet Hospital, 902 West Kearney, Springfield MO 65803.

Please RSVP to This email address is being protected from spambots. You need JavaScript enabled to view it. or 626.827.9795 or on Facebook.  We look forward to seeing you there!

AnimalShelterFundraiser
Thursday, April 28, 6-8pm at Colorado Wine Company
2114 Colorado Blvd., Eagle Rock 90041

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Echo Mountain

Another beautiful morning in Altadena, looking west over the LA Basin. Ah Spring!
Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate



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Entertainment at Art Auction Preview

Feather Beard performs. This is definitely pushing the envelope. I love this place!

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Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Art Auction preview

Center for arts, Eagle Rock

Knitting project: hummingbird Feeder by Heather Hoggins.

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Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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The Power of Words

Check out this video on YouTube:

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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C.A.R.'s New Short Sale Website

Just last month, C.A.R. (California Association of Realtors) placed an open letter advertisement in California’s seven largest daily newspapers, calling on lenders and industry regulators to streamline and improve the short sale process.

To dovetail off that effort, today C.A.R. is launching a California Short Sales website (www.shortsalescalifornia.org) -- a new website to keep realtors and consumers up to date on all the latest news and insider tips regarding the ever-changing short sale process.

With information for both consumers and REALTORS®, the website is full of need-to-know resources about short sales, and provides up-to-the-moment news, legislative information, legal tips, and lender requirements.

The Consumer section, geared for distressed home owners, provides helpful tips if they are on the brink of losing their home.  They can  learn about government-sponsored programs to assist distressed buyers, access a glossary of commonly used distressed real estate terms, and learn how to avoid short sale scams.

If you need more information on the short sale process works and what is involved, give us a call at 626.844.2256.  Keely is a Certified Distressed Property Expert, and we are involved in several short sales in the area.
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I thought you might like this property: 511 Burchett St, CA - Check it out now!

This is a really good deal with great financing.

I thought you might like this property: http://www.homepath.com/listingdetails.html?listingid=27141218&rsp=25195

Provided by: http://www.homepath.com

Posted via email from Tracy's LA Real Estate

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1554 Hill Drive

Croquet, anyone?

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Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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"Denial or Definition" Event at Occidental College

A client of mine sent this event to us, saying: "I've been working with the student organizing this (she's also working to secure a film screening with a Q&A that would facilitate additional dialogue around these same themes) and one of her primary goals is to create an event that would bridge the Oxy and and Eagle Rock communities. So I'd love to help her get community members there."
Thursday, April 14, 7-9pm in the Morrison Lounge off of the Branca Patio in the Johnson Student Center.

Please join the Occidental InterGroup Dialogue Program for an evening of conversation about faith, personal identity, and its implications in our daily lives.  All perspectives are welcome and encouraged, from both the Occidental community and the surrounding LA area.  Refreshments will be provided.

Please RSVP to This email address is being protected from spambots. You need JavaScript enabled to view it.

Please look for more information regarding a panel of religious leaders and a screening of the movie Reel Bad Arabs in conjunction with this program!
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Sunset walk around the RoseBowl

A perfect spring evening.
Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate



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March/April Newsletter Out Now!

Check out our latest newsletter, it's got all kinds of useful articles:

  • A Loan Modification Story Edging Towards Success

  • Trusts, Wills and Real Estate

  • Local Real Estate Market Update

  • Presenting Your Home For Sale

  • What's So Great About Highland Park? (A Lot!)


Want to get the next issue of the newsletter by email? Click here to sign up.

Here's the PDF: MARCH/APRIL NEWSLETTER

Feel free to forward to anyone you think might want this info.

Have a fantastic Monday!
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Presenting Your Home for Sale

We’ve talked in the past about the popularity of staging a home for sale, whether done with a professional stager or by the homeowner. This time, let’s just talk about basics that set the stage for whatever staging (or not) comes next.

I visited another agent’s open house today and found myself being rather critical (what, me, a Virgo, being critical?) But we learn our lessons where we can. Mind you, I can tell you absolutely hair-raising stories about homes that I have sold that were way negative on the pristine show-quality staging effort:

* There was the one where the cats had been using the kitchen counter for a bathroom for a long time...really!  We sold that for $175,000 over asking with 43 offers.
* The one that the tenant had used to express himself whenever he got upset by either spraying graffiti or chopping holes in the walls. That one sold for $180,000 over asking with 80 offers! But that's a true “event price” strategy. Would these houses have sold for more if they had been clean and well-maintained? Most assuredly.
* Another had a note on the refrigerator that said “Dave, please remember, NO DRUGS! We really want to sell the house!” I'm not kidding. And the price was too high just at the time that the market started its downward trek. Sigh, I'm afraid that one never sold and eventually ended up in foreclosure.

But even the regular homeseller may overlook some simple dos and don'ts that will help sell the home. They don't necessarily cost any money, either.

Dos:
* Clean your house
* De-clutter your house

Here are some don'ts:

* Don't leave the toilet lid up
* Don't leave dirty dishes anywhere
* Don't leave anything in the path from the car to the door.

These are just a few things to start with when preparing your home for sale.  For more, see our feature on Vern Yip's Design Tips to Sell Homes.
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Tax Implications and Consequences of a Short Sale or Foreclosure

Here is a really good article that explains the tax implications and consequences of going through a short sale or foreclosure:Tax Implications & Consequences of a Short Sale or Foreclosure
http://www.moneycrashers.com/short-sale-foreclosure-tax-implications-conseque...
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View from Echo mountain

Wish I had My better camera for this view!

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Sneak preview

Available Sunday, 2-5 pm.
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Spring morning in Eagle Rock


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Will L.A. Home Prices Ever Head Up?

L.A. Times headline reads: Will L.A. home prices ever head up?
Subtitled Yes, but foreclosures, demographics will make it a slow march.

After a wrenching 6-year decline, the good news is that Los Angeles house prices are no longer in a tailspin.

But here’s the bad news: Experts anticipate no roaring rebound - and some worry that further drifting, or even declines, may be in the offing for many neighborhoods.

“People always ask me, ‘When will I see my house worth what it was in 1989?’ I tell them, “It’s going to be a while,” said Fred Sands, president of Brentwood based Fred Sands Realtors.

Yes, folks, we are talking 1996 news in this article. Does that give you any hope? I remember in 2000, being worried about buying a house that cost $325,000 because it was such a big step up from the one we were selling for $250,000. Today, even Zillow says that our house is worth $584,000, and believe me, I would be able to sell it for a lot more than that.

Today, the latest Case Schiller report says that price dipped again in January. That is old history, folks. Do not base your home buying plans on the belief that the market as whole is declining. We have issues, certainly. Some of the biggest issues have to do with getting decent appraisals on good properties that people are willing to pay more for than lenders want to lend on. It’s a constant push-pull: lenders want to make safe investments and be assured that their money will not be lost. Some buyers want good houses that are a cut above the foreclosures and short sales they’ve seen and they understand that they will cost more. And of course we also have buyers who think that they should be able to buy a good house for less than a foreclosure is selling for. And sellers who think that they should get the same price they might have gotten if they had sold in 2007. That’s what makes it such a good idea to work with a knowledgeable Realtor!

In Los Angeles, if you bought your house in 1989, by 1999, it was worth a bit more than what you had paid. If you bought your house in 2000, by 2010, it was worth 1.5 to 2 times as much as you had paid. I’m just saying that real estate is a long term investment which means a long time. Like sometimes 8 to 10 years.
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More on Value vs. Appraisal



DSNews




Three States Move to Ban Foreclosure Sales From Appraisal Values





With foreclosure sales steadily rising, four states are concerned that the use of the foreclosure sale prices in appraisals of neighboring homes is distorting the market.

Legislators in Illinois, Nevada, and Missouri have all proposed separate bills that would exclude or restrict foreclosure sales from being used as comparisons to determine the value of homes around them.

Maryland had proposed a similar bill, but withdrew the legislation on Tuesday.

Industry participants have expressed reservation at the idea of barring distressed sales from consideration when appraising properties, saying such actions would cause homes to be appraised for more than they are really worth.

According to the Appraisal Institute, “Elimination of foreclosures and short sales as comparables would result in an artificial market and would mislead lenders as to the true value of their mortgage collateral.”

Furthermore, the institute notes that under the Uniform Standards of Professional Appraisal Practice, all federally related transactions are required to consider all sales for appraisals, including short sales and other distressed sales. Most residential lending transactions fall into this category.

“In some markets, there are so many distressed sales that they are the market and must be considered. When there is a glut of distress sales in the marketplace, and those properties are truly comparable to the subject, it would be misleading not to use them as part, or in some cases all, of the basis for a value conclusion,” a representative of the institute said in an e-mail.

©2011 DS News. All Rights Reserved.

My comment: It's the insistence on using distress sales as sales comparables that is keeping "regular" sellers out of the market, further driving prices down. When you have a buyer and a seller ready to make a deal at $500,000, but the appraiser insists that the value is $440,000 because of recent distress sales, you end up never being able to rise above the distress market. Catch-22!

Posted via email from Tracy's LA Real Estate



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Realtor's Energy Audit Program

As part of the Realtor's Home Affordability Fund, the Energy Audit Program provides up to a $250 rebate on a Home Energy Rating System (HERS) home energy audit conducted by a certified HERS rater. You can find out how your new home rates in energy efficiency and find out how to upgrade your home with money-saving energy improvements.

Click here to find out how to qualify:

http://www.car.org/members/hafmainpage/reap/Also, visit the Energy Upgrade California website to plan upgrade projects, locate participating contractors, and find rebates and incentives.
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Compass 179x55

Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

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