Real Estate Information

The Tour de France, the world's most prestigious and challenging bicycle race, rolled out of Rotterdam on July 3rd heading south into France. This year the 198 riders are circumnavigating France in a clock-wise direction. And for me, each day evolves around the live video feeds coming from France. Television coverage generally starts at 4:30 am, and I'm there in front of the TV in my PJ's with my french maps spread out in front of me, eating a bowl of oatmeal watching these premier athletes suffer. And I'll try to watch the day's race again when it's rerun in the afternoon or evening. For 21 days these guys cycle 4-5 hours averaging 120 miles per day. Drenching rains, searing heat, relentless wind in your face flats, leg-breaking mountains, the Tour goes on.

I love when the TV cameras focus in on the cyclists faces as they dance on their bike pedals flying up steep mountain roads cresting Alpine mountain passes. I focus in on their facial intensity as they command their body and spirit thru excruciating throes of fatigue and pain. It reminds me of the power I have within me of mental focus. Do I know my goals and have I mapped a road of achievement. And will these roads sometimes be steep with an oaccasional Alpine pass to conquer. If there isn't an occasional Alpine pass, maybe the goals aren't lofty enough!  

Just a couple more days of the Tour left to watch. And on July 26th, I get to sleep in late.

2301 Fairfield Street, Eureka- A lovely Victorian needing a new owner who appreciates the character of wide moldings, the spaciousness of large rooms with tall ceilings, the light from large windows and the charm of gingerbread trim work. All the hard remodeling work has been done and now it’s time for a fresh decorating approach. The home sits on the north side of an over sized lot providing a large south facing yard for gardens or play area. There’s even a large deck to extend your living area. There is a large detached shop which had been an unpermitted MIL unit and would make an awesome artist studio. Current Price $245,000

BACK ON THE MARKET - 3089 18th Street, Eureka - Cute ranch home offers great location, privacy and mature landscaping. Step into gated courtyard, enjoy the sunny spots. Rear yard has patio area with sliding doors from dining room & master bedroom. Lush shrubs and majestic maples add to the serenity. Inside find vaulted ceilings, wood stove, skylights, tile entry & open kitchen with island. Current Price $250,000

For more information on these two great properties email kristi@thekesslerteam.com or call 707-601-5704.

EUREKA, CA – JULY 6, 2010 – Local real estate agent, DEAN KESSLER of THE KESSLER REAL ESTATE TEAM, is a Certified Distressed Property Expert, and is now offering free educational information for homeowners who are delinquent on their mortgages. 

Accessible through www.EurekaForeclosureHelp.com, these educational materials clearly explain what a homeowner’s options are when faced with an unaffordable mortgage, as well as the benefits of each option. 

One option highlighted in the website is the Home Affordable Foreclosure Alternatives Program, or HAFA, which offers eligible homeowners $3,000 to pursue a short sale or deed-in-lieu, two alternatives to foreclosure. 

“We often find that homeowners in a difficult financial situation will hesitate to directly contact a professional for help,” KESSLER said. “My website offers a way to learn about what options are available so anyone can empower themselves with the necessary knowledge and then contact me to help pursue their best options.” 

The latest numbers on mortgage delinquency show that approximately one in every seven mortgages is in some stage of delinquency. While they might not be immediately foreclosed upon, these homeowners become more at risk of foreclosure the longer they wait to do something about their missed mortgage payments. 

“Many of these distressed homeowners bought their homes in a financially responsible manner,” KESSLER said. “Unfortunately, these people have had their finances turned upside-down over the past few years. Now, they must make their mortgage payments with constricting incomes.”

The CDPE designation KESSLER has acquired provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing financial hardship in today’s market. 

For more information about the CDPE Designation, visit www.cdpe.com.

Humboldt County Homes on the Market Now! 

I just wanted to make sure you see some of the great homes that have recently come on the market. If you would like to get more information on any of these properties please call (707) 601-5704 or email Kristi@thekesslerteam.com.

ID# 231201 – EUREKA, 2BD/1BA - $289,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231201 

ID# 231199 –FORTUNA, 3BD/2.5BA - $260,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231199 

ID# 231211 – ARCATA, 3BD/2BA - $293,600

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231211

ID# 231206 – EUREKA, 2BD/1BA - $235,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231206 

ID# 231196 – EUREKA, 3BD/1BA - $189,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231196 

ID# 231191 – EUREKA, 4BD/1BA - $245,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231191

ID# 231174 – EUREKA, 4BD/1.5BA - $242,500

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231174

ID# 231179 – HUMBOLDT HILL, 3BD/1BA - $224,900

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231179 

ID# 231167 – ARCATA, 3BD/1BA - $265,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231167

ID# 231180 – EUREKA, 3BD/1.25BA - $269,900

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=231180

EUREKA, CA - Dean recently attended a presentation by California Association of Realtors counsel, Mr SANJAY WAGLE. The presentation covered the legal nuances of home mortgages in default, short sales, foreclosures, auctions, and bank owned properties (REO's). It was clear these types of real estate transactions are not your typical home sale. These transactions have the potential for continued financial distress for our clients if not facilitated properly.

Highlights included discussions about;

a) Recourse and non-recourse loans. Some lenders may still have the ability to pursue the borrower for a deficiency judgement even after a short sale, deed-in-lieu, or foreclosure.

b) State and federal tax liabilities for the distressed home owner on debt that is forgiven, either thru a short sale, deed-in-lieu, or foreclosure.

c) Possession rights for displaced homeowners and tenants for a property sold at auction.

d) The federal government's guidelines to lenders for distressed homeowners to participate in the Home Affordable Modification Program (HAMP) and Home Affordable Foreclosure Alternative (HAFA) programs.

WAGLE shared with Dean that he consults with many Realtors from around California on a daily basis about far ranging legal issues surrounding real estate transactions. Yet he went onto state that over 90% of his consultations are providing counsel to Realtors in their execution of a short sale transaction.

WAGLE's visit to Eureka was a valuable opportunity for Realtor's and distressed homeowners. Although not as hard hit as many areas of California it is still important for Eureka, Arcata, Fortuna and McKinleyville area homeowners to benefit from Realtor's informed in the unique aspects of distressed home sales. 

I agree, and that is why I vigorously pursue every opportunity to learn the most up to date information around short sales. A distressed homeowners financial future is an important responsibility.

Local Agent Attends Educational Convention on Short Sales and Foreclosure Avoidance

DEAN KESSLER attended national conference of short sale specialists focusing on the most effective ways to help homeowners avoid foreclosure.

EUREKA, CA – MAY 22, 2010 – DEAN KESSLER of THE KESSLER REAL ESTATE TEAM joined nearly 700 real estate agents at CDPE Momentum 2010, the national convention of professionals with the Certified Distressed Property Expert^®designation. Attendees benefited from presentations by leaders from Bank of America, Wells Fargo, Prospect Mortgage, Fidelity National Title and RealtyTrac, who provided industry updates and strategies for helping distressed homeowners.

“I have committed myself to making a difference in the lives of as many distressed homeowners as I can,” KESSLER said. “CDPE Momentum has given me new tools, networks and insight to help even more members of my community.”

The convention provided agents with three-days of intensive interaction among industry professionals, sharing best practices for short sales and other foreclosure avoidance solutions. A short sale occurs when the lender accepts the sale price of a home, even if that amount is less than (“short of”) what is owed on the mortgage. The most recent Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions found that short sales represented 17.9 percent of distressed property transactions.

“Short sales can be a positive solution for homeowners facing financial hardship, with a lesser impact on credit scores than foreclosure,” KESSLER said. “However, these transactions can be difficult, and agents need to have training and stay up-to-date on the industry. Events like CDPE Momentum keep me on top of market developments.”

Agents with the CDPE designation have undergone extensive training in foreclosure-avoidance options for homeowners facing financial hardship, particularly short sales. With more than 22,500 members added since its inception in 2008, CDPE is the fastest-growing designation in real estate industry history.

About the CDPE Designation

The CDPE Designation provides real estate industry professionals with detailed information on how to engage with and assist homeowners in distress. The CDPE designation has been endorsed by RE/MAX International, Keller Williams Realty and other major U.S. brokerages, as well as industry icons such as: Brian Buffini, founder of Buffini & Company; Howard Brinton, founder of STAR POWER^®Systems; Allen Chiang, Chairman of the Asian Real Estate Association of America (AREAA); Tino Diaz, Chairman and President of the National Association of Hispanic Real Estate Professionals (NAHREP); Dave Liniger, chairman and co-founder of RE/MAX; and Joe Stumpf, founder and national spokesperson of By Referral Only^®.

For more information about the Distressed Property Institute and the CDPE Designation, visit www.cdpe.com.

This is my first month’s post “government intervention” report. The 1st time homebuyer $8,000 tax credit expired the end of April. It won’t surprise you to learn the number of homes going under contract dropped by 25% compared to the same time last year. So if our government’s tax credits are gone, how are first time homebuyers still buying homes?

              First time homebuyers are still out in force and making home buying decisions. “Why is this, Dean” you ask? The easy answer are loan interest rates remain below 5% and home prices are very affordable. With this combination, homebuyer mortgage payments rival a rent payment.

The stories of loan money not being available for home buying is simply untrue. Sure, lenders are asking for reams of documents from the buyer, scrutinizing every piece of paper and making the loan approval process maddening with requests for the absurd. How does a PG&E bill reflect on a buyer’s loan qualifications? Don’t know, yet I am glad to hear lenders being much more cautions with their lending practices. For too long it was simply too easy to get loans.

  Call me with questions/comments.

Just received word that both Fannie Mae and Freddie Mac will begin accepting HAFA short sales. What I'm hearing is this program will go into effect on August 1, 2010.This is great news for Eureka area distressed homeowners. It will allow more flexibility in being able to short sell a property before foreclosure. And the seller is entitled to a $3,000 relocation fee from the lender.

Humboldt County Homes on the Market Now! 

We just wanted to make sure you see some of the great homes that have recently come on the market. If you would like to get more information on any of these properties please call (707) 441-1765 or email Kristi@thekesslerteam.com.

ID# 230948 – EUREKA, 3BD/1BA - $219,900

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230948

ID# 230950 - FORTUNA, 2BD/1BA - $214,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230950

ID# 230952 - ARCATA, 3BD/2BA - $239,900

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230952

ID# 230898 – HUMBOLDT HILL, 3BD/2BA - $295,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230898

ID# 230869 – EUREKA, 3BD/2BA - $224,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230869

ID#230855 – FORTUNA, 2BD/1BA - $199,999

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230855

ID# 230921 – EUREKA, 3BD/1BA - $255,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230921

ID# 230937 – CARLOTTA, 3BD/1BA - $225,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230937

ID# 230903 – MCKINLEYVILLE, 3BD/1BA - $239,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230903

ID# 230932 – EUREKA, 2BD/1BA - $225,000

http://www.youreurekahomesource.idxco.com/idx/4363/details.php?idxID=283&listingID=230932

Dean’s Analysis

There is to much information out there to take in about “The Real Estate Market”. Keep in mind that the news source may be of a national perspective or a California perspective. It might even be a Las Vegas perspective.

My point is this, our real estate market is a local phenomenon. What’s read in newspaper, heard on radio and seen on TV is  likely an “average” of a national level. Ask a top agent in the community (I am one of them) to gain your best perspective on our local real estate market.

The GOOD News; Interest rates remain below 5%. Sales remain strong in the $150k to $300k price range.

The BAD News: Homes priced above $450k in Humboldt County sit on the market for sale with little activity and few sales, these Sellers must be patient.

The UGLY News: There are a lot, repeat a lot, of vacant bank owned homes sitting out there waiting to come on the market. If even 3 of these discount-priced homes come on our market, well that’s 10% of the market—it drives the other sellers prices down.

Call me with questions/comments.