All posts by jd

Real estate broker, civil engineer and general contractor.
Real Estate

When Will Housing Come Back in California? Five Experts Offer Their Views

Abandoned Subdivision Photo by Tyson Jerry
Abandoned Subdivision Photo by Tyson Jerry

Although the steep decline of home prices in California ended in spring 2009, the weakness in the housing market after the expiration of federal tax credits for home buyers last year has led to some speculation as to whether the recovery is sustainable.  Five experts, including Leslie Appleton-Young, the chief economist for the CALIFORNIA ASSOCIATION OF REALTORS®, were asked to provide their view on the state of real estate and what they think is needed to get the housing market moving again

• In terms of home prices, the experts differed slightly with the majority predicting that home prices will remain flat throughout 2011.  Ms. Appleton-Young predicts home prices will rise 2 percent this year, while a foreclosure expert predicts housing prices to decline 5 percent in 2011.

• According to Ms. Appleton-Young, there is little chance of home prices returning to their previous peak levels anytime soon.  “We are in a slow-moving recovery with prices stabilized at the moderate and low end,” she said.  “We are still seeing price attrition and price softening at the upper ends of the market.”

• California’s recovery will hinge on location, according to Richard Green, director of the USC Lusk Center for Real Estate.  Areas between El Centro and Sacramento likely will not see a return to peak prices for a long time.  However, places like La Jolla, Laguna, Huntington Beach, Atherton, Palo Alto, the city of San Francisco, and Marin County could experience a return to their peak prices within the next five years, according to Mr. Green.

• Foreclosure expert Bruce Norris of the Norris Group believes the market is being artificially boosted by government programs and is set to fall further this year.  Mr. Norris believes the demand for housing is most-needed for a sustainable recovery.

• California’s coastal markets will make a return once the job market improves, according to Emile Haddad, chief executive at FivePoint Communities Inc.  In turn, that will lift consumer confidence.  However, California’s inland areas are more likely to lag behind, and builders will have to reconsider the kind of product they offer in certain places.

For all your real estate needs Call
John J. O’Dell
Real Estate Broker
(530) 263-1091

DRE# 00669941

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animals

Having Bear Problems? Here are Some Tips

By John J. O’Dell

I’ve lived in Nevada County since 1965. As a licensed land surveyor and civil engineer, I’ve walked many a mile through the woods, and never have encountered a bear, a few rattlesnakes but no bears.  However, as we crowd into their neighborhood, their natural food supplies diminishes and human sources of food becomes attractive.

I remember one of my neighbors waking up in the morning after he had strapped his garbage can lid down, finding his garbage can down the hill with large claw marks on it. His solution, he put the garbage out in the morning on collection date.  No more problems.

Here are some tips on dealing with bear problems if you are really worried about it:

Bear are attracted to anything that is edible or that they associate with food. Take precautions by implementing the following ideas:

Garbage problems can be solved with the purchase and correct use of a bear-proof garbage container. Save money by sharing one with a neighbor! For Approved bear-proof containers and where to buy them. click here.

Wait to put trash out until collection day.

Don’t leave trash, groceries, or animal feed in your car.

Keep garbage cans clean and deodorize them with bleach or ammonia.

Harvest fruit off trees as soon as it is ripe, and promptly collect fruit that falls.

Only provide bird feeders outside during November through March and always hang feeders so they are inaccessible to bears..

Keep barbecue grills clean.

Keep pets inside.

Securely block access to potential hibernation sites such as crawl spaces under decks and buildings.

Don’t leave any scented products outside, even non-food items such as suntan lotion, insect repellent, soap or candles..

Keep doors and windows closed and locked. Scents can lure bears inside.

Source: Tahoe Council for Wild Bears

For all your real estate needs Call

John J. O’Dell
Real Estate Broker
9530) 263-1091

DRE# 00669941

Real Estate

Some More Possible Real Estate Scams to Watch Out For

Real estate scams are more and more popular, even though we can’t see them yet. Compared to robbing a bank, stealing 50 0,000-worth property via a false deed or an identity theft is trivial – and remarkably safe for the thieves. Their imagination is remarkable and oftentimes we can’t do much more than minimizing the damage they inflict. By becoming aware of the most common real estate scams, you may be able to protect yourself or someone you know.

False Deeds, Part 1

Most real estate frauds revolve around forged deeds. The most popular scam is using a false deed in order to get a loan secured against a property. The thief then vanishes with all the money, leaving the real owner in danger of foreclosure by the bank – oftentimes the danger is real if the owner doesn’t react on the first warnings received from the bank.

False Deeds, Part 2

Another common real estate fraud is selling a property without the owners consent. The uninhabited, recently inherited and otherwise unguarded property is the most probable target for such scams. The most inventive thieves are able to even sell the same property to several buyers at the same time. However, if they have sold it only to a single buyer, the fraud can go unnoticed for months or even a year. By that time, the “owner” is long gone, usually in another state, selling another home to someone else.

Real Deeds

The false deeds are bad enough, as such scams usually hit at random and they often can be reversed after the deed is thoroughly checked. However, the problem begins when the fraud is performed using a real deed, one that was either stolen or simply taken from the owner. The sad thing is that such thieves often recruit from our family and closest friends, people we would never suspect of anything.

The most popular way is to get some kind of authorization (or truly, just a signature) from the owner in addition to a deed. This way the thief can do whatever they like without any real risk for being caught. This is an especially popular scam used against elderly people – a nurse or a family member either take a loan in the name of the elder or just force them into taking it.

Another, even more outrageous, real estate fraud is performed by unethical door-to-door loan sellers. Under the pretext of making home repairs, they force the seniors into signing some documents which are truly high-rate loan contracts secured against the property. As most seniors are unable to repay such debt, their homes are taken by the creditor (which was its goal from the beginning) and the elder is left homeless.

Defense

Defending against such frauds is difficult. If the thieves use false deeds, it is possible to prove that you had nothing to do with the loan or purchase. However, if they use a real deed and/or have your authorization, this gets dicey. And taking effective legal actions is next to impossible if you sign the loan papers.

Here are some tips to help protect yourself from such scams: 1) never sign anything you haven’t thoroughly read and if you are in doubt have your attorney review the documents before signing; 2) throw out any peddling loan lenders; 3) keep important documents, such as your deed, in a safe deposit box.

For all your real estate needs Call
John J. O’Dell
Real Estate Broker
(530) 263-1091

DRE# 00669941

Real Estate

November Home Sales Rose in State, Sacramento

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California home sales rose in November compared with October, but were down from the previous year, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).  The statewide median price declined from both the previous month and previous year.

  • The median price of an existing, single-family detached home sold in California fell below the $300,000 mark for the first time since February.  The November 2010 median price was $296,820, down 2.4 percent from October’s $304,220 median price and down 2.5 percent from the revised $304,550 median price recorded for the same period a year ago.  It was the first year-over-year price decline in a year.
  • November’s sales were up 9.2 percent from October’s revised pace of 449,480 but were down 8.6 percent from the revised 536,940 sales pace recorded in November 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.
  • “Unsold inventory declined slightly in November, as the number of active listings fell from October, particularly for homes priced above $500,000,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “The decline in listings was reflective of seasonal factors and the foreclosure moratorium that took place in October.”
  • For more about the California housing market, watch a video of Ms. Appleton-Young as she discusses highlights of the November sales and price report.

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For all your real estate needs Call
John J. O’Dell
Real Estate Broker
(530) 263-1091

DRE#00669941

Real Estate

Home Buying Paralysis? Tips for Getting the Best Deal Faster


The inventory of homes for sale has increased in recent months, causing some buyers to hesitate before making an offer on a home for fear a better home at a more favorable price will become available.

  • Although real estate agents are showing more homes to clients, people still are buying homes, especially first-time buyers.  According to the latest figures from the NATIONAL ASSOCIATION OF REALTORS® (NAR), first-time buyers now account for 50 percent of all home sales.
  • Some agents claim that today’s buyers are having a problem staying committed to the home search.  During the height of the market, home buyers were more apt to make housing hunting a priority and to move on a good deal.  Real estate experts advise today’s home buyers do the same to be successful in their home search.
  • Making a list of “musts” and “wants” for home features will help home buyers narrow down the search.  Identifying key features, such as the number of bedrooms or bathrooms, will help buyers avoid being overwhelmed by the number of homes available.
  • Buyers are best advised to work with a REALTOR® who is familiar with the area.  Media reports that home prices will decline further may be true for some areas, but not necessarily in all areas.  All real estate is local, so finding out what’s happening in a specific neighborhood is most helpful.

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For all your real estate needs call
John J. O’Dell
Real Estate Broker
(530) 263-1091

DRE#00669941