It’s almost that time again when our Community comes together to make homes safe and warm for those deserving folks unable to maintain their own homes. Rebuilding Together (formerly Christmas in April) has chosen 7 homes to rehabilitate this year. The Rim of the World Association of Realtors, along with the Lake Arrowhead Country Club, is sponsoring another One Big Realtor Event – the Christmas in April Auction-Dinner to benefit Rebuilding Together. Last year we raised over $18,000 – all because our wonderful community knows the value of coming together to take care of our own! The Lake Arrowhead Country Club is providing a bountiful Italian buffet. Auctioneer extraodinare, John Wood will again be with us. Every penny raised goes to Rebuilding Together to help with the rebuilding effort. Please plan to join us on April 13, 5:00 p.m. Dinner tickets are $25 and are available at Coldwell Banker Sky Ridge Realty in Blue Jay, Lakeview Realty in Lake Gregory or call Carol Banner, 909-553-6812 for ticket information or to arrange pickup for your auction contributions.

We are experiencing an extremely dry winter and we are still in Fire Season as declared by the U.S. Forestry and local fire officials. Please be mindful of fireplaces, ash removal, and “defensible space” surrounding your property.

 

We have seen a clear Real Estate market improvement in local buyer controlled sales. At the same time our listing inventory is shrinking – especially at the lower end. For all you sellers who have been waiting for the market to “turn around”, this could be a very good time to put your home/cabin on the market. Well priced homes are selling, sometimes with multiple offers – driving prices above asking. When this happens, appraisals move up also – another good sign for sellers. If you would like current market analysis on your Mountain property, please call or e-mail me.

The Lake Arrowhead Communities Chamber of Commerce is holding their annual meeting on January 31, 5:00 to 7:00 PM at the UCLA Conference Center. I would urge all of you living in our community to attend – whether you belong to the Chamber or not. A great opportunity to learn more about this unique and beautiful community many of us call home.

 

Speaking of things Chamber, The Outstanding Citizen dinner and dance honoring Mr. and Mrs. Neal Perkins will be held on February 4, 5:00 PM. at the Lake Arrowhead Resort and Spa: 5:00 for cocktails, 6:00 PM for dinner. Dancing follows the Outstanding Citizen presentation. See the Chamber website for information on this and other community happenings: events@lakearrowhead.net.

 

We are looking forward to a more real estate friendly 2012!!

Here it is, almost Christmas. Again, we ask ourselves “Where did the year go?” As I sit here thinking about just that – I’m thinking of all the many blessings that offset the disappointments of this past year. While our Real Estate market is very slow to recover, we do still have buyers interested in our beautiful Mountains and while, few are looking here as full time buyers, vacation and investor buyers have managed to sustain us. I’m very grateful for the customers and clients who have worked with me. I value the new and long-time friendships that I’ve been fortunate to enjoy over my 25 year Real Estate career. Thank you to all those buyers and sellers with whom I’ve worked over the past year. As you know, I have a wealth of information and knowledge to share of this wonderful Mountain top based upon my 50 years of living and working here. Please call me, email me or stop by our Blue Jay Coldwell Banker Office. Merry Christmas and a joyous New Year!

Please note that my email address has changed to carolabanner@gmail.com

An owner of a home in Lake Arrowhead called me up to ask  “Why are all buyers trying to beat us up?. The converation was about if all buyers are lead to believe that all homes listed are in a distressed situation, that they are in foreclosure, bank owned or short sales.

The media  is teaching buyers to make what is considered “Lowball” offers. Everyone wants to get the best deal, but how you go about it is just as important.

Buyer Making a “Low Ball” offer

1. Find out what type of sale it is, Is it bank owned? A short sale? or a “regular sale” with a seller who is not considered “distressed”

2. Find out if there are any other offers submitted, if so you may not have time to try a lowball or you could lose out to the other buyer(s).

3. Assess what the house is worth in today’s market so you can base your offer on real numbers.

4. Include a prequailification letter letting the seller know you are quailifed for a loan.

5. Often it is important for the seller to know why you offer what you did, some buyers like to add a letter why they offered what they did, listing an needed repairs with extimates to fix. Some offers come with a list of comps from the area on how they arrived at thier offer price.

IF YOU ARE A SELLER RECEIVING THAT LOWBALL OFFER

Seller’s have to realize that buyers are not waging war against them, but looking for the elusive best deal. I tell all the home owners when i list a home, that an offer no matter how low is a start to negotiatons. I tell them that they should not be offended, that selling your home is a business decision and needs to be treated as such. You can not have a sale without negotiations, you can not have negotaions without an offer, so when an offer comes in, it is a good thing not to be looked down on if it is low.

Counter offer every offer that comes. No offer should ever be rejected outright.

Just a not to add to the “Low ball offer” conversation: If the subject property is offered as a conventional sale, you may be fairly sure that their Realtor has advised the seller of what it takes to get a property sold in this market. Homes are only worth what buyer’s are willing to pay. If a seller has a lot of equity, they may be facing a “short sale”. We Realtor have very specialized tools to help us ascertain the value of properties, the research has been done and those homes are usually priced accordingly. Buyers, if you’re planning on making a “low-Ball” offer, be  prepared for a counter. Regardless of the type of a sale always be prepared with a prequalification letter, proof of funds, and representation by a Local Realtor who knows the prices and conditions in the area in which you’re interested.

Washington, DC, June 22, 2011

The National Association of Realtors® is urging regulators to go back to the drawing board on the proposed Qualified Residential Mortgage (QRM) rule.

At a news conference on Capitol Hill today, the original sponsors of the QRM provision in the Dodd-Frank Act – Sens. Johnny Isakson (R-Ga.) and Kay Hagan (D-N.C.) – joined Reps. John Campbell (R-Calif.) and Brad Sherman (D-Calif.) to urge regulators to reconsider unnecessarily high down payment requirements under the proposed QRM rule.

“As the leading advocate for home ownership, NAR firmly believes Congress intended to create a broad QRM exemption – strong evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk, and not high down payments,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

NAR has forged the broad-based Coalition for Sensible Housing Policy, which includes 44 organizations focused on drawing attention to the proposed regulation’s onerous 20 percent down payment requirement. The coalition asked for and recently received an extension of the comment period until August 1, 2011. NAR and its coalition partners have also gathered the support of 44 U.S. Senators, who recently wrote to regulators expressing their intent on QRM and opposing the imposition of a sizable down payment; 282 House members signed a similar letter.

Concurrent with the event, NAR and the coalition unveiled a white paper, “Proposed Qualified Residential Mortgage Definition Harms Creditworthy Borrowers While Frustrating Housing Recovery,” an in-depth analysis of the impact of the proposed QRM rule. The white paper will be submitted as the coalition’s official comments to the rule.

NAR wants federal regulators to honor congressional intent by crafting a QRM exemption that includes a wide variety of traditionally safe, well documented and properly underwritten products.

“As written, the proposed QRM rule violates congressional intent, makes home ownership more expensive for millions of responsible consumers and jeopardizes the fragile housing recovery,” Phipps said. “We urge regulators to reconsider the proposed QRM definition to help hard-working, creditworthy Americans continue to realize their dreams of homeownership.”

# # #

The National Association of Realtors®, “The Voice for Real Estate,” is America ’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

After two very eventful back-to-back weeks at the C.A.R. and N.A.R. Midyear Legislative meetings in Sacramento 
and Washington DC, we are glad to be home!!!! At the CAR meetings, the Directors voted to support the N.A.R. 
dues increase of $40.00 for RPAC (Realtor Political Action Committee). Before attending these meetings, I polled 
your Board of Directors and all but one board member supported the dues increase. This was reflected in my vote 
at the C.A.R. meeting. The other item on the agenda is the MLS data sharing and lockbox issue with CRMLS, the 
state-wide MLS service. Talks are ongoing – we’ll keep you posted. 

On the political agenda – those items that we take to our legislatures for their support were our opposition to 
the elimination or reduction of the Mortgage Interest Deduction and the necessity to maintain the secondary loan 
market (Fannie Mae and Freddie Mac) in order to provide affordable mortgages. In Sacramento, the legislators 
with whom I spoke supported the Realtor concerns. We took these same concerns to Washington DC and addressed 
these, as well as reauthorizing the National Flood Insurance Program for at least another five years. The 
response at the Congressional level and among the Senators was mixed – there is work to do here! Watch for the 
Realtor RED ALERTS and please respond. 

We were three thousand strong in Washington DC. They do listen to us! The dues increase was voted in and issues 
concerning broker opt-in, opt-out on the IDX were discussed and the final motion that passed was the whole program 
be revisited and that brokers could opt-in until the task force made their recommendations and it was brought back 
to vote in the September N.A.R. meetings in Anaheim. 

In addition to the political agenda, I attended meetings aimed at Association Leadership and other issues pertaining 
to Presidents and Presidents elect of the local Associations. If you have concerns, questions – please call me at my 
office 909-336-7917. I look forward to talking with you and thank you for giving me the opportunity to serve you and 
our Realtor Association. 

Carol Banner, President
Rim O’ The World Association of Realtors

When we talk to home sellers in our area wishing to put their homes on the market, the major question is: “How does the foreclosure market affect our asking price (our bottom line)?”  The foreclosure properties have a huge influence over current housing prices as illustrated in the following C.A.R. article. Locally, we do see prices being driven by foreclosure sales, creating opportunities for buyers and challenges for sellers. Now, more than ever, the necesity of using a welll informed Real Estate Professional is imperative. Call Carol Banner, the Banner Team at CB Sky Ridge Realty for all your Real Estate needs.

California distressed housing market improves in March; pending sales rise

LOS ANGELES (April 20) – The share of distressed homes sold in March declined from February, but was unchanged from a year ago,  the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. 

“Consistent with the state as a whole, nearly all the counties for which we have data also experienced an improvement in distressed sales,” said C.A.R. President Beth L. Peerce.  “However, distressed sales in most of the counties were higher than a year ago, as the market continues to work through large numbers of troubled mortgages.”

Distressed housing market data:

• The total share of all distressed property types sold statewide declined in March to 51 percent, down from 56 percent in February and unchanged from 51 percent in March 2010.

• Non-distressed sales made up the remaining share at 49 percent in March, up from 44 percent in February but unchanged from 49 percent in March 2010.

• Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 31 percent in March, down from 33 percent in February, and down from 32 percent in March 2010.

• The statewide share of short sales also dropped in March to 20 percent, down from 23 percent in February but up from 19 percent in March 2010.

• The median price of homes sold in the state varied dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.  Price differences across short sales, REOs and non-distressed properties reflect variances in the condition of the property, with REOs typically being in worse condition than short sales and non-distressed properties.  A seller’s circumstance, such as needing to sell under duress, is also a factor.

• The statewide median price of non-distressed properties sold in March was $386,500, $111,800 or 41 percent higher than the short sale median price of $274,700 recorded in March, and $181,500 or 88 percent higher than the March REO median price of $205,000.

Pending home sales:

March pending home sales in California rose from February, according to C.A.R.’s Pending Home Sales Index (PHSI)*.  The index was 128.7 in March, rising 15.2 percent from February’s revised index of 111.7, based on contracts signed in March.  The index was down 0.3 percent from March 2010, when the presence of housing tax credits played a strong role in home sales.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale	March 2010	Feb. 2011	March 2011
REO	36%	32%	33%
Short Sale	19%	22%	23%
Total Distressed Sales	55%	54%	56%

Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

Distressed Sales by County	Mar-10	Feb-11	Mar-11
Solano	69%	77%	76%
San Bernardino	75%	76%	71%
Kern	70%	72%	71%
Sacramento	64%	71%	70%
Mendocino	46%	62%	68%
Riverside	73%	71%	67%
Sonoma	54%	58%	57%
Napa	54%	64%	53%
Los Angeles	49%	55%	51%
San Luis Obispo	46%	56%	47%
Orange	36%	48%	40%
San Diego	30%	34%	32%
Marin	25%	43%	28%
CA	51%	56%	51%

*Note:  C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state.  Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market.  A sale is listed as pending after a seller has accepted a sales contract on a property.  The majority of pending home sales usually becomes closed sales transactions one to two months later. 

You can view this article at www.car.org

Have you been waiting for the market to “improve” or perhaps for the weather to “improve” – whatever your reason for waiting to put your Mountain home on the market – Now is the Time!  Talk to a listing agent with knowledge of the local market (not all of us do) who knows that, regardless of what’s said in the media or on the streets may not be the true story – especially regarding our very wonderful and unique area.  There are buyers and while they are seeking “good deals”, many of them have cash – we are seeing more cash buyers than ever before – in all price ranges.  Have you noticed Blue Jay lately?  Our little Blue Jay Village is blooming with new business and restaurants joining our wonderful Blue Jay standbys.  Weather is gorgeous, flowers are blooming, trees are leafing out – Now is the Time!

Whether selling or buying, Now is the Time.  Have you buyers been waiting for lower prices, lower interest rates, the market to “bottom out” – whatever the hesitation, if you really want to share in our Mountain Lifestyle, Now is the Time!!!  In my twenty five years of practicing real estate in the Lake Arrowhead area, I’ve never seen lower prices or better interest rates.  Granted, lenders do not make it easy – but than is anything really worthwhile in life easy?  Get busy, call me today to receive information on listings in your price range and on our market place in general.  My team and I make it our business to provide buyers and sellers with the most up-to-date market information and with all that is needed to make those important buying and selling decisions.

Assemblyman Tim Donnelly honors Carol Banner as woman of the year. Click on the link  to watch the video.  http://www.arc.asm.ca.gov/member/59/?p=media&sid=427&id=10482

Yesterday, a beautiful Monday morning in the Mountains, several of us Deer Lodge Park residents drove down the paved section of State Hwy 173 and parked at the end of the pavement.  We were joined by several other friends and neighbors residing on the North side of Lake Arrowhead to offer our protest to the closing of State Hwy 173 – that almost 5 mile stretch of the highway heading northwestwardly from beyond the Gun Club down to the base of the Mountain – the only “dirt” State Highway in California.  Even though our local fire services, the MAC and other Government appointees have declared that Highway 173 is not a “recognized emergency escape route” – we, who live here, own property here, pay taxes here – know otherwise!   For 40 years, Duane and I have lived on Grass Valley Road – second to the last house before it’s intersection with Highway 173.  In the 1980 Panorama Fire, Twin Peaks residents with their belongings packed in their cars filed past our house as they headed for the only escape access available to them – Hwy. 173 – after mandatory evacuation from their homes.  I knew that if the fire wasn’t stopped at Twin Peaks, I, too, with my family and belongings would be heading down that same road.  In the years since, we witnessed similar scenarios in three other major fires threatening our Community.  Fifty or so commuters use the road daily – at their own risk and with full knowledge that the road is winding dirt road that cuts off about one hour travel time for them daily. 

 

I was surprised at the emotion that swept over me as I stood there with my friends and family and looked at the chains, locks and K-Rail now blocking Hwy. 173.  The three armed Highway Patrol officers alerted to “keep the peace” by CalTrans stood by – along with the six CalTrans employees sent to put up the chains and to explain to us their version of just why this was happening.  Now I understand!  I understand what it’s like to go up against the Government.  I’ve always felt like a part of our Government process.  I’ve worked with state and county representatives in a collegial manner as the Chair of our local Chamber Government Affairs Committee, as a School Board Trustee, as a California Realtor.  Now I understand why We, the People, feel disenfranchised – on the outside looking in at a process that no longer makes sense.  We have ignored history.   We sat by and let it happen.  We are warned in the Declaration of Independence that a Government allowed by a complacent constituency to rule by its own laws, will turn us from a Government of the People, for the People, by the People to a People of the Government, for the Government, by the Government.  We are there!  Now I understand!

Funny, you say, that such a tiny matter in the Big Scheme of things should create this new feeling of distrust, dislike, despair – it’s not a tiny matter to us in our little tiny corner of this big, beautiful over-governed state.  It’s a big fat Wake Up Call!!