I was trying to gauge rental values for homes in Costa Mesa and looking on Craig's list I saw a number of rentals that appeared to be distressed owners. I assumed this because they are the homes that say all newly remodeled and the rents are below the average and the ads make them sound like they want someone in yesterday... offering things like 1/2 off the first month. Landlords don't typically completely renovate a rental with cherry and granite and the like.... speculators did that to flip. It's got to be tough to be a traditional landlord and having to compete with these. The only thing you want to make sure of is that you don't move in and the owner defaults and loses the house to foreclosure. If that happens you lose your deposit and have to move suddenly.... more
I don't think they will decrease as much % as the Inland Empire, but they will probably drift lower over the next few years. There are still a lot of "liar loans" that will be adjusting over the next 2 years, and it is unlikely that those owners will be able to refi or afford the new payments. The bank owned homes often need a substantial amount of work and money to make them nice, so they will be pulling the average values down for a while.
If you find a house that you love, and can afford, and plan to stay in for 6 - 10 years, it won't matter if "averages" dip down some more. They will come back up eventually, and you will have enjoyed living in your own home during that time.... more
Hi Caleb, Are you asking about subordination? If so, There are lots of those seminars around...my opinion is that the new Real Estate market will not support the strategy. Too many people have exposure to the available homes and there will always be a buyer for every home without having to to a paper shuffle deal. For now!
Good question. Are you curious or are you thinking of listing your home? If you are curious, one of the online services such as Trulia or www.zillow.com might be able to give you a ballpark figure on what your home is worth. If you want to list your home, I would recommend finding an agent you would like to work with and he or she will work with you to price your home correctly so it will sell in a reasonable amount of time.
If you want a second opinion, getting an appraisal might be a good idea. This type of appraisal is generally shorter and less costly than the type of appraisal used for purchases and re-financing.... more