First Time Home Buyers New Options. 99% Financing.

February 12, 2011

First time homebuyers have a new option in financing that can help them purchase the home of their dreams. 

CalHFA FHA Program highlights include:

  • First time homebuyer or qualified Veteran
  • 620 minimum credit score
  • Purchasing property in designated target area
  • Seller concessions 3%
  • Loan up to $417,000
  • Primary, single family residence
  • Rate reductions available when CalHFA
  • Condos and PUDs must be FHA approved
  • Program is used with CHDAP
  • Homebuyer Education & Counseling course required

  Cal FHA

Current sales price limits and income limits apply
Riverside County & San Bernardino County
Sales Price: $550,000 for target area and $450,000 for non-targeted area
Orange, Los Angeles & Ventura Counties
Sales Price: $802,725 for target area and $656,775 for non-targeted area
CHDAP Program highlights include:

  • Can be used for down and closing
  • Interest rate reduction when used with CalHFA
  • 3% of sales price used as a second mortgage
  • 1% down payment of borrower funds
  • CHADAP is a Deferred loan

        Contact us for more info or any questions.  714.470.8600    mikepatel@sbcglobal.net

 Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

             

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99% Financing Available with CalHFA FHA & New CHDAP


Real Estate Update – Feb 1st 2011

February 2, 2011

Real Estate Update –    Feb 1st  2011  Mike Patel

The market is still ever changing. 

What you are hearing from the mainstream national media about Real Estate is only one small part of the story.

Here is the link to my Video Newsletter: for the latest.

http://www.patelsupdate.com

My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include:

Current Real Estate News
Interest Rates
Mortgage Advice
Question & Answers Short Sales Foreclosures

Plus much more. It is “real time” and changes weekly.

Whether you are thinking about selling or buying, or you just want to keep abreast of the market, I hope you find this information useful and informative.

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

             

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Real Estate Facts and Figures. January 2011

January 18, 2011

Real Estate Facts and Figures January 2011

Real Estate Facts and Figures January 2011

There is actually optimism in the Market.

Nearly 8 out of 10 people believe that buying a home is a good financial decision, and 68% feel that now is a good time to buy a home(compared to 75% in 2009 and 66% in 2006)

 

63% of renters say that owning a home is a priority in the future.

40% say it is one of their highest priorities.

and 25% are thinking more about buying a home today than they were just a year ago.

32% of owner occupied housing units are owned free and clear.(US census Bureau)

70% report that home values have stabilized in their area.

The Affordability of a home is at a 40 Year high!  (Mortgage rates and homes are lowest in 40 years)

79% of buyers in the market say it’s difficult to save enough money for a down payment and closing costs.

73% worry about qualifying for a loan, and 80% say high unemployment and job insecurity are potential barriers to home ownership.(NAR 2010 National Housing Survey)

(Data obtained from Buffini and Company Magazine, Jan 2011)

Compliments of

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

             

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Setting Goals – Why

January 2, 2011

Setting Goals – Why

I am all for setting Goals and Panning!  It gives me direction and a purpose to do the things that I want to do and do it in a timely manner.

I have also realized that the goals or plans you set must have a meaningful purpose. If you set goals, make sure it is the right one, as it can take you to the wrong path or the wrong direction. There are two questions to ask when you are planning or setting goals.  1. What am I missing today?  or 2. What is important to me today? 

The most significant things in your life are the people and opportunities before you right now, because the future is not guaranteed. The only thing you can be sure of  are the things you can hold in your hand today, and what you do with them determines how successful you can be tomorrow.

If you set goals from the point of view of scarcity mind-set, ” I don’t have this, or I don’t have that” than you have imbalance in your life.  You can also have the point of view of abundance mind set, “I already have this and that’. Instead of looking for the more, the better or different of tomorrow, learn to embrace the good of the present or the now.

Here is a secnario that may make sense when setting your goals, or looking at your current situation and what you think of your current situation.

A very successful Investor stood on a pier of a small village  while on vacaton in Mexico. He was watching this fisherman fishing. He noticed the fisherman had caught some fish so he asked him how long it took him to catch the fish. The fisherman said it did not take that long. “Why didn’t you stay out longer and catch more fish?” the investor asked. The fisherman said he had enough fish for now for him and his family. So the Investor asked what he would do the rest of the day? The fisherman replied that ” I sleep late, fish a little, play with my kids, take a siesta with my wife and then stroll into the village each evening where I sip wine and play guitar with my friends. I have a full life”

fishing boats

wrong goalsfishing village

 The investor laughed and said he had an MBA degree from Harvard and told the fisherman that he Can help him be more successful, you should spend more time fishing and sell the fish your family doesn’t need. With the money you could buy a bigger boat, hire other fisherman to bring in more fish. Eventually with your profits, you could buy several boats so that you could send out a fleet every morning and bring home hundreds of fish to sell. Then, instead of selling your catch to a middleman, you would sell directly to the processor, eventually opening your own cannery. You would control your product, processing, and distribution. This would allow you to expand to other major markets and you would have an enormous enterprise!

So the fisherman asked, “But how long would this take?” 10-15 years the investor answered! “And then what?” asked the fisherman. The investor giggled. ” That’s the best part- at just the right time, you would announce an IPO and sell your company stock to the public and become extremely rich. You would make millions!”   “Millions”? the fisherman repeated, “and then what?”  The investor thought for a moment. “I suppose you would retire to a small village on the coast where you could sleep late, fish when you wanted, spend time with your family, take afternoon naps with your wife, and spend evenings sipping wine and playing guitar with your friends.”

What are you fishing for?

  Ideas taken from the book,”life On The Wire”

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

             

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Home is Still a Good Investment.

January 1, 2011

Home Is Still A Good Investment

There is a saying that the easy way to riches is to own Real Estate. I still strongly believe that, despite the media bashing of how poor the real estate market is.

It is true that we have had several years of sharp price declines and many home owners have lost their equity and their homes. The fact remains that the typical seller who purchased a home eight years ago experienced a median equity gain of $33,000- a 24% increase- while sellers who were in their homes for 11-15 years saw a median gain of 40%. That’s according to National Association Of Realtors latest survey of home buyers and sellers. 

85% of recent home buyers see thier home as a good invesment, and nearly half think that investment is better than stocks.

 Buying a home

First home

If you really think about, the majority of wealthy people own real estate, and that is the reason why they are wealthy. One cannot get rich by saving 10% in their savings accounts, ands statistics show that very few save in the first place. How is your credit card balance versus your saving account?

So I say, buy  a home or real estate ASAP!  It is the best investment around. If you cannot buy right now for whatever reasons, there are a number of ways to start saving and preparing for that purchase. It is the Amercian Dream to own a Home.

Cheers.

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

             

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Who Is using the Mortgage Interest Deduction MID

December 23, 2010

 

Who Is using the Mortgage Interest Deduction MID

One of the benefits of owning a home is that you get a Mortgage Interest Deduction. Here is a brief snapshot of who’s using Mortgage Interest Deduction.

Those households headed by persons between 35 and 45 years of age are the largest takers of the mortgage interest deduction, this is from National Association of Realtors research. Based on Internal Revenue Data from 2008, these households take an annual average deduction of $13,829, compared with $9577 for households headed by persons 65 and older and $8799 for households headed by persons under 26. Reasons for this? Typically, home owners in the 35-45 bracket still have many years left to go on their mortgage, and a relatively high proportion of their monthly payments goes to interest. Also, their houses tend to be larger than those of the very youngest home owners, so their mortgage and interest are higher.

Here is the breadown of Mortgage Interest Deduction by Age.

All returns             $12,160

Under 26               $8799

26-35                   $12,300

35-45                   $13,829

45-55                   $12,374

55-65                   $11,099

65 and over           $9,577

Source, NAR reserach using 2008 IRS data.

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

   

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Holding Open Houses.

December 6, 2010

Holding Open Houses

Home selling is somtetimes doing the things you really do not have to do, but have to do it anyways to get the job done, or to fulfill your committment to the seller. I personally am NOT a big fan of Holding Open Houses. But I am holding an Open House today anyways! In Sales, sometimes you have to do things out of your comfort zone . Open Houses are a great way to expose the home to potential buyers,, they may buy it on the spot!.  Open houses are also a great way to meet new sellers, from that very neighborhood! One of the best reasons to hold Open houses is to meet, help and guide new Buyers. Many of the buyers that visit the open houses are new to the area or neighborhood, wanting information or the price trends, conditions, schools, etc. If buyers or potential buyers take their time in hte weekends to attend an Open house,  they may have some interest or them may know someone that is wiling to buy or sell in the near Future. Not everyone you meet at the open house will end up doing business with you. You are looking for that one motivated buyer or seller that will connect with, trust with you and end up doing business with you. Open houses have been around since 100’s of years, and are here to stay.  I will enjoy my open house today and look forward to meeting with buyers and sellers.

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

   

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Mike Patel’s Weekly Video Real Estate Newsletter

December 2, 2010

Weekly Video Real Estate Update – Mike Patel  Dec 1st 2010

The market is still ever changing. Last weeks news is this weeks history.

What you are hearing from the mainstream national media about Real Estate is only one small part of the story.

Here is the link to my Video Newsletter: for the latest.

http://www.patelsupdate.com

My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include:

Current Real Estate News
Interest Rates
Mortgage Advice
Question & Answers Short Sales Foreclosures

Plus much more. It is “real time” and changes weekly.

Whether you are thinking about selling or buying, or you just want to keep abreast of the market, I hope you find this information useful and informative.

Please contact me any time.

Sincerely,

Mahesh Mike Patel

Prudential Ca Realty   www.mikepatel.com www.mikepatelblog.com


2010 Newsletter Housing Trends eNewsletter

December 2, 2010

 Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

NOVEMBER – 2010 Newsletter Housing Trends eNewsletter

 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more. Please click here to view the NOVEMBER – 2010 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

   

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Fed set for landmark move to prime US economy

November 3, 2010

 Fed Set For landmark Move to Prime US Economy

Fed Chairman Ben Bernanke

The Fed is trying hard to get the US economy going. Here is a message our Prudential Office received from our Owner Rich Cosner, Prudential Ca Realty, Anaheim Hills, Ca:

Hopefully, all of you have already voted today or certainly will vote by the end of the day. I personally believe that all the negative campaigning on both sides has depressed everyone. Without these ads running, people will start to see some bright spots which are just around the corner.

 When Japan went through a depressed economy, they now realize that Japan’s Central Bank did not take the appropriate moves to rejuvenate their economy and that period of time is now called the “lost decade.” Our Federal Reserve is not going to make the same mistake. Whether you believe printing money is good or not, it certainly will have a stimulative effect on our economy. That will be great for real estate. It likely will lower already historically low interest rates and it will bring inflation back into the picture. Inflation will increase everyones house values. If you have  a low fixed rate mortgage with inflation raising your home value every year, it is a dream come true.  What happens next? The masses of people will see home prices rising, the media reports this as big news and wave after wave of buyers will rush into the market.

 This is a huge opportunity for your buyers: How do you explain the opportunity?

 1.    Lowest interest rates since Dwight Eisenhower was president in the early 50’s

2.    Lowest prices in California in a decade

3.    Inflation just around the corner to lift those prices

4.    Rising prices will bring all the potential buyers flooding into the market to get in the game before they get priced out.

5.    Waves of buyers will cause appreciation to happen, in addition to the inflation, raising prices further.

 This is the scenario you will see over the next year or so. Please take the time to read the article in the link below which came from Yahoo.com   News

http://news.yahoo.com/s/afp/20101102/ts_alt_afp/useconomybankrate_20101102181023

_________________ 

Mahesh Mike Patel  Prudential Ca Realty      

   www.MikePatel.com           Search Homes Like An Agent    Dream Home Finder

   

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