The Glass is Half Empty or Half Full on Housing?

We Realtors are like everyone else - some of us are optimists while others pessimists so naturally our writings will reflect our beliefs. I always take the stance that things are never as good or bad as what most people think. Lately, there has been plenty of negativity in our housing news - much of it valid - some not. Most of these stories talk about shadow inventories, the next wave of foreclosures, concerns for the economy, and how home prices will/must fall further. Being that our economic system is affected by consumer confidence, all news good and bad will have some effect on our collective daily decision making.

Unfortunately, many people are failing to take into account that much of this negativity is written in general or regional terms - some implying that all market ills are shared equally by all parts of the country. We know this is not true since not all areas were equally affected by the housing market correction. Some areas have seen prices come down sharply while others have only seen modest reductions. There are even some areas of this country - believe it or not - where prices have been rising! So, what can be done? How can one know if/when the time is right to purchase?

My answer to anyone asking is always the same, " it depends" If you want to know if the time is right to purchase - let's talk about the type of sale you are thinking about and see how it works in today's market. Contact me today to get the information you need to make an educated choice. Have a great day!

City of Burbank Fire Service Day/Police Week Saturday May 14th!

Come on out to downtown Burbank (Orange Grove and Third Street) this Saturday 7:00 AM - 2:00 PM to celebrate Burbank Fire Service Day/National Police Memorial Week. Both Burbank Fire and Police departments will be joining forces for the day with displays, demonstrations, an open house, and plenty of activities for the kids. The Burbank Police Department will be co-hosting the event as part of their National Police Memorial Week - May 15 through 21. The event is free so come on out and have some fun with your neighbors! Here is a list of some of the activites:

7-10am Pancake Breakfast presented by the Burbank Community YMCA

9-11am Music,demonstrations, and Fun

9am-2pm Santoro’s Sub Sandwich “firefighters special” lunch

11:15am Lil’ Squirt & Officer McGruff photo opportunities

12pm Burbank Police Department Moment of Silence

12-2pm City Beat performs popular classic tunes from the 50’s to the present

For More information call 818-238-FIRE

*Jill and I have been attending the event for the past few years and it is an absolute blast! We hope to see you there!

Welcome Chipotle - Toluca Lake

Love Chipotle - been a big fan since the mid 1990s when I was living in Denver, CO. Missed them dearly once I moved to Burbank, CA in 1996. Needless to say, I was very excited a few years back when Burbank's first Chipotle opened on Palm Ave. in downtown Burbank. The only problem was that because of its location on the walkway - there just wasn't any convenient way to quickly run in and get food to go. My dilemma was finally solved though last week with the opening of the second - yes second Chipotle location in Burbank/ Toluca Lake.

Chipotle Toluca Lake/Burbank is located at the site of the former El Torito Restaurant and Cantina on the corner of Riverside Dr. and Pass Ave. Parking is convenient with its own lot next to the building so running in to grab a quick burrito or taco is a snap. My particular favorite is the Vegetarian Burrito that comes standard with guacamole. See you at Chipotle!

Chipotle Toluca Lake

4012 Riverside Dr Toluca Lake, CA 91505

818-561-2004 

Daily Hours 11am - 10pm

Burbank Residents... It's Time For Dodger Baseball!

Burbank residents - come head out to Dodger Stadium Friday night May 13th 7:10pm to support your local team and enjoy some quality time with some of your fellow neighbors! Friday's game will feature our hometown Dodgers against their National League West rivals - Arizona Diamondbacks. As of  the time of this writing, the Dodgers are tied with Arizona for 3rd place in the West - 3-1/2 games back of the division leading Colorado Rockies. If the standings hold - it should be a very interesting series! As an added benefit - Friday is also fireworks night so get your tickets before they are sold out.

Tickets for Burbank residents were on sale until April 22nd through the city but at this point it would be best to get your tickets online at www.dodgers.com/burbank (enter promo code: Burbank). For additional information regarding the City of Burbank's Dodger Night, call 818.238.5300
 
See you there!

Graduation Season - Thinking about Downsizing?

It's hard to believe it's May again and another school year is coming to an end! Congratulations to all the High School Seniors out there who will be either joining us in the working world or continuing on their way to college. We truly wish you the best in all that you do! Within the coming months, schools will be unloading their hallways and parents will be faced with the daunting task of deciding what housing changes will need to be made before the next coming school year. Stressful for sure, but easier once one has all the information needed to make the right decisions!

With a college student of my own, I know the difficulties of  sending a child off  to school. Not many parents are prepared financially or emotionally for this change so naturally they worry about making the right housing decision. Some will choose to have their children live in the college dorms, others will rent apartments, and others yet will decide it's time to purchase an investment property - one close to their child's school. One benfit of purchasing is in knowing where your child will be living for the next four years and the exact cost. No rising housing cost drama - just your scheduled monthly payment. And if things start to get tight, roommates can also be added to help with the payments. Purchasing an investment property is also a great option for families with more than one child who all plan to attend the same school.

Outside of student's housing, some parents will wonder if it's the right time to downsize from the large family home into something with less cost or maintenance. Others may look into trading in the large home for two homes - one in the immediate area and a second closer to (or further from) their students. There are many options we can discuss for whatever you may be thinking so give us a call. We can go over all the options, run the numbers of each scenario, and help you make the right decision. We're looking forward to helping you. Have a great day! 

Contact us today:

Philip Keppel
REALTOR®
DRE#01875431
Media West Realty
4105 W. Magnolia Blvd.
Burbank, CA 91505
http://www.philandjill.com/
philipkeppel@yahoo.com
818.845.9700 Office
818.845.9703 Fax
818.516.7387 Cell

Condo - Walking Distance to Warner Bros - FHA approved Complex - Open Today 1-3PM

Come join me today for an Open House in Burbank 1-3pm at one of the only FHA approved complexes in the Burbank Studios area! One may find many condos in the area but very few are FHA approved complexes. Here are the details:

4140 Warner Blvd #307 (click address to see Listing video)
Burbank, CA 91505 
Riverside Drive to Rose Street to Warner Blvd (click for Map)
1bed
1 bath
760sq ft Assessor
Built 1964
FHA Approved Complex
Great deal at $279,000

Hope to see you here!

3.5% in Closing Cost Assistance Through June 30, 2011!

Been struggling to purchase a home in today's market? Have you considered purchasing a Fannie Mae foreclosed properties as part of the HomePath program? The HomePath Program was enacted early in 2009 to deal with the growing number of Fannie Mae's foreclosed properties. The HomePath Mortgage program has some great benefits - one being the First Look Initiative - which helps protect buyers from having to engage in bidding wars against investors for the first 15 days on qualified HomePath properties. Another benefit is the reduction in down payment for earnest money deposits for HomePath Mortgage properties. Owner occupants can put down as little as 3% and investors 10%. Also, there is no lender requested appraisal and private mortgage insurance (PMI) is not required. Lastly, Fannie Mae is now offering up to 3.5% in closing cost assistance on all homes where an initial offer was submitted on or after April 11, 2011 and closes by June 30, 2011.

 Here is everything one needs to know:
(Courtesy of HomePath.com)
The HomePath property buyer must meet the following qualifications to be eligible for 3.5% assistance:

•Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.

•The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.

•The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.

•Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.

•Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.

•If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Now that you know - let's find a great HomePath Property and an approved lender together! Call today (818) 516-7387