The BEST Team Blog by The BEST Team

JD POWERS: Keller Williams ranks highest among real estate companies

National Real Estate News... J.D. Power and Associates Reports: Among Home Buyers, Keller Williams Ranks Highest in Customer Satisfaction With Real Estate Companies in Inaugural Study Despite Popularity of Online Home Buying and Selling Tools, Real Estate Agents are Key to Customer Satisfaction WESTLAKE VILLAGE, Calif., July 23, 2008 /PRNewswire via COMTEX/ -- Keller Williams ranks highest among real estate companies in satisfying home buyers, while Prudential ranks highest in satisfying home sellers, according to the J.D. Power and Associates 2008 Home Buyer/Seller Study(SM) released today. The inaugural study measures customer satisfaction of home buyers and sellers with the largest national real estate firms. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (65%); office (21%); and services (13%). In the home buyers segment, Keller Williams achieves a score of 831 on a ..(read more)

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Long Beach Sea Festival Events

Here are some local events for Family Fun... Check them out!!! UPCOMING CHARTER COMMUNICATIONS SEA FESTIVAL EVENTS – AUG 4 – AUG 10

- Visit www.longbeachseafestival.com for more information:

8/5-8 14TH ANNUAL LAND MEETS SEA SPORTS CAMP

8/5 MOONLIGHT MOVIES ON THE BEACH
Granada Beach – The Sting

8/5 BIXBY BLUFF MUNICIPAL BAND CONCERTS
Bixby Bluff Park

8/5 YOUTH AQUARIUM & HARBOR CRUISE (read more)

Tax Traps In The Housing Bill

http://www.foxbusiness.com/story/markets/industries/media/hidden-tax-traps-housing-rescue/ LOS ANGELES -- The eagerly anticipated housing-rescue bill, also know as the Housing Assistance Act of 2008, is intended to calm the mortgage market, the real estate market, homeowners on the verge of bankruptcy and foreclosure, victims of bank failures and others whose lives are topsy-turvy this year. But from a tax perspective, the bill is likely to cause more upset than calm. Here is a look at five areas where tax law was changed along with housing law, and the good news and bad news that goes along with each: 1. Tax credit for new homeowners First, we have a $7,500 credit for new homeowners that's not really a credit. It's a loan. Those who qualify to receive this credit will receive 10% of the purchase price of their home -- up to $7,500, in the first year. Then they will repay the loan over a 15-year period, starting in the second year after the taxable year in which the house is ..(read more)

President Signs Historic Housing Bill!!!

President Signs Historic Housing Bill!! Thank You to Everyone Who Has Worked So Hard to Increase Loan Limits! This morning President Bush signed the 'Housing and Economic Recovery Act of 2008.' For the past several years, C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® have aggressively lobbied for Congress to pass numerous provisions found in this historic bill. Many of you participated in these efforts by communicating with your Members of Congress. Thank you to all of you who responded to these Calls-for-Action.Your efforts have made a difference. This federal housing bill is a significant move in the right direction forCalifornia homeowners. It will aid in stabilizing our economy and help stem foreclosures, while also providing support to first-time homeowners. The legislation will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, byallowing them to refinance their current mortgages with a Federal ..(read more)

Bush signs U.S. housing rescue plan into law

By Jeremy Pelofsky WASHINGTON, July 30 (Reuters) - As home foreclosures rise and property values slump, U.S. President George W. Bush on Wednesday signed into law a rescue package that includes emergency backstops for mortgage financing companies Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research). Despite opposition to a provision that offers $4 billion in grants to states to buy and repair foreclosed homes, Bush reversed his opposition to the overall legislation because it included numerous other key housing reforms. The new law boosts oversight of Fannie Mae and Freddie Mac, which own or guarantee almost half the country's $12 trillion in home mortgage debt. It also expands a temporary line of U.S. Treasury credit and gives the government the option to buy shares in them if they ran into trouble. "We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for ..(read more)

Understanding 'Distressed' Property

Understanding "Distressed" Properties There are many confusing terms out there today regarding "distressed properties." This article will discuss the different terms used in real estate, such as short sale, and foreclosure to help you understand what you are seeing. Short sale With the declining real estate market, many owners have found themselves "upside down" in their home, meaning they owe more than it's worth today's market. A short sale occurs when a home owner asks their lender(s) to accept less than the full loan payoff for their property. Short sales, in most circumstances, are a way to avoid foreclosure. Although the lender will recover less than the total loan amount in a short sale, they may prefer this in lieu of foreclosure because the final expense for them will be less. The bank, or lender, is not obligated to take a short sale and in most cases the process to get one approved is cumbersome and frustrating for the Buyer, Seller ..(read more)

Michael Simpson: Elected to 2nd Term Pacific West Association of Realtors

2008 PWR Election Results
Thank you for participating in the 2008 Pacific West Association of REALTORS® Election.

On this year´s ballot you were asked to vote on the amendments to the PWR Bylaws. You were also asked to select candidates to serve one–year and two–year terms on the 2009 PWR Board of Directors.

The proposed amendments to the PWR Bylaws passed overwhelmingly with a 75% YES of the overall vote.

Seven (7) PWR REALTORS® were elected to serve a two–year term on the 2009 PWR Board of Directors.
Michael Simpson, Keller Williams Coastal Properties, Long Beach
Scott Brady, Coldwell Banker Excellence, Placentia
Richard Cosner, Prudential California Realty, Anaheim Hills(read more)

Short Sale Article: LA Times

Short sales: A tough road As an alternative to foreclosures, short sales are on the rise, but they can test the patience of all involved: sellers, buyers, banks. By Diane Wedner, Los Angeles Times Staff Writer
June 15, 2008

RESIDENTIAL short sales sound like a picnic: Owners need to sell their homes for less than they owe, lenders forgive the difference and buyers grab a good deal.

If only. This is one picnic that requires a long wait for dessert. The only "short" thing about short sales, buyers and sellers say, is one's patience. "The waiting is torture," said Mark Shandrow, a Keller Williams Realty agent in Long Beach who specializes in such transactions. "The banks are overwhelmed with short-sale requests, and some make sellers wait five months for an answer." That answer, in many cases, he added, is "no."

Yet despite the obstacles to successful short sales -- lenders holding the first ..(read more)

Long Beach Fire and Police Down Payment Assistance

POLICE & FIREFIGHTER DOWNPAYMENT ASSISTANCE PROGRAM
The Police & Firefighter Downpayment Assistance Program provides qualified police officers and firefighters conditional grants of up to $10,000 to be used towards their downpayment and non-recurring closing costs. The conditional grant may be applied to 100% of the borrower's required downpayment and may be forgiven after five years of residency (certain restrictions apply). The program is available throughout the City of Long Beach. HOW DO I QUALIFY?
To qualify for the program, you must meet the following requirements:
1. You must be a sworn police officer or firefighter employed by the City of Long Beach and have successfully completed probation.
2. You do not currently own a home in the City of Long Beach.
3. You must qualifiy for a fixed-rate or adjustable-rate first mortgage from a private lender.
4. Your household income DOES NOT exceed the following moderate-income ..(read more)

Down Payment Assistance Program

We are pleased to announce that the PWR Opening Doors Down Payment Assistance program will re–open in June, thanks to the generous support of our REALTOR® members who contributed to the PWR Charity Foundation. First–time buyers who meet the criteria may be eligible for up to $10,000 in down payment assistance. Only clients of PWR REALTORS® who contributed to the PWR Charity Foundation (min $25) in 2008 are eligible.

In 2007, PWR gifted $225,000 to fifteen families towards the purchase of their first home. The generous giving of REALTORS® through this program caught the attention of the media and our program was covered by the Long Beach Press Telegram, LA Times and the Orange County Register in a front page, full page article on Thanksgiving day.

Seeking Buyers Agent!!!

JOIN THE BEST, The Best Team @ Keller Williams is Hiring the BEST buyers agents!!!

We are looking to hire on 2-3 buyers agents who are motivated and ready to do what is takes to make $100,000+ per year!

The Real Estate Market is full of change and many Real Estate Agents are having a hard time getting by, we have a solution for you if you are selected to join our team you will have a chance of success in this exciting industry.

* Some experience prefered but not required
* We are looking for full time Realtors or who could become full time in a short amount of time
* Reliable transportation
* Learning Based
* Able to see "the big picture"
* Highly Committed
* Multi-lingual a plus (but not required)
* Quick Learner and quick to action
* MUST BE AVIALABLE ON 3 out of 4 Weekends per month
* Schedules will be given and must be followed
* MUST be able to ..(read more)

Find Your Dream Home Online

Michael Simpson / The Best Team with Keller Williams and Norma Chacon with Metro Coastal Mortgage have combined forces in a newly formed strategic relationship with a licensed real estate company, Home Buyers Marketing II, Inc. (HBM II). HBM II provides area homebuyers with an innovative and FREE home finding service called the Home Buyers Scouting Report®. The Home Buyers Scouting Report® matches your personal home search criteria with properties that are currently listed for sale and in your price range. Online...available 24 hours a day! At your convenience, login to HBM II’s private, password-protected website to view the listings that meet your home search criteria with pictures, prices, addresses, directions, maps and more!* You can specify a particular school, lot size, almost any amenity you want and get just those listings that are in your ..(read more)

Wall Street Journal: The Housing Crisis Is Over!

The Housing Crisis Is Over By CYRIL MOULLE-BERTEAUX
May 6, 2008; Page A23
The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now. How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor. Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982. Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the ..(read more)

Fannie Mae to Loosen Policies to Combat Housing Slump

Fannie Mae to Loosen Policies to Combat Housing Slump (Update2) 2008-05-06 15:54 (New York) (Adds comment from lender in fourth paragraph.) By Jody Shenn May 6 (Bloomberg) -- Fannie Mae, the largest U.S. mortgage- finance company, plans to change its policies and pricing to help the country emerge from a housing slump. The government-chartered company will handle refinancings of non-delinquent mortgages for as much as 120 percent of property values when it owns the existing loans, the Washington-based company said today in a statement. Fannie Mae also said it will ..(read more)