Temecula/Murrieta Home Blog

4th of July Celebration in Temecula, Ca

wlmsgrp1 — Tue, 15 Jul 2008 07:56:57 +0000

Southern California is known for it’s friendly people and it’s wonderful unique areas.

Temecula is one of these unique towns - or should I now say “cities?” Temecula is known for it’s many wineries, hot air balloons, Old Town, horse events, and it’s 4th of July Celebration.

The event is held at the Sports Park, with our outstanding new library (second library in our town!) overlooking the celebration. There was a Jazz Band, children’s activities, vendors, picnics, blankets, frizbees, children playing, parents visiting neighbors—all in all, it felt like a wonderful “Leave It To Beaver” event.

We Realtors were not selling homes in Temecula on the 4th of July - we were back, hard at work on the 5th but the 4th was for celebrating and enjoying the great town and people who already here.

Watching the fireworks display while sitting on blankets, surrounded by friends and family was a magical time. Wish you could have been here!

Understanding HomeBuying in this new Economy

wlmsgrp1 — Tue, 15 Jul 2008 07:43:53 +0000

This is one of the best articles I have read recently about loans and the home buying process. Our real estate world has been changed in many ways — not just falling home prices and more inventory but also the loan process.

Buying a House in the New Economy - Advice For Buyers

by Brandon Cornett

Jean Chatzky, the financial editor for the Today Show, was on TV recently to talk to consumers about their credit scores. She confirmed something I already knew, but backed it up with some eye-opening numbers.

Specifically, Jean was explaining the credit score you need to qualify for the best mortgage rates when buying a home. Here is how she broke it down:

* May 2006 - Borrowers needed a credit score of 620 to get the best rates.

* May 2008 - Borrowers needed a 760 or above to get the best rates.

That’s an increase of 140 points, which is a significant difference when you consider that the overall credit range only goes from 300 - 850.

Recent Economic Changes

Credit has always been important when buying a house and applying for a mortgage loan, but today it’s more important than ever. To fully understand the reasons for this, we need to look back over recent economic changes.

The subprime mortgage “meltdown” that started in 2007 caused widespread economic changes that we are still seeing today in 2008. Many lending institutions went out of business, and thousands of Americans lost their homes due to foreclosure. This caused a general tightening of credit that affected consumers and businesses alike.

What It Means for Home Buying

If you are planning to buy a home in the near future, this has everything to do with you. As a result of these and other factors, the process of buying a house in today’s market is more challenging. As I’ve already stated, you will need a higher credit score for home buying today than in the past, especially if you want to quality for the best rates on your loan.

Additionally, buyers with bad credit have fewer options today, because the subprime mortgage is practically extinct. This makes financial responsibility all the more important for buyers in the modern economy.

So what credit score is needed for home buying in today’s economy? Well, this will still depend on the individual mortgage lender involved and their particular lending practices. But it’s important to realize that there’s a big difference between qualifying for a mortgage loan and getting a good rate on the loan. For example, you might get approved for a mortgage with a credit score of 580. But you certainly won’t get the best rate at that level. This means you will pay more each month as long as you keep the loan.

According to the figures presented by Jean Chatzky, a couple of years ago you could have elevated your score by just 40 points to qualify for the best interest rates — i.e., you would boost it from a 580 to a 620. Today, however, you would have to increase your credit level by 180 points (from 580 to 760) to qualify for the best rates. That’s a huge difference!

My Advice to Buyers

The home buyers of today need better credit than the buyers of, say, three or four years ago. The federal government is putting more pressure on lenders. The mortgage lenders are scrutinizing borrowers. And borrowers are under increased pressure to have good credit scores to qualify for loans.

All of this is unlikely to change anytime soon. So if you fall into the bad credit range, my advice to you is this:

Do not buy a home until you get your financial “house” in order. Even if you do get qualified with a low score, you are going to pay a huge amount of interest on the loan. So instead of rushing out to buy a home before you’re financially ready, focus instead on improving your credit score. Pay all of your bills on time. Minimize your debt. And start saving money — the more of it the better.

About the Author: Brandon Cornett is the publisher of Home Buying Institute, a website for first-time home buyers with advice on credit scores, home loans, online lender quotes and more. Learn more by visiting the Institute at http://www.homebuyinginstitute.com

Great information!

Wine Country is Beautiful This Time of Year!

wlmsgrp1 — Mon, 30 Jun 2008 08:46:35 +0000

I just got back from a drive through Temecula Wine Country. What a feast for your eyes! Sometimes I feel very spoiled to be able to live in such a beautiful place.

It is hard to describe. There are rolling hills covered with the green lines made by the rows of grapevines - in the distance you see the purple grey mountains - flowers are everywhere - and in the early morning or late afternoons, you might see colorful hot air balloons drifting overhead.

It is really hard to put into words but it is really, really magical!

What to Do? What to Do?

wlmsgrp1 — Mon, 30 Jun 2008 08:30:05 +0000

Life is certainly different in Southern California Real Estate these days! Temecula and Murrieta have seen falling home prices along with the entire country. What makes Temecula and Murrieta a little more unique is - along with the tragic home foreclosures comes a little hope and breathing room - Young families can have homes they can afford in Southern California. Our younger people were having to settle for either leaving the area or buying way, way, way over their budgets, just to get in the housing market—thus the adjustable loans. Way to much of their income went to desperately trying to make house payments that they really couldn’t afford.

Finally, a sigh of relief, and an opportunity to buy what we can really afford! There is a silver lining in all of this.

Let Me Tell You about My Blog

wlmsgrp1 — Sat, 26 May 2007 08:02:58 +0000

Exactly what is a Blog? It is like a regular website that is updated regularly. You can have current information daily. In today’s housing market, things are changing with the speed of light. Check back frequently as I will be covering anything and everything that is related to Real Estate in Southern California specifically the Temecula/ Murrieta area.

I will introduce you to the various neighborhoods and some great people. Sometimes I may digress into others areas of interest. Anyway, fasten your seat-belt, and hang on—the ride will definitely be interesting! You will get introduced to Temecula Wine Country and all of the beautiful wineries. Oh, and we can’t forget Old Town Temecula and the great little shops.

Real Estate Doesn’t Have to be Self Service

wlmsgrp1 — Thu, 24 May 2007 07:49:06 +0000

I find that I am just as noisy as the next person! I love Zillow to check out my neighborhood and the homes all around the area. Even though I am a Realtor—who, by the way, knows that most of the homes in the shiny big homes for sale magazines are already sold—because of the lag time in print publishing—I still love to leaf through the pages, comparing the homes.

I even check out the weekend Real Estate sections! All of this even though every day I spend time on the MLS which is by for the best and most complete listing of homes. I just enjoy “browsing” Real Estate!

Anyone can begin their search for a home by just noseing around the Internet but pictures, unfortunately, never tell the complete story. Of course the unflattering or dingy parts of the home is left out of the pictures. Neighborhoods are hard to read-there are “bad” parts of good school districts!

Luckily you don’t have to go it alone! Getting great direction and help doesn’t cost you a penny! Sellers pay the Realtor’s commission and then only if the home sells.

To begin your search for a home in the Temecula/Murrieta area or to sell your home, call Sandra Williams at 951-662-3973. I am always available to answer any questions and help you anyway possible.

Western Days in Old Town Temecula

wlmsgrp1 — Tue, 22 May 2007 19:28:19 +0000

This is why we love this town! Saturday and Sunday there was a wonderful event in Old Town Temecula. Western Days was full of great “olde tyme” events. There were plays on the streets, bands (my favorite was one called “Older Than Dirt”) complete with a wife playing a washboard with thimbles, people walking in costumes, and a very fancy gun fight!

Saturday there was also a Farmers Market that is a weekly event in Old Town. Children in boots and cowboy hats…and shorts…after all this is still Southern California, and lots and lots of people of all ages. There was food, music on every corner, things to buy and things to see and listen too.

Isn’t this the wonderful thing about great communities like Temecula and Murrieta! Great weather, great event, and tons of wonderful people—and we actually ran into friends and family on the streets! —and people think towns like this don’t exist today—-well they do and it is amazing!!!