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Paul Dudek
Real Estate Agent
    Years of Experience: 5 yrs in Southern California market

Direct: (760) 805-4079

Office: 760-805-4079



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Homelife Village Realtors
500 Grand Ave.
Carlsbad, CA
760-805-4079


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10 Reasons to Buy a Home

Thursday, November 4th, 2010

An article in the Wall Street Journal took issue with a recent TimeMagazine cover story calling into question most Americans cherished beliefs about home ownership. Much of what the Journal stated isn’t new. In fact, it recites benefits of home ownership that you already know better than anyone. But in pulling them together in the way it does, it makes you realize just how compelling home ownership is from just about every standpoint. If you haven’t seen the piece, by Brett Arends, here’s a thumbnail sketch of its 10 points:

Why is now a great time to buy?

1. You can get a good deal. Prices are down 30 percent on average depending on which part of the country you are looking . They’re at a level that makes sense for people’s income.

2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.

3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.

4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?

5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.

6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.

7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.

8. It’s forced savings. A part of your payment each month goes to equity.

9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.

10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

How to Navigate the World of a Short Sale

Saturday, October 30th, 2010

What is a Short sale?

Basically, it is when the mortgage holder allows the homeowner to sell their property for less or “short of” what is owed on the mortgage. As part of the deal, the lender forgives some or all of the debt.

Why would the lender do that?

Good Question, typically its to avoid foreclosure which is a more time consuming and costly process for both the bank and the homeowner. The losses the bank incurs on a foreclosure are 10% to 12% higher on average than that of short sales, notes Corelogic.

Why would a homeowner agree to a short sale?

To get out of a loan they can no longer afford. Also, shorts sales don’t inflict as much damage on a persons credit history as foreclosures do.

What Buyers need to Know.

There is nothing short about a short sale! If you are looking for a quick escrow or closing, forget it. It can take anywhere from two to ten months to close a short sale. Depending on the lender , there can be lots of hurdles and lots of paperwork to get the bank to approve a deal.

You can get a good deal.

The appeal of a short sale of course is that you can get a a price break of anywhere between 3 to 5 percent but you have to be realistic, if you see an eye popping deal chances are it will not fly with the bank. They will have it appraised and if its worth more than your offer the smoking hot deal will disappear.

Do Your Homework.

You can avoid some of the hassles if you pick properties that have been through the process previously , meaning buyer fell out of escrow. This typically means a lot of the issues with approval have been resolved. You also want to avoid deals where the bank has not approved the short sales process yet.

What Sellers need to know:

Talk to experienced short sale agent. Choose a licensed agent that is well versed in the procedure of working with the banks and closing short sale deals. Its not a process for a rookie realtor. Also before you jump into a short sale talk to both an attorney and a certified public accountant to avoid potential pitfalls.

Understand the Consequences:

The reason you consult with experts, short sales have some drawbacks. First, there is always the chance the lender can sue for the debt that it had supposedly given. Also, the loan amount you didn’t payback has the possibility of being taxed by the the IRS. Finally, if you have a 2nd and 3rd loan, the holders of those notes may try to get their money back in civil court.

How do I Prepare for Selling my Home?

Tuesday, October 26th, 2010

Home sales during the fall are traditionally a bit slower than the spring and summer months. But fall can be a good time to sell because there are (usually) fewer houses on the market which means less competition and buyers typically want to buy quickly before winter and the holidays set in. 

      If you plan on selling this fall, you’ll want to do everything in your power to attract  homebuyers. One of the first things you should do is examine, and, if needed, repair any major structural systems. If you’re unaware of any, you may want to hire a professional home inspector. Chances are a potential buyer will hire an inspector to examine the house, so you might as well save yourself any surprises down the road. 
      The American Society of Home Inspectors says a typical home inspection includes drainage conditions 
exterior surfaces, decks, chimney, the roof, windows, doors, plumbing fixtures, furnace, air conditioner, insulation, ventilation, electrical, heating, and plumbing systems.

Once that’s done, you should make sure you don’t have any loose shingles. Repair and paint your gutters, if needed. Once the structural systems are repaired or given the thumbs-up, then you should turn to appearance. And when it comes to looks, if you’re selling in the fall, there are many things to consider, including:

Curb appeal. In other words, the way your house looks from the street – the roof’s condition, how the paint is holding up, whether the windows are sparkling, the lawn is mowed, the landscape is attractive and not buried beneath a peppering of fall leaves, and the driveway and walkways are free from toys and clutter.Entering the house. Your front door should be in good condition. Usually when the real estate professional is busy retrieving the key from the lock box, the potential buyers are standing by with nothing else to look at but the front door. Does it need painting or staining? Also, new hardware will make it stand out, and why not adorn it with a seasonal fall wreath?  

Once inside your house, the two things that immediately turn off prospective buyers are dingy walls and dirty, ill-colored, outdated, or shabby carpet. Sometimes it’s hard to be objective about the condition of your own house because you see it every day, so ask a friend, neighbor, or your real estate agent to give it a look and give you their honest opinion. Fresh paint can do wonders. Keep the colors neutral. And while you can offer buyers a carpet allowance to compensate for bad carpet, replacing it before selling really boosts that first impression and makes the house more appealing and worth more in the buyer’s mind. Clear the clutter. If you have too much furniture, put some of it in storage. Fewer pieces of furniture will make the room seem larger and more open. Also, clear counters in the kitchen and bathrooms. Make sure closets are clean. Pack up some of your clothes now. Fewer hanging clothes in the closet will make the closet appear bigger.

Talk to the professionals. Now’s also a good time to interview real estate professionals. Ask about their experience, find out how well they know the area you’re eyeing, and talk to references. Once you have someone lined up you can follow his or her additional recommendations and begin the final phases of preparation before your house goes on the market.

Finally, you should be mindful of setting a competitive price. Your REALTOR® will begin by conducting a competitive market analysis of your house and give you an estimate of the fair market value of your home, which is a range that will fluctuate depending on the housing market in your area and how much similar homes in your neighborhood are selling for.Don’t insist on setting the price too high, especially if you’re on a timeline. A house priced appropriately will be taken more seriously and will ultimately sell more quickly than one that’s overpriced.

Oceanside California Living

Sunday, October 17th, 2010

Ever wonder what it would be like to live within minutes of the beach?  To live in a place where people come for vacation?

Oceanside California offers both and is still affordable. Located between San Diego to the south and Los Angeles to the north, Oceanside is a beach community in southern California featuring an excellent climate and a very laid-back atmosphere. 

It is bordered by Camp Pendleton military base to the north, Vista to the east, and Carlsbad to the south.  The primary freeways/highways serving Oceanside are the 5, 76, and 78 freeways.  The closest major airport in San Diego’s Lindbergh Field. 

If you are interested in making this town your home,  purchasing an investment property, or a summer home destination, contact me today.

Here are a few facts about Oceanside that you may not know:

Coastal city located 35 miles north of San Diego and 80 miles south of Los Angeles
Area 41 square miles
Coastline 3.5 miles
Climate Average annual high: 69.1 degrees
Average annual low: 52.7 degrees
Average annual rainfall: 10.7 inches

Demographics

Population 173,000
Median Age 33
Media Household Income (2005 est) $61,792

 

Oceanside’s climate in the news!

  • On June 13th 2005, the Wall Street Journal rated Oceanside as the number one vacation home market in the country.
  • Oceanside’s climate was recently rated the fifth most desirable in the world; second most desirable in the nation.

     

Attraction & Amenities

  • Oceanside Pier
  • California Surf Museum
  • Oceanside Harbor
  • Mission San Luis Rey
  • Heritage Village
  • 3.5 miles of public beaches
  • 30 city parks
  • Golf courses
  • Numerous annual events
  • Weekly farmers market

Incorporated in 1888, Oceanside today is a thriving beachfront community located on the Pacific Coast in north San Diego County. Read on for more about Oceanside’s interesting and historical past.

The first chapter in Oceanside’s history began in the late 18th century when Father Juan Crespi, a Spanish Franciscan friar, passed through the area in 1769 while travelling with the Portola expedition. His reports on the area led to the establishment of the Mission San Luis Rey de Francia (named after St. Louis, King of France) in a location 3-4 miles inland of what is today Oceanside’s downtown area by Father Fermin Francisco de Lasuen. Built by the original Luiseno Indians of the area, the “King of Missions” as it was called found some rough times in the early 1830s during secularization by the Mexican government but rebounded as a town, San Luis Rey, slowly grew around it.
 

In 1883 the completion of the railroad connecting San Diego and San Bernadino provided increased access to the Pacific coast. Andrew Jackson Meyers, a businessman from the area surrounding the mission, requested and received a grant of 160 acres south of the area that would later become Camp Pendleton, at the time known as Rancho Santa Margarita. J Chauncey Hayes acted as Meyers’s real estate hand, selling town lots and eventually petitioning for a post office for the growing community. The name Oceanside came from a popular diversion of the time as families inland would often go “ocean side” to escape the heat and enjoy the beautiful Pacific Coast.
 

Incorporated in 1888, Oceanside grew rapidly over the following years as the railway brought people and businesses to the sunny beach town. In 1893 the first of the Oceanside Municipal Piers was built, and in the subsequent century Oceanside became the popular tourist destination it is today with the addition of the Oceanside Harbor and the El Camino Golf Course. In 1942 a particularly intense period of growth came with the purchase of the Rancho Santa Margarita land north of Oceanside by the US Marine Corps for the establishment of Camp Pendleton.
 

Today Oceanside CA is a thriving community of long-time residents, local armed forces, and beach-loving tourists who flock to our beautiful coast and golf courses throughout the year.  With a climate ranked the fifth most desirable in the world(!) and the second most desirable in the entire United States, the city of Oceanside is the perfect destination throughout the year for visitors looking for a mellow yet exciting environment offering stretches of perfect sand, a multitude of spas and resorts, a colorful harbor offering fishing expeditions and various watersports, and much more.

Home Buying Mistakes to Avoid

Thursday, April 15th, 2010
  Buying a home is probably the most arduous, expensive and, ultimately, valuable acquisition you’ll ever complete
Just one mistake could mean disaster — perhaps the worst mistake you’ll ever make.
In order to avoid disaster during such a trying transaction, buyers should get to know the most common home buying mistakes.

  • Going solo: Buying a house is a complex transaction. It should be a team effort. You’ll need a REALTOR®, lender, inspector, and other team members to help you through each step of the way. Team build before you start the search. 
  • Love at first sight: Buy a home that fits your budget and your lifestyle. Be sure the home is in a community and neighborhood you desire. Visit neighborhoods several times before you buy to check out schools, noise and traffic patterns. 

  • Shopping without a loan Preapproval: Being pre-qualified gives you a general idea of how much you can afford to borrow. It’s better to be pre-approved for a given loan. Most sellers require a preapproval submitted with an offer, especially if you are dealing with a bank on a short sale or foreclosure. 
  • Overbuying: Home buyers buying more than they could truly afford, in part, led to the collapse of the housing market.  Analyze all your monthly costs including debts, food, transportation, entertainment, and savings. Your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Don’t forget to budget closing costs (often two to five percent of the home’s purchase price), plus moving, redecorating and maintenance. Look ahead and allow for increases in ongoing expenses such as utilities and taxes. 
  • Misplaced trust: You are engaged in what’s likely your most valuable acquisition ever. It’s a business transaction. Ask family, friends, co-workers, professionals and others you trust for referrals, but don’t take their word for it. This is one of the most common mistakes. Just because someone has bought a home before does not make them an expert.
  • Accepting oral agreements: Get everything in writing. The rate lock, the home inspection, disclosures, the contract. Always. Should a dispute arise, you’ve got the details documented. 
  • Skipping the fine print: Understand what’s really in any document before picking up a pen. Get documents in advance, take time to read them and ask questions. Get copies of your mortgage and closing papers a few days ahead of closing. 
  •  
     Making an unconditional offer: Protect yourself with these contingencies:1. Mortgage financing: You may be preapproved but is the house? A formal appraisal confirms — or not — that there is sufficient value in the home to warrant the loan. If the house appraises lower than the sales price, the loan may be declined. These are items that a licensed Real estate professional will know and guide you through. Inspection: Never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.

     

    For other tips and guidlines for purchasing or selling your home please contact me through my blog, via phone or through my email.

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