Social Benefits of Homeownership and Stable Housing

August 2010

Research has consistently shown the importance of the housing sector on the economy and the long-term social and financial benefits to individual homeowners. The economic benefits of the housing market and homeownership are immense and well documented. The housing sector directly accounted for approximately 14 percent of total economic activity in 2009. Household real estate holdings totaled $16.5 trillion in the first quarter of 2010. After subtracting mortgage liabilities, net real estate household equity totaled $6.3 trillion.

In addition to tangible financial benefits, homeownership brings substantial social benefits for families, communities, and the country as a whole. Because of these societal benefits, policy makers have promoted homeownership through a number of channels. Homeownership has been an essential element of the American Dream for decades and continues to be so even today.

The purpose of this paper is to review existing academic literature that documents the social benefits of homeownership. Furthermore, this paper examines not only the ownership of homes, but also the impact of stable housing–as opposed to transitory housing and homelessness—on social outcomes, looking specifically at the following outcome measures:

•Educational achievement;

•Civic participation;

•Health benefits;

•Crime;

•Public assistance; and

•Property maintenance and improvement.

via Social Benefits of Homeownership and Stable Housing.

Related articles by Zemanta

• “Should Government Encourage Homeownership?” and related posts (burbed.com)

Post from: GaryandLisa.com

We have certainly noticed the upward trend in home prices in Ventura Real Estate as we watch the local market and preview new properties coming on to the market.  Homes that are priced well move quickly as buyers are taking advantage of record low interest rates.  These observations seem to be reflected in many markets across the nation.

The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.

Lawrence Yun, NAR chief economist, said the correction in home prices appears to have ended in 2009. “All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals,” he said. “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market we don’t expect any consequential movement in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.”

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said record low mortgage interest rates will help cushion a summer slowdown. “As expected, sales are slowing down now that the home buyer tax credit has expired, but record-low mortgage interest rates, along with stable and affordable home prices in most areas, provide opportunities for buyers who weren’t able to take advantage of the credit,” she said.

via Broad Stabilization in Second Quarter Metro Area Home Prices with Strong Sales.

Related articles by Zemanta

• Median home prices up in most U.S. cities in 2Q but gains may not last (usatoday.com)
• A Look at Home Prices in US Cities (abcnews.go.com)
• Median Home Prices up in 2Q in Most US Cities (abcnews.go.com)

Post from: GaryandLisa.com

Inviting and Stunning-Statement Of Distinction You will not want to leave once you step inside this like new, Colonial style 4-bedroom/3-bath home located in the Citrus Walk neighbourhood in Ventura.

Download now or watch on posterous

8139_Platinum_Ventura,_CA_GaryandLisa.com.mp4 (23151 KB)

Posted via email from venturarealestateexpert’s posterous

Post from: GaryandLisa.com

Prudential won highest satisfaction from home sellers AGAIN according to JD Power!

Among home sellers, Prudential ranks highest with a score of 760 and performs particularly well in the marketing and agent factors. Prudential is the only company to improve in home-seller satisfaction in 2010, compared with 2009. Following Prudential in the rankings are Keller Williams (751) and RE/MAX (744). Keller Williams performs particularly well in the office factor.

via J.D.Power and Associates – Press Release.

J.D. Power and Associates offers the following tips to consumers who are buying or selling a home:

• Finding the right agent to suit your specific needs is critical. J.D. Power research has consistently demonstrated that having the right agent is critical to a satisfying home-buying or -selling experience. Due to the unique nature of real estate transactions, clients often form bonds with their agents, as a single buying or selling transaction can take several months or more to complete. For customers who have previously bought or sold a home, the right agent might be someone they’ve worked with successfully in the past. For first-time buyers, seeking recommendations from friends, relatives, and colleagues is critical. Increasingly, agents and brokers are advertising their services on the Internet, so this can be a good starting point for research, particularly for someone moving far away from their current location.
• In addition to a buying or selling agent, consider the additional services you may require. Buying and selling a home is a complex undertaking with many “moving parts” to consider. In addition to the real estate agent you work with, you may also need to work with a loan officer, a financial institution, title/escrow company, inspectors, appraisers, home warranty agents, movers, storage services, contractors, etc. One of the advantages of using a full-service real estate company is that they can assist with finding and coordinating some of these necessary additional services.
• For sellers, marketing one’s home should be a primary focus. In addition to finding the right agent, home sellers should pay special attention to tools used to market the home. When selecting an agent, find out their approach to open houses and online marketing, in particular. J.D. Power research finds that home buyers often search for homes online long before they engage a buying agent, or even attend an open house. Ask about which websites will contain the home listing, the number of home photos that can be included and if any special features will accompany the listing, such as virtual tours or mortgage calculators. Tools that assist prospective home buyers may help attract attention to the listing.
• For buyers, it’s important to understand the full cost of the home prior to making a purchase. It’s prudent for home buyers to establish a housing budget and to expect agents to show homes in the appropriate price range. Particularly for first-time buyers, it’s important to understand all the associated fees and expenses that go along with purchasing a particular home. These can include one-time expenses, such as “points’ that lower mortgage rates, title fees and appraisals, as well as ongoing expenses such as homeowners association fees, property taxes, or other specialized local taxes that can impact your monthly payments.

via J.D.Power and Associates – Press Release.

” Who do you know that’s thinking about moving? Call us!

Post from: GaryandLisa.com

Ventura Real Estate Professionals; Gary Schoeffler, Lisa Schoeffler and Lindy Matheney were out looking at property today and they have some expert opinions on what they saw! Gorgeous hillside homes, fixers and starter homes – caravan ran the full gambit today!

How is the market?

Existing-Home Sales Slow in June but Remain Above Year-Ago Levels

Washington, July 22, 2010

With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.

“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.

Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.

via Existing-Home Sales Slow in June but Remain Above Year-Ago Levels.

Post from: GaryandLisa.com

Providing Dynamic Real Estate

Service in Southern California

The July/August issue of Realtor Magazine has recently released the stats for Real Estate Companies Nationwide and Prudential ranked #2 overall for 2009; and its sales force of just under 16,000 ranked highest in overall production.

Prudential’s Real Estate professionals outproduced the agents of Coldwell Banker, Century 21, ERA, Better Homes and Gardens and Sothebys, combined.  Gary and Lisa Schoeffler and Lindy Matheney are proud to be part of Prudential’s highly productive team.

Based in Southern California, Prudential California Realty is the largest franchisee of the Prudential Real Estate Network and enjoys a coveted spot among the nation’s top five residential real estate brokerages. The company, which was founded in 1985, has grown rapidly in the last decade to include more than 80 offices and more than 2,350 sales associates. As a customer-focused, quality organization, Prudential California offers clients a host of services including relocation, escrow, insurance, mortgage and home warranty.

HomeServices of America, Inc., a Berkshire Hathaway affiliate based in Minneapolis, Minnesota, has streamlined the experience for it’s clients, smoothing out the roadblocks to ensure that their individual needs are met – and taken care of.

As the second largest, full-service independent residential real estate brokerage firm and the largest brokerage-owned settlement services (mortgage, title, escrow and insurance) provider in the U.S., we have the strength, expertise, and most importantly, commitment to help with virtually any real estate-related need.

Gary, Lisa and Lindy received the Chariman’s Circle Award for 2009 which is presented to the top 2% of all Prudential Agents.  They constantly strive to be the best in their industry.

Lisa just received the Certified Residential Specialist designation.   To receive the designation, Lisa completed of a rigorous course of advanced training and met significant experience requirements.

“It’s this rare combination that makes a Certified Residential Specialists more than just another real estate agent. It’s the ability to make a real difference in the purchase or sale of your home that places them among the best in the business. Discover the difference for yourself. And discover how enjoyable and successful a real estate relationship can be.”

Congratulations to Prudential Real Estate and to it’s network of top producing real estate professionals.  Gary, Lisa and Lindy are Ventura Real Estate experts and they would be happy to assist you with all of your real estate needs.

Post from: GaryandLisa.com

Do you have a small backyard?  Maybe a huge backyard… whatever the size , deciding the best use of space; best plants for your area; designing pet friendly environments; great entertaining spaces; and getting it done within the budget can be challenging to say the least!

Gary and Lisa, Ventura Real Estate professionals, have spent the past 4 years hashing out what they want to do with their backyard.  Feeling like they had a general idea, they called upon the services of Scott Cohen from The Green Scene Landscape.  You may recognize Scott’s name from HGTV fame.

The Green Scene’s award-winning and innovative residential landscape design and construction firm, run by Designer Scott Cohen, is located in Los Angeles, California and is regularly featured on HGTV and the Fine Living Network.

Scott met with Gary and Lisa and talked to them about what they have in mind.  Now he will come up with a design that meets their needs.  Can’t wait to see what Scott comes up with.

Related articles by Zemanta

• The Green Scene, Swimming Pool and Landscape Design and Construction

• Cool and Creative Container Gardens (h ()
• Top 50 Landscaping Blogs (homeownersinsurance.org)

“Don Engebretson is quite a character. In his words, “I gardened for years before it occurred to me to grow plants in containers. I was a man, damn it, and grew my plants in the ground – where they belonged. I wasn’t going to fool around growing pansies in a pot. But now ……. I’ve become an absolute “container junkie.” Don’s a home-grown lad turned national authority on landscaping and garden design. He’ll teach us how to use containers as singles and in groups, demonstrate the design secrets to creating artistic, long-lasting container arrangements, and share his tips on creative ways to use containers throughout the landscape”.

via Rocks With Soul: Landscape and Masonry For Indoor and Outdoor Living: Cool and Creative Container Gardens.

Post from: GaryandLisa.com

National average for a 30-year fixed loan dips to 4.69 percent

Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.

The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday.

That’s the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.

Read entire article via Mortgage rates sink to record low – Real estate- msnbc.com.

Post from: GaryandLisa.com

We had the pleasure of sitting with Gary Stotko and Gary Young of Gary Home Mortgage at CMS today to discuss ways to better serve our clients and provide unsurpassed service on both the lending and Real Estate aspects of the transaction.  We realize this is the single most important purchase that many people make and we want to be sure that our clients receive the best representation possible.  Knowledge and Communication are the key components for Real Estate transactions to proceede smoothly and they were the focus of our meeting.

Post from: GaryandLisa.com

 Gary and Lisa Schoeffler along with their partner Lindy Matheney are excited to announce….Summer Vacation Postcard Contest Starts Now!!! 

Summer is here and we know you have exciting adventures ahead this summer!  We want to know where all of our friends and clients are going this summer!  Share your fun with interesting postcards from your summer vacation along with a brief description and the location and we will post them on our blog.  Together we can experience the travels of many and see where our excursions take us!

Categories and Prizes for 7 winners will be based on:

1.  People traveling the furthest/Mastro’s Steakhouse/ $100.00 value
2. Best description of an exotic meal/Trader Joe’s/$100.00 value
3. Funniest Postcard/Barnes and Noble/$40
4. Most Beautiful Postcard/Aloha Steakhouse/$40
5. Most Unique Postcard/Bandits BBQ /$40
6. Best “staycation” Postcard (from paradise where we already live)/Snapper Jacks/$25.00
7. Person sending the most postcards/US Postage Stamps/2 books of stamps $17.60

Postcards will be accepted until September 1, 2010.  Winners will be announced September 10, 2010.  Mail entries to Gary and Lisa Schoeffler, Prudential California Realty, 4574 Market Street, Ventura,  CA  93003.  Visit our blog at http://www.GaryandLisa.com/blog/

Post from: GaryandLisa.com