Weichman Real Estate Blog
Launching A New Product Into The Costa Mesa California Real Estate Market!
March 25th,2010
Somewhere in between! What is going on in the Costa Mesa Real Estate Market.
3-4-10
My last column discussed how real estate is beginning to recover, although not everywhere yet. Whether you’re buying or selling, you need to be aware of local conditions, and adjust your strategy according to the value of your home.
We’ve already covered a couple tips for the least expensive homes on the market, and now we’ll look at the middle tier of properties. While these listings are seeing more activity than luxury homes, demand is still soft compared to the often bargain “distressed” properties on the market.
Buyers are facing some difficulty in trading up, because their equity has taken a hit over the last few years. As a buyer, it’s best to list your current home for sale and get it under contract before making an offer on the home you want. When you’re ready, reason dictates that you’re safe offering several % under the asking price in a still lukewarm market.
As a seller in the mid-price range, you’ll need to make your listing stand out from the competition. Forget about incremental price drops and go for a big cut, which will draw the most attention. Or offer incentives like paying closing costs or a decorating allowance.
If the home you’re selling or want to buy is in the luxury range, you’ll want to read my next column for some tips in that market.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit http://www.teamweichman.com/ for the latest news and information on the City of Costa Mesa real estate market.
The signals are out there: home sales are picking up and prices are slowly ascending. However, recovery isn't obvious everywhere yet. Most markets are still seeing the cheapest homes selling fastest, while mid-range homes are taking longer, and upper-end properties are languishing.
Whether buying or selling, your best strategy in this dynamic marketplace depends on which tier your property sits. This column will begin by offering advice for that bottom tier of the most affordable homes. My next column will discuss the mid-range market, and then finally we'll get around to those most expensive properties at the top.
Most of the two million recent foreclosures have made up the bulk of the least expensive homes on the market. Bargain prices and a federal tax credit have lured investors and first-time buyers into the fray, increasing sales of $100-$250K homes by 9% over the last year. Buyers should act quickly and submit their offer with due haste. If your offer isn't accepted, keep checking back, because deals commonly fall through.
While it's hard to compete against foreclosures in the pricing category, they're often in dire need of repairs. Sellers can increase their odds of success by offering their home in "model condition" at a fair price. Whether you're a buyer or a seller, watch this space for more advice on making your sale or purchase work.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit http://www.teamweichman.com/ for the latest news and information on the Orange County real estate market.
It's probably no surprise that homeowners who have faced the ordeal of foreclosure feel a certain measure of shame or guilt about their experience. Whether or not those feelings are warranted, it's hard to survive the process completely unscathed.
What is surprising is the recent development of "buyer's guilt." Some who are fortunate enough to afford to take advantage of a low-priced foreclosure offering are suffering some degree of remorse about the transaction.
Whether it's because they got a deal that none of their friends or family did, or whether they just feel badly about someone else's unhappy situation, the emotions are real, but should be approached in a different way.
These buyers are not necessarily capitalizing off someone else's misfortune, but actually helping by removing a distressed property from the market and maintaining property values. It's actually good for the market and the local economy for buyers to take advantage of these bargains.
If you have some doubt about buying a foreclosure, you can ease your concerns and do some good for others. When you make your move, why not make a donation of household goods instead of packing them in boxes? Certainly a local shelter or charitable organization like the Salvation Army can improve the lives of others with your kindness, and put you in a great frame of mind about your move!
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit http://www.teamweichman.com/ for the latest news and information on the Orange County real estate market.
Phew! After four years of declining home sales, the numbers appear to be finally turning back upward, with closed sales and pending contracts at above-normal increases. In particular, first-time buyers helped buoy the market by taking advantage of low prices and interest rates, as well as the $8,000 tax credit offered by the federal government.
At least for now, home prices remain attractively low, and mortgage payments as they relate to income are very comfortable. All the information seems to point to the fact that home prices have actually overcorrected downward. What does that mean? It indicates that many markets may experience a price "snap back," with values increasing a lot more than the historical average of 4% appreciation per year.
Some factors may continue to make buyers cautious, mostly declines in retirement savings and a lukewarm economic recovery with unemployment hovering around 10% nationally. Now is not the time to hesitate, however, as mortgage interest rates are expected to rise in 2010.
We can expect the momentum of home sales to continue, especially with the extension of the tax credit through April and the fact that qualification is no longer limited to just first-time buyers. Prices and interest rates will rise this year, so buyer confidence should be at an all-time high. The pressure cooker of pent-up demand is about to blow its top!
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit http://TeamWeichman.com for the latest news and information on the Orange County real estate market.
Selling your home in anything other than an active market can seem challenging, but what do you do when yours is only one of many homes in your neighborhood with For Sale signs? Surprisingly, there are actually some advantages to marketing your home in this situation.
More buyers are drawn to neighborhoods where they can preview more homes at once. More buyers means more opportunities for your home to be seen and to attract an offer, so make your listing stand out against your competition.
Price your home aggressively after reviewing the comparable sales figures provided by your real estate representative. Don't give your neighbors the advantage of looking like a bargain compared to your listing - take it yourself and show buyers what a great value you're offering. If you're competing against foreclosure listings, having your home in "move in" condition helps, because foreclosures often need lots of repairs.
With this much activity in the neighborhood, make sure that your home is available for showing on literally a moment's notice. Buyers who come to look at other listings may spot yours and want to see it right away to make comparisons. Be prepared for "impulse" prospects with good housekeeping and an escape plan for unexpected showings.
Finally, don't worry if your neighbor sells first - that just makes for less competition in your market!
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
NOW THERE’S NO EXCUSE
1-21-10
It’s the best news in real estate since last year’s First Time Home Buyers Tax Credit: an estimated $22 billion will pump into our economy as a result of the government not only extending the tax credit, but including current homeowners, too.
The existing $8,000 maximum credit stays in place for first-time buyers. A "first-time" buyer is one who has not owned a home during the three years prior to the purchase. However, repeat buyers who have lived in their home for five of the past eight years may also qualify for up to a $6,500 tax credit on their purchase.
Unlike before, as long as the property is under contract by April 30, 2010, buyers will have an additional 60 days to close by July 1, 2010. The credit applies to single-family homes, condominiums, townhomes and co-ops.
The qualifying income limits have been increased as well, up to $125,000 for individuals and $225,000 for couples filing jointly. If an individual makes up to $145,000 or a couple up to $245,000, the credit can still be claimed, but at a reduced percentage. Any incomes over those amounts won't qualify.
If your tax credit totals more than your tax bill, you'll receive a refund! Approximately 2 million people are expected to take advantage of this buying opportunity, so jump to action before the April 30 deadline!
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
01/21/2010
INVESTMENT TRAINING CAMP
1-14-2010
If you can hear the whispers below the din of panic, you know that the recent financial and housing collapses have actually created some amazing opportunities for smart investors. Low interest rates and depressed property values have combined in an environment favorable for long-term gains.
It may not be for everyone, but if you're in the right financial position, you have plenty of options. However, there is a right way and a wrong way to invest, and it's the wrong way that led so many to suffer in the recent housing crisis.
Don't think about investing in real estate until you've saved up for your nest egg and have held or reduced your expenses to keep it growing. Your money doesn't work for you unless it's your money.
Similarly, don't begin your investment adventure until you've polished up your credit score. The best opportunities go to those with upfront cash and excellent credit. Maximize your borrowed capital by making sure you get the lowest interest rates and best terms.
It then follows that you should not over-borrow. Real estate markets are continually cycling up and down. Learn the lessons of the recent debacle, and don't over-leverage yourself to the point you can't survive a down period in the cycle. If you're smart about it, you won't get rich quick, but you will get rich right!
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
01/14/2010
With markets so rapidly changing, it's easy to imagine how property appraisers might sit in a darkened room, waving their hands over a crystal ball, and producing the mysterious and all-powerful document of a home's value. Let's dispel the notion of magical figures and look more carefully at the process.
When comparing against similar properties, it's not just the final price that counts. Appraisers also factor in any "incentives" offered, such as sellers who pay closing costs or remodeling allowances.
Perhaps the most important factor that lenders review in an appraisal is the closing dates of the "comparables" (other homes by which yours is measured). Unfortunately, with today's stricter lending requirements, most "comps" must have sold within the last 60 or even 45 days to carry weight. Markets change so quickly that any sale price over two months old may be completely irrelevant.
Now a few words about how foreclosures in a neighborhood affect determination of value. Technically, appraisers shouldn't consider them, because they don't fit the Appraisal Institute's definition of "a property reasonably exposed in a competitive market." However, if several area homes have been abandoned, we know the negative effect that can have on a home's "perceived" value.
If you're planning to sell, express your concerns about the appraisal process to your representative, who will offer explanations and suggestions for improving your report's results.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
Mortgage applications are being reviewed far more thoroughly now than in the past, and your credit score should be 680 or higher to qualify for the best interest rates. So how do you determine your score, and know you're getting the credit you deserve?
Everyone is allowed one free credit report per year from the three reporting agencies (Experian, Equifax and TransUnion). Review the reports for accuracy and act quickly to correct any errors or omissions.
Approximately 35% of your credit score is based on the timeliness of your payments. Make sure that no late payments older than seven years are still on your report.
If you have paid off loans or credit cards, a zero balance should appear on those accounts. Sometimes, agencies don't properly update those balances after settlement.
15% of your credit score is based on the length of your credit history, so make sure that the opening dates of all your accounts are accurate. Also make sure that the limits on your credit cards are correct, and keep the balances under 50% of those limits. Total debt accounts for 30% of your credit score.
Finally, think twice about closing credit card accounts with zero balances, because this negatively reduces your ratio of "available credit" to your debt. First, get the facts. Then, make corrections. Finally, apply for home financing with confidence!
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
While not a very common problem, if you've got it, it can have a terrible impact on your listing: The Messy Neighbor. If you live next door to a "neglected" property, you might lose up to 20% of your home's market value, particularly with buyers looking for any excuse to reduce their offer.
It's technically not your problem, but ask not for whom the bell tolls. It's well worth your time and effort to resolve this situation amicably. Always be respectful, and don't let your emotions get the best of you.
Unless you believe your neighbor is "unhinged," you should begin with a visit to their home and a positive attitude - no name-calling or finger-pointing. Don't grab everyone on the block and gang up on your neighbor - you'll get better results if you go alone or with one other person.
If you find your messy neighbor is unwilling to take care of their maintenance, it may still be in your best interest to do the work yourself or with the help of other neighbors. No, it's not fair, but if you want a fair sales price, this may be your only option.
As a last resort, you could file a complaint with your property owners association or city government. You could be referred to a mediator who will help settle your disagreement cordially.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
As you've already read here, conditions are ripe to become a homeowner, and it's time to determine if you're ready to make the leap. While the price of the home is the largest factor, don't forget about loan fees and closing costs, which add to your total financed amount.
Since banks are stricter in their lending, Step One is to polish up your credit report. A higher score gives you more power when it comes to negotiating terms and interest rates.
Similarly, a larger downpayment will positively affect your mortgage terms and reduce the amount you have to finance. If you can't manage 20% down, you will likely have to pay a monthly mortgage insurance premium.
Upon preapproval from a lender, you'll know how much loan you qualify for, and how much is required for the downpayment. It's best to secure preapproval before you begin looking at homes, especially since sellers will see your offer as a solid one worthy of consideration.
In addition to newer fees being assessed on loans to less than stellar applicants, there are standard closing costs associated with the purchase, including appraisals, legal fees, credit reports and more. All are included up front on your settlement statement and some may be negotiable. Contact an agent today to get the ball rolling and find out how much home you can afford.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
WHEN PUSH COMES TO SHOVE
12-10-09
If you're under pressure to sell your home quickly in a challenging market, you may have to swallow a large dose of reality and take some radical steps to increase your home's visibility. While making concessions can seem difficult, please consider the following proven suggestions to produce a quick sale.
Remember that there are myriad possibilities for exposure in today’s internet-driven society. In addition to your agent’s traditional print and online marketing tools, use social networking sites like facebook and Twitter to promote your listing to younger first-time buyers.
When setting your price, place it ten to fifteen percent below your competition. All other things being equal, your home will readily appear as the best value.
Also consider the price "range" your home will fall into, and make sure you're on the lower end of that range. For example, a $199,000 home falls into the upper end of the $150,000 to $200,000 range, but that same home priced at $201,000 is in the lower end of the $200,000 to $250,000 range. Buyers tend to look in ranges of prices, so again, make yours look like the best value.
Finally, talk with your agent about incentives you can offer, like paying buyer closing costs or a decorating allowance. If you have a strong need to sell quickly, any or all of these suggestions should produce results.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call him at 714-241-4532.
Many areas of the country are experiencing buyers markets, and current tax laws make this a very attractive time for parents to help their children become homeowners. Prices and interest rates may never be lower than they are now, so strongly consider this potential investment in your children's future.
As parents, you can provide a significant down payment, free of taxation. Individuals may gift up to $13,000 per year, so two parents making gifts to their child and spouse can give a total of $52,000 in one year without paying gift tax!
Above and beyond the outright gift, you may loan your family money, as long as you charge a minimum interest rate, which is currently very low. Then you can make your gifts each year, and your child's family can use the gifts to pay the loan!
If neither of these options is attractive, you could purchase the home yourself and then set up a Qualified Personal Residence Trust (QPRT), with the home passing to the children at the end of an established term, tax free. You will need to consult with your financial advisor and employ an attorney to handle this kind of transaction.
Begin by meeting with a real estate agent and explaining your situation. Contrary to what you may have been hearing, there is practically no better investment today than real estate.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
When you receive an Offer To Purchase, you are likely to focus on the price. You might be ecstatic over a full price offer, but you should be aware how "contingencies" could affect the likelihood of success.
Almost every offer has a mortgage contingency, stating that the buyer will secure financing at a certain rate and for a certain term. Make sure these factors are realistic. A buyer seeking a 30-year loan at 4% with no points may be hedging their bets if your agent advises that these loans are typically written at 7% with 1.5 points. Unrealistic terms can allow the buyer to back out if they get cold feet or find another property they prefer.
Another sticky contingency more common these days is when a buyer states that they must sell their home before they can finalize the purchase of yours. There has to be a realistic time limit, so the buyer doesn't tie up your listing.
It's wise to respond with a "kick-out" clause that allows you to keep your home on the market while the buyers promote theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.
These two examples are just the tip of the iceberg, so sit and discuss each line of the offer with your agent before making your decision.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call him at 714-241-4532.
THE STRONGEST LINK
11-19-09
The question on everyone's lips is, "When are things going to return to normal in real estate?" Well, if the "normal" being referred to is the conditions and shady financial dealings that created the artificially inflated markets of five years ago, then we need to be thinking about redefining “normal.”
The bad lending practices of the past are indeed making it more difficult now to secure financing, but try to understand that's not necessarily a bad thing. Those days of lower standards and easy money led us into this predicament in the first place. It's good for housing and for the economy when banks become interested in whether loans will be repaid.
In the “new” normal, home prices will stabilize, the number of sales will start gaining, and more people will again realize the benefits that homeownership offers, for both personal and financial security. With historically low interest rates, affordable prices, government incentives, and motivated sellers, the housing market is already experiencing the initial signs of recovery.
All of these factors combine to get first-time buyers excited about a purchase. As these consumers enter the market, they will trigger other purchases, and the chain of transactions grows. Expect your real estate representative to reveal a wide range of affordable choices and guide you toward securing the financing you need to make your dream come true.
Weichman Realtors and its affilated companies have served Costa Mesa and surronding areas since the early 1950's. Larry Weichman is President/ Broker for the firm. Please direct your questions to Larry@WeichmanRealtors.com or call 714-444-HOME. You may also visit www.WeichmanRealtors.com
DOLLARS VS. DAYS
11-12-09
After you've taken step one to decide to sell your home, step two is usually setting your asking price, striving for a balance between generating offers and receiving top dollar.
Your chosen representative will perform a Competitive Market Analysis (CMA) to produce an estimate of your home's "fair market value," or that price that educated buyers will pay based on listings and sales of homes similar to yours. The agent will not establish the price, but only provide the information you need to make that decision yourself.
In a hot market, you have the advantage, but would still want to avoid overpricing, which is always unproductive. However, in a neutral or buyers market, you'll have to be particularly cautious in your approach to setting a price.
In soft markets, price reductions become more common, as well as fewer offers and longer listing periods. You have to first establish your priority: is it more important for you to sell quickly or to get the most money possible? Like it or not, one option simply must be more critical than the other.
Have a third party, like your agent, help you see your home as a commodity, with positive and negative selling points. Price your home objectively and competitively, be prepared to negotiate to reach an agreement with buyers, and exercise patience as you prepare your move.
Weichman Realtors and its affilated companies have served Costa Mesa and surronding areas since the early 1950's. Larry Weichman is President/ Broker for the firm. Please direct your questions to Larry@WeichmanRealtors.com or call 714-444-HOME. You may also visit www.WeichmanRealtors.com
PROTECT YOUR HOME AND YOUR WALLET
11-5-09
If you own or plan to purchase a home, then you know that insurance is not just a luxury, it’s a requirement. While you should not skimp on certain coverage items, there are some steps you can take to reduce your overall premium.
If you have a security system installed (and operating!), you might lower your premium by 5% or more. You'll just need to provide your insurer with a copy of your contract or latest statement. Also, while newer homes have smoke alarms already installed, hooking them up in an older home might also reduce your premium by as much as 10%.
Just like health or auto insurance, if you increase your deductible on homeowners insurance, you'll reduce your premium. Just be sure you're prepared to pocket smaller repairs like broken windows or damages from leaks.
If your policy is held by a company that also offers auto or health insurance, look into discounts for multiple policies. You could save a percentage on both your homeowners and auto policies, for example.
Another money (and time and stress) saver is to document everything in your home with a photographic inventory. Store photos, cds or videos in a fireproof box or, preferably, a safe deposit box off site. This will reduce the time and effort required to complete a claim, and guarantee an accurate replacement payment.
Weichman Realtors and its affilated companies have served Costa Mesa and surronding areas since the early 1950's. Larry Weichman is President/ Broker for the firm. Please direct your questions to Larry@WeichmanRealtors.com or call 714-444-HOME. You may also visit www.WeichmanRealtors.com
MYTH BUSTING
10-29-09
When a homeowner faces default on their mortgage, there may be two options: foreclosure or short sale. Foreclosure can be devastating, both emotionally and financially. A short sale, or one in which the lender accepts a selling price less than the amount owed, is a better option for both the lender and the homeowner.
Regrettably, nearly seven out of ten homeowners proceed through foreclosure without ever listing their home for sale. This is due largely to perceived myths about the process, and we need to put a few of these misconceptions to rest.
First, homeowners assume the bank would rather foreclose than accept a short sale. Not true - foreclosure is often more costly for the lender, and short sales often sell for more than foreclosed listings. The banks are trying anything possible, within reason, to avoid the foreclosure process.
Next, homeowners believe there is a stigma attached to short sale listings, and that buyers have no interest in such properties. Not true - to the contrary, many smart buyers are specifically seeking out such offerings for the value they present compared to traditional listings.
Finally, homeowners often assume that there's not enough time to close a short sale before foreclosure is final. Not true - foreclosure is a lengthy process and there is time to negotiate a better result, but you need to start today.
Weichman Realtors and its affilated companies have served Costa Mesa and surronding areas since the early 1950's. Larry Weichman is President/ Broker for the firm. Please direct your questions to Larry@WeichmanRealtors.com or call 714-444-HOME. You may also visit www.WeichmanRealtors.com
A First Time for Everything! 10-27-09
An article appeared recently in the New York Times that beautifully illustrates the opportunities today’s real estate market offers. A mother working two jobs saved up for a down payment and managed to buy a large home with a pool for $187,000. Three years ago, that same home had sold for $370,000!
While sellers are still feeling pressure, buyers with stable incomes and good credit histories are beginning to spread a “feel good” vibe throughout the industry. Conditions have literally never been better for first-time buyers. Affordability has seldom been higher and interest rates have hardly been lower. Selection of inventory is vast, and sellers are highly motivated.
As more buyers enter the marketplace, the ripple effect will be felt far and wide. When they purchase a highly affordable foreclosure or “short sale,” they have removed a distressed property from the listings, improving values for other homes in the area. When they buy a “traditional” listing, that in turn sets off a chain reaction whereby the sellers in turn will purchase another home, from sellers who will in turn buy another home, and so on and so on.
You probably get the picture now. As we approach some stability in real estate, all indications are that prices will begin rising again. As the market approaches recovery, don’t miss your opportunity for the buy of a lifetime.
Weichman Realtors and its affilated companies have served Costa Mesa and surronding areas since the early 1950's. Larry Weichman is President/ Broker for the firm. Please direct your questions to Larry@WeichmanRealtors.com or call 714-444-HOME. You may also visit www.WeichmanRealtors.com
Weichman Realtors agent Jim Fisler adds new city job to resume!
FOR IMMEDIATE RELEASE
September 1, 2009
CONTACT:
Amanda Gavin, Mesa Consolidated Water District, 949/631-1205
Coleen L. Monteleone, Administrative Services Manager, 949/631-1205
MESA’S BOARD APPOINTS NEW DIRECTOR
Costa Mesa, Calif.
announces the appointment of James R. Fisler to represent Division II on the Board. Mr. Fisler
replaced former Director Paul E. Shoenberger.
The Board received letters of interest from 20 candidates. The candidates were invited
to attend Board meetings to gain a better understanding of the Board’s activities and have the
opportunity to ask questions. The Board voted to appoint Mr. Fisler at its August 25
meeting and he was sworn in the following day.
“After a very competitive process the Board voted to appoint Mr. Fisler to the Board,”
said Shawn Dewane, Board President. “He has a passion for public policy, commitment to
public service, and is highly motivated to become more involved in water issues. The Board
and staff are pleased to welcome Mr. Fisler, he is a great asset to Mesa.”
Director Fisler previously served as the Vice-Chair of the Planning Commission for
the City of Costa Mesa and as Parks and Recreation Commissioner prior to that. He has been a
member of the City of Costa Mesa’s Residential Rehabilitation and Redevelopment Committee
since 1997, in many capacities, including as an alternate, full member, or liaison from the
Planning Commission. He has been a volunteer in the city’s Neighbors for Neighbors program
for over 10 years, and is a graduate of the Citizens Police Academy.
Mr. Fisler is currently a Realtor with Weichman Associates in Mesa Verde and was a
regional manager for Nordstrom stores for over 12 years. Both positions equipped him with
the necessary skills to provide outstanding customer service.
Director Fisler has been a resident of Costa Mesa for 40 years and has lived in the Mesa Verde
area for 17 years.
- Mesa Consolidated Water District’s (Mesa) Board of Directors (Board)th Board
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Mesa provides water service to more than 100,000 customers in an 18 square-mile area. The service area includes the city of
Costa Mesa, parts of Newport Beach, and the John Wayne Airport. Mesa is dedicated to satisfying our community's water
needs.
In today’s real estate climate, you want to be sure to take all the necessary steps to squeeze every possible penny out of the sale of your home. Small oversights or missteps can be costly when it comes to your bottom line. However, there are some common mistakes that are easily avoidable if you listen to the experience and advice of your real estate representative.
One error that can cost you is to put your home on the market before it is truly ready for presentation. Image is everything, so get all the cleaning, painting, patching, and lawn care done well in advance of your first showing.
Another costly stumbling block involves your initial listing price. Remember that you control the asking price, but not the selling price – that is finally determined by the buyers and what the market will bear. Try to detach yourself emotionally from what you want to net, and price your home aggressively against your competition, right from the beginning.
Emotional attachment can keep you from perceiving and presenting your home as what it now is, a commodity. Present it, market it and price it as you would any new product on the market. Your agent will make sure it gets exposure to the right demographic, and will help you avoid costly errors along the way to a successful closing.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
4th Annual Mesa Verde Classic Golf Tournament
Monday, January 19, 2009 at the revered and respected Mesa Verde Country Club.
This annual event, hosted by Costa Mesa Community Athletic Foundation, will be held on This is the most influential event in the city. This year after the golf tournament, we will honor Costa Mesa City Manager Allan Roeder as Costa Mesa United's 2009 Honoree. Mr. Roeder has consistently supported the youth sports community in Costa Mesa. Even in times of economic downturn, he understands the importance of sports to the development of young citizens. This year's golf tournament and dinner program will be an opportunity to raise the money to fund the new designs and keep Costa Mesa moving forward for families. This year each table at the auction/dinner will be hosted by civic leaders and community business leaders.
You won't want to miss this event! We need your help. We would like to respectfully request underwriting donations and auction items for this year's event. Our fund-raising goal is $200,000. Proceeds from the event will help fund much needed athletic facility improvements in our community. The Mesa Verde Country Club has generously donated the greens for the day. Donations from individuals like you are critical to ensuring a successful event! Please help us! Your contribution will be prominently displayed and donors will be thanked in the Daily Pilot distributed to more than 30,000 readers. Costa Mesa Community Athletic Foundation is a charitable organization and all donations are tax deductible.
Please help by Contributing auction items such as sporting event tickets, hotel accommodations, clothing, or retail and restaurant gift certificates. Contact our Auction Item Manager, Katrina Foley, at
foley@ lentsfoley.com or 949-756-5258 x203. Contributing prizes for the tournament. Contact our Prize Manager, Kurt Galitski at Kurt@ KurtRealEstate.com or 714-957-6677.
We look forward to your community commitment and thank you in advance for helping the youth of Costa Mesa.
THREE POSSIBLE PRICES!
There are many factors that affect how you'll price your home when you're ready to sell. In spite of market conditions, interest rates, and so on, every transaction is unique. So you should seek the assistance of an agent and prepare yourself and your home well in advance of placing the For Sale sign out front.
Sometimes a home will have three different possible prices: the price the sellers want to net, the price the buyers would like to offer, and the final sales price agreed upon by both parties. Your home's ultimate value is determined by other local sale prices, which are often a product of supply and demand.
The asking price or the offered price are not the whole story, however. While an offer of $200,000 doesn't seem to appear as good as an offer of $210,000, pay close attention to the terms attached to that higher offer. If the buyers also want you to offset closing costs and deduct for a decorating allowance, the "clean" offer of $200,000 might actually put more money in your pocket.
It's wise to seek representation and assistance with pricing, marketing, negotiation and closing. Put a real estate agent with local experience to work for you. Once armed with the facts relating to terms and conditions of local sales, you can move forward with confidence in your listing.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
12-24-08
December 16th, 2008
REALTOR'S CORNER
IT’S TIME TO GET “REO”!
What comes around goes around, and bad news for sellers has a flip side for buyers. Those ready to make a purchase can take advantage of some great deals, including “REO” properties. If you're unfamiliar with that term, it simply stands for "Real Estate Owned."
If a bank is forced to foreclose on a property, then the bank owns that real estate, making it “REO.” Of course, banks don't really want to own the home, because it negatively affects their financial status, and they have to pay for taxes, insurance and maintenance on the property.
To avoid losses, banks want to sell these holdings as quickly as possible, making many such properties a very attractive purchase. Where do you begin if you're interested in finding these investments? Many real estate agents and brokers already have relationships with the lenders, and should be able to point you in the right direction and provide both guidance and assistance in your search and purchase offer.
Once you've found a suitable property, however, you'll probably still want to seek the counsel of an attorney who specializes in real estate transactions. As is the case with most purchases, you'll want to be absolutely certain that you'll receive a clean, marketable and insurable title, with no ghosts in the closets.
Ask a trusted agent about the advantages of an REO today!
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
November 13th, 2008
WEICHMAN REALTORS HOSTS 2nd ANNUAL POLAR EXPRESS FAMILY EVENT
WITH SPOTLIGHT ON ABC7’S SPARK OF LOVE TOY CAMPAIGN
COSTA MESA, CA—Local real estate firm Weichman Associates-Realtors® is hosting its 2nd annual Polar Express family event on Saturday, December 6 at 2:00 p.m. This event, based on the popular family movie The Polar Express, was conceived as a way for Weichman Realtors founders Larry Weichman and Kurt Galitski to connect with their fellow Costa Mesa residents and say thank you for years of welcome support.
This year Weichman and Galitski have joined forces with ABC7’s Spark of Love charity and the Costa Mesa Fire Department to raise awareness for the toy drive. Participants in this year’s Polar Express event will be asked to bring an unwrapped gift or gift card valued at $10.00. Donations are not required to take part in the event but are greatly appreciated.
“We are thrilled to be a part of this endeavor,” said Vice President and co-founder of Weichman Associates-Realtors, Kurt Galitski. “We have a real compassion for underprivileged kids not just in Costa Mesa, but throughout Orange County. Spark of Love toy drive ensures that these children get something to smile about on Christmas Day.” Galitski also added “Larry and I are also very honored to work alongside another organization we have long admired, the Costa Mesa Fire department.”
ABC7’s Spark of Love is a joint collaboration with fire departments all over southern California and with ABC Channel 7. All toys are distributed in Orange County go through a single warehouse to organizations that apply through the Toy Collaborative. Unwrapped toys for infants through 18 years and gift cards in $10, $15, or $20 denominations are collected.
Weichman and thier staff will be hosting The Polar Express from 2:00 to 4:00p.m. at Goat Hill Junction- 2480 Placentia Avenue in Costa Mesa. They invite all area families to the event to so they can enjoy spending time with Santa Claus and his Elves. Also featured at this event will be many FREE activities including the train ride, pictures with Santa, a coloring contest, face painting and much more. Reservations are encouraged. Please RSVP by calling the Weichman Polar Express Hotline at 877.444.2177 ext. 2008.
Weichman Associates-Realtors® are the experts in Costa Mesa real estate. Call them today at 714.444.4663 for a complimentary consultation to talk about your home buying or selling needs. You can also visit them online at www.WeichmanRealtors.com to receive one of their free reports.
Opportunity In Any Market
September 30th, 2008
REALTOR'S CORNER
Whether the market is up or down (and particularly if it's down), buying a "fixer-upper" and updating it can prove to be a profitable venture. As with any real estate investment, however, it's wise to enter with eyes wide open. Knowledge and caution will help you avoid common pitfalls.
The ideal candidate for such a purchase would be priced roughly 30 percent below the value of nearby homes, and located in a community with low crime rates and good schools. The only thing you can't repair or improve is a poor location.
And just because you can improve almost anything doesn't mean that you should! Avoid homes in need of truly major (and unprofitable) repairs such as the foundation, structural plumbing, or complete kitchen and bath renovations. Because these features are simply expected by buyers, they won't necessarily add any value to your offering.
Another aspect that is often overlooked is your fixer-upper's proximity to where you live. Keep it within an hour's drive, because you'll want (and need) to check in regularly, probably daily, while your repairs and renovations are in progress. The cost of fuel is high enough these days that you don't want to blow your profits on your gas tank!
There are many fine homes being offered at lower prices by motivated sellers. Don't overlook the opportunity these properties present!
It Takes Time to Save Money!
September 15, 2008
REALTOR'S CORNER
Okay, you've found the home of your dreams. You've determined how much you can afford because you've already been pre-approved by your lender, and your offer has been accepted.
But wait. If you're financing the purchase, like almost everyone does, you'll actually be paying more than the final sale price of the home.
Many buyers don't stop to think about how much they'll really be paying for their home by the time they've reached the final payment. It's worth considering, and it makes it evident that you should shop around and get the best loan terms possible.
Be sure to discuss your options with a trusted local real estate agent, who can provide mortgage information, illustrate different financing options and even recommend lenders suited to your needs. With literally hundreds, if not thousands, of options available, it's helpful to begin with the basic facts to help you whittle down your choices.
Determine how much is available for a down payment. If you're putting up less than 20 percent, you'll need a guarantee that often comes in the form of PMI (private mortgage insurance). This will add to the overall cost of your loan, at least until you've paid off a significant percentage.
Again, discuss your loan options with your real estate agent before you make any offers in order to avoid unpleasant delays and unexpected expenses.
Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Contact him at Larry@TeamWeichman.com, 714-241-4532 or www.TeamWeichman.com.
August 15th, 2008
STEPPING UP TO DOWN MARKETS!
Remember the ancient curse, "May you live in interesting times"? While many are indeed cursing the current real estate climate, others see opportunities. In a "soft" market, the short-term options dwindle, but seasoned investors in for the long haul are positioned to take advantage.
In the words of billionaire J. Paul Getty, "Buy when everyone else is selling and hold until everyone else is buying." Just like the stock market, more money is often made in a down cycle than in an up market.
Slower times encourage sellers to be more open to negotiation. Combine acceptance of lower prices with currently low interest rates, and you've got the perfect recipe for bargains. Real estate is continually cycling, and it's guaranteed that prices will rise again. The time to get in is now, before that begins to happen.
A "buy and hold" strategy works in this market, while your property appreciates. While you wait, consider leasing it. The property can pay for itself with rent collected, and an investor that can pay off a small mortgage is in an excellent position indeed.
Learn from your real estate agent and tax advisor how a "1031 Exchange" can greatly reduce your tax liability when it does come time to sell your investment. Now is the time to get in, but be sure to know how you'll get out, too!
Larry Weichman, Broker TeamWeichman.com 714-241-4532, larry@teamweichman.com
July 21, 2008
Get Serious!
Familiar with the law of supply and demand? In real estate right now, it may seem like the supply of homes for sale is much greater than the numbers of buyers demanding those homes, forcing prices down and decreasing activity. But what's really in shortage may be serious, legitimate sellers.
A committed seller is willing and able to accept the best offer in the current market, and be motivated to do so. Receiving a fair offer is inextricably connected to pricing your home fairly. The best way to arrive at an attractive price is to aggressively challenge the competition. Using past prices, your investment in the home, or even appraisals may not produce the ideal value factor for your home.
If you're serious about selling, let an agent describe to you how an appropriately priced and aggressively marketed home will always generate interest and offers, and will ultimately sell for exactly what it's worth in the current market. All other factors being equal, a home that languishes on the market is simply overpriced, and a seller willing to wait for more than fair price would be better served by waiting until the market catches up before entering the fray.
Remember this Golden Rule: There is a buyer for everything. Any home can be sold in any market when proper pricing is combined with effective marketing.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
July 14, 2008
As you prepare to sell your home, you'll probably consider the best way to advertise it. Surprisingly, advertising doesn't work. But marketing does, and there is a big difference. An agent will be more involved in “marketing” your home, and here's why.
A photo and description of your home's features, in a newspaper or magazine or online, is simply “advertising,” and is not going to generate much interest. A recent consumer survey conducted by the National Association of REALTORS® revealed that fewer than 5 percent of buyers found these ads helpful in selecting homes.
While ads focus on a "product," marketing involves targeting consumers based on their lifestyle and the opportunities provided by what you are offering. Real estate agents have a list of ready and willing buyers with whom they have already been working, and they understand the needs and qualifications of those buyers. Chances are that an agent can "market" your home to many of them without ever placing an ad or holding an open house.
Buyers want to purchase a version of a "dream," not the bricks, windows, and siding that the dream is made of. Ask your agent about how they plan to "market" that dream to the buyers they already know and to other agents and their buyers. You'll be surprised how much more effective marketing can be than advertising.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
July 1, 2008
Knowledge Is Power
KNOWLEDGE IS POWER!
You know that real estate agents help you to move. Did you know that agents can also help you stay where you are? This has become quite an issue in light of the recent rise in loan defaults. Real estate agents provide critical information and a link between lenders and buyers.
Subprime loans, in and of themselves, are not bad. They provide financing for substantial numbers of people who cannot otherwise qualify under standard lending practices. However, buyers must be informed and realistic about what terms they can actually afford to accept.
No one - not banks, not agents, not homeowners - sees foreclosure as an acceptable option. It hurts everyone, including the communities where vacancies lead to declining prices. This is where a trusted local real estate professional can provide assistance.
Real estate agents are advocates for smart lending practices, and they stay in touch with local lenders. Agents also work with state and local governments, as well as local non-profit organizations that can help homeowners facing trouble meeting their mortgage payments.
Perhaps most importantly, realty professionals work closely with buyers to educate them about resources and options. This helps homeowners and prospective buyers keep their homes and build their equity. The key to it all is education and reason, and a strong desire to preserve the quality of our lives and our communities.
Prince of Peace Country Day Fair
Costa Mesa, Orange County, California. Prince of Peace School announces a great day of family fun! The Annual Country Day Fair is happening Saturday, April 19th, 10am – 3pm in Costa Mesa. Bring the whole family – there’s something for everyone. Carnival rides, games and prizes, an international food fair, karate demonstration, puppet show, silent auction, live music and more. Admission is free, attraction tickets are available for purchase the day of the fair. So head on down to Prince of Peace School, 2987 Mesa Verde Drive East, Costa Mesa (Corner of Baker and Mesa Verde)!
www.costamesachamber.com, by phone to Sandy Roy 714-885-9090, by mail or by fax. Location: Costa Mesa Country Clubwww.ci.costa-mesa.ca.us for more information.www.ci.costa-mesa.ca.us.www.springgardenshow.com or call 714-435-2160
THREE LITTLE WORDS!
REALTOR'S CORNER
There are three little words that can make buyers very anxious: Offer To Purchase. However, there need not be any mystery or fear attached to that phrase. With an experienced professional guiding the process, feelings of trepidation can quickly turn to excitement and enthusiasm.
While many terms and conditions may be attached to an offer, the real biggie, of course, is price. While you may have heard that your offer should be a certain percentage below the asking price, or even a percentage below what you are willing to pay, consideration of your offer will always be affected by the laws of supply and demand.
When buyers compete, sellers often see full-price offers. However, when inventories are high and demand is lower, an offer below asking price could be in order. Typically, your offer will be presented to the seller(s) and/or their representative(s). The seller may accept or reject the offer, but it's quite common for the seller to reply with a counter-offer.
Since it's often not a simple Yes or No answer, it is absolutely critical for you to stay in close contact with your representative, so that negotiation is handled smoothly and in a timely manner. Take heart that a counter-offer is not a rejection. As long as the offer is on the table, you can nearly always negotiate your way to Yes!
Larry Weichman
Real Estate Broker
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.
February 29th, 2008
Trust yourself in buying decision
REALTOR'S CORNER
When you're buying a home, who do you think is the most important person in the transaction? You, of course! That doesn't mean you won't need experienced professionals for guidance and assistance, but quite frankly, if youchoose not to buy, the entire process comes to a halt.
While home ownership is called the American Dream, it's a shame that nobody teaches it in school. Most folks face the biggest purchase of their life without any experience. That's why it's critical for someone to help you understand everything that happens during the process, whether it's your accountant, your banker or your trusted real estate columnist!
Demand explanations to questions such as how much of a home you can afford. How do you get the best loan? Do you choose a new home or a resale? Which properties will increase in value? Where do you begin?
Since youare in charge, take command of the situation, and surround yourself with a team of experts in every aspect of the transaction, all of whom can be coordinated by a local real estate agent.
Plan from the very beginning to educate yourself and approach your purchase with confidence and intelligence. Then you'll be sure to find the home of your dreams and the peace of mind that comes with knowing that you've made the right decisions all along.
Flex those buying muscles!
Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.
Wednesday, December 19, 2007
3-28-08
Three important words for buyers
REALTOR'S CORNER
LARRY WEICHMAN
There are three little words that can make buyers very anxious: Offer To Purchase. However, there need not be any mystery or fear attached to that phrase. With an experienced professional guiding the process, feelings of trepidation can quickly turn to excitement and enthusiasm.
While many terms and conditions may be attached to an offer, the real biggie, of course, is price. While you may have heard that your offer should be a certain percentage below the asking price, or even a percentage below what you are willing to pay, consideration of your offer will always be affected by the laws of supply and demand.
When buyers compete, sellers often see full-price offers. However, when inventories are high and demand is lower, an offer below asking price could be in order.
Typically, your offer will be presented to the seller and/or their representative. The seller may accept or reject the offer, but it's quite common for the seller to reply with a counter-offer.
Since it's often not a simple yes-or-no answer, it is absolutely critical for you to stay in close contact with your representative, so that negotiation is handled smoothly and in a timely manner.
Take heart that a counter-offer is not a rejection. As long as the offer is on the table, you can nearly always negotiate your way to yes!
Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Contact him at Larry@WeichmanRealtors.com or call 714-444-4663.
COSTA MESA CHAMBER OF COMMERCE SCHEDULED EVENTS
Thursday, April 17, 2008 @ 7:00 am - 90-Minute Breakfast Boost Jim
Atkinson from Mesa Consolidate Water District will be our guest speaker.
His topic is "Regional Water Issues Affecting Local Agencies". Our breakfast sponsor is Patty Mason, Mason Insurance. Cost for this event is
$15 for prepaid reservations or $20 at the door. Reservations can be place online at
Wednesday, April 23, 2008 @ 5:30 pm - After Hours Business Mixer This month our after-hours mixer will be held at Wingnuts, located at 3030 Harbor Blvd in the Target Shopping Center. Bring your coworkers out for Administrative Professional's Day and enjoy some appetizers while doing a bit of networking at the same time. As always, Costa Mesa Chamber of Commerce members are FREE!!!!! Potential members are just $10. For further information call Sandy Roy at 714-885-9090.
MARK YOUR CALENDARS FOR THESE UPCOMING CHAMBER EVENTS!!!
May 16, 2008 - Student Awards Breakfast
June 8, 2008 - CM900 Wine & Food Tasting July 28, 2008 - Annual Costa Mesa Golf Classic
LOCAL COMMUNITY EVENTS
YMCA of Orange County - Central Orange Coast Branch is holding a canned food drive throughout the month of April. Their goal is simple: to collect 20,000 cans of pinto beans for the families of Costa Mesa that are in need.
You can place your donations in the collection box located at the Costa Mesa Chamber of Commerce, 1700 Adams Avenue, Suite 101 - cross streets are Mesa Verde Drive East and Adams. Office hours are Monday - Thursday 10-4. For large donations please call prior to delivery 714-885-9090.
April 12, 2008 Neighbors for Neighbors Spring Clean-up This is an annual event when the residents of Costa Mesa come out to help their fellow neighbor. The event will be held from 8-12 and will also include Fairview Park. There are several projects to complete and something for every age group. Make it a family day. To register call 714-754-4892 or go to
April 26, 2008 Costa Mesa Community Run!!! This event is being held in celebration of Estancia High School's new stadium's grand opening! Events kick off at 7:30 am at Estancia High School, 2323 Placentia Avenue.
Proceeds from this event benefit the foundations of TeWinkle Middle School, Costa Mesa Middle School, Estancia High School and Costa Mesa High School.
For more information contact Karen Barloon at Estancia High, 949-515-6545 or
go to CostaMesaCommunityRun.com "Running for our education.....and our
future"
April 26, 2008 Arbor Day Event Did you know that Costa Mesa is also known
as "Tree City USA"? The City of Costa Mesa would like to invite the local residents to help celebrate its 10th year as Tree City USA by planting a variety of trees. Plant trees along side City officials, City staff, local residents and groups, and representatives from tree and local organizations.
The event will be held from 8 am - 12 pm. For more information and planting locations call 714-327-7492 or check the city's website at
THINGS TO DO IN AND AROUND COSTA MESA
Now - April 19 - Get the hottest ticket in town quick before they are gone!!! Phantom of the Opera shows are selling out fast but there are still some tickets available. Call the Orange County Performing Artscenter box
office for tickets and show times. 714-556-ARTS
April 24 - 27 The 19th Annual Southern California Spring Garden Show at South Coast Plaza. A favorite event of all avid gardeners. This year's
theme: Green Living. Attendance is fee for all and open during regular
shopping hours. Location: Crate and Barrel/Macy's Home Wing. For more
information visit
Tips for Property Management
November 10th, 2008
REALTOR'S CORNER
You've undoubtedly been hearing and reading about the "subprime lending crisis" hitting the real estate industry. The bottom line for buyers is that it may be more difficult to secure a mortgage in this atmosphere. It then follows that demand for rentals may increase.
That rising demand has encouraged many people to consider the benefits of becoming a landlord, or residential property manager. Some have donned that hat because they've been unable to sell and needed a tenant, while some are actively buying properties at lower prices and looking to profit from rental income.
In either case, consider a few tips before entering this type of venture. First, don’t necessarily expect to regain your entire investment. Be careful not to overpay for a property, and also take care not to underestimate the cost of repairs and maintenance, which will likely have a large impact on your bottom line.
Two important people to hire: a property manager and an accountant. A manager will have knowledge of local ordinances and proper pricing, as well as how to locate responsible clients. An accountant, on the other hand, will have knowledge of tax breaks, write-offs, and deductions that will help you meet your financial goals.
Step one may be contacting an agent or broker with experience handling or even managing rental properties. Help ensure success with careful planning and support.
Larry Weichman
Real Estate Broker
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663
Jump Start Your Home's Heart
October 31st, 2008
REALTOR'S CORNER
As a seller in the current real estate climate (or any market, for that matter), you know that your home's features must stand out against those of the competition. First you need to understand what buyers are looking for, and then you must decide how much money and elbow grease to invest to make those wishes come true.
History shows that the kitchen is the best place to make your impression, and it can be done for less than a king's ransom. Got old linoleum, vinyl or chipped tiles on your kitchen floor? You can install laminate that looks like new tile, stone or wood for just $1 to $5 per square foot!
You can show off your flooring with updated light fixtures. Under-cabinet lighting is easily installed, and a gorgeous overhead light will brighten things up for less than $100.
A coat of fresh paint and some new hardware are very reasonable ways to go if you want your old cabinets to impress new homeowners, and chipped appliances can be re-enameled to their original luster. It may cost just a few hundred dollars, but you'd be well advised to hire a professional for this kind of refinishing.
For more budget-wise suggestions, ask a real estate agent to do a "walk through" of your home before the first potential buyers come through that front door!
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
Looking Beyond the Price
October 15th, 2008
REALTOR'S CORNER
What pops in your mind when you think of a real estate contract? The price, right? It's the critical term, but far from the only important factor to be considered by buyers or sellers. There are costs, finances, conveyances, and consequences to consider.
Typical costs include commissions, inspections, legal fees and so on. Your representative should firmly negotiate and explain who pays for what.
How about the escrow deposit and financing contingencies? Unless the buyers pay cash, an escape clause should release them from obligation if financing falls through. Specifying that the loan will be secured at a certain interest rate or lower provides further protection.
Also pay close attention to conveyances of personal property, such as some appliances, lighting or window treatments, or furnishing. Avoid argument and further negotiation by assuring there is zero confusion about what is included in the sale price.
Another factor that should be clearly spelled out is the consequences of a breach in contract by either side. This is a binding legal document, whereby buyers in breach can lose their deposit, or sellers in breach can be sued for "specific performance" to force the sale of the home.
It's best for you and your representative to review a standard contract before you make or consider a purchase offer. Know what to expect and be prepared to negotiate to Yes!
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
December 24th, 2008
REALTOR'S CORNER
Could you sell for half-price?
REALTOR'S CORNER
Remember playing Monopoly? "Do not collect $200!" became a household phrase. Sometimes, towards the end of the game, you might have sold a property to another player for half-price just to raise some cash.
In real life, you would never accept half-price for your home – or would you? What if you owed $88,000 on a home you wanted to sell for $100,000?
Now what if a prospective buyer offers to buy it at a discount of 6 percent off the asking price? Although you would like to receive the full asking price, you accept. You've just sold your house for half-price!
How's that? Your equity – the difference between the sale price and what you owe – is what you receive at closing. It can easily slip through your fingers at the hands of a buyer who is good at negotiation.
Allowing that 6 percent discount ($6,000), you are selling for a price of $94,000 while you still owe $88,000. That means you will receive $6,000 cash in hand at closing rather than the $12,000 you had anticipated – half-price!
Perhaps the most valuable role played by real estate agents is that of negotiator. When you list your home, you empower the agent to represent you in any negotiations that take place. Expect the best from your agent and reap the financial rewards.
Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.
How it all began
REALTOR'S CORNER
Have you ever wondered how and when real estate became a national industry, and buyers and sellers began to seek professional representation? You may be surprised that realty's modern history began less than a century ago. Those early days have affected home ownership ever since.
Back in the 1920s, Herbert Hoover pushed the idea that home ownership was the foundation of democracy. He and others helped to professionalize and standardize the practice of building and selling homes.
It wasn't until the Great Depression, however, that the government really got involved, with the National Housing Act of 1934. Critical to the act was the introduction of mortgage insurance and putting established practices into law.
After these policy changes, large numbers of middle-income families began buying homes. Before then, only the wealthy and upper-working class could afford such a purchase, and usually without a mortgage.
Now we can apply our modern perspective and imagine how things might be changing in our current economy.
The middle class is feeling the squeeze as the gap between wealth and poverty grows. Owning a home makes more sense now than ever, as a secure place to live and as an investment.
But great care must be taken to avoid the problems of over-financing and risky home loans. Trust a professional real estate agent to protect your best interests.
Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.
December 1, 2007
Be sure to check out the holiday light display that we are sponsoring at 2714 Albatross, Costa Mesa. Show starts on every hour and the half hour, here is a link to view this amazing setup
http://theoclights.blogspot.com/2007/11/got-video-short-4-minute-clip.html
January 11, 2007- Orange County Register Article by Larry Weichman
REALTOR’S CORNER
Will housing costs rise or fall this year?
Housing costs were a frequently discussed topic in 2006 as markets slowed from explosive
highs and everyone from consumers to real estate agents became acutely tuned to their own expenses.
Not up, not down — flat is the operative word for home prices. Last year was the year for adjustment, and adjust they did — they stopped rising as fast as the price of oil.
Without easy money, without ridiculous hype and without speculators, 2007 will see a “traditional” market develop and be able to sustain itself.
The key elements of this flattening will be inventory and interest rates. Over the last month we have seen inventory levels shrink either from sellers withdrawing their homes from the market to wait for the spring selling season or the listed homes being sold.
Well-priced properties are even receiving multiple offers resulting in bidding wars — deja vu of the last two years albeit on a lesser scale.
Interest rates have been up, down and all around. But when you smooth out the curves, they should stay about the same next year, say most experts. This alone will prevent a slowing housing market from becoming a bust. The only catch is lenders may tighten credit standards due to the changing market.
So is it a good time to buy a home? Prices have stabilized, interest rates are at historic lows, inventory is good, and there are great loan products, so why not?
If you are in the market for a home, this could be your best opportunity in years.
Larry Weichman is president/
broker for Costa Mesa-based
Weichman Realtors.
Contact him at
Larry@WeichmanRealtors.com
or 714-444-4663.
LARRY WEICHMAN
REAL ESTATE
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Kurt Galitski and Weichman Realtors in the News
December 15th, 2006
Kurt Galitski featured in Daily Pilot cover story!
Price bumps, bumps in road
Home prices rise in Westside, Eastside Costa Mesa, but not South Coast Metro or Newport Beach.
By Amanda Pennington/Daily Pilot
Despite reports this year of a sluggish real estate market, Costa Mesa experienced slight gains in November compared with last year. But Newport Beach showed slippage in home prices.
The prices of Costa Mesa homes, though, still lag behind their beachfront neighbors by hundreds of thousands of dollars. But more home buyers are looking to Costa Mesa now than Newport Beach.
The median prices of homes in the 92627 ZIP Code, which includes Westside and Eastside Costa Mesa, jumped more than 5% in November, compared with the same period last year, according to a report released Wednesday by DataQuick Information Services, a company that tracks real estate figures in the state.
But the prices in the 92626 zip code, which encompasses the north end of the city and the South Coast Metro area, did not follow that upward trend, decreasing in number of sales and home prices.
One reason for the majority of Costa Mesa's increase is "bottom-line economics," said Kurt Galitski, vice-president of Costa Mesa-based Weichman Associates Realtors.
"It all comes down to affordability and what you get for your money in Costa Mesa versus other competing cities," Galitski said.
Galitski noted that shopping, entertainment, arts, culture and drive-times are all things buyers take into consideration when thinking about one of the biggest investments they may make. "We've always been the stepchild of some of these [neighboring] cities," Galitski said. "People are finally coming around and realizing Costa Mesa has a lot to offer."
For those who still want to be close to the beach, Galitski said, they can in Costa Mesa, while being closer to the freeway and important fixtures in shopping, arts and entertainment.
But Newport Beach isn't exactly struggling when it comes to its housing market.
"Newport Beach is a real estate economy of its own," said Bob Chapman, vice president of Prudential California in Orange County. "It's a micro-economy — it really goes at its own pace."
There's also typically a slowdown at this time of year. That coupled with the high number of houses on the market can explain the numbers, Galitski said.
Despite lowering median home prices — a median home price is the price that's in the middle of the high and low extremes — Newport Beach house hunters will continue to buy despite the outside market, Galitski said.
"These people have money in the bank. They've been through it all before," Galitski said. "They're old dogs, and they don't need to be taught any new tricks because they've seen this marketplace before and they're buying homes in an ultra-exclusive market."
Newport seems to essentially be playing catch-up with the rest of Orange County. "Newport Beach didn't experience a lot of the downturn in February, March and April as the rest of the county did," Chapman said.
Costa Mesa seems to follow what agents are expecting to happen in the coming years. Galitski said he expects next year's real estate market to improve.
December 13th, 2006
Kurt Galitski featured in Daily Pilot cover story!
Housing crops up in Newport-MesaAugust 4, 2006
Kurt Galitski featured in Daily Pilot cover story!
Buyers move into Costa Mesa real estate
By Amanda Pennington/Daily Pilot
Despite a sluggish real estate market, Costa Mesa has been attracting more new home developments, with some ready to sell and others due.
Developers of new homes in Costa Mesa don't seem fazed by weak sales reports, but some have had to lower prices as it has become a buyer's market.
Aside from speculative buyers who will purchase property, tear it down and rebuild several homes on large lots that are typical of older properties in the city, there are relatively few new developments in Costa Mesa. Newport Beach, on the other hand, is full of new properties, as is evident by the bluffs overlooking the Pacific Ocean that continue to be built.
The city also has many condo-conversion proposals, which just fall short of a new development. Generally, condo-conversion developers tear down homes to the studs and rebuild and refurbish the older homes.
Three new developments that stand out are Richmond American's Bungalows at Bay Street and its Cornerstone property on Fair Drive and Harbor Boulevard, and Shea Homes' Half Moon Lane on Orange Avenue.
Richmond American and Shea Homes representatives would only comment via e-mail. They said the homes were selling.
A Shea representative said in an e-mail that the homes were for sale for "about" $1 million.
Richmond American spokeswoman Alison Schuller said in an e-mail that the developer's new properties have shown steady sales since they've opened. Prices at both its Costa Mesa properties start in the low $800,000s, she said.
Two-thirds of the Bay Street homes have been sold, and construction has started on all but five.
Schuller did not say how many, if any, of the Cornerstone properties have been sold.
Kurt Galitski, vice president of Weichman Associates-Realtors in Costa Mesa, said Richmond American solicited the help of local Realtors by adding their projects to the Multiple Listing Service that Realtors use.
"This is how you can tell things are turning on builders, is when they start agreeing to pay us and other realtors in the area a commission," Galitski said.
Costa Mesa developer Tim O'Brien has not had his final plans for a high rise, the Californian at Town Center, approved by the City Council, but he's confident that the two years it'll take to build the high-rise will carry him into a stronger market.
Council members recently decided to temporarily override a report issued by John Wayne Airport's Airport Land Use Commission so they can examine the issue more deeply. The council is expected to vote on the matter at its Jan. 16 meeting.
"Assuming the city grants any approvals, we wouldn't start construction till the summertime, and then we would not deliver for another two years thereafter, so we are always building into the next market," O'Brien said. "If the market is good right now, the fact that you're developing and delivering two years out may mean you're not delivering into a strong market."
Galitski echoed O'Brien's sentiment, saying that he expects next year's market to look great compared with this year's.
But what some call a sluggish market, Galitski would characterize as one that favors buyers.
"The buyer can still afford to be as picky as they want to be, and what we're really seeing right now is that they are being very, very fussy buyers," Galitski said.
And the amenities and the lack of a homeowner's association can determine whether they buy a new home.
Most older homes in Costa Mesa do not have an association. The new developments do, though, and the charges can be anywhere from the low-$100s to more than $300 a month, depending on what services the community offers, Galitski said.
"You really have to put yourself in the buyer's point of view," Galitski said. "That is, do I want a brand new house with a small yard, or do I want an older home with a bigger yard?"
The compromise, Galitski said, would be a home that has been extensively rehabbed or remodeled, which he said is common.
But although the market seems sluggish, the bottom line is that Costa Mesa still demands a high price for its home, which continues to make it an attractive spot for new properties. New properties can be built reasonably, Galitski said, for about $200 per square foot.
"The average [selling price] right now for a three-bedroom, two-bathroom home … is $489 per square foot," Galitski said.
January 1, 2006
Weichman Realtors To Sponsor Mesa Verde Classic
Kurt Galitski and Weichman Realtors are pleased to sponsor once again the Mesa Verde Classic Golf Tournament. The tournament is set for April 3, 2006. Proceeds will benefit Costa Mesa youth sports programs.
July 9, 2005
Weichman Realtors Race Car Places 2nd At The Fair!
In our first year at the fair, Weichman Realtors Demolition Derby car places 2nd! Congrats to Grant Heathman for a fine showing in the Avocado demolition car. Each year that Grant has participated he has moved up in the ranks. We look forward to next year when Grant brings home the checkered flag! To help sponsor next year’s car please contact us!
City’s home prices climb almost 5% as affordability entices first-timers away from Newport Beach.
By Amanda Pennington
As the real estate market cools off in the area, home buyers appear to be opting for Costa Mesa over Newport Beach for less expensive options.
Costa Mesa’s less pricier listings may account for the city’s climbing home and condo prices as more beginner buyers hunt for affordable homes, said Kurt Galitski, vice-president of Costa Mesa-based Weichman Associates Realtors.
“It really comes down to affordability and Costa Mesa is much more affordable than Newport Beach,” Galitski said.
In July, DataQuick Information Services, a company that tracks real estate sales in the state, reported the median price of new and resale properties were up almost 5% in Costa Mesa, something Galitski said might be driven by a buyer’s market.
Real estate agent Betty Parker said she thinks the waning numbers in Newport Beach are normal, especially after the recent real estate boom.
“This trend is pretty normal after we have a really hot market, there seems to be … an evening out,” said Parker, who has worked in the industry for 30 years. “I think what happens is our prices go up so fast and the housing market increases so rapidly and we outdo the increase incomes, and now we have to catch up.”
While the report showed Corona del Mar’s median increased about 1%, it showed that both Newport Beach and Newport Coast figures decreased. Newport Coast had the most dramatic slump, with median prices decreasing more than 5%.
“If you look at it like a pyramid, and the bottom is based on affordability, that’s where all the buyers are,” Galitski said. “If you’re an entry-level home we have a greater pool of buyers, and because there’s more competition for entry-level homes among more buyers, that’s what continues to drive the price up.”
According to the Newport Beach Assn. of Realtors, houses in Newport Beach sold for less than the listed price in June 2005 and 2006, and that both average and median prices dropped.
“It’s better to look at it like this, you can buy a property — let’s say the low end is $889,000 … but on the other end of the spectrum, the high price is $15 million — so there’s a whole slew of variations in between that low price and that high of a high price,” said Patricia R. Moore, the association’s executive vice-president about the difference between average and median prices.
Galitski said the pool of buyers who can afford property in Newport Beach is smaller, but less concerned with prices and interest rates.
Those who purchase newly constructed properties to sell for profit also have an effect on the market, Galitski said.
“Any time you have new construction— and Newport has a decent amount of new construction— that brings down the price,” he said. “The speculators come in to buy out those homes because they speculate they are going to turn a profit by buying the house.”
Sellers need to take time preparing their homes before showing, Galitski said, to compete in the market.
“We’re going through this kind of situation where the seller’s mentality has not changed since last summer,” he said. “Their instinct is to add 10% to the price … and that’s not the case today, we still need to be priced appropriately and priced correctly, but most of all we have to outshine the competition.”
Galitski suggested sellers do their homework and check out other properties for sale in the community before they list their home.
Weichman Realtors Help Sponsor Fish Fry
Kurt Galitski along with his colleagues at Weichman Realtors were proud to step forward and help sponsor the annual Fish Fry in Costa Mesa. Every year the Weichman Realtors foundation that has been set up donates money to worthy community events to keep our home atmosphere alive and well! If you have a community cause you would like considered please call 714.957.6677.
May 24, 2005
Weichman Realtors Sponsors Kid Safe Program For Halecrest Association
About 50 residents attended the event sponsored by the Halecrest Homeowners Association along with Larry and Laurie Weichman of Weichman Realtors. The Kid Safe program covered many common tricks used by molesters and abductors to lure children away. Scott Peebles who taught the 2 hour program went on to cover how to teach your children how to recognize these tricks and how to avoid dangerous situations.
If you are interested in us sponsoring this program for your community please contact us at 714.957.6677.
