As you know, it has been several months since the last newsletter was written. Many of you have asked what happened and whether there would be future newsletters. Well, the answer to that is an emphatic "YES" because I feel it is important to keep you informed of real estate happenings affecting you at the local level, something you don't really get from the national news media. The newsletters are also my opportunity to give thanks to those referring new clients to us and offering monthly contests to keep things interesting.
First let me say that business is still going well, although the pace has obviously slowed in this crazy economy. I have eliminated some business expenses that weren't producing dividends and increased emphasis on a leaner, more effective, internet-driven marketing model. I have also become more stringent when working with sellers to make sure they are firmly aware of what selling in this tough market means... that prices have scaled back so it is important not to overprice their homes. The prevailing theme is that although you may get less on the sale of your home, when you go to buy (particularly if you are moving up) you will get a phenomenal deal that will offset the "lost" equity from the sold home.
That said, we have had excellent results getting our buyers deals that they didn't imagine were possible. I recently had one of my clients get a home for 30% less than what the home sold for 4 years ago and receive a 4.75% 30-year fixed interest rate. The home even appraised for $65,000 more than what he purchased it for, and will accomodate his family for years to come. I haven't been able to deliver those types of deals for quite some time, so it makes us feel good to get our clients a true piece of the American Dream... at a discount! So if you're thinking of buying or moving up, now is the time. If you've waited on the sidelines to see whether prices would become affordable again, now is the time.
Now, I want to give you some insight into why you haven't gotten a newsletter in a while. I got myself in deep, neck-deep into the real estate rehab business. With the real estate sales business going so well, I decided to branch out to do some rehab projects which started late 2007 and early 2008. Initially the rehab projects got off to a blazing start, and the real estate market, while slow, was still moving at a steady and predictable pace. As the days turned into weeks and the weeks turned into months, however, the people I relied upon to complete various phases of the renovation work started disappearing. One-by-one, contractors, investors and friends started disappearing until I found myself as the only one left to complete two extensive renovation projects.
With investment cash drying up and resources becoming scarce, I rolled up my own sleeves in August (around the time you'll recall the last newsletter went out) and got to work. I bought a myriad of tools from Home Depot, researched various carpentry tasks online and through DIY books, and started spending 12 hour days being a rehabber. I learned why the companies that sell Advil and the like stay in business, having put in backbreaking work day in and day out to get the projects done. It was truly a scene out of one of the HGTV shows for those several months.
Finally, the first project was completed and I was able to put the home on the market. 36 days and one price-reduction later, BAM! I got a contract. After addressing a laundry list of repair items for a week (and increasing my carpentry skills even more) I resumed work on the second, and much larger rehab project. I built staircases, basic wall framing, concrete patchwork, door hanging, baseboard installation, countertops, floor repair, tile work, electrical wiring, you name it, to make up for all of the open-ended projects that were abandoned by those I had initially counted on. Simultaneously, I managed several teams of industry-specific subcontractors to complete some other critical tasks such as roof work, basement waterproofing, HVAC and plumbing tasks. I truly never worked so hard for so long ever in my life.
And then one day, I looked up and I was done. I was actually DONE!! The renovation was complete, and it was indeed a beautiful site to behold. The house is on the market now, staged and ready to go for a lucky buyer. I am proud of what I accomplished, and have learned a lot about the contracting business and personnel selection. Having endured and conquered this project makes me even better as a real estate agent also, because I can easily put on my contractor consulation hat for buyers unsure of the size or scope of a project they consider necessary on a potential home purchase. Similarly, my sellers who need to give their home a few extra upgrades to make it ready to sell now have an experienced consultant to give them ideas and price expectations. I truly have grown from the experience.
Also, let me give thanks to a few people who enabled me to get through that challenging time. First and foremost, my wife Meredith, who had unending patience and optimism, encouraging me each day to push through. During those months, she took on double responsibility to care for our newest family addition, Preston, who is now 9 months. Often, I'd get home late only to find him asleep and miss our evening play-time. Then I'd wake up tired the next day only to see him for a few moments before having to drop him off at day-care. Meredith really overperformed to get our family through that tough time and I'm eternally grateful to her for her steadfastness and patience.
Secondly, I have to thank my assistant, Yolanda Hobbs, who totally held down the day-to-day business operations and behind -the-scenes real estate activities that kept us up and running. Real estate, like any other business, cannot grow and thrive without a daily commitment to reaching out to prospects, processing and delivering time-critical documents, managing marketing tasks, and coordinating the schedules of the many parties to our ongoing transactions. We managed to get through 2008 with only about a 15% drop in our production levels despite my time dedication to the business being only at about 60% of what it would have normally been during those critical months of the year. Yolanda's skill level in managing the business has increased exponentially in that time period, and this is another great positive side effect. This means that for 2009, we will be cranking on all cylinders and plan to give our customers the best customer-service experience we have ever delivered.
In closing, I would like to thank all of you who have taken the time to read this, and get to know me a little better by doing so. This newsletter goes out to nearly 400 of my past clients, future prospects, relatives and friends who expect a lot from me when it comes to real estate, and I want to let all of you know I'm ready to deliver on those expectations.
May your 2009 be prosperous and filled with good health, good times and good memories! Happy New Year!
Courtesy of Troy Williams
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 Just in time for the holidays, this breathtaking renovation blends old-world charm & modern styling. Beautiful living room w/ inlaid hardwoods, decorative columns & brick fireplace. Marvelous kitchen w/ tile floors, 42" cabinets, breakfast bar & pantry. Incredible master suite w/ vaulted ceilings & whirlpool bath. Finished lower-level w/ spare room & ample storage. This is the one you waited for! Get more details about this property at http://www.410homes.com/3500devonshire/
Courtesy of Troy Williams
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 In a word, Yes. I've heard several people in the last few weeks utter that they want to continue to wait to buy just in case the market keeps going down. The problem is that if you wait until you think it has stopped going down, it will already be going back up, and it will take you six months or longer to get pre-approved, wind down your lease, find a home, and go to settlement.
Meanwhile, mortgage rates which are at 40-year lows will possibly go up to accompany the market recovery, so you'll miss out on that. Remember, when you hear the news media say the real estate market is bad, it's bad for sellers and great for buyers.
Courtesy of Troy Williams
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 The shaky economy has caused the government to drop the federal reserve rate to almost 0%, the rate at which it loans money to consumer banks, in an attempt to breathe life into the loan industry. Banks have followed suit by offering lower mortgage rates to the public.
If you've been thinking about refinancing for a while, but were not sure when to make that move, now is probably as good a time as you would have had in the past 5 years. If you can afford it, you may even want to consider refinancing into a shorter term mortgage, like a 15-year fixed rate product. You will build equity in your home faster and own it sooner, as long as you are prepared for the higher payment.
So for example, on a $100,000 mortgage at 5.11% interest rate (the average national rate as I write this), your P&I (principle and interest) payment on a 30-year fixed loan is $543.56, whereas on a 15-year fixed (4.73% national average) it goes up to only $776.80. That is a comparitively modest $233.24 monthly increase, exactly 43% more. So even though you're not paying twice as much, you will pay off the mortgage twice as fast, which is a great proposition mathematically.
For the example shown here, you'll avoid paying $55,857.60 in interest over the life of the loan, and that is only on a $100,000 loan. During that 15-year loan period, you would have to put up $41,983.20 more than the first 15 years of a 30-year mortgage. What this means, in plain English, is that for every $42 you invest, you get a return of about $98, a generous 233% return over 15 years. You also get a higher annual mortgage deduction until the home is paid off.
If you want to weigh your options when it comes to financing your home and exploring mortgage options, always check with me first. I'd be happy to analyze any written quotes (Good Faith Estimates) you might have received from a lender or mortgage broker to make sure you are getting a great deal. This is a free lifetime service for all of my past clients.
Courtesy of Troy Williams
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 INGREDIENTS
◊ 2 tablespoons Dijon mustard
◊ 1/4 cup olive oil
◊ 1 tablespoon honey
◊ 2 tablespoons lime juice (about 1 medium lime)
◊ 4 red snapper fillets (about 5 ounces each), skin on
◊ Salt and pepper to taste
DIRECTIONS
To make the glaze: In a small bowl, whisk together the mustard, 1 tablespoon of olive oil, honey and lime juice.
Heat the remaining 3 tablespoons of oil in a large cast iron or other seasoned or nonstick skillet over medium-high heat. Heat the remaining 3 tablespoons of oil in a large cast iron or other seasoned or nonstick skillet over medium-high heat. Flip and cook until the flesh is opaque throughout, about 2 more minutes.
Remove from skillet and generously brush both sides of the fillets with the mustard glaze. Serve immediately, with the skin side up.
Courtesy of http://online.wsj.com/article/SB122695983035835025.html
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Take a look at your closet. Are there clothes in there not calling your name anymore but are still good for wear? Well now is a good time to donate those clothes. Here are a few places currently accepting gently used goods:
1. Goodwill: As always they accept mostly anything. And depending on where you are located and how much you would like to donate, they offer a pickup service. For more information, visit their website at www.goodwill.org
2. Salvation Army: They accept gently used clothing via drop off at their thrift stores or you can schedule a pickup. For more information, visit their website at www.salvationarmyusa.org
3. AmVets: This organization support American veterans and their dependents with information, couseling and scholarships. They will accept almost anything via pickup. Visit their website at www.amvets.org.
4. Dress for Success: If you have any type of business clothing, shoes or accessories for women (especially sizes 14 and up), they will gladly take it off of your hands. For convenience, you can drop off a suit at their annual Send One Suit event or you can drop your items off at a local chapter. For more information, visit their website at www.dressforsuccess.org.
5. New Eyes for the Needy: If you have poor vision, you know what it's like not to have your glasses. This organization accepts old glasses for donation to people in over 25 developing nations. They accept unbroken glasses, hearing aids and cataract lenses. For more information, visit their website at www.neweyesfortheneedy.org
Courtesy of Meredith Williams
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Thank You!
Our success depends on our past clients who think enough of our services to refer us to their friends, family and neighbors! We express our sincere thanks this month to...
A. Munoz
Y. Figueroa
M. Fon
R. Heird
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