Bob Bodemer - Experience AND Relativity with Millennials

September 30th, 2016

To my Millennial homebuyers: I understand that what is important to buyers change over generations.  I am committed to giving these valued clients what they seek:

1. I  ask questions about my client’s motivation for moving, their ideal future home and their financial process. This can make the decision process easier, and can help me approach them with the right home opportunities to pick a home they love, rather than just because it has a good listing price. While knowing sacrifice may be necessary, by asking my clients to prioritize their needs, they’ll be able to make a tough decision if needed.

2. As an experienced real estate agent, I know that buying a house costs more than just the listing price. However, most first-time buyers are unaware of this. While they may have fallen in love with a property that seems to be in their budget, after property taxes, HOA fees and commuting costs it could be more than they’re able to afford. To avoid this problem from the beginning, I give my clients a list of additional expenses I feel they might overlook. Homes.com also provides a customizable first-time buyer’s resource to help clients learn the basics of home-buying so they won’t be shocked by an unexpected event. My expertise as an agent, allows me to create a better relationship with my clients.

3.We’re finally there – my clients and I have found their perfect home and made an offer. The seller agreed on the price and we’re ready to close. First-time buyers will surely be anxious to wrap up the transaction as soon as possible so they can move into their new home. However,  I remind them that it’s important to take the extra time to fully understand the obligations of their contract. It is incumbent upon myself as a professional to exceed expectations here, especially because navigating tedious contracts will be completely foreign to most home buyers. I am sure to explain their contract in a way that will put their minds at ease and help them feel satisfied with their decision. Making the closing process as stress free as possible is the primary reason that clients  feel comfortable recommending me to friends and family who may be looking for an agent in the future.

Affordability - Watch it Slip Away?

September 30th, 2016

THE FACTS ABOUT HOMEOWNERSHIP:

49% OF MILLENNIALS SURVEYED SAID THEY ARE UNAWARE OF THEIR QUALIFICATIONS TO OWN A HOME.

INTEREST RATES = PRICE OF MONEY TO BORROW FOR HOME PURCHASES. SUPER LOW INTEREST RATES ARE THE RESULT OF THE LINGERING GREAT RECESSION. (LACK OF DEMAND FOR MONEY TO FINANCE BUSINESS GROWTH). BANKS ARE THROWING MONEY AT HOMEOWNERS (QUALIFIED BUYERS ONLY…. SINCE LOANS TO UNQUALIFIED HOMEOWNERS CAUSED THE HOUSING “BUBBLE” TO “BURST”.)

DUE TO SUPPLY AND DEMAND FOR HOMES IN SOUTHERN CALIFORNIA (ONE OF THE MOST DESIRABLE PLACES TO LIVE IN THE WORLD WITH CASH BUYERS APLENTY), PRICES OF HOMES ARE ON THE RISE AGAIN (NO BUBBLE THIS TIME)

AN OVERWHELMING MAJORITY OF POLITICIANS ARE IN SUPPORT OF STEPS TO GROW THE US ECONOMY (THINGS ARE CHANGING – BIG TIME!)

WHAT DOES THIS MEAN TO ME?

WHAT DOES THIS MEAN? IT MEANS THAT ONCE THE DEMAND FOR MONEY TO FINANCE ECONOMIC RECOVERY BEGINS, BANKS WILL RAISE THE RATES BECAUSE THEY KNOW DEMAND IS STRONGER.

IT MEANS THAT THE HOME YOU QUALIFIY TO BUY NOW MIGHT BE OUT OF REACH IN AS SOON AS ONE YEAR.

BELIEVE IT! PAY ATTENTION TO THE FACTS. LOCK IN YOUR HOME PRICE AND INTEREST RATE ASAP!

KNOW YOUR OWN QUALIFICATIONS

If you are renting a home, it is high time that you know what you qualify for NOW, while you still can choose to own a home. Once you understand the numbers about owning a home, you just might (likely WILL) make a smart decision for your financial future as well as the quality of life for you and your family. Your rights as a homeOWNER are much different than those of a tenant without the uncertainty of a month to month or annual lease.

My name is Bob Bodemer. I have served my clients in the Temecula Valley for 15 years. I believe in the strength of this community for families.  CONTACT ME to get you started on the path of owning your own home.

Sincerely,

Bob Bodemer 951-833-8302

2014 Real Estate Is Back - Entering the Fall For Buyers

September 6th, 2014

2014 has been a bit of a stalemate for buyers and sellers. The low inventory of 2013 fueled price increases to this point of last year. Coming into 2014 inventory came back as sellers expected to sell at or above their breakeven points. Unfortunately for them, the buyers were smarter than that. Transactionally, it has been a slow year since sellers proved to be as “dug in” as buyers were on price. The signs just stayed up and the “days on market” grew.

Going forward we should expect things to speed up. Real sellers will be the remainder as those who were experimenting cool their heels. Buyer’s will come around as they know that these interest rates will be back to regular economic equilibrium as the Fed starts letting natural forces dictate.

What is really good news is that the roller coaster is over. (Real Estate is Back). Homeownership is an investment in the future (as in 10+ years from now opposed to flipping in 90 days.) We can expect our limited commodity to be priced based on supply and demand and we all know the government is unable to print more real estate. Real Estate has no books to be cooked (unless its packaged as a mortgage backed security instrument…lol)

Here’s my prescription: Buy (negotiate the best price) and Hold.

Happy Hunting!

Bob Bodemer, REMAX Elite Team Bre 01324558

rrbodemer@gmail.com 951-833-8302

Housing, Ailing for Years, Starts to Recuperate

March 24th, 2013
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THE first couple of years of economic recovery after the Great Recession were notable for one no-show.

Multimedia

The housing industry made no contribution at all.

Now it appears that industry is finally starting to recover. Housing starts are rising at a rapid rate, albeit from a very low level. And last year, residential construction spending, adjusted for inflation, climbed 12 percent, after declining for a record six consecutive years.

The Census Bureau reported this week that single-family housing starts rose to a seasonally adjusted annual rate of 618,000 in February, the highest level since June 2008, months before the collapse of Lehman Brothers turned a recession into a global credit crisis.

Over the last 12 months, 551,000 single-family units were started, and an additional 255,000 multifamily units. As is shown in the accompanying charts, that was an increase of 28 percent from the period a year earlier. Not since the early 1980s, when the economy was coming out of a double-dip recession caused in large part by soaring interest rates that made homes unaffordable, had starts risen so rapidly.

But as can also be seen from the charts, the recovery has not propelled the housing industry far. The total level of starts is still lower than at any time before the recession, and in the fourth quarter of last year, the residential construction industry accounted for only 2.6 percent of the total gross domestic product. That figure was up from the low, reached in mid-2009, of just 2.2 percent, but it was far below the 6.3 percent reached in late 2005, when the housing bubble was at its peak.

The last time housing construction contributed so little to the economy was during World War II.

In normal economic recoveries, housing construction supplies a substantial part of the growth recorded in the first year or two after the recession ends. But in this recovery, it kept shrinking. Over all, real housing spending contracted in every year from 2006 to 2011. But the 12 percent gain last year was the fastest since 1993, another period of recovery.

The building industry, devastated by the collapse of the boom, is only starting to recover. The number of new homes offered for sale peaked at 570,000 in mid-2006, as the boom was ending, and many of the homes built then took years to sell. The latest figures show that only 150,000 new homes were offered for sale in January, including houses that are planned as well as those partly or completely built. That is up only a little from the low of 142,000 reached last summer.

The number of homes being offered before construction begins has remained close to level for two years at a little more than a quarter of the peak. That is a sign that few new communities have been started, despite the rise in housing starts.

Floyd Norris comments on finance and the economy at nytimes.com/economix.

Real Estate Action:Contact your Senator / Congressman

December 18th, 2012

Tell Them:

“Extend Mortgage Debt Relief Act of 2007 for at least 2 more years”

“Preserve Homeowners Mortgage Interest Tax Deduction”

District 41            Jerry Lewis                          www.house.gov/jerrylewis

District 44            Ken Calvert                         www.calvert.house.gov

District 45            Mary Bono Mac                                www.bono.house.gov

District 49            Darrell Issa                          www.house.gov/issa

District 52            Duncan Hunter                 www.hunter.house.gov

Senators

Barbara Boxer www.boxer.senate.gov

Diane Feinstein                 www.feinstein.senate.gov

Short Sale Information Update, HAFA changes, Fiscal Cliff

December 17th, 2012

Short Sale Information Update

If you are contemplating a short sale because the market value of your home is below what you owe, the process has improved substantially since short sales became such a major part of the Real Estate world. The US Department of the Treasury established rules and incentives for hardship short sales in 2009 by creating HAFA. Coming up on February 1st, 2013, there will be further changes to make the process even more streamlined. HAFA was created to help and protect homeowner / borrowers during this process. There are programs to help all borrowers in distress and provide cash to the occupant (tenant or owner) for relocation assistance. The homeowner / borrower can even be current on their payments (and do a pre-approved short sale) if they qualify based on having a profession that requires their having a security clearance which also requires their FICO score be to standards (i.e. Military Officers, Police Officers, etc). Any borrower can qualify homeowner / borrower can qualify for a pre-approved short sale (current on payments) by applying and documenting hardship. In other HAFA shortsales the hardship starts with being 90 days late on mortgage payments.) The new HAFA revisions effective 2/1/13 have simplified the hardship qualification to being 1)90 days late and 2) having a FICO score of less than 620. There is a program for you, regardless if you are occupying the property or renting it and regardless if you own multiple properties.

Fiscal Cliff: As of December 16th, we are still awaiting US Congress to pass a bill to balance a new budget. This is commonly being referred to as the “Fiscal Cliff”. Included in this, pertaining to real estate ownership and short sales are deductability of mortgage interest (THE cornerstone to the benefit of owning a home verses renting) as well as the extension of the Mortgage Debt Relief Act of 2007. This act provides an offset on debt forgiveness associated with a short sale. This debt forgiveness is considered income by the IRS and is a taxable event. The offset eliminates this “income” on your tax return as long as the Mortgage Debt Relief Act of 2007 is still in place. What ever happens there is and always will be options in case of personal insolvency. Please always remember that any information you receive regarding your taxes should always be confirmed by your personal tax professional. If you have any further questions about planning a short sale, please feel free to contact me at any time at 951-833-8302 or email me at rrbodemer@gmail.com.

At your service,

Robert Bodemer, Realtor

How to short sell my home in Temecula.

June 21st, 2010

The national trend in homeownership in the past decade had involved the loosening of credit. Who have been the beneficiaries and or victims of this? How can YOU sort it out?

Mortgage Brokers  (not a lot of supervision during this time allowing legal loopholes that were good news to everyone, AT FIRST)

Mortgage Resellers (same as above)

Mortgagees (many were buying risky mortgages but did not know it because they were “bundled” by institutional mortgage brokerages.

Mortgagors:  This is you.

You love your family. You want better for them than you had. So, you gave it to them betting on stability that would last, until the nest was empty (at least). You may have been betting on future income increases to cover future interest rate increases you agreed to up front. You may have decided financeable home improvements were necessary. If the money came too easy, you may have purchased other items to put a smile on everyone’s face. Who knows and who cares at this point. It’s done! You have accepted the liability for paying back a loan and pledged your families dwelling as collateral. That’s right, your FAMILY’S dwelling. The place where you celebrate births, birthdays, Christmas, neighborhood block parties, and the list goes on.

Has it been worth it? Let’s keep the answer YES! Memories are precious and cannot be taken away. Unless, of course two factors intervene: (these may be painful but read and then move on).

1.    You are perilously upside down in equity and your housing payment is being nudged out by other family expenses. In today’s economy the idea of increasing income to maintain positive cash flow has disappeared.

2.    You cannot separate emotion from business in terms of this decision you made when you signed on the dotted line. Number 1 is done. Number 2 can overshadow the beautiful memories you have already made. But it doesn’t have to. You have a business decision to make and you can keep it simple. Avoid emotion and base your decision on the following question: How do I protect my cash flow, keep my family happy and safe,  and make a home where it’s immediate future is stable? The first step is to realize that staying focused on being positive and finding smart ways to increase your household income.

The second is to decide what you want your housing payment to be in order to take care of “the fam”. Make a budget and do it now!! When you get to the housing payment number, back into it based on the income and other expenses you have listed.  As long as you have taken every reasonable step to minimize your household expenses and you make reasonable estimates regarding your household income, regardless of how unacceptable the housing payment might seem to be, use it.  Once you have done this stick to your budget. Pay the mortgagee what’s in your budget and give them a copy of the budget if you submit a loan modification application. This is the best way to get a loan mod approved if the payment you are making is going to be acceptable to them. If it’s not, at least you were honest with them and with yourself.

As a rule, if your proposed housing payment is not compatible with the local rental market for a similar home, your hopes for approval of a loan mod are diminished. Furthermore, you will need to re-examine the budget. If the budget is carrying minimum payments on unsecured debt (credit cards, etc) then you should consult with a Bankruptcy Attorney. The attorney might be able to get you protection and might even help save your house.

In the long run, one of two things are true: You are going to stay in this home or you are not. If you are not, then you can default and, in 3+ months your title and right to reside in the home will be lost in foreclosure. (Ok, breathe deep and put your business hat back on. Ready? Ok, let’s go) There is a lot legislation and new laws flying around regarding Short Selling the home as it pertains to debt forgiveness, eligibility for debt forgiveness, and whether or not this is a taxable event. There are new laws and moratoriums on existing laws that are allowing short sales to proceed. Bite the bullet early on and see a recommended CPA/Tax Accountant. Regardless of what answers you get, you may decide that you do not want a foreclosure on your credit history. In this case, we would like you to contact us:
Wren/Bodemer Team
Realtor Partners
Coldwell Banker Residential Brokerage
www.TemeculaAreaHomes.com
951-833-8302
wrenbodemerteam@gmail.com

The short sale process involves the following steps:
1.    Listing your home for sale with the Wren/Bodemer Team,
2.    Setting a price that is fair market value,
3.    Signing a ‘Right to Receive Convey Information’ so we can negotiate with your bank,
4.    Show your home to prospective buyers when we bring them over,
5.    Accept an offer we all agree is workable,
6.    Allow us to use our knowledge, on our time, to negotiate with the bank,
7.    Work with us through closing the sale,
8.    Move on with your life.

We strive to keep all matters private and professional. It is our goal to complete the sale and allow you to improve your financial future. Along the way we want to respect your family’s dignity and privacy. Because, like we said, IT’S BUSINESS. Please call us soon and, by all means, recommend us to people you care about.

Much success to you, now and in the future,

Bob Bodemer
Wren/Bodemer Team
Realtor Partners
Coldwell Banker Residential Brokerage
www.TemeculaAreaHomes.com
951-833-8302
wrenbodemerteam@gmail.com

IRS issues new guidelines on obtaining home buyer tax credits.

February 21st, 2010

This article comes from the L.A. Times. “The agency clarifies documentation that taxpayers will need in an effort to curtail widespread fraud in the program. Reporting from Washington - Despite blizzards that shut federal offices for days, the Internal Revenue Service issued new guidance Feb. 12 on the two tax credit programs that are powering the country’s real estate markets — the $6,500 credit for repeat buyers and the $8,000 first-time buyer credit.

The new IRS policy clarified documentation that taxpayers need to submit to successfully obtain either credit. When Congress revised the credit programs in November, it ordered the IRS to tighten its rules and monitoring to curtail widespread frauds that had emerged earlier in 2009.

These included fictitious home purchases in which people claimed and received $8,000 checks from the government on transactions that had never occurred. Click here to read the rest of this article.

Extension of $8,000 new home buyers credit moving forward.

October 29th, 2009

This post comes from Bloomberg.com. “The Obama administration endorsed a plan to extend an $8,000 tax credit for first-time homebuyers, saying it is helping stabilize the housing market. The tax break, enacted early this year as part of the economic stimulus, has “brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,” Treasury Secretary Timothy Geithner said today in a statement.” Click here to read the rest of this article.

Find Foreclosures in Riverside

March 6th, 2009

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Foreclosure.com is the ONLY source of foreclosure properties in the nation that updates all properties twice DAILY. As an agent, broker, investor, or homebuyer, Foreclosure.com delivers the foreclosure information needed.