Why Buyers Have Been Feeling Angry

Those who are looking to buy have been sharing opinions on what it has been like to find a home. The opinions of many of these buyers have been heated, and the debate hasn’t been the increase in insurance premiums on FHA loans either. The challenge and debate has been over the number of homes in inventory that are attractive, and apparently there hasn’t been enough of that going around. I recently read about an interview that CEO of Redfin Corporation had with a customer in California. While she works in the television industry, she is blighted by the fact that there hasn’t been much to pick from for less than $500,000 since the 90’s. How does that factor in right now? 

The Challenge of Being Outbid

This buyer’s challenge in California was not always the inventory in the price range, but the fact that so many homes were being snatched up by investors without her getting the chance to fairly bid on them. It seems that debate has been hot, and while there are plenty of homes to choose from it has posed a bit of a problem for many. I am not sure that there is a happy medium here, because depending on what shape the house is in, there are buyers who aren’t ready or willing to put money into the home upfront. I can understand that because with everyone watching every penny, including those who do have a significant down payment, after moving who wants to keep working around the clock on a new home? 

For more information on how to get the expertise and help you need in buying your new home, you can visit my website by going to www.fhaloansnow.net, or you can call me right now at 310-498-2700. I have a strategic alliance of realtors I work with and other experts that can help us get further along than you ever imagined. 

-Mayer Dallal

What Coldwell Banker Discovered

Coldwell Banker recently did a survey in which they discovered that first time homebuyers were looking for something specific; a home that was move-in ready. The wave of finding a “fixer upper” isn’t gone altogether, but the numbers on that are lower than they used to be. This is probably due largely in part to the economy.


It used to be that investors wanted homes that had “potential”, and buyers were looking to acquire a home they thought would be an investment. Putting some work into the property would make it more sellable. Now, no one wants to put money into homes unless they are truly an investor, because there isn’t much disposable income after buying and regular maintenance.

Buying a home is a big step, and unless you have disposable income now on a monthly basis, don’t consider buying a home to put more money into. Right now with lack of job stability, savings is important. It doesn’t make sense to put money into something when you don’t really have it available. Right now, creating a safety net for yourself is more important. Setting aside money for emergencies is more important, and it is wise to take care of what you have now before moving onto something else.

-Mayer Dallal

December Sales Report

After the holiday season we all get back into our work mode, and there is so much catching up to do that it seems impossible. Can you imagine if you were the ones doing research on the real estate market? It seems that it wouldn’t be that big of a deal, but with the revising and research to keep things up to date, it can be quite a job. December was much busier than many thought it would be, and although it didn’t surpass the numbers from the previous year, December was more profitable than November.


The sales were up 17.5 percent in fact, with more than 350,000 homes sold. In November, there were approximately 280,000 homes sold nationwide. In the grander scheme of things it may not sound like a lot, but I’ll take it. I personally wasn’t as busy with purchases, but refinances were a bulk of my business and still are. I think that this would change if banks would do better advertising to let people know that right now is a great time to buy. I also know from my own perspective in owning my own business that advertising can make you or break you if you spend your money in the wrong place. So, banks while losing money are probably not pushing the television commercials like they used to.

Sales are great, and hopefully sales will remain on an upward trend. Right now, it’s still a great time to buy; the question is whether or not families are prepared with a down payment and if their credit is in order. These two things are critical to buying a home, and if families don’t have it, they should wait awhile longer.

-Mayer Dallal

I'm Still Here

Since late 2009, the MBA (Mortgage Broker’s Association), and FHA have been discussing post-closing quality control, along with loan officer compensation. One of the issues that is completely relevant is lazy brokers not wanting to be responsible for the loan after it closes. In my opinion brokers haven’t taken enough time with quality control before and after closing. The fact remains that when we get somebody into something, then we should see them through it.


I was sharing with one of my colleagues awhile back that I have been in the business for more than 19 years, and I’m still here. I have been here through the good times and the bad. I have seen the good, bad, and the ugly. I have seen the fraud, the forgery, and I have just seen the bail-outs. I am still here, and I am not going anywhere.

Those broker offices that don’t want to provide proof of their quality control, beware. These are the people that fade with the seasons. They change with the wind, and are driven about by trends, and when they are afraid something isn’t going to work they just get out without another word.

I have been around for quite awhile, and I don’t intend to walk away. I am here to give guidance to borrowers everywhere, help who I can, and help them in all fifty states.

-Mayer Dallal

How Many Pending Sales Are There?

Every month we know there are tons of new reports out there talking about the number of foreclosures, along with the number of homes sold, homes listed, and homes that were sold in a short sale. With all the numbers being calculated it might be interesting to see how many home sales are pending. The number of home sales pending more than likely grows each holiday season, and especially this year.


Sales fell when the tax credit expired, but with the rate of joblessness remaining so high it makes everyone wonder how much sales will decrease, or for that matter how they could possibly increase. Home sales will probably stay about the same in the coming year unless there are some dramatic changes, but the number of pending sales probably did shoot up over the course of November. As Thanksgiving approaches, then with Christmas following people are not motivated to pack and move, nor do they want to spend more, so many will wait until after the holidays to start spending money on appraisals and inspections leaving tons of pending sales out there.

When it comes to short sales, those sales could take quite some time, but only time will tell overall how home sales will move in 2011.

-Mayer Dallal

Credit Recommendations for 2011

In the coming year, we all have some changes we would like to make whether personal or professional. Credit is a big issue for all, and many of us are setting goals, cutting up credit cards, and living more frugally in order to make it happen. So, in the coming year, for those who aren’t sure where to start I have a few simple ideas for you to jumpstart your new outlook for 2011.


If you are in credit card debt up to your eyeballs, the only way to get out of it is to stop using them. Cut them up, and pay more than the minimum due if you can. If you are struggling due to unemployment or minimal cash-flow and you are under the seamless pile of debt, call the credit card companies and tell them your situation. Some of them will be more willing to work with you than others, but the best way to handle this is to get ahead of the problem.

The next step is to pay more than you can every chance you can get. While jobs are few and far between, some places are willing to hire for part-time work. Still, these jobs are really hard to get, and it may come down to you parting with items you love in order to raise the funds to get the debt down and out of your life. A friend of mine who is an avid reader has sold several of her books on eBay. She read them, but because they were shelved they were in good shape and completely capable of being sold. Now, this may not apply to everyone, but we all have something we collect and we could probably stand to get a head start on our spring cleaning.

All in all, do what you can. I know that not everyone will have this advantage, but you have to start somewhere. You never know what is around the corner but with much determination and working together with others you can make it happen.

-Mayer Dallal

Buying From the Divorced

Buying a home is stressful enough, and no transaction is exempt from its challenges, but buying from a couple that is divorcing certainly can present challenges. While these homes tend to get listed quickly and are looking to sell quickly, emotions are high, and things are said in the process that is hurtful between the husband and wife. Unfortunately, that carries over into the sale of the home, and can make things harder on the buyer.


When tension is high, there can be miscommunication between the agent and the couple. This can be frustrating for the agent in that they have a certain timeline they need to follow as well. No one gets paid until the loan closes, so everyone is waiting on pins and needles while trying to ensure that it has been a smooth transaction. The transaction can only go as smooth as what the sellers allow, and when miscommunication is a problem, everything else can go awry as well.

None of us are exempt from getting a divorce, and none of us are perfect, this is merely a warning to those who are looking to buy. There can be challenges with any purchase transaction when buying a home, and it all comes down to being prepared to wait if necessary, or being prepared to move quickly if given the chance. Remember that it is important to be considerate of the seller’s emotions as well, and by doing your part it can make as the buyer it will make things smoother for everyone involved.

-Mayer Dallal

Rent or Buy?

Those who are currently renting may want to stay a renter in this economy. Naturally, I promote homeownership, and there are so many benefits to owning a home, but in these tough economic times it may be hard to convince someone to buy over renting. Many are taking a look around and feeling comfortable right where they are.


On one side, when you own your home you will have more privacy, it’s yours, and dealing with neighbors is a little different. When you live in an apartment they are right next to you, but when living in a house they are a little further away. Renting a house is not so bad, but you are still putting up money every month for something that you will never own. There are some property owners that offer rent to own agreements with offering the money you pay into the rental as down payment towards the purchase of the home. However, just be careful that you read the fine print. These agreements can have huge loopholes and ultimately don’t put as much toward the down payment as you think.

Owning a home is still the American dream, but the challenge now is that the dream seems like it’s harder to achieve. The second half to this issue is that rents are getting higher, and making mortgage payments look cheaper. With home prices falling, there is no doubt that you can get more house for the money, but do make sure that in the bigger picture with maintenance and utilities that it will still work with your budget.

-Mayer Dallal