Shopping For A Condo?

Shopping for a Condo? Ask These 4 Questions before You Buy

Condominium homes have always been, and will likely always be, an efficient and economical route to becoming a first-time homeowner. They can offer the comfort, prestige, and even luxury appointments that apartment living may lack, often at a cost that is not much different than rent. With the current first-time home buyer tax credit and the deadline for the move-up tax credit fast approaching, I advise you move fast on any condo purchase you may be considering.

With our experience , we are well aware that not all condominiums are the same, however, so make sure you ask the following four questions before you buy:

What will you own? All Orange County homes for sale as well as condos are different so read the bylaws and be sure you understand what you will be responsible for and what belongs to the condo association. Will you own the boat dock at the back of your unit? Can you elect to build a spa on your patio? Generally, unit owners own and are responsible for the interior of their condos, while costs for outside maintenance including common areas and sewer lines are the association’s responsibility.

Who lives there? Are the majority of residents owners or renters? Owners generally take more interest in proper maintenance and are more willing than renters to serve on the association board and enforce complex rules and regulations–including the regular collection of homeowner dues.

How effective is the homeowner’s association? Do they have legal counsel, reasonable funds and a capable, caring volunteer board? One way to judge is to check with residents about restrictions, oversight and timeliness of repairs and upgrades. Another is to take a hard look at the grounds and be wary of signs of neglect.

What about special assessments? The association should have the power to special assess for needed, one-time large expenditures. Otherwise, things that need to be done may never get done at all, leaving the complex vulnerable to disrepair and lowered property values.

Don’t miss this great opportunity to become a homeowner or to downsize by buying a condo (remember, the move-up tax credit does not require you to move to a larger or more expensive home). Please e-mail me for more tips on buying a condo and forward this information to any family and friends who may be in the market as well. Please visit our website at www.steveandmicah.com or reach us by email at micahstovall@gmail.com or steve@stevestovall.com

Team Stovall Receives Top Honors

Team Stovall, with Star Real Estate, Fountain Valley, CA, Named a Member of Top 5 in Real Estate Network®

Local Realtors Earn Most Prestigious of all Industry Achievements

Reaching the pinnacle of their profession nationally, Steve and Micah Stovall, of Team Stovall, with Star Real Estate, were accepted as Members of the Top 5 in Real Estate Network®, the most prestigious of all industry achievements.

More than just a sales-driven recognition, the Top 5 in Real Estate Network® meets a need that heretofore has never been addressed – helping consumers identify the most professional real estate agents in North America. To qualify, each member must first meet a stringent set of criteria, based upon performance, as well as educational and professional skills and service to the consumer.

Members of the Network are carefully selected and managed by RISMedia, which has provided the real estate industry with objective, unbiased news for nearly 30 years. As a Member of the Top 5 Network, Team Stovall is among the first real estate agents to be accepted into this elite organization.

Allan Dalton, the president and co-founder of RISMedia’s Top 5 Network congratulated Team Stovall for earning this top status within the industry. “Steve and Micah have reached the very highest level of North America’s residential real estate industry. Not only are their professional accomplishments extraordinary, they have long been a true champion for home buyers and sellers in their area. It is a pleasure to welcome Steve and Micah into this elite group of industry leaders.”

According to John Featherston, RISMedia's CEO & publisher and co-founder of the Top 5 in Real Estate Network, the significance of Top 5 is that consumers deserve full transparency regarding all matters related to the real estate transaction, which often begins with the need to select a highly competent, experienced and results-oriented real estate professional. Top 5 in Real Estate has been established to both empower consumers with leading real estate content through Top 5 members, as well as to ensure that consumers are made fully aware that there is a material difference between average and exceptional real estate professionals.

Providing excellent real estate service since 1976, Team Stovall strives to stay on the cutting edge of marketing and technology. A top producing real estate team, Steve and Micah Stovall are consistent, top producing agents ranking in Star Real Estate’s Top 1% ‘Presidents Club’ year after year. Team Stovall has also ranked within the top agents in the Orange County Association of Realtors over three decades. In addition, Team Stovall employs a Professional Interior Designer to insure staging and merchandising excellence for each and every home seller they serve. With over 1,600 successfully closed transactions, Team Stovall brings the negotiating and marketing skills needed to help you fulfill your real estate goals. Always willing to go the extra mile for their clients, you can reach Steve Stovall at Steve@SteveStovall.com or Micah Stovall at MicahStovall@gmail.com.

For more information on RISMedia’s Top 5 in Real Estate Network®, please visit www.top5inrealestate.com or contact Member Relations at 203-853-2167 ext. 139.

RISMedia’s Top 5 in Real Estate Network® is a membership network of leading real estate professionals providing leading real estate information to consumers. To qualify for membership in the Top 5 in Real Estate Network, agents must meet specific criteria in five key categories: experience; results; education; information technology; and commitment to community. RISMedia, the leader in real estate information systems, has been providing the industry with news, trends and business development strategies for nearly 30 years through its flagship publication, Real Estate magazine, its leading website, RISMedia.com, and its renowned networking and educational events.

How To Help You Home Stand Out & Sell Faster

How to Help Your Home Stand Out & Sell Faster

Dear Neighbors - In today’s buyers market, home-selling clients are always asking me what they can do to help their homes stand apart from the competition. As a Member of the Top 5 in Real Estate Network(R), I have seen how effective home staging can make all the difference in not only a quicker sale but a more profitable sale, as well.
First, it's important to realize that home staging does not refer to the usual steps taken when your home is placed on the market, like painting the front door, taking away personal photos, and baking something in the oven. Staging, rather, is the professional merchandising of your home, which helps create an instant connection with potential buyers as they walk through the door. Just as new homebuilders create a model home for buyers to envision themselves living in, home staging does the same for your existing home.
Here are some important facts to be aware of before embarking on the home-staging process:
1. Make sure your home stager is knowledgeable about real estate and, in particular, your local market. Knowing what other homes in your area sold quickly provides the stager with important clues as to what buyers are attracted to.
2. Real estate agents, especially Top 5 Members like ourselves, are excellent sources for referrals for home stagers in your area. Interior designers are also an excellent choice, you can also as neighbors as well.
3. Staging seeks to minimize the furniture in any given room in order to create the right spacing, while displaying as much floor space as possible. Be prepared with a convenient storage solution before you begin the staging process.
4.According to the International Association of Home Staging Professionals (IAHSPR), there is a growing trend toward eco-friendly home staging, where stagers provide specific “green” materials to sellers. This creates unique appeal to today’s environmentally conscious consumers.
5. Home staging is also on the rise among short sale and foreclosure properties where homes might be in need of special care. If you are in a financially challenged situation and need to sell your home, we will stage your home as part of our merchandising and marketing package. Certain lenders are working with stagers on foreclosure properties.
In the current real estate climate, homes must be merchandised and marketed wisely. We would be happy to assist you with your staging needs before you put your Foutain Valley home for sale. You can reach us by email at steve@stevestovall.com or micahstovall@gmail.com . Visit our website at www.steveandmicah.com or you can visit us on facebook. www.facebook.com/fountainvalleyrealestate

Is Your Property Tax Bill Too High!

Is Your Property Tax Bill Too High?


Good Morning!

Income tax, sales tax, estate tax, excise tax, alternative minimum tax...and just when you thought you'd paid them all...along comes your property tax bill as a homeowner. But did you know that the National Taxpayers Union estimates that as many as 60% of homes are assessed for too high of a value, resulting in an incorrectly larger property tax bill?


Chances are good you might be in that group of people paying too much, so taking the time to review your property tax bill could save you a nice chunk of change.


Even if you've appealed your taxes in the past, you may have to appeal them again to make the changes permanent, and the clock is ticking! You can request an informal appeal through the end of April. Once April has come and gone, so has the chance for you to save money so, make sure you meet that deadline!

To do this on your own: First, contact your local tax assessor's office and ask for someone in the reassessment area.The Orange County Tax Assessor's website is http://egov.ocgov.com . You can also reach them by phone at 714-834-5400. Find out when appeals are heard, and how the process for submitting a property tax appeal works. Additionally, ask for a copy of your property card. Review the card and confirm that the basic information about your property is correct. For example, is the square footage and number of rooms for your home accurate? If the number is incorrect, the county may change the assessment without a formal appeal. If everything on the property card is correct but the assessed value still seems too high, your next step is to gather the following documentation to support an appeal. And don't be surprised if the assessed value is lower than what you think the market value for your home is--many counties use a formula which uses a percentage of market value to determine assessed value. Ask what the formula is, because an assessment which is less than market value still might be too high.

If you have a current appraisal that supports the value being lower using recent market-value information, many counties will accept a copy of the appraisal with the appeal. If the appraisal is outdated, you can order a new one--just call me for a referral to a great appraiser. You can also visit the local assessor's office or search online, and look through the public records for other homes that have similar features to yours, but have lower assessments. Additionally, contact me and I can provide comparables for your area. I can give you current market information for your neighborhood, and help you see how your market value and assessed value stacks up against your neighbors'.

Submitting an appeal is generally a fairly simple process, but make sure to take the time to fill out all forms in advance and be prepared with your documentation if there is an in-person hearing that needs to take place.

More good news - according to the National Taxpayers Union, about 33% of property tax appeals succeed!

Taking the time to review the accuracy of a tax bill could easily save you hundreds of dollars per year, adding up to thousands of dollars during the time you own your home. ..


Please feel free to contact me for more information on this money-saving tip. We can be reached at steve@stevestovall.com or micahstovall@gmail.com. check out our website at www.steveandmicah.com We can be reached by phone at 714-343-9294 or 714-393-5377.

6 Ways To Attract Great Residents To Your Rental Home!

6 Ways to Attract Great Residents to Your Rental Home

These days, many homeowners are turning into landlords. Whether you have relocated and are still waiting for your previous home to sell or whether you are trying to increase income by renting a vacation or second home, you might suddenly find yourself in need of a renter.

Of course, we’ve all heard nightmare stories about bad tenants destroying properties and causing prolonged evictions. As a Member of the Top 5 in Real Estate Network®, I’ve learned of a few simple guidelines for finding serious renters and thereby, preventing most bad occupancies:

1. Location - There is no question that the more desirable a neighborhood, the lower the risks of having a bad resident apply. It is also worth noting that the higher the rent, the lower the risk.

2. Condition - A very vital but controllable influence for attracting desirable residents is the home's condition. The formula is simple. Make it look like everything was just completely redone. Exterior property condition is very important as well.

3. Pricing - Don’t be afraid to price a property slightly below what the market dictates. For every 2½ weeks a vacancy sits on the market, the annual rent could have been lowered by 5%.

4. Signage - A prospect calling from a yard sign should be treated as a serious lead. They have seen the exterior of the property and know its precise location. a great website that we have used for "virtual signage" and had success picking up quality tenants for Huntington Beach, Costa Mesa, Fountain Valley, Westminster, and other surrounding cities in Orange County is www.postlets.com

5. Response Time - Rapid response time can make all the difference. Use cell phones or text messaging to allow prospects to quickly reach someone who can show the property or answer any questions.

6. Screening - Despite all of the above, screening is still vital. Be sure to adhere to a written tenant selection plan that is in compliance with all Federal, State and Local Fair Housing Laws and the Federal Fair Credit Reporting Act.

Great renters and increased income can be found by following these simple but effective steps. For more information on finding the right renters for your home, please do not hesitate to give Steve or myself a call at 714-343-9294 or 714-393-5377 or we can be emailed at micahstovall@gmail.com or steve@stevestovall.com . You can also check us out at www.steveandmicah.com

Optimism Flanks Headlines For 2010

This is an article that my Dad wrote in December for our January 2010 newsletter.

The newspapers have finally decided to report what we have been experiencing over the past few months in your neighborhood. Since summer's end we have had a tremendous amount of interest in the homes in your area. We have also experienced, on several occasions, property appraisals that came in at less than what the properties actually sold for. In every case the buyers decided to move ahead and close escrow at their agreed upon purchase price. This is a good indication that our market is showing strong signs of recovery. Albeit, with unemployment still at record high levels, I'm not declaring us to be 'out of the woods' quite yet. I will declare, however, good positive signs of improvement.
We found that moving ahead systematically with our sellers proved to be highly successful and profitable. Evaluating, preparing, pricing and marketing each property on it's individual merits proved to be successful for each and every home we sold in 2009. Our sellers obtained top dollar, even thousands more than expected in a few cases. We can help you attain your Real Estate Goals in 2010. Call us today at 714-343-9294 for a free Pre Market Evaluation. You can also email us at micahstovall@gmail.com or steve@stevestovall.com. We promise a positive experience in the preparation and marketing of your home. We are also happy to provide you with references from homeowners we helped in the past year. Let our family help yours in 2010.



Orange County Register Article ~ Dated January 1, 2010
The Orange County housing market is ending the year in style, with the fastest year-over-year appreciation in nearly 4 years.
For the 22 business days ending Dec. 9 “--DataQuick’s latest homebuying report -- Orange County saw . . .
$440,000 median selling price that is +10.0% vs. a year ago. Last time we saw faster appreciation was in March 2006.
Latest median is -32% below June 2007’s peak of $645,000.
The most recent median is 19% above the cyclical low hit in January 2009 at $370,000 -- a current bottom that was -43% below the 2007 peak.
Prices fell on a year-over-year basis from Sept. 2007 through August. (Worst at -31.5% in August 2008.)
Single-family homes resell for 31% less than their peak pricing (June ‘07) while condos sell 36% below their peak in March 2006. Builder prices for new homes are 40% below their February ‘05 top.
In this most recent period, O.C. shoppers bought 3,117 residences -- that is +14% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)
November marked 16 out of 17 months with sales gains vs. the year-ago period. That followed 33 consecutive months where sales failed to beat the previous year’s pace.
by Jon Lansner

Lower you 2009 tax debt

As a Real Estate Professional, My Dad and I counsel many clients on a wide range of financial concerns, not just their real estate investments. As 2009 comes to a close, I wanted to alert you to some important information that could save you money come tax time.

In addition to the $8,000 tax break for first-time home buyers and the newly expanded tax credit that includes move-up buyers, new tax-relief bills passed in 2008 provide for a number of other tax breaks that may lower your 2009 tax debt. Plan now and review these breaks with your accountant to see if they could help reduce your tax liability in 2009 and beyond:•

Payroll Tax Credit. For 2009 and 2010, Congress gave workers a 6.2% credit on earned income, applied as lower income tax withholding (there are caps based on income). Recipients of Social Security, Railroad Retirement benefits or Supplemental Security Income, some federal workers, and veterans with disability pensions will get a one-time $250 check. Self-employed workers may be able to reduce quarterly estimated payments to get advance benefits. •

Larger Personal Exemptions. For 2009, each personal exemption you can claim is worth $3,650—up by $150 over 2008.•

Higher Standard Deductions. The standard deduction for married couples filing jointly rises to $11,400 up by $500 from 2008. For singles, the amount increases to $5,700—up by $250 over last year, and heads of households can claim $8,350, a jump of $350.

• Tax Credit for College Tuition. For 2009 and 2010, the Hope credit is replaced by a new credit of up to $2,500 per student a year for four years of college, not just the first two years. It now also covers the cost of books, but begins to phase out based on higher incomes.

• Child Tax Credit. If the credit exceeds the filer’s tax liability, all or part of the credit will be refunded if the filer earns more than $3,000 – down from $12,550 in 2008. (Also, for families with three or more children, the maximum earned income tax credit for 2009 and 2010 rises by $628.50)

Other changes that could affect you include higher income limits for deductible IRAs and Roth IRAs, higher estate tax and gift tax exemptions, credit for energy-saving home improvements, and partial exclusion of unemployment benefits.

To understand how the new tax breaks could save you money, consult with your financial advisor or My father or myself for more information. Be sure to pass this email along to your family and friends—in these tough economic times, we could all use a tax break!

Steve can be reached at 714-378-3438 or steve@stevestovall and I can be reached at 714-343-9294 micahstovall@gmail.com. You can check out our website at http://www.steveandmicah.com/