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Who are

Rich & Jan McMillen?

RICH & JAN

are specialists in Thousand Oaks real estate. They are committed to making every aspect of their clients move, a pleasant experience.

MEET RICH MCMILLEN

Rich is a highly successful real estate professional since 1978. Rich received his Brokers License in 1984. He has had the privilege of serving the needs of thousands of Conejo Valley homeowners for over 30 years.

After college, Rich entered the military and was stationed in Fort Hood Texas and Tue Hue South Vietnam. As a communications specialist Rich rose the ranks to sergeant. He feels his Army years gave him a unique prospective on life and helped develop his communication and management skills. After his honorable discharge from the Army, Rich went to work for ITT Continental Baking Company in Los Angeles and became the office manager overseeing 30 office staff. He than moved to Olga Company in Van Nuys joining the financial staff as an accountant. Rich attributes his finance training with helping him assist his clients with the sometimes confusing and constantly changing mortgage loan industry.

In 1978 Rich decided to enter the world of real estate. Rich’s real estate career has included ownership of two major real estate companies; Century 21 America in Thousand Oaks and Century 21 Channel Islands in Port Hueneme. He has also owned and managed a Finance company; American Consumers Financial Corp. and a real estate training company; Real Estate Education Center Inc. Rich has also managed two Coldwell Banker offices in Moorpark and Simi Valley. In 1999 Rich decided to dedicated the remainder of his real estate career to his clients.

“Our only goal is provide exceptional & quality service to our clients,” says Rich.

Rich is a Graduate of Realtors Institute GRI; Certified Residential Specialist CRS; Senior Real Estate Specialist SRES; Accredited Staging Professional ASP; Accredited Buyer Representative and Internet Professional e-Pro. All designations from the National Association of Realtors. Provided to only the top 2% of real estate agents Nationwide.

MEET JAN MCMILLEN

Jan Novelli McMillen is a graduate of University of La Verne. She began her career in real estate as a Business Manager for a local residential and commercial developer, Raznick and Sons, about twenty years ago. She was part of the accounting team for new projects and she managed completed projects until they were sold.

She became the Financial Manager at the Anden Group where her emphasis was on budgets and technical support for the introduction of computers into the workplace. Jan spent almost ten years with Capri Properties as the Controller and Office Manager for a firm that engaged in property management, HOA management, commercial and residential sales, as well as consumer mortgage brokerage. She spent a few years as a Division Controller for Stewart Title in Westlake Village before joining her husband Rich McMillen at Century 21 Rolling Oaks and subsequently Aviara Real Estate and The ONE Luxury Properties

Jan has received the following international real estate designations: Graduate of Realtors Institute GRI, Senior Real Estate Specialist SRES, Accredited Staging Professional ASP, Short Sales and Foreclosure Resource Certification SFR and Internet Professional e-Pro. All designations from the National Association of Realtors.

“We strive to make every real estate transaction a pleasant experience,” says Jan.

CNBC Business Report

Jane Wells

interviewing Rich McMillen

on the Southern California Real Estate Market

Rich McMillen has been interviewed on national television on several occasions by CNBC reporter Jane Wells.

The topics of these interviews have been varied, related to California real estate. These are some examples of these interviews:

INCREASING FORECLOSURES

SHADOW FORECLOSURE INVENTORY LOOMING

In Thousand Oaks there are currently 950 homes currently on the market with only 40 of these being bank foreclosures. There are 1100 homes which are in one stage of foreclosure or another. If these homes are placed on the market slowly over a year they may not affect the market value of homes significantly. However if all or many of these foreclosures are placed on the market in a short period of time, these foreclosures can dramatically and negatively affect the value of existing homes. Only time will tell how these new foreclosures will affect property values in the coming years.

ADJUSTABLE RATE MORTGAGES

REAL ESTATE INVENTORY BUILDING.

3 YEAR, 5 YEAR and 7 YEAR ARMS

The mortgage problems from which devastated the real estate market was primarily focused on sub prime lending. But a prime form of lending is starting to loom on the horizon which is 3, 5 and 7 year adjustable rate mortgages. Homebuyers who wanted to get the most home for their money purchased homes using these mortgages which were fixed for a number of years but then adjusted to a higher rate. They may have felt that when the fixed rate term became due that they would just refinance into a permanent fixed rate mortgage. However, as these adjustment periods came due the property has gone down in value, and the homeowner can’t refinance.

PROPERTY TAXES AFFECTING BUYERS

As home prices continue to rise, move up buyers are experiencing significantly increased property tax costs. A family purchased a home five years ago for $250,000. The have been making mortgage, tax and insurance payment for 5 years. There home is now worth $600,000. They have been very successful in their jobs and want to purchase their dream home which costs $900,000. When they sit down to do the numbers, they are shocked by how much more they will be paying for property taxes. Their existing property tax is based on their original purchase price of $250,000 which is about $280 monthly. The new property tax on their $900,000 home will be about $940 monthly. The extra monthly cost of $660 may make the difference between buying or not buying their new home.

REAL ESTATE INVENTORY BUILDING

The 8 year rise of home prices has finally topping out. Since February of 2005 home inventory in Southern California including Thousand Oaks has been increasing. There were about 400 homes on the market in Thousand Oaks in February with 600 homes in escrow. There were multiple offers on many listings which typically would sell for more than the list price. In September the inventory rose to almost 800 and the number of homes in escrow fell to under 400. This along with price reductions from existing listings to compete with the growing inventory and increases in short term interest rates, affecting first time home buyers, have fueled a shift in real estate prices for the near future.