Real Estate Information Archive

We are experiencing a change in the market and it started in the last quarter of last year and has continued to improve in the first quarter of 2012. If you have been trying to buy your first home you have seen an increase in prices and properties selling pretty fast. The last four first time buyers we found homes for lost more than 3 houses before they were successful in finding a home they could buy. That right they lost out on at least 3 homes before they were successful at getting a signed contract to purchase.  Looking at the sales chart below you find some very interesting numbers.

1. Days on market have decreased.
2. Properties sold have increased.
3. Sold and Under Contract are beginning to zero out New homes on the market.
4. High end properties are dropping in price.
5. First time buyer homes have started increasing in price.

Great news for sellers properties in the first time buyer category are selling fast and are going up in price.  Bad news since a large number of the first time buyer homes are vacate we are not having the normal upward home purchases.  There are a lot of good news in the data above but it’s too soon for balloons and firework. Read the data and make your own conclusions.

Thinking about buying a home and are tired of inaccurate data on the major websites. Our data comes straight from the MLS and the data is up dated daily.  To sign up at www.forhomeinfo.us  to have homes that fit your criteria emailed to you daily.

As the New Year starts Carol & Jim are now working at (APRE) Atlantic & Pacific Real Estate (CA) Inc. We have completed over 40 classes on assisting sellers on distressed properties along with learning the online systems at APRE.  Distressed properties are now a major part of the market. The name has changed but we are still doing the same things we have always done except we have added distressed and corporate owned properties to our list. We still have the moving van for our clients and charities to use. The good news is we will be sending out email blasts with the homes that will be for sale once the sales price is determined. If you are an investor or a first time buyers it’s a great time to buy.

Have a Sunny Day!

No matter how bad the housing market has been. I have never lost $80,000 on a house in one day. Unfortunately a number of my friends did just that lost over $80,000 in one day. Now I know that’s unusual and if you leave your portfolio along it will probably come back over the long term if you were invested in good companies.

Buying a home now is a wise decision. The stock market is going to be volatile for some time and home interest rates have not been this low since the 70's.  There was an excellent article in "Smart Money" by Jillian Mincer, "Forget the Market. Buy A Home". We all need somewhere to live and at these interest rates if you have money buy now. Pay the home off as soon as possible if you can afford a 15 year loan due it even better a 10 year loan. If not, that’s ok too.

1. Mortgage rates are at an all time low when buyers take advantage of today rates they start building equity right away. You can handle a few up and downs as market gains momentum. Just a few years ago buyers would have jumped at chance to have a 6% interest rate on a home purchase. Today the rates are around 4.5%. Here's the best part on the purchase of a $300,000 home you will save over $102,000 of the life of a 30 year loan. Thats right over a $102,000 over the loan or $3,400.00 a year.

2. There are lots programs to help the first time buyer and middle-class families to buy home. Add one of these programs with today’s current low interest rates you can save even more cash.

3. Fannie Mae guidelines in the past have tied the appraiser’s hands on how they could value a home. These guidelines were so strict it made it difficult for an appraiser to give a fair and honest appraisal. Appraisers, now, can more accurately reflect the current values in their given markets with the changes made in the updated Fannie Mae guidelines.

4. Home owners have continued to maintain their homes and spend money on repairs and improvements. When these homes come up for sale they are much more desirable that the tired old foreclosed homes (REO’s) saving buyers thousands of dollars in repairs.

Buyers have an opportunity to save big between March 1, 2009 through December 31, 2009. The State of California is offering a $10,000 credit for newly built homes. The property will have to be your principal resident and you will have to live in it for 2 years or you WILL have to repay the tax credit.

Plus the Fed is offering a $8,000 tax credit and you take advantage of both the State & Fed tax credit for a total savings.$18,000 don't miss this one time opportunity.

If you are buying a resale home you still can take advantage of the Fed credit until the end of the year. I wouldn't wait much longer before buying a home in the last 3 months distressed homesellers down 16% over the last 3 months. The amount of distressed homes keeps reducing either by loan modification of resale home sale.

The neighborhood you choose can have a big impact on your lifestyle—safety, available amenities, and convenience all play their part.

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