Posts Tagged ‘real estate market’

Fewer Foreclosures - More Short Sales

Thursday, January 14th, 2010

Lately we’ve seen fewer bank-owned properties hit the market while there has been in increase of listed short sales.

We’ve all been hearing about a “shadow inventory” of foreclosures - a supposed chunk of bank-owned homes, waiting to be released in one big barrage. At this point, no sign of it. Some think it’s still coming. Some don’t believe it exists. We will see.

So for now with the onslaught of short sales, what does this mean to you?

If you are upside-down on your mortgage and you have been unable to get a loan modification, chances are higher now than last year that your bank(s) will approve a short sale that will let you sell and help you to avoid foreclosure.

If you are a conventional seller, selling with equity in your home, you will still need to prepare to compete with lower priced homes as short sales are tending to sell very low.

If you are a buyer, looking for a great deal, you may find one in a short sale. Just be sure to bring loads of patience with you as look for a home. Some short sales are starting to be processed faster, but many (including properties with B of A/Countrywide loans) are taking up to five or six months to process.

I’ve said that I believe 2010 will be the year of the short sale. More short sales are being approved and making it to actually close, but it is still taking most banks far too long. Buyers, sellers and the entire real estate market need Bank of America to follow Well Fargo/Wachovia’s lead and gets moving on their short sales!

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CA Median price up from last year

Thursday, December 24th, 2009

California median price rises 5.8 percent in November

Home sales in California increased 4.7 percent in November compared with the same period a year ago, while the median price of an existing home rose 5.8 percent, according to a report released yesterday by C.A.R.

The median price of an existing, single-family detached home in California during November 2009 was $304,520, a 5.8 percent increase from the revised $287,880 median for November 2008, C.A.R. reported. The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.

The median home price in California has risen nine consecutive months in month-to-month comparisons, but November marked the first time California’s median home price has risen in year-to-year comparisons since August 2007.

From C.A.R. Newsline
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

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Looks like hombuyer tax credit will be extended and expanded.

Thursday, November 5th, 2009

Looks like the homebuyer tax credit will be extended and expanded. Good news on the housing recovery front.

Currently there is a federal $8,000 tax credit available to qualifying first-time home buyers. That credit is set to expire on Nov 30, 2009. Due to the popularity of the program and the belief that it has helped with a housing recovery, the House and the Senate have voted to extend the credit expiration date and to include existing homeowners.

The bill is headed to President Obama for his signature. If the legislation is passed in its current form, the credit will be extended to April 2010. Qualifying first-time home buyers will continue to be eligible for a credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. (I will get more info on the existing homeowner credit thing.) Also the qualifying income limits have been increased.

This credit helps homebuyers afford to make the move and helps sellers or anyone who is waiting for the market to recover. So far more than 1.4 million homebuyers have taken advantage of this federal credit. Once passed, this bill will help many more across our nation.

Excellent!

If you want to buy now and take advantage of this credit, give me a call. I’ll be happy to help you find your San Diego home.

Thanks,
Margot
619-825-5086

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The Market Turn-around; Is it here?

Tuesday, March 24th, 2009

This is the first time in the past few years that I am saying this and saying it with confidence. The market is changing. There. I said it.

I don’t think it will swoosh up and all of our properties will automatically be worth what they were a few years ago, but the tide has started to shift. Buyers should be aware of this change and homeowners should start to feel happy again.

Below is an email I recently sent to clients and friends.

Dear Friends,

I’m finally ready to say that I am seeing the early signs of a San Diego real estate market turn-around.

To get a real turn-around, we need to see two things:
1. Fewer distressed properties hitting the market
2. Increased sales to chip away at the inventory of unsold homes

It looks like both of these factors are starting to go into effect.

—Fewer Distressed Properties
Over the past weeks, California and the federal government have enacted several laws to help stem the tide of foreclosures. These new rules and incentives will go a long way in helping to stabilize our housing market. (Check out www.recovery.gov or please let me know if you would like help getting information regarding these new laws and incentives.)

—Increased Sales
I just read the BusinessWeek article titled “Signs of Life from the Real Estate Market.” The article states, “In ZIP codes across the country, as once-inflated property prices bottom out housing sales are increasing dramatically” and says that according to mortgage and housing data analytics company First American CoreLogiclists, 92126, a San Diego ZIP code is fourth on a list of markets with “most improved sales.”
See the March 5th article here:
Signs of Life…

Whether you are in the market or have just been wondering if the market will ever turn around, I hope this information helps.

If you or someone you know is ready to buy or sell in San Diego, please contact me. I’m ready to help you make the most of this market.

Thanks,
Margot

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