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“The trend we are seeing is that prices are stabilizing and sales are spiking, so buyers are getting the message that this is not a time to linger if they are in the hunt to buy a home,” said Greg Berkemer, executive director of the California Desert Association of Realtors. Berkemer added: “There was a slight tick up of the average sales price in the second quarter, and people are starting to notice that.”
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1. Home sales rose 20 percent across the state in June.
2. The Coachella Valley continued to post sales volume gains.
3. Valley home sales rose 30 percent, with 2,898 transactions noted from April to June.
That’s up from 2,222 sales during the same period last year, according to Multiple Listing Service data released by the Desert Association of Realtors.
4. The average MLS home sale price in the valley from April to June was $257,427, up from $250,935 from January through March.
5. Average home sale prices are down dramatically from a year ago. Last year, the average MLS sale price on a single-family home was $486,694 in the first three months. It averaged $454,706 from April to June 2008.
6. The median price of all homes sold in May in the Coachella Valley — that would include existing single-family homes, condos and new construction — was $180,000. That’s down 41 percent from a year ago.
The price points have been a catalyst for sales.
James Liptak, president of the California Association of Realtors, said June marked the 10th consecutive month of positive sales gains for resale homes across the state.
“Many first-time buyers, especially those who were previously priced out of certain areas, are realizing that tax credits from both the state and federal governments increased affordability, and low-interest rates are creating a prime time to purchase a home,” he said.
It was the fourth month of rising median home prices across California, Liptak said.
The state median of $274,740 rose 4.2 percent from May to June but was down nearly $100,000 from one year ago. The state median in June 2008 was $374,100.
Closed escrow sales across California totaled 514,110 in June at a seasonally adjusted rate. The sales pace recorded in June 2008 was 427,910 closed escrow sales.
*Above sourced from from July 28th, 2009 Desert Sun article by Debra Gruszecki
ECONOMISTS OPTIMISTIC THAT MARKET IS UPWARD BOUND
Economic recovery is still a few months away, say economists surveyed by USA Today, but two-thirds of them think existing-home sales have bottomed out.
Both housing and automotive markets “have the potential to generate some quite large percentage increases,” says Bill Cheney, chief economist at MFC Global Investment.
*Daily Real Estate News Excerpt, Source: USA Today, Paul Davidson; Barbara Hansen (07/27/2009)
CHECK OUT THESE BUYER PROGRAMS!
Buying is now cost effective for some renters
Many renters debating whether to buy or rent their homes are realizing that the increase in affordability, coupled with low interest rates and tax incentives, are tipping the scales toward homeownership.
• An analysis of 45 metro areas by the Associated Press found that the gap between the monthly mortgage payment on a median-priced home and the median rent has decreased from $777 a month to just $221 in the past three years.
• In markets across the nation, including the inland areas of California, prices have declined by nearly 40 percent, resulting in rising sales as first-time buyers use a federal tax credit that covers 10 percent of the home price, up to $8,000.
• Favorably priced foreclosures in some markets are drawing multiple bids. Many housing experts believe that as supply and demand even out, home prices will eventually begin to rise, but for now most buyers are having little difficulty finding affordable homes.
• Qualified first-time buyers may be eligible for loans insured by the Veterans Administration (VA), which does not require a down payment. Another loan product gaining popularity are those insured by the Federal Housing Administration (FHA), which require only a down payment of 3.5 percent.
• It is important that potential home buyers not only look at the monthly mortgage payment compared with their monthly rent payment, but that they also consider other costs associated with homeownership. These can include homeowner association (HOA) fees, insurance, maintenance, and utilities, which most renters are not responsible for paying.
New federal rules protecting applicants for home loans effective July 30, 2009
A new set of consumer-protection rules take effect July 30, including requiring lenders to provide consumers with initial disclosures of the estimated mortgage costs within three business days of the loan application; prohibiting lenders from collecting any fees prior to the consumer receiving the loan-cost disclosures; and prohibiting quickie closings on loans.
Traditionally, many mortgage brokers and lenders collected fees covering appraisal, credit, and other charges at the time of application. The new rules eliminate this practice and prohibit lenders from collecting any fees until the consumer has received the truth-in-lending disclosures and an annual percentage rate (APR) calculation of the loan costs.
The new rules also require lenders to deliver a copy of the real estate appraisal to the home buyer three business days before the scheduled closing on the loan. Previously, federal regulations guaranteed that consumers could request and obtain a copy of the appraisal, but many home buyers were not aware of this right.
Additionally, the rules prohibit quickie closings on loans by requiring a seven-day waiting period after applicants are handed their early disclosures or the disclosures are mailed. This provides applicants a week to think about the transaction and to decide whether it is right for them. Final truth-in-lending disclosures are due three business days before closing.
* Source C.A.R
Homepath Program
Another source for searching for home value is the Homepath Program: www.homepath.com (search by by city and/or other criteria). HomePath properties are foreclosures that are owned directly by Fannie Mae and hence eligible for HomePath financing.
HomePath financing is a standard fixed rate loan with competitive rates with as little as 3% down payment (on a primary or second home) and with no mortgage insurance and no appraisal.
CONTACT US for an introduction to one of the approved Homepath Lenders.
