by Liza Klagenberg on February 5, 2010
We have many examples lately of the great deals first time buyers are getting in this market. The most recent one really warms my heart, as I know these kids are getting a great start on their financial future. They did their homework and realized it was smarter to buy right now as opposed to renting. The apartment they were looking to rent was $700 per month. Calculating what their payments would be if they bought, the realized they could own their own place for about the same amount. With the USDA Guarantee loan program available here in Galt, there is no down payment required. We found a property where the seller agreed to pay the closing costs and in a few short days these kids will own a fabulous 2 bedroom, 2 bath home, with a 2 car garage with virtually nothing out of their pocket. With a rental you’d at least have first and last months rent!! They will own the home, have the tax deduction for their mortgage interest AND get the $8,000 first time homebuyer federal tax credit. The best part? Their monthly payment including taxes, insurance and everything, is only $718.00 per month! To rent this same home would cost at least $895! These are smart kids who will go far in this world and we’re so happy to help them with this first step! Congratulations!
If you know anyone who would like to find out about all the first time homebuyer opportunities now available, send them our way! We are so happy to help them!
by Liza Klagenberg on January 27, 2010
Also from the National Association of REALTORS® Daily Real Estate News
January 27, 2010:
California Housing Inventory at 5-Year Low
The inventory of California homes shrunk to a 5-year low in December, dropping to 50 days from 243 a year ago, according to estimates by the California Association of REALTORS®.
Because California’s housing market is the largest in the country, economists watch it closely as a predictor of where the rest of the country is going.
Continuing recovery will depend on the state’s ability to overcome its 12.4 unemployment rate.
“I’m convinced that once the general public believes prices have bottomed out and are coming up, more people will put their homes on the market,” says Andrew LePage, an analyst at MDA DataQuick, a provider of housing data. “And that will probably coincide with the economy and job market improving.”
Meanwhile practitioners are finding the market frustrating.
“Right now, we need more listings,” says Lianne Pinkston, a Coldwell Banker associate in Morgan Hill, Calif., south of San Jose. “I have an all-cash investor, and they’ve wanted to buy a duplex or four-plex, and they’ve been making all-cash offers for over the asking price, and they’re still not getting anything.”
Source: The Wall Street Journal, Jim Carlton (01/23/2010)
by Liza Klagenberg on January 27, 2010
Information courtesy of: Source: CNNMoney, Les Christie (01/27/2010) by way of the National Association of REALTORS.
“The 10 Most Undervalued Housing Markets
Nationwide, only 87 markets are in the overvalued category, according to a newly released 2010 report compiled by IHS Global Insight and PNC Financial Services.
That means 242 of the 299 largest U.S. housing markets are selling for prices that even bankers think are less than fair market value. The judgment is based on a comparison of median home prices, local interest rates, population densities and income, plus historic premiums or discounts.
Here are the 10 most undervalued areas, according to the study:
Las Vegas, -41.4 percent
Vero Beach, Fla., -39.8 percent
Merced, Calif., -37.7 percent
Cape Coral, Fla., -36.8 percent
Houma, La., -34.6 percent
Port St. Lucie, Fla., -33.3 percent
Warren, Mich., -32.3 percent
Vallejo, Calif., -31.9 percent
Modesto, Calif. -31.8 percent
Stockton, Calif., -31.8 percent”
Great news for all our southern neighbors!
by Liza Klagenberg on January 27, 2010
If you know anyone looking for a starter home in Carmichael, we have an investor rehabbing a darling home just a few blocks from Carmichael Park. It’s going to be cute and clean, with all new carpet and paint. Has a BIG yard and quiet, low traffic street. Central heat and air, of course. Newer dual pane windows, inside laundry. 3 bedrooms, 2 baths. Will post photos as soon as they are available!
