Beware!! There are predators out there and they will take advantage of people in time of need. It is unfortunate, but be aware. When looking for help, just be careful when you make a commitment. There are scams out there.
Great news!! Congress has finally approved a extension for those of you who have been in escrow since April 30th.
Are you going to make the June 30th deadline? Hopefully you will since it’s been a stressful process. If you don’t make it, then let’s hope that Congress votes to extend the deadline 3 more months. The Senate has approved the extension because of the enormous back log of sales and now it time for Congress to consider the extension.
According to Vicki Cox Golder, president of the National Association of Realtors, said the extension was a matter of fairness.
“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes.”
I think it’s the right thing to do, especally since it’s not the buyer’s fault for not meeting the deadline.
With all the talk about more foreclosures and short sales coming in record numbers, you might have thought about buying a home instead of renting. There are a few things to consider when you do make the purchase. Although home ownership offers a lot of benefits, (i.e. tax shelter, appreciation, etc.), it may not be a good time for you now.
Do you think that the governmental programs from the president are helping the economy to get better? Well, it seems like it has based on a study by Realty Trac. February’s forclosures have declined by 2% from the previous month but still 6% above the level reported in February 2009. This means one in every 418 U.S. housing units received a foreclosure filing in February.
I think we are heading in the right direction but I think it is still too soon to say that we are out of the woods.
In efforts to help everybody who needs help, HUD has updated their list of counselors. This will help you find answers to help you with your financial problems. This is a free service and should be your step in trying to get help from your government.
If you need guidance or more information about your options, HUD may have answers for your situation.
This month has been wet and going by quickly. It’s almost February. I hope this year be better for all. It’s seems to be better. Last week FHA has announced that they have guidelines for lenders to help homeowners who are having a hard time with their payments, due to unemployment, loss wages, etc., and are not behind on their payments. This is part of President Obama’s new law “The Helping Families Save Their Home Act of 2009″. In the past, many home owners had to be late before the banks would assist them with their problem.
The real estate market is still not fully recovered but there are positive signs that we are at the bottom and maybe moving up. The prices of homes fell so much that it is tempting many renters to buy a home instead of renting. The monthly payments might be the same especially when you include your tax savings. Rates are still affordable and there are many homes to choose from. The only problem we have is that many of these homes have gone down so far in price that it is creating a buying frenzy. Many of the homes that are less then $400k are getting multiple offers. Be patient because there is talk that more REO’s and Short Sales are going to hit the market next year.
Summer is almost over and I hope you’re enjoying the season.
The worst recession in 70 yeas is also showing signs of being over too. The Commerce Dept. reported that the economy shrank at an annualized rate of 1% which is better then the 6.4% shrinkage in the first quarter of this year. Economist think the economy is poised for growth, but slowly. You can read more of the state of the economy by clicking this link: http://rismedia.com/2009-08-03/signs-of-life-slower-decline-may-signal-recessions-end/.
The market currently in San Mateo county is also showing signs of a rebound. The information below is from the San Mateo MLS showing the market activity from the end of the 1st quarter to the end of the 2nd quarter. As you can see there has been an increase of new listings, a decrease of homes for sale, an increase of homes sold, a decrease of marketing time, the average sales price increased, and the median price increased. This is totally opposite of what the market was doing last year. If you would like more information about your area, please let me know and I’ll be happy to furnish you the information.
| Single Family Residential |
|
|
|
|
|
|
|
|
| Years |
New Listings |
Current Inventory |
Closed Sales |
Average DOM |
Average Sales Price |
Median Sales Price |
Total Sales Volume |
|
| 2009-Q1 |
1689 |
1627 |
635 |
84 |
738,831 |
560,000 |
468,419,476 |
|
| 2009-Q2 |
1768 |
1500 |
1066 |
75 |
893,332 |
682,500 |
949,612,038 |
|
| Summary |
7428 |
1285 |
3833 |
70 |
1,013,672 |
|
3,880,337,152 |
|
| |
|
|
|
|
|
|
|
|
It’s not too late to purchase something now. Buyers still can get tax credits for buying their first home, interest rates are still low and affordable, and the prices have bottomed out and are on the way up. I can tell you that the days of multiple offers are here again in a lot of areas.
Buyers today have a great selection of homes that are for sale.
Some areas are flooded with Foreclosures, REOs and Short Sales, which increases the number of homes for sale and the prices are usually lower, therefore making the price range lower. As a result, many of the REOs are getting more then 1 offer. This is a sign that prices are at a point where it could go back up. Buyers are making offers above the asking price therefore stopping the downward spiral of the price range.
It is still a good time to buy because interest rates are still low and you have choices. Also, for a limited time, both the federal government and the state of California are providing buyers with a tax credit for purchasing a home. This could be as much as $18,000 combined. If you’re thinking about buying a home, don’t wait for the increase in interest rates. It may force you out of the market.
Here is a news cast about the market place, a survey from the California Association of Realtors and some information about the tax credits. Just copy and paste it in your browser.
http://www.car.org/newsstand/newsreleases/jan09salesandprice/
http://cbs5.com/video/?id=47401@kpix.dayport.com
http://www.car.org/legal/2009-qa/homebuyer-tax-credit-chart/
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