It may not come as a surprise, but as part of my daily routine I wake up and turn on CNBC and FOX Buisness to see what the markets are doing. This morning on "Squak Box," the CEO of K. Hovnanian Homes - a new home builder, similar to JTS or Shea was on talking about home prices. He said, "Hovnanian had increased sale prices in 60% of their communities this year." ... that, "Home prices are on the rise and potential buyers may look back and regret not taking advantage of today's low rates and good affordability..."
I decided to blog about the topic because I was just looking at my own home sales stats and saw the same thing happening.
Back in January the average price per square foot for a home I was selling was $ 103.00... today, the average is $ 117.00. That means a 2,000 square foot home that sold in January for 206K would now sale for 234K! That's an increase of 28,000 in just 11 months! Although this is great news for sellers - what this means for buyers is, 'You need to get your finances in order and get qualified ASAP! I know it's December and almost Christmas, and you still haven't bought a gift for your wife's sister's cousin's dog, but forget about that for a moment and focus on YOUR FAMILY'S future! NOW IS THE TIME!!!
Owning a home for your family needs to be a priority. Especially because right now interest rates are super low, and home prices are on the rise! Lock into the good rate and good price now! If home prices rose $28,000 in 11 months - imagine what the increase will be in 18 months - 24, 36? Don't hold off and look back and kick yourself for not making owning a home a priority.
AND, if you're putting off getting things in order because you have a shortsale or foreclosure on your credit - DON't!! Stats show that "boomerang buyers" - those who have went through a foreclosure or short sale - make up a good majority of buyers looking and ready to buy again... So reach out to a lender and see if you can be one of them. In my experience if it's been 2-3 years since your shortsale or foreclosure, you may be ready. LOOK INTO IT!
If you have questions about buying, selling, need a good lender, or just want to shoot the shit about real estate, call me! I'd love to help you make your next move!
til next time,
Chris
916-834-7003
Monday, December 17, 2012
Wednesday, October 10, 2012
Home Prices on the Rise...
I'm going to refrain from calling it an all out, "housing market RECOVERY," but truth be told, there are some GREAT things happening in the REAL ESTATE world right now...
In a recent report by CoreLogic, a property and financial analyst company, "home prices in August rose 4.6% over a year ago, making it the biggest annual leap in prices since July of 2006."
For any Realtors, or any one that bought or sold real estate in the summer of 2006, you remember, this was the PEAK of the market, right before the down turn... So for the housing market to see its biggest "leap in prices since July of 2006" is a GREAT thing!
Now I have some even better news for us in the Greater Sacramento area... CoreLogic's analysis of a 4.6% rise in home prices is based on a NATIONAL level...
If you look at the above graphic from TrendVision, a company that calculates trends in the area, home prices in the Greater Sacramento area are up 10.5% from this time last year! In translation, if you sold your home this time last year you may have received 200K... If you would have waited until this year, you would have received 220K! I don't know about you, but an extra 20K sounds nice to me!!!
Looking at my own research, I can tell you that pending home sales are also up in our area... These are homes that have excepted offers, but all the paperwork and filings take about 30-45 days before they are actually, SOLD.
So, with all this information: August home sales up, Pending sales up... I can tell you that next month's home sales will continue to rise!! All good news for Real Estate as a whole!!
And remember... If you or someone you know has been thinking about buying or selling your home - Me and my team at CapWest are always here for you! Give me a call for a free current market analysis on your property!
916-834-7003
In a recent report by CoreLogic, a property and financial analyst company, "home prices in August rose 4.6% over a year ago, making it the biggest annual leap in prices since July of 2006."
For any Realtors, or any one that bought or sold real estate in the summer of 2006, you remember, this was the PEAK of the market, right before the down turn... So for the housing market to see its biggest "leap in prices since July of 2006" is a GREAT thing!
Now I have some even better news for us in the Greater Sacramento area... CoreLogic's analysis of a 4.6% rise in home prices is based on a NATIONAL level...
If you look at the above graphic from TrendVision, a company that calculates trends in the area, home prices in the Greater Sacramento area are up 10.5% from this time last year! In translation, if you sold your home this time last year you may have received 200K... If you would have waited until this year, you would have received 220K! I don't know about you, but an extra 20K sounds nice to me!!!
Looking at my own research, I can tell you that pending home sales are also up in our area... These are homes that have excepted offers, but all the paperwork and filings take about 30-45 days before they are actually, SOLD.
So, with all this information: August home sales up, Pending sales up... I can tell you that next month's home sales will continue to rise!! All good news for Real Estate as a whole!!
And remember... If you or someone you know has been thinking about buying or selling your home - Me and my team at CapWest are always here for you! Give me a call for a free current market analysis on your property!
916-834-7003
Wednesday, September 12, 2012
Will how you vote in 2012 affect the foreclosure rate??
"Holy I haven't blogged since December, Batman!!"
It's been nine-months since my last post, and I figure my topic of choice has to be a good one! ... Knowing we just wrapped up the Political Conventions last week, and yesterday marked the 11-year anniversary of Sept. 11th (Thank you to all our servicemen and woman for your daily sacrifices for our country) I feel a desire to be Patriotic, so I am going to work politics into this blog... Kind of...
I just read the blog of Sean O'Toole, the Founder and CEO of ForeclosureRadar.com . In it he talked about "how we continue to see reports that there will be a wave of foreclosure sales after the election in November..."
Now, I haven't seen any of these "continued reports" he is talking about, but I liked the topic...
The latest foreclosure numbers came out for the month of August, and from those numbers we are able to determine that come November, there will be NO influx of foreclosures. So, whether you vote for a new President, or vote to keep the President, for now it will not affect the foreclosure rate in any way. Here's how we know:
For August 2012, California Notice of Defaults were down 23.6 percent from July and down 49.1 percent from last year (foreclosureradar.com) . For those of you that don't know what a "Notice of Default" is; it is the first step in the foreclosure process - usually happens when someone hasn't been paying their mortgage for approximately three months. It's the bank's way of saying, "hey, you're not making a mortgage payment, if you don't get caught up we're going to foreclose on you..." So after a bank sends a Notice of Default (AKA takes the first step in the foreclosure process) it is mandatory that they wait a minimum of three months before they proceed and continue with a Notice of Transfer Sale.(AKA second step in foreclosure process... It is a letter to the homeowner giving them the exact date their home will be taken back)...
So from the August foreclosure numbers we are able to see that since less homes received Notice of Defaults (entered into the first step of the foreclosure process) come three months (AKA November), which is the minimum time banks have to wait until they proceed to the next step of the foreclosure process - the real estate market will not be hit with a wave of foreclosures after the election.
What this means for potential home buyers and investors: expect inventories to remain low, and offer competition to remain fierce - expect multiple offers on listings...
This is good news for the real estate market in general, because this means real estate prices will continue to rise, but not so good news for buyers because they will have so much company when trying to make offers...
Shameless Plug time:
Me and my staff here at Capital West Realty, INC are masters of Real Estate. Not only am I a certified short-sale and foreclosure specialist, but our office has four foreclosure accounts with banks. This means we often have an "insider" prospective on things coming up for sale, which means you could too! If you have any questions regarding buying, selling, short-sales, or foreclosures, please don't hesitate to call! I'd love to help!
916-834-7003
~ Chris
It's been nine-months since my last post, and I figure my topic of choice has to be a good one! ... Knowing we just wrapped up the Political Conventions last week, and yesterday marked the 11-year anniversary of Sept. 11th (Thank you to all our servicemen and woman for your daily sacrifices for our country) I feel a desire to be Patriotic, so I am going to work politics into this blog... Kind of...
I just read the blog of Sean O'Toole, the Founder and CEO of ForeclosureRadar.com . In it he talked about "how we continue to see reports that there will be a wave of foreclosure sales after the election in November..."
Now, I haven't seen any of these "continued reports" he is talking about, but I liked the topic...
The latest foreclosure numbers came out for the month of August, and from those numbers we are able to determine that come November, there will be NO influx of foreclosures. So, whether you vote for a new President, or vote to keep the President, for now it will not affect the foreclosure rate in any way. Here's how we know:
For August 2012, California Notice of Defaults were down 23.6 percent from July and down 49.1 percent from last year (foreclosureradar.com) . For those of you that don't know what a "Notice of Default" is; it is the first step in the foreclosure process - usually happens when someone hasn't been paying their mortgage for approximately three months. It's the bank's way of saying, "hey, you're not making a mortgage payment, if you don't get caught up we're going to foreclose on you..." So after a bank sends a Notice of Default (AKA takes the first step in the foreclosure process) it is mandatory that they wait a minimum of three months before they proceed and continue with a Notice of Transfer Sale.(AKA second step in foreclosure process... It is a letter to the homeowner giving them the exact date their home will be taken back)...
So from the August foreclosure numbers we are able to see that since less homes received Notice of Defaults (entered into the first step of the foreclosure process) come three months (AKA November), which is the minimum time banks have to wait until they proceed to the next step of the foreclosure process - the real estate market will not be hit with a wave of foreclosures after the election.
What this means for potential home buyers and investors: expect inventories to remain low, and offer competition to remain fierce - expect multiple offers on listings...
This is good news for the real estate market in general, because this means real estate prices will continue to rise, but not so good news for buyers because they will have so much company when trying to make offers...
Shameless Plug time:
Me and my staff here at Capital West Realty, INC are masters of Real Estate. Not only am I a certified short-sale and foreclosure specialist, but our office has four foreclosure accounts with banks. This means we often have an "insider" prospective on things coming up for sale, which means you could too! If you have any questions regarding buying, selling, short-sales, or foreclosures, please don't hesitate to call! I'd love to help!
916-834-7003
~ Chris
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