Homes Sales up 13.6% in Sacramento County
June 8th, 2009 categories: FHA, Finances, Home buying, Sacramento, Tax Incentives, VA
April 2009 statistics show increase in sales volume
Great news! Sales are up, prices are down and interest rates are holding! If you can afford to buy a home now is definitely the time to do it! According to DATAQUICK Sacramento has seen a reduction in price point of 30% since 2008 and so long as interest rates keep steady we’re expecting to see a good summer for real estate sales. The actual numbers reveal that Placer & El Dorado counties are each down 16% with Sacramento closing 2130 homes in April 2009, Placer coming in at 457 and El Dorado at 155 homes sold. To put this in perspective you need to understand that Sacramento county had 4786 homes on the market in April so we’re absorbing a lot of inventory and starting to see multiple offers on the nicer properties.
My local banker tells me that the interest rates are slowly climbing and we’re up from 4.6% to 5.25% in some instances. For every .25 point increase in the interest rate you can expect to to pay anywhere from $30-$130 more per month depending on your loan amount. For a $300,000 home expect to see an increase around $50 per month. There needs to be a sense of urgency because as we get closer to the end of the buying season rates will most likely increase just as the inventory starts to decrease. Remember that on average it takes 2-3 months to find and purchase a home from start to finish.
Another piece of good news is the $8000 tax credit can be used for closing costs. For a VA loan that means you don’t have to pay a penny to buy a house! There are also FHA loans available with as little as 3.5% down. On a $300,000 home that’s only $10,500 down and your closing costs are pretty much covered. There are lots of other opportunities for vets and their families as well as those who need a helping hand through FHA. For instance there is a FHA loan to improve the property that rolls the costs of the improvements into the loan. If you would like to talk to a lender who can explain these loans I can offer a couple of seasoned professionals who specialize in VA and FHA who would be happy to go over the details with you.
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Investors Kicking the Tires
May 29th, 2009 categories: Home Auctions, Real Estate, REO, Sacramento
The real numbers behind home auctions
Talking with a real estate investor the other day I was set straight about what I (and many others) assumed was happening with properties going to auction. Apparently investors once poised to take advantage of this market are scouring for bargains too. According to Foreclosure Radar approximately 94% of all the homes that get sold at a trust deed sale in our area go back to the bank! Given the moratorium on Notices of Default (NOD) filings and the hope of receiving bail out money it’s no wonder the banks are finally streamlining short sales…they need to make some money!
Recent statistics for Sacramento county reveal that there are approximately 6000 homes currently for sale. Another statistic that astounds me is that the banks have about 4400 homes being held back from the market. Now if they were to put all of those homes on the market today then we’d see an investor feeding frenzy. With the recent low interest rates and now the approval of the $8000 tax credit allowed for closing costs, buyers have a golden opportunity to beat the investors to the deal.
First time home owners finally have a chance to get into our market after being locked out for the past few years. This reminds me of the bay area right after Prop 13 passed and homes were snapped up en masse. The difference is that interest rates are hovering around 5% AND the median price of a home in Sacramento county is $212,000. With those stats you could own a home with a monthly payment of around $1500.00 including taxes and insurance! These days cash is king but FHA works just as well to buy a home so what are you waiting for?
Related articles:
http://folsomlakehomes.com/2009/05/06/foreclosures-fixer-scams/
http://folsomlakehomes.com/2009/04/28/short-sales-impact-on-credit-scores/
http://folsomlakehomes.com/2009/04/14/california-prevention-act/
http://folsomlakehomes.com/2009/02/16/loan-modifications-vs-short-sales/
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Hollywood Comes to Folsom CA
May 10th, 2009 categories: Folsom, Sacramento, Special Events
Filming starts in June 2009
Actors and extras auditioned yesterday for a new movie to be filmed on location in Folsom and Sacramento CA this summer. Power and Pride starring Stephen Baldwin and Eric Roberts is a story about a politician about to make a poor decision…what’s that old adage about life reflecting art or is it supposed to be the other way around?
This G rated movie has already had auditions in Sparks NV last February. The goal of the casting agent is to try to provide as many non-union jobs as possible so expanded the search outside the production location area. The cool part is that you can be updated on the production via email simply by enrolling at 315 Entertainment Group on the Power & Pride website.
Kudos goes to those in charge for bringing an action packed movie (and jobs) to our area given the fact that the Sacramento valley ranks 20th on the worst housing markets chart which is better than Stockton at fifth place. The additional revenue will certainly be a boost not to mention the thrill of seeing famous people in our small town. The real excitement will be when we see some of the locals on the big screen!
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Video Phones:The Solution For Some Sellers
March 16th, 2009 categories: Moving Solutions, Sacramento
Staying Connected to Family Without Moving
One of the main reasons people move is to be closer to family members, but in today’s declining market it isn’t practical to take a huge financial loss. I found a great solution while waiting for the economy to stabilize and it’s the latest technological toy, the video phone. This Sunday it will be featured on the Celebrity Apprentice Show.
Imagine sitting in your kitchen eating breakfast with your mom…matter of fact I know of a lady who does that every morning with her grandchildren. The only difference is that she’s miles away from them but enjoys their company because this video phone is real time with no voice lags and crisp pictures. Enjoy the benefits of seeing your family and staying connected without having to sacrifice your retirement account. Concerned about your elderly parents? This device makes it much easier to see how well they look and the expression in their eyes, not just the tone of their voice.
According to Leslie Appleton Young, CAR‘s Chief Economist, Sacramento hit bottom in 2007 with sales declining to 44% from 2005. Given the increase in sales for 2008 (26.7%) some folks still won’t be able to take the loss necessary to sell their home to move closer to family. We ranked 2nd statewide for affordability so my latest discovery might just be the solution to keeping close ties to the family. According to Young, it appears the housing market will recover slower than thought so the prognosis is more distressed properties with stability still on the horizon.
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Folsom’s First Bicycle Film Festival
February 8th, 2009 categories: Biking, Folsom Lake, Sacramento, Special Events
Feb 13th starts new season
by Jason Montiel
Folsom has developed a reputation as one of the best places to live due to the outdoor recreation available nearly 11 months of the year although this year seems to be the exception…due to a lack of rain the number pushes 12 months. So this year the city is hosting it’s first film festival featuring “Breaking Away” at 7 p.m. at 48 Natoma St. Just in case you don’t know this is the location of the new Art Center/Senior Center which is a re-make of the fire station next to the city offices.
This presentation was inspired by the upcoming Amgen Bike Race in Sacramento on Feb. 14 and the city of Folsom hopes the locals will support that race and encourage other event sponsors to consider our region when looking for venues. Promotion is something taken very seriously in this town and I wouldn’t be surprised to see film crews on the streets with celebs shopping at the local antique shops between takes.
Speaking of a lack of rain…while driving down Empire Ranch Rd. I caught a clear view of the Folsom puddle and was surprised how brown the lake appears. Watering lawns is now limited to every other day and if you get caught spraying off your sidewalk or driveway you could be fined. I’ve begun to pray for rain because I remember my first year in California, which just happened to be in the middle of the drought in 1977. We used to save the drain water from the washing machine to water the lawn and wash the cars. Local restaurants have begun to only serve water upon request so if anyone has a hotline to heaven please pick up the phone…we need the water.
Feb 13th starts new season
by Jason Montiel
Folsom has developed a reputation as one of the best places to live due to the outdoor recreation available nearly 11 months of the year although this year seems to be the exception…due to a lack of rain the number pushes 12 months. So this year the city is hosting it’s first film festival featuring “Breaking Away” at 7 p.m. at 48 Natoma St. Just in case you don’t know this is the location of the new Art Center/Senior Center which is a re-make of the fire station next to the city offices.
This presentation was inspired by the upcoming Amgen Bike Race in Sacramento on Feb. 14 and the city of Folsom hopes the locals will support that race and encourage other event sponsors to consider our region when looking for venues. Promotion is something taken very seriously in this town and I wouldn’t be surprised to see film crews on the streets with celebs shopping at the local antique shops between takes.
Speaking of a lack of rain…while driving down Empire Ranch Rd. I caught a clear view of the Folsom puddle and was surprised how brown the lake appears. Watering lawns is now limited to every other day and if you get caught spraying off your sidewalk or driveway you could be fined. I’ve begun to pray for rain because I remember my first year in California, which just happened to be in the middle of the drought in 1977. We used to save the drain water from the washing machine to water the lawn and wash the cars. Local restaurants have begun to only serve water upon request so if anyone has a hotline to heaven please pick up the phone…we need the water.
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