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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