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Pending Auburn CA home sales up 60%

January brought 60% increase in Auburn CA homes under contract!

According to TrendVision, the Metrolist MLS data reporting tool, January proved to be a month when buyers decided we had hit bottom and it was time to jump into the market.

Of the 223 homes for sale in Auburn, 64 went pending, an increase of 24 units over December,or 60%. Based on this number, the months of inventory will drop from 7.4 months to 3.5 months when the pending sales close. If you apply the law of supply and demand, could this low inventory mean the beginning of a turnaround in the local market? Time will tell.

Though the average price per square foot of sold homes in Auburn CA is down as compared to this time last year, this number has trended up over the past two months, and up 2.6% compared to last month.

 

 

 

 

 

 

 

 

 

 

Want to know what your house is worth? Submit some basic information below, and you will receive a comparative market analysis in your email box.

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Why pay someone else’s mortgage?

Home ownership costs are dropping below rental costs!

The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of home ownership has dropped. As average apartment rental rates have slightly decreased, the decline has been moderate in comparison to home values, which have declined nationwide by 30 to 40 percent since the peak of the housing boom.

Wouldn’t you like a place where you can put down some roots, plant a garden, stay for a while? In this market, it can happen!

For more reasons why now is the prime time to buy a home, contact me and I’ll send you a free ebook!

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In a buyer’s market, what’s a seller to do?

Do you want to be in the market, out of the market or in no mans land?

Here’s a great video that breaks down and explains why some houses sit and others sell.

Buy a home at 50% off! No kidding!

HUD Good Neighbor Next Door program offers housing for 50% off for teachers, firefighters, law enforcement and emergency medical technicians.

What is the Good Neighbor Next Door program?

• Eligible participants can purchase a HUD owned single family home for 50% off the HUD appraised price!

What is the eligibility?

• Must be a K-12 teacher, law enforcement officer, fire fighter or emergency medical technician.
• Must be an owner occupant and live in the home for at least 36 months.

How is the home financed?

• You may use FHA, VA or a conventional mortgage, as well as cash. There is a “silent second” loan for the discounted amount, and no principle or interest payments are required on this second, so long as you maintain residency in the property for the full 3 years.

What if the house needs repairs?

• An FHA 203K loan may be applied to help homeowners make necessary repairs to the property. The cost of the repairs are combined into a single monthly payment.

Do I need to pay an earnest money deposit?

• Yes, the amount of the earnest money required is equal to 1% of the list price, but no less than $500 and no more than $2000.

Do I need to use a real estate agent?

• Yes. Only certain brokerages are registered HUD brokers. These brokerages have the special keys necessary to enter and show HUD homes. Luckily Keller Williams is a registered broker!

 See some of the area HUD homes by clicking one of the links below. If you would like to see one of these homes, contact me.

HUD Homes for Sale in Placer County

HUD Homes for Sale in Sac County

HUD Homes for Sale in El Dorado County

For more information on this amazing program, visit the Good Neighbor Next Door site, or call me!

Just Say No! 4 absolutes to keep your home loan on track!

There are four things to absolutely AVOID when qualifying for and going through the loan process to keep things on track:

1. Do Not Pay Off Bills – unless your loan officer advises you to do so to qualify for your loan.
2. Do Not Change Jobs – it is unwise to change jobs, especially if it’s in a different field, before or during the loan process. It can cause delays, or at worst derail the entire process.
3. Do Not Move Your Money – Moving your money from one bank to another, or even into a new account, can cause real problems with the verification process.
4. Do Not Make Major Purchases – It’s tempting to go out and buy a car, furniture for the new house or other major purchases. A new payment can have a great impact on the amount you can qualify for, and can cause difficulty in getting the loan approved.

Stick to these four rules until after your loan is funded, then go out and SPEND, SPEND SPEND!

 

Just kidding! You have a mortgage payment to make, for goodness sake!

205 Ardmore – Home for Sale, Roseville CA Watch Video Tour!

Great starter home with a pool will be open this Thursday & Friday (October 21-22) from 3-6 PM. Please come by!

Home is 3 bedrooms, 3 full baths, 1832 square feet, cute and ready to move in, with RV parking and a built-in pool!

Take a look at the video tour! Then call me for more info! Noel Crider – 530-305-8409

Non-profit has great success restructuring home mortgages.

Neighborhood Assistance Corporation of America (NACA) is a HUD certified counseling agency which helps homeowners with loan modifications.

This non-profit organization is having great success in assisting homeowners in either reducing their monthly payment, their loan balance, or both. They don’t negotiate with your lender. They simply determine and submit an “Affordability Budget” to your lender which determines an affordable payment for you.

NACA has been nationally recognized as the largest and most effective organization in assisting homeowners with an unaffordable mortgage. The primary NACA solution is to restructure the existing mortgage by permanently reducing the interest rate to achieve an affordable mortgage payment. This is the best solution for homeowners with an unaffordable mortgage payment. Thousands of homeowners working with NACA have had their mortgages restructured with interest rates reduced to 4%, 3% and as low as 2% and where necessary the outstanding principal reduced. Homeowners often save over $500 a month and some over $1,000 a month.

To read more about this organization or sign up for a seminar, click here.

If you have other questions, including questions about short sales, contact me. I’m happy to help.

C.A.R. 2011 California Housing Market Forecast

The California Association of Realtors just released its real estate forecast for 2011.

Here are some very interesting statements by the experts regarding our California real estate market:

1. Home Sales: Sales for 2011 are projected to increase 2 percent to 502,000 units compared with 492,000 units (projected) in 2010. 
2. Supply: Home inventory has decreased, which will drive prices up at the low end. At higher price points, increased supply and tougher financing will continue to hinder this market.
3. Foreclosures: Banks will incrase the number of foreclosures released to the market, increasing supply, but it’s not expected that the market will be flooded with bank owned inventory.
4. Home Prices: After several years of difficult price drops, the median home price in California is expected to increase by 2% in 2011.
5. Bottom Line: Affordable home prices and 50-year low interest rates will continue to make it the absolute best time to buy real estate!

For the entire C.A.R. article, click here.

Waiting for home prices to drop? But what about increasing interest rates?

Where I sell real estate, in and around Auburn, CA, home buyers are hesitating. Though rates are the best they have been for 50 years, and prices are at a 10-year low, they are waiting…waiting for what? 

This is a common theme in the greater Sacramento area–the neighborhoods of Rocklin, Roseville, Loomis, Newcastle & Penryn. When asked why, many home buyers have said they believe home prices have still a ways to fall. But according to home sale  statistics over the past 12 months in the Auburn, CA and greater Sacramento areas, prices have stabilized. Whether or not prices do drop, the bigger question is what impact will a 1% increase in interest rates have on a monthly payment for the same property?

The table below was prepared by Eric Frizell at our Keller Williams office in Auburn, CA to demonstrate how interest rate affects monthly payment. The first tab–Fixed Price, Variable Rate–shows the effect of an interest rate increase on a $200,000 home purchase. With a 3.5% (or $7,000) down payment, and so a loan amount of $193,000, notice how the monthly payment increases with the interest rate.

A widely held truth is when home prices fall, interest rates increase. The second tab–Variable Price and Rates–demonstrates what would happen if the price of a home were to drop by 7%, while the interest rate increased by 1%. The payment is $22.41 per month higher, and becomes more significant as the price increases.

For an analysis of your personal scenario, call or email me! Noel – 530-305-8409, email: ncrider@kw.com.

I want to buy a house. How do I prequalify for a loan?

You are ready to buy a home. Your friends and family say, “you need to get prequalified for a loan.” So what does that mean? Check out this video to find out the ins and outs of prequalification and preapproval.

For more information on the how-tos of home buying & selling, call:

Noel Crider
Keller Williams Realty
(530) 305-8409
email: ncrider@kw.com

To get prequalified or learn more about the latest loan programs, call:

Scott Cooper
Big Valley Mortgage
(916) 412-9530
email: scooper@apmortgage.com