Friday, January 23, 2015

January 2015 | Real Estate Market Update

The pace of existing home sales declined in November, but remained above that in the same

month of the previous year. Homes Prices also declined as we moved in to the cooler months, when seasonal declines in both prices and inventory are normal.
Inventory dipped slightly but remained above last year's levels as well. The drop in sales pace may be due in part to some uncertainty in equity markets as oil prices continued to fall in November. Anticipation of continued drop in mortgage rates may also played a role, as rates have declined despite having already dipped below the previous year's rates. 

Watch the brief clip below for a complete report.

Thursday, January 8, 2015

FHA to Cut PMI Premiums!?!

Various headlines are shouting about FHA CUTTING annual pmi premiums by ½ point.  This means the annual premium would fall from 1.35% to .85%…a significant savings in monthly payments…on a $300,000 loan this means pmi payments would fall from $338 per month to just $212.

Content Source: Craig Doty - Prime Lending

Will keep you posted once it happens.

Wednesday, January 7, 2015

Time to Buy?

Renters Shelled Out $441 Billion in 2014
On December 30, 2014, CNBC released a story stating as rents are soaring and the supply of rental housing remains constrained, 2015 could be the tipping point, pushing more renters to home ownership.

In 2014, U.S. renters paid a collective $441 billion in rent, up $20.6 billion, or 4.9 percent, from 2013, according to a new report from Zillow. Zillow Chief Economist Stan Humphries said that over the past 14 years, rents have grown twice the pace of income due to weak income growth, burgeoning rental demand and insufficient growth in the supply of rental housing. He went on to say that in 2015 he expects rents to rise even faster than home values.

Fannie Mae recently announced 3%  down payment loans and with mortgage rates still very attractive, renting is more expensive than owning in most areas.

Content provided by Kevin Budde with Prime Lending

Friday, November 14, 2014

November 2014 | Real Estate Market Update

Home sales reached its highest pace in September while remaining a bit below last year's level according to the NAR (National Association of Realtors). Prices went up on a year over year basis for 31 consective months as of September, but the magnitude of the gains has decreased over the last 6 months. 

Nationally inventory declined slightly as we began to move out of the peak season for home sales.

Locally, inventory along with days a home is on the market is increasing. Therefore look for price reductions. Combined with seasonal declines in home prices in coming months, declines in interest rates it will present opportunity for buyers to see a bump in what they can afford.

Watch the brief clip below for a complete report.

Thursday, November 6, 2014

"Rent: Too Damn High?" Can you Buy a Home with very little Down?

I remember hearing about this guy who was running for governor in New York, his party....The Rent is Too Damn High Party. His platform, you guessed it, rent is too high. I posted a video of the songified version of the debate for fun.
The reality is rent is going up this year at a steep rate. Just today CNBC's Diana Olick has a story "Rents skyrocket well beyond wages".
Check out the video below

According to the article and the video it begs the question, why are more renters not considering buying a home. Why pay someone else's mortgage if your rent is higher than what your mortgage payment could be?

At the end of the report, Diana states one of the hurdles to buying is having enough $$ to put down. So....what if there was a way to only put down as little to no $$ down. Our team offers such solutions. Depending on your income and price point, you can qualify for down payment assistance. 

We can even help with covering some if not all your closing cost via seller credit or lender credit. 

Looking to buy a home in Riverside County for $350,000 or Orange County $625,000, you may only have to bring an amount as low as $5000-6500. That is equal to a deposit for a rental, heck you can use the deposit you get from renting, plus what you would normally pay for rent since you don't have to pay a mortgage for up to 2 months. 

All you have to do is contact us for a free/no obligation buyers consultation and we can start the process of home-ownership sooner than you thought was possible.