Soon, I plan on outlining changes in the local real estate scene, what's new, what's going away and what changes will take effect on January 1st 2009. I will give an mls update on the current average home list price, average size home on the market, how many local listings and how many average days on the market, I will also post the same figures for August 2006 when I first began to publish these facts, it will be interesting to see the changes in asking prices and how many homes are on the market. I have closely watched the data change over these past 30 months, from an excessive amount of listings that were not selling, to a high number of short sale listings, switched to a high number of bank owned listings, from a low volume of sales last year to this year's amount of sales compared to each month last year, sales volumes have increased every month this year over last year. With foreclosures slowing up due to recent governmental tracking of foreclosure procedures so that they have slowed down the amount of bank owned listings, also affecting that has been the banks willing and being asked to re-work loans for some homeowners, but not all of them. In a normal year, the holiday season is usually not the time that people put their homes on the market, so what we currently have are fewer listings on the market at the present time, December 2008. Recently, interest rates have dropped to their lowest rates in recorded history, but also historically buyers wait until "after the holidays" to look at properties. Buyers have been active all through the holiday period this year. Nothing is the same this year. It is imperative to contact your lender before you shop for a home as loan qualification criteria and interest rates and loan terms have been modified in most cases. FHA loans will require a 3.5% minimum down payment starting tomorrow (Jan 1, 2009). FHA maximum loan amounts will also change on Jan 1 along with many other things in the housing market. Minimum FICO scores are higher for certain loan types than 2007/2008. Don't text while driving in 2009 in California. Call me for a Free List of Bank Owned homes, Short Sale listings and Treasury Owned homes in Yolo, Solano and Napa county. Barbara Adams is your local Solano County Fannie Mae and Freddie Mac Homesteps Selling Agent for HUD homes. Condos are for sale as low as $66,000 in Vacaville and Fairfield, call me today for a day one positive cash flow on your next investment property. Single family homes for sale in Vacaville as low as $149,000. Barbara Adams, Realtor Kappel and Kappel Inc 401D Davis Street Vacaville, Ca. 95688 BarbAdamsRealtor@Yahoo.com VacaHomes.com |
Tuesday, December 30, 2008
End of the year snapshot
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