Thursday, October 29, 2009

Homebuyer Tax Credit Extension???

MAYBE!
Senate Democrats plan to extend an $8,000 tax credit for first-time home-buyers and allow benefits for some people who already own residences.
The proposal would let homeowners qualify for a $6,500 credit if they have lived in their residence for five years.
The home-buyers credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.
Lawmakers want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.
The plan would extend the credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale.

I'm watching this very close... Stay tuned for updates!

Monday, October 26, 2009

Market Data

Great market statistics for California, the Sacramento Region, and the San Francisco Bay Area. Starting November, I am going to post these statistics monthly.

  • Median Prices in California are up 2.6% over last month. Sales are down 5.1% over last month. Just so you know...traditionally, sales begin to slow in the fall and winter months.
  • Median Prices in Sacramento are up 4.5% over last month. Again, sales are down 8.9% over last month and I consider this normal for this time of year. Nobody wants to uproot kids in the fall after school starts.
  • Median Prices in the the San Francisco Bay Area are down 2.6% over last month and sales area also down 15.2% over last month. Sales over the prior year are up 7.6%.

Remember...When you purchase a home, it's a long term investment. The market may fluctuate but the overall trend is going to be UP...finally. See my last blog entry. You can expect your home to be worth about double what it is valued today in 10 years. Want an idea of what your home's current value is? Email me and I'll give you a free home valuation.

Statistical info thanks to CA Assoc of Realtors

Wednesday, October 21, 2009

Housing outlook for 2010? Not bad...

I've been saying that we will hit stabilization in the last quarter of 2009 and the housing market will flatten out with a slight increase in prices sometime in 2010. Barring some unforeseen circumstance, I'm sticking with my gut.

The California Association of Realtors says the same thing...Keeping in mind that real estate conditions are very localized, overall in California we can expect the median home price to rise 3.3 percent to $280,000 in 2010. Sales will moderate to a more sustainable pace, posting a 2.3 percent decrease next year. 2010 should mark the beginning of a “new normal” for California’s housing market, and likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.
Many factors still come into play and are we in full recovery swing? Not yet, but I'd say that we are around the corner and about to merge onto the recovery freeway...

Monday, October 19, 2009

Under Construction

I'm getting it together and can't wait to get this out to the world. I'm also going to have video's posted as well! Exciting times ahead!

Kev