Pending Home Sales

Wow! The tax incentives have caused a flurry of Pending Home Sales in the Sacramento Metro area. Check out the graph... You have to be in contract no later than tomorrow (4.30.10) and escrow closed by June 30 to take advantage of the Fed's tax incentive.

Cheers!

Kev
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Rates are Moving Up!

Federal Mortgage Buy Back Program Ends - Interest Rates Are Moving Up

March 31st was the last day of the Federal program to buy mortgage backed securities. That is the program that has been removing the bad loan debt from the market at an enormous rate. It’s been going for well over a year now, and we know it’s been keeping mortgage interest rates artificially low.

Yesterday was the first day without this program in effect, and guess what?

We are already seeing rates jump. Yesterday they went up a quarter of a point.

Overnight? Some rates aren’t even available now. A few days ago, a client could buy down a rate to the low 4 percents. Now? We can’t even get access to those low 4 percent rates. Buying down will get you into the mid or high 4 percents.

Hmmmm.....

While movement on any day is expected, the move by the Fed in general is signaling that interest rates are going up.

While we have all expected this, to what degree they will change (go up) is anyone’s guess.

Buyers? Be alert.

Re-financing? Get busy.


Kev
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Fair Oaks Trend

Inventory is half of what it was a year ago....there's about a 5 month inventory of homes in Fair Oaks.
Sales Prices may be coming down but Sold Prices are moving up. Average Sales Price was $378K, Average Sold Price was $345K. Last year at this time Average Sales Price was $458K, Average Sold Price was $270K.


Kev
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CA TAX CREDIT

Gov. Arnold Schwarzenegger on Thursday signed a bill aimed at selling California's vacant homes and encouraging new construction by extending a $10,000 state tax credit for first-time homebuyers.
The governor signed a bill the state Legislature passed on a bipartisan vote earlier this week. It provides a state tax credit to first-time homebuyers who buy new or existing homes from May 1 until the end of 2010.
Homebuyers can claim 5 percent of the purchase price against their California taxes, or up to $10,000.

Time to buy continues....Call me...........916.747.6357


Kev
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A piece of notorious Sacramento history up for sale

A little bit of background...
In the late 1980's a boarding house for the elderly and mentally disabled on F Street was the scene of one of the most horrific crimes in the country. The boarding house owner, Dorothea Puente, cashed the social security checks of the residents and anyone that complained was killed and buried in the backyard. Seven bodies were found out of nine she was charged with. On November 11, 1088, she was convicted of three and now serves two life sentences in prison.

...and now the 1834 square foot boarding house with nice upgrades throughout is for sale.

Everyone wants to own a piece of history and now is your chance.

Look before you look

When beginning the house hunt, some buyers go in blindly, not knowing how much house they can afford. Without this knowledge, buyers may find themselves viewing houses that aren’t within their budget. To prevent buyers from spending time viewing homes they may not be able to afford, home buyers need to get pre-approved by lenders before house hunting. By providing copies of a recent credit report, W-2s, pay stubs, and bank and brokerage statements to a lender, buyers will have a better idea of the price range they can afford.

Obtaining financing prior to looking really sets the bar. Most importantly, it helps to prevent disappointment in the emotionally charged, exciting adventure of looking for your home.

Kev
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There's an app for that

While I have to be the biggest fan of the latest most innovative technology, sometimes I lag. My appologies for not updating my blog as much but now that I found the app for that, your going to hear a lot more from me!
Stay tuned for news, views, and opinions for the world of real estate!


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