» first-time homebuyer

New Guidelines for C4HAP

admin — Thu, 11 Feb 2010 17:01:56 +0000

This just in from COR housing

1) C4HAP applicant receives an eligibility letter

2) They find a house

3) The realtor makes an offer with language that the purchase price shall be contingent on the appraised value of the property. Per the regulations, the purchase price must be 1% below the appraised value. The County has an appraiser that will be doing the appraisals on a 48-hour turn around. The County is paying for this appraisal and is used for the purpose of determine the purchase price. It does not replace the appraisal you will do for their primary mortgage. The lender will obtain their own appraisal just like normal.

$180,000 in Quailridge

admin — Sun, 03 Jan 2010 19:15:43 +0000

Move in ready home features newer roof, newer flooring, vaulted ceilings, gas fireplace, large kitchen, 2 covered patios, a must see in Quailridge. – NOW PENDING – .

$99000 near Lake Shasta

admin — Sun, 03 Jan 2010 19:13:56 +0000

Move in ready home in the shade of large redwoods and pines. Just one exit south of the Bridge Bay boat ramp and Lake Shasta. Newer central heat-A/C and roof, fireplace, large covered porch, fenced yard with extra storage, koi pond with waterfall, bbq area.- NOW PENDING-

00′s getting a bad rap? Decade in Review

admin — Sun, 03 Jan 2010 18:52:24 +0000

If you caught any of the year in review shows on TV or radio or read the paper you couldn’t help but notice the overwhelming focus on a decade lost to a financial meltdown. Could it be the 00′s are getting a bad rap? I came across an article in the Union Tribune that took a decade view of the San Diego real estate market and decided to apply it to Redding.

If you purchased a home in Redding in 2000 you would have paid on average about $150,000. By the end of 2009 the average sales price of a home in Shasta County was $215,000, a 43.3% increase over the decade. Because so much of our market is price range specific I took a look at a few area neighborhoods to see how they fared over the last 10 years.

Ravenwood had a whopping 73.8% increase from $123,076 in 2000 to $213,993 at the end of 2009.

Starview Estates homes were selling for $82,760 in 2000 and $135,720 by the end of the decade. A 63.9% increase.

Western Ranches had a 40.9% increase from $178,867 to $252,182 over this time.

Sunset Terrace was the worst performer I found at 12.4% ($250,227 to $281,413)

How long will it take for home prices to regain 2006 levels is impossible to predict but 2018 is the estimate quoted in the union-tribune article. If that were to occur here the average home purchased in 2010 for $215,000 would be worth $323,835 in 2018 (50.6% gain).

My take away from this? Real Estate remains a very solid long term investment. I believe that Real Estate is unique in that those with patience and discipline are able to leverage a relatively small initial investment combined with a monthly housing expense (mortgage instead of rent) and realize significant gains over time. It is my opinion that we are in a market most likely to produce very good returns for buyers.

Interested in taking advantage of this opportunity? Contact me at 530.515.9097 or reddinghomes@gmail.com to get started.

Real Living in Redding

admin — Wed, 11 Nov 2009 07:09:12 +0000

Buying or selling your home? It’s got to be real. Real Estate Done Your Way.

Real Living Merges with GMAC Real Estate

The President Signs Tax Credit Bill

admin — Fri, 06 Nov 2009 16:01:58 +0000

President Obama is set to sign the home buyer tax credit bill today at a White House signing ceremony. The extension is part of a larger stimulus bill that received overwhelming bipartisan support in Congress.

No Time to Lose

admin — Thu, 05 Nov 2009 20:28:54 +0000

The House voted 403-12 today to extend and expand the tax credit to include many buyers who already own homes. The Senate passed this by a 98-0 vote yesterday and President Obama is expected to sign asap.

$8,000 for first-time homebuyers
$6,500 for move-up homebuyers
Must be in contract by April 30, 2010 and close escrow by June, 30.

If you want to take advantage of this tax credit it would pay to get started right away. No guarantees that there will be future credits. “This is probably the last extension,” said Sen. Johnny Isakson, R-Ga.

This is especially important for move-up buyers who need to sell in order to buy their next home during tax credit period. The good news for move-up seller/buyers is that this time pressure combined with the extra $8,000 available to first-time buyers will most likely boost entry level housing prices.

Either way, no time to lose.

Senate OK’s Homebuyer Tax Credit 98-0

admin — Thu, 05 Nov 2009 03:39:05 +0000

The senate votes to extend and expand 1st time home buyer tax credit to include $8,000 for first-time buyers and $6,500 for move-up buyers. The House is expected to follow and President Obama to sign in a matter of days.

Source: LA Times

Bank Owned often NOT “As-Is”

admin — Wed, 04 Nov 2009 00:30:16 +0000

Just the other day I overheard an agent talking on the phone with a first time buyer client regarding purchasing an REO property. The agent explained to the buyer that in their experience it has been difficult for a first time buyers to get financing to purchase bank owned properties and was steering them away from this option. The agents thinking was that as REO’s are typically listed for sale in “as-is” condition with no repairs it would eliminate them from consideration. This is actually a pretty widespread misconception believed by many in our industry. Don’t fall for it. REO’s are a great option for First Time Buyers.

The facts are that banks will make reasonable repairs and financing REO’s using FHA financing is not a problem as long as wording in offer is designed to accommodate this type of purchase. The misconceptions most likely stem from the fact that many agents just haven’t sold many of these properties.

I just looked over my list of REO sales over the last year and out of the 9 bank owned homes that were purchased by buyers I worked with we were able to get repairs on 8 of them. And not just small stuff either. Repairs included.

3 of the homes had new roofs installed
8 received section 1 pest clearance
3 homes had some windows replaced
2 homes had new stove/ovens installed

As for financing

8 were purchased using FHA financing.
2 homes were purchased using a blend of FHA and City of Redding DAP
1 home was conventional financing combined with City of Redding DAP

First time buyers shouldn’t be afraid to consider REO’s when looking at homes. After all, it’s where the best deals are.

Home Buyer Tax Credit Extension Likely

admin — Tue, 03 Nov 2009 23:11:44 +0000

News coming from Washington is that the first-time homebuyer tax credit will be extended and expanded to include move-up buyers who have been in their homes at least 5 years. More at Forbes.com