Investing In Real Estate: The Perfect Storm
Real Estate
February 20th, 2009
OK, here’s a partial list of what we’ve got so far:
TARP 1 & 2
Economic Recovery Act 2008 & 2009
Tim Geitner’s bank rescue plan
Nationalization (at least partially) of some banks, insurance companies, maybe the auto industry
And according to our politicians, there’s much more to come. It appears we’re now poised to spend (ie. print) money like there’s no tomorrow. Read the rest of this entry »
To Remodel or Not To Remodel-That is the Question
News, Real Estate
December 4th, 2008
If you’re considering remodelling you’re probably wondering what impact the project will have on the value of your home. Not all projects are equal in this regard.
A recent article (RISMEDIA) presents the results of a 2008 study of cost versus value for several types of remodelling projects. Here’s a synopsis of the information: Read the rest of this entry »
Mortgage Modification - Answers to Common Questions
Foreclosure, News, Real Estate
November 20th, 2008
In a recent CAR newsletter is stated that October 2008 saw a 25% increase in foreclosure filings over the same month last year. While the great majority of mortgages are being paid on time, there is no denying that a significant number of American housholds are having trouble paying their mortgage. Read the rest of this entry »
News From C.A.R.
Foreclosure, News, Real Estate
November 11th, 2008
California Association of Realtors news for consumers - topics include mortgage update, foreclosure news, looking for equity opportunities, etc. Some pretty good stuff in here.
http://www.car.org/media/pdf/Beyondtheheadlines_110608.pdf
Great Article On The Financial Bailout
News, Real Estate
November 11th, 2008
This is one of the best articles on the bailout I have seen to date. There is a timeline at the end of the article that places all the major events leading up to the bailout, in order giving a very good perspective on how we got where we are today.
http://rismedia.com/wp/2008-11-01/bailout-will-it-help-restore-real-estate-consumer-confidence/
Tax Credit for First Time Homebuyers
News, Real Estate
October 22nd, 2008
In an earlier post I talked about the $7500 tax credit for first time homebuyers, for the purchase of a home (see related post below). Here is a flyer that gives the specifics of the program:
There is a great deal of change happening in the lending industry right now. We are hearing some indications that this tax credit might be extended to more than just first timers, possibly to all buyers. Presently, buyers taking advantage of this are required to pay it back over time. There is a possibility that that may change. What I heard was that if you keep the home for at least 5 years, you may not have to pay back the credit.
I’ll pass information along as it gets firmed up in the coming weeks.
Related Post: http://reddingrealestateguru.com/2008/09/24/opportunities-for-first-time-homebuyers/
Foreclosure Activity - 10/13/08
Foreclosure, Real Estate
October 14th, 2008
Here’s an update of foreclosure activity in our market area.
Information for May and Octoberl is incomplete as follows:
NOD - May is last 2 weeks, October - first week only
REO - May is last 2 weeks and no dollar amounts were reported
Some Good News For the California Housing Market
News, Real Estate
October 8th, 2008
We are beginning to see some good news in the housing market indicating we are at or approaching the bottom. Please read the following article from Property Sciences, a very well respected appraisal review company. Thanks to Geno Andrade (The Bridge Mortgage), our lending partner here at Real Estate Professionals, for passing this piece of information along:
5 Things You Should Consider To Get Your House Sold
Real Estate
October 6th, 2008
The 3 most important factors (wait a minute, 3 (?), he said 5, what’s goin on here). Bear with me now, the 3 most important factors when selling a home are:
Location, Location, Location. Ok, that’s a really old real estate axiom, that is nonetheless very true. If like the rest of us, you can’t move your house to a better neighborhood than these 5 things will help. Read the rest of this entry »
Where To Invest in a Down Market - A Little Prespective
News, Opportunities, Real Estate
October 3rd, 2008
Invest in Real Estate
I’ve been writing my quarterly newsletter dealing with our local real estate market for the 3rd quarter 08. This morning I received some information from a fellow realtor that injects a little perspective and reminds us that real estate remains one of the best long term investments, especially when purchased during a down market.
First of all, this comes from a local and very well respected appraiser, Bob Sprenkel (Sprenkel Appraisals). This is what he writes:
- 82 home sales in Redding in September
- The average price per square foot was $142.78
- Average $/SF for the last 5 quarters is as follows:
3rd Qtr 07 - $186.06
4th Qtr 07 - $170.55
1st Qtr 08 - $163.46
2nd Qtr 08 - $150.80
- 2008 monthly sales have declined an average of 1.3%/month
- Home prices in Redding are up 47.06% since 2003
- Home prices in Sacramento are up 22.07% since 2003
- Home prices in California are up 41.81% since 2003, and since 1980 they are up 426.04% - an average of 6.1% per year
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