Monday, August 9, 2010

Whats up?

Been a few weeks since I posted. Contrary to the wishes of the local realtards I am still alive. I've just been busy golfing and chilling out.

So what did I miss? I see the California home buyers tax credit is basically out of cash for the resale half. There is still a little cash left for the new home buyers. They state says they will fund between 17,000 and 20,000 credits for resale sales and they have over 30,000 applications. So that probably means a lot of people that have requested the credit probably won't be getting it.

On the positive side, interest rates have fallen to record lows. Currently you can get a 30yr fixed for 4.25% with no points. Makes buying very appealing if you plan on staying put for a while.

Inventory is basically holding steady. But there are more delusion-ally priced homes cluttering up the MLS and fewer reasonably priced homes. That means there is still a fair amount of competition for homes. On that note I did a little research on one street in Riverside (92504). I put an offer in on a home on this street about a year ago so I chose it for my un-scientific poll. I looked at all the sold homes and checked who the listing and buying agents were. There were 9 homes sold on this street in the last year. Of those 9 homes, 6 of them were dual agency sales (same agent working for the buyer and seller). That's a pretty good indication of what it takes to buy a home these days!

8 comments:

Jesse said...

Wow! X, good to see you back! Glad u had fun!

alex said...

great to see you back.

what it takes to buy an (overpriced) house these days: Vaseline

FreedomCM

alex said...
This comment has been removed by the author.
kareoke1234 said...

checked out the models ryland is building at the retreat last saturday. The homes are pretty nice, and they started building the first group of homes at the top with views of the valley. the one-story plan is in the 400 range. I always wanted to live there and know the taxes are high, but I feel like it might be a good deal...especially for a new home

golfer_X said...

The Retreat is a nice area for sure. The problem with new is the additional cost of adding the hardscape and landscaping. Of course the good part is you get to make it the way you want it. I will have to go by and check out the models. Quite a few builders are starting back up. I see a new tract up in Woodcrest (or is it Orangecrest?). They've started building in several tracts in MoVal. They are taking advantage of the frustration of the current buyers having dealt with the REO/Short sale fiascos...

Jay & Christina said...

Yep...the condo I'm currently in escrow on is a dual agency sale. The way I got mine is that I saw it go back to the bank on RealtyTrac, so I taped a note on the door stating I wasn't with a Realtor and the REO agent could represent me.

Within a few days he called, and the day the price came back from the bank (about 20% under comps, hmmm...) I submitted a cash offer at asking price. It was on the MLS for a week, and there were tons of people looking at it constantly (I live nearby). The realtor said he got lots of offers submitted, but that I shouldn't worry, I'll get it. Hmmm... What do you know, the bank accepted my offer!

Sweet! But Hmmm...I wonder if those other offers ever made it to the bank.

Jay & Christina said...

I'm still *really* nervous that I'll be a knife catcher, but I bought this condo for 1/4 the peak price, (back to 1996 prices!) and there are only a couple more condos in foreclosure in the complex. It's only 2 miles from Loma Linda Medical Center, so I hope I'm not going to lose my shirt.

My retired Aunt (with a nice pension) needs a small place to rent, so I decided to pull the trigger even though the market might not be completely bottomed. Fingers crossed.

Martin Burtin said...

Christina, I think you're golden on that condo. I helped my Mom rent by Loma Linda so she could be near my Dad while he was at the VA. There is a lot of people seeking places to stay and the inventory is less than than the market's appetite. When you begin renting it out to people, you'll have plenty of people interested to rent the condo from you.