Spring 2013 Market UpdateMortgages rates are at historic lows. Prices are beginning to rise. Now is the time to buy. Waterfront properties are more affordable here than nearly anywhere else on the California coast. Call Lynda Bernal at Primelending to see if you qualify. Call 805-984-2330 for more information on the homes available.
|Average Home Price||$400,000 - View Graph Trend|
|Average Price Compared to Last Year||Down 0-5%|
|Average Time on Market||More than 120 days|
|Best Selling Price Range||$350,000 - $399,000|
|Worst Selling Price Range||$1,000,000+|
|Prices As % of Asking Price||90-95%|
|Existing Home Prices for the past 90 days are?||Increasing|
|Market Trend||No Change|
|Buyers’ or Sellers’ Market||More sellers than buyers|
|Buyer Activity for the past 90 days in Channel Islands is||No Change|
|Seller Activity for the past 90 days in Channel Islands is?||Decreasing|
|Multiple Offers Commentary||Yes, if the property is $500,000 or under. No, if over $1,000,000.|
|What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?||5-10%|
|Is Financing Available For Qualified Buyers?||Yes|
|Comments on Financing For Qualified Buyers||Yes. Call Lynda Bernal with Primelending, 805-701-0199|
|Housing Inventory||Good supply - Some Prices|
|Inventory Comments||Good supply of ocean front homes over $2,000,000. Homes under $1,000,000 close to a beach and the boat dock homes in Mandalay Bay tend to sell quickly. Seabridge short sales and REOs are decreasing in number.|
|Greatest Activity||Repeat Buyers|
|Reason to Buy/Sell||Lower prices with good selection and competitive interest rates creates a perfect time to buy in Channel Island Beach! If youï¿½ve always wanted to be able to walk to the beach or to have an ocean view, you can do so for less here than practically anywhere.|
|Nearest Metro Area||Ventura|
|Housing Hot Spots||Seabridge Marina, Silver Strand, Hollywood Beach, Oxnard Shores, Mandalay Bay Boat Dock Homes|
|Average Sold Price||$400,000 - View Graph Trend
Here are some recent real estate related articles that may interest you:
A hidden fee is set to rise
The guarantee fee - a hidden fee inside the interest rate quoted on a home mortgage - has been mandated by Congress to increase this spring, and other increases are likely later to take place later this year and next.
Making sense of the story
•.The guarantee fee has been charged by government sponsored entities like Fannie Mae and Freddie Mac for more than three decades. The fee does not show up in borrowers' mortgage documents or good-faith estimates, and it is little known outside the industry. According to a Fannie Mae spokesman, the fee "gets incorporated into the underlying rate the borrower pays."
•.An interest rate is usually made of up three parts: The largest goes to the bank or the investors who buy the loan; the smaller portion is for the mortgage servicer that collects monthly payments; and then there's the guarantee fee. Fannie and Freddie charge guarantee fees as a form of insurance against default for the loans they acquire and resell to investors.
•.The guarantee fee will rise 10 basis points on April 1; the increase was included in the two-month extension of the payroll tax reduction last December. A basis point is equal to one one-hundredth of 1 percent, or 0.01 percent.
•.One way to avoid the guarantee fee is to use a lender that does not sell off its loans - for instance, a community bank or a credit union.
•.In addition to offsetting risks, the fees provide a primary source of revenue for Fannie Mae and Freddie Mac. Both organizations started raising fee rates in 2008 during the housing crisis, as foreclosure costs rose.
Feds roll out new mortgage refinance program
On Tuesday, the Federal Housing Administration announced it will slash mortgage insurance premiums for certain homeowners who refinance an FHA loan into a new one under its streamlined program.
New housing scam emerges in California
State officials have noticed an emerging scam: Callers say they will help homeowners apply for Keep Your Home California benefits for fees of up to $900. The calls are happening statewide. Applying for the program is free.
Are more new foreclosures a good thing?
Foreclosures starts jumped 28 percent in January compared with December, although starts were down 11.5 percent from the same month in 2011, according to data firm Lender Processing Services.
"Forced" home insurance policies face new scrutiny
Officials at the state and federal level are concerned that insurers have been charging too much for something known as "force-placed insurance," which takes the place of a lapsed policy.
Consumer confidence up in February
The Conference Board's Consumer Confidence Index currently stands at 70.8, up from a revised 61.5 in January, helped by consumers' improving assessment of the job market.
Number of "underwater" borrowers rises
CoreLogic said Thursday that 11.1 million of American households with a mortgage were "underwater" at the end of last year. That was up from 10.7 million of properties in the third quarter of 2011.
What you should know
•.The greatest hindrance to the sale of a home can be a seller who is seized by emotion. Home sellers who allow emotions and sentimental attachments to overtake them during the sales process run the risk of making hasty, sometimes poor decisions.
•.One is to overprice the property. Getting top dollar is the dream of every home seller, but getting a buy to pay a premium for features that are valuable only to the seller is closer to a fantasy.
•.The truth is, prices have nothing to do with the seller's emotional affinity for the property. It's important sellers understand that as early as possible.
•.Sellers who bought at the top of the market likely won't see that same price from today's buyers.