March Sales Increase 63.8% from March 2008

March marks the start of the sales season and sales and prices of single family homes are up and days on market (DOM) are going down.
The California Association of Realtors® announced Monday April 27th that sales of single family homes increased by 63.8%. The median price of SFH (single family homes) also increased by 2.2% in March compared to February of 2009. The median number of days to sell a SFH has declined by 8.5 days compared to March of 2008.


Detailed information including financials on your area can be found at:

http://www.blogger.com/ww.car.org/newsstand/newsreleases/marchsalesandpricereport/

Realty Times Video: Indicators of Recovery

According to Realty Times, the bottom has dropped out and we are on the road to recovery. However, March does start off the home buying season for the year, so of course sales are going to increase compared to months like November and December.
This week focuses on mortgage applications and interest rates, and short sales just to name a few topics.

Also, they touch on my previously posted topics of government tax credits for new home buyers.



Video Link:

http://realtytimes.com/

FHA insured- Loans: Who say's you NEED 20% down? Try 3.5%.....

Potential home buyers may have more opportunity and purchase power than they knew...Why? FHA-insured loans only require a 3.5% down payment, not 20-30% like typically thought. Not only that, but funds don’t have to be your own; they can come from a family member, friend, or employer in the form of a gift. Having a hard time asking for a gift? Tell them there is a tax deductible gift allowance of $12,000 annually. ($100,000 a lifetime). Makes it a little easier. Some may get excited there until they think about their less than perfect credit and FICO score. Well, good news there as well, you don't have to have a credit score of 800, or 750 or even 650 to qualify. If even you have bad credit, it's actually easier for you to qualify for an FHA-insured loan than a conventional loan. Sweet! What's the catch? Some fees of course FHA does have some fees, they charge a onetime 1.75% premium on the total loan amount, but that can financed into the loan, it is NOT paid up front. What does that equate to? Say your loan is $200,000, (humor me) a fee of 1.75% is $3,000. You going to complain? I didn't think so. So what are the loan limits and rates? Loan limits were just raised to the current amount of $729,750 for a single family residence. $934,200 for a 2 units, and $1,403,400 for a 4 unit building. Within range of current listing prices. Today, 4/27/09 a FHA 30 year fixed: up to $1,00,000 4.375% RATE 4.878%ARM

To help you calculate your possible monthly mortgage payments clink on the link below and enter your info: http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx


Looking like a really good time to buy huh? Now, stop waiting for the bottom to drop out and be proactive.


For more information Visit HUD at: http://portal.hud.gov/portal/page?_pageid=73,1827594&_dad=portal&_schema=PORTAL

Mortgage Protection Plan: Insurance for New Home Buyers against Layoffs

Yet another incentive and a little piece of mind for home buyers.
April 2nd, 2009, marked the start of the Housing Affordability Fund's new mortgage protection program that's being offered to first-time home buyers. (First time home buyers are persons who have not bought or owned a primary residence in the past three years.)
Through this new program, first time home buyers who lose their jobs (due to layoffs) may be eligible to receive up to $1,500 monthly towards mortgage payments for 6 months. Co-buyers can also benefit for a monthly amount of $750 for the same time period.
This program also includes accidental disability and a $10,000 death benefit.
To qualify escrow must close on or before December 31st 2009 and use a licensed Realtor.

For more information visit:

http://www.car.org/newsstand/newsreleases/mppstory/

Up to $18,000 in Home Buyer Tax Credits. Do you qualify?

Many home buyers may not realize that thanks to two laws just passes new home buyers may qualify for up to $18,000 in tax credits.

The Federal Stimulus plan, the American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers ( buyers who have not bought a new home in the past 3 years) who purchase a principal residence after January 1. 2009 and close escrow on or before December 1st 2009

http://www.federalhousingtaxcredit.com/2009/index.html

Want that extra $10,000 in tax credits?

The state of California has allocated $100,000,000 in tax credit for purchases of newly constructed property. As of April 22nd already $40.88 million dollars is already gone. This tax credit up to $10,0000 (which is credited equally over a 3 year period) is available for qualified buyers who buy between March 1, 2009, and close on or before March 1, 2010. The residence must be qualified and never been occupied. This is great for for San Franciscans as there are an abundance of newly constructed condos throughout San Francisco, from Infinity Towers to 2200 Mission Street.

http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Want to see the benefits side by side? Visit

California Association of Realtors®

http://www.car.org/legal/2009-qa/homebuyer-tax-credit-chart/