Low interest rates continue to spur home sales in the SCV.
Single family home prices remained unchanged last month from August, holding steady at a median price of $490,000 according to data released by the Southland Regional Association of Realtors.
This comes as good news for sellers at a time when the market begins to shift and slow as the summer season comes to a close. Condominiums did take a slight dip last month, but dropped only $5,000 in median price overall.
Median equity in single family homes has risen $57,100 since January, with condos rising $30,000 over the course of this year. Considering your investment options, where else can you increase your overall wealth by this much in only 9 months?
Will mortgage rates remain low?
A few weeks back, rates dipped below 4 percent for the first time since the spring of 2013. This spurred a lot of not only buying activity, but a mini “refi boom” for homeowners looking to refinance their mortgage to a lower rate. They have ticked up a few 10ths of a percent, and are currently holding just over 4 percent, but even still, these are incredible rates, considering the historical average (Taken over the past 40 years) hovers right around 8 percent. The big question is, of course, will the STAY low? Continue reading Santa Clarita Home Prices Hold Steady Through September
Mortgage rates hit their lowest in 18 months. Now is the time to buy!
Who knew? Recent positive economic forecasts have had a positive effect on the real estate industry. Considering it was just a little over a year ago that some financial analysts predicted interest rates over 5%, it’s amazing to see that, as of October 15th, mortgage rates dropped BELOW 4 percent.
So how did this happen, when rates were expected to climb?
If you go back a year and a half or so to early 2013, we saw interest rates dip to historic lows (Nearly to the mid 3% range). Now, rates have been helped along since November 2008 by federal stimulus package known as Quantitative Easing, which pumped $85 billion per month into the Mortgage-Backed Securities market. This of course gave confidence to investors, which helped the Federal Reserve maintain (and even reduce) loan rates.
In the spring of 2013, the Federal Reserve hinted that they may begin tapering off the amount of monthly stimulus, which caused panic among some investors, who began selling off their Mortgage-Backed Securities. This initiated a brief chain reaction, which forced rates to rise to over 4%, where they have been holding for a little over a year.
In 2014, the Federal Reserve began reducing their stimulus, which is now down to $25 billion per month (Saving taxpayers over a half trillion dollars per year). During this time, interest rates held in the very low 4% range. In the past few weeks, the Fed announced no new changes in rates based on positive economic news in the job and investment markets. In other words, they wouldn’t want to “rock the boat” during what’s becoming an exponential positive economic growth spurt. Continue reading Interest Rates Dip Below 4 Percent
More requests from buyers leave agents scrambling to find homes for sale.
Santa Clarita has seen a decent summer as far as real estate goes. Prices and interest rates have remained steady, and we have seen an increase month over month in listings and sales, as well as inventory for sale.
Lately however, it seems there is a late summer surge with regard to buyers looking for homes and, for the first time in quite a while, some real estate agents are scrambling to find homes that will satisfy their buyers’ needs.
So what might be causing this end of summer buying spree?
Interest rates are still holding in the low 4 percent range for qualified buyers, and even low for certain types of loans such as 15 year fixed and FHA loans. It’s a great opportunity for buyers to flex their purchasing power and get into a home before the end of the year. Continue reading Is Santa Clarita Seeing a Mini Real Estate Surge?
Low interest rates and more homes for sale in the SCV are giving buyers more options this year.
Data released by the Southland Regional Association of Realtors for the month of July show some interesting trends that are creating more opportunities for buyers, while still benefiting sellers as well.
The median price of single family homes dropped by nearly $14,000 from June, and condo prices dropped by $5000. That being said, sellers should take note that price fluctuations typically happen when the market heats up. We have also seen an increase in the number of escrows opened, and closed, during July…more good news for sellers. A total of 500 homes were listed for sale last month, with 415 escrows opened, and 373 escrows closing. Single family home prices are up by $35,000 from July of last year.
We’re still asking the question: “Why rent, when you can own?”
A lot of you who are still renting do so because you may think your choices and options are limited when it comes to buying a home. Pricing and financing are always two big concerns that keep potential home buyers on the fence, but with interest rates still incredibly low, your purchasing power is at its best. As far as financing goes, there are several options that can create opportunities to get into a home with low money (or in some cases, no money) down. Continue reading Is Santa Clarita Shifting To a Buyer’s Market?
After having a lackluster start at the beginning of 2014, we’re seeing a huge gain for attached homes.
Numbers recently released by the Southland Regional Association of Realtors show the median price of condominiums in Santa Clarita ticking upward again in June of this year. This is the third straight month of significant gains, increasing by $9000 in equity over May. Condo prices have increased a total of $40,000 since the beginning of 2014.
The rise and fall…and rise of condo prices.
Condos are a great value, whether you’re a first time home buyer, downsizing, or looking for an investment property, they are full of potential from a value perspective. Those looking to purchase a condo should consider their financing options however, as the FHA (Federal Housing Administration) may place limits on financing for certain condo complexes. These limits are based on a few factors, including HOA guidelines and owner/tenant ratios. Contact us for a list of FHA-approved condominiums. Continue reading Condos Prices Jump Upward For Third Straight Month
Like anyone else in your family, your pets can feel uprooted, too.
So you bought a home. Congratulations! Now the packing starts, along with changing schools, working out new commuter routes, changing utilities, mailing addresses, etc. etc.
While there may be some potential stress in getting everything done before and after you close escrow, you do want to make sure you don’t overlook the needs of your pets. They can pick up on these stresses, which in turn can raise their anxiety level as well. As creatures of habit, you want to make sure that you’re preparing them for your move as well. Here are a few tips to consider.
Dogs love routine. Dogs get settled right in and go with the flow of your daily movements and patterns. Changing these patterns may cause anxiety and stress for them, especially during a move. Keeping them safe and out of the way while packing and loading your things is the best thing you can do to insure a more stress-free move. If they are used to being outdoors, keep them outside while you move your things to your new home. You may also consider confining them to one area of the home (perhaps one that has already been packed and loaded). You might also consider kenneling or having a friend watch them to remove them completely from the home. Remember, dogs can slip through open doors, or get injured by being underfoot (Or worse, injure YOU while they’re underfoot). Continue reading Preparing Your Pets For a Move Into Your New Home
Things are heating up in the Santa Clarita Valley real estate market.
This is the perfect time of year to consider buying or selling a home. It’s the best opportunity for families to take advantage of school breaks in transitioning to a new home and a new neighborhood.
In Santa Clarita, we’ve seen single family home prices rise over 15 percent in the past year, and condo prices jump $46,000 in equity. For homeowners, this is great news. Those who are considering selling their homes should see these rises as a great opportunity to get the best value for their home.
Homes in High Demand
Late last year, it was predicted by some financial experts that mortgage interest rates would rise to over 5 percent due to the reduction of federal dollars that had stimulated the mortgage-backed security market. Even with a $30 billion monthly reduction, interest rates are still hovering in the low 4 percent range. This news is bring out qualified buyers who are looking to take advantage of their increased buying power and find the home of their dreams. Continue reading Summer Home Buying Season Hits The Santa Clarita Valley
Recent FHA Guidelines Change The Rules On Wait Times For Home Purchases After Foreclosure
There is a lot of good news in the Santa Clarita housing market. Home prices are up, mortgage rates are down, and many formerly “upside down” borrowers are once again seeing positive equity in their properties. We’re seeing a lot of positive signs elsewhere as well. Short Sales are down over 80%, and foreclosures have dropped over 50% since this time last year.
While it appears we’re well on the road to recovery real estate-wise, we know that many people have gone through a lot. We have helped many people avoid foreclosure through a short sale, and yet there were so many homeowners who, through no fault of their own, lost their home to the bank. The Great Recession affected many who struggled financially due to circumstances beyond their control. In many cases, those circumstances were temporary, and many are back on the path to a more financial future.
Are you ready to re-enter the housing market?
If you were one of the many who suffered setbacks as a result of the Great Recession and had short sold lost your home to foreclosure as a result, we have good news! Recent guideline changes from the Federal Housing Administration allows former homeowners the ability to wait only one year to purchase a home after going Continue reading Do I Have To Wait 7 Years To Buy a Home After Foreclosure?
Home prices take a positive bump in March as Buying Season begins to heat up.
The median price of single family homes in the Santa Clarita Valley continued to rise in March as we saw a 5% increase in prices between February and March of this year. Currently, median home prices are hovering at $462,500, up 10% from this time last year.Year over year prices have risen just over 22%.
While prices aren’t rising month over month quite as fast as in 2013, we are seeing solid gains in home sale. We’re also seeing more homes on the market in the Santa Clarita Valley (Slightly more than double of the available homes for sale this time last year). However, inventory is still very short compared to what’s considered a “normal” market. Currently, there are nearly 800 homes for sale in the SCV, which only reflects about a two month supply. A healthy, balanced “for sale” inventory rests at 1200 homes.
Is it still a “Seller’s” Market?
Home sellers in the Santa Clarita Valley are still in the “driver’s seat” negotiation-wise due to the low availability of homes for sale coupled with continually rising home prices. This, along with interest rates that are still holding below 5 percent, makes for a market that is still pretty hot. Continue reading Single Family Home Prices On The Rise In Santa Clarita
A lower interest rate can improve your purchasing power when it comes to buying a home.
INTEREST RATES ARE STILL INCREDIBLY LOW!
We regularly shout it out to remind home buyers not to delay if they are on the fence about purchasing property. As of the date of this article, mortgage rates are still hovering around four and a half percent. When you consider that the historic average is around 7 and a half percent (Based on data collected since 1971), this gives qualified buyers a great opportunity to either buy a larger home, or maintain a lower interest payment.
So what is a “qualified” home buyer?
“Qualified” basically means just as it sounds: A buyer is qualified under certain conditions to obtain a home mortgage loan to purchase property. So what can you do to insure you’re getting the best rate possible? Continue reading How To Get The Best Loan Rate When Buying a Home