Coarsegold Real Estate Blog

The Sierra Art Trails 2011 is coming soon, Sept. 30 thru Oct. 2., 10 am to 6 pm.

www.SierraArtTrails.org

If you or some of your friends are interested, here is information and some links about the Sierra Art Trails and my showing at our Bass Lake Realty Oakhurst Office on Saturday and Sunday, October 1 & 2, 2011.

There will be over 90 artists & artisans participating in our local Yosemite Foothills so be sure to stop our Bass Lake Realty Office in Oakhurst, Show Site #33 for a visit. 

Bass Lake Realty Oakhurst Office, 40282 Highway 41, Suite 1, Oakhurst, CA 93644 www.BassLakeRealtyOakhurst.com

I will have Silk Art Designs, photography, greeting cards and framed art for you to enjoy.

Experience the arts at our Bass Lake Realty Oakhurst Office.

Look forward to seeing you!

Judith Ann Durr
www.ThePraiseWorks.com

The $18 catalog/map admits two and the catalogs are available at: The Good Ol Daze, Bass Lake Williams Gallery West – Oakhurst or by phone at 559-658-8844 (Plus I have some catalogs available also)

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2009-2010 State of the California Housing Market – Highlights

Courtesy of the California Association of Realtors  3/10/10

Here are the highlights of the most recent California Housing Market report.

This report summarizes statewide information

Outlook and Forecast

With buyers returning to the market to take advantage of the discount home prices, government tax credits, and interest rates, the existing home market in California experienced strong sales throughout 2009. As expected, distressed properties generated more interest from buyers because of their deeply discounted prices, but many home sellers of non-distressed properties responded promptly and cut their price accordingly to stay competitive in the market.  Sales of all homes increased, inventory fell to below-normal levels, and home prices adjusted upward in response to tight inventory levels.

The State of the California Housing Market report takes a comprehensive look at these recent developments in the California real estate market and provides an outlook for 2010. In particular, the report examines the impact of the federal first-time buyer tax credit on home buyers, analyzes the sales trends of distressed and non-distressed properties, and takes a closer look at the surge in the share of FHA-insured loans.

Key Findings

• The share of first-time buyers surged from 35.9 percent in 2008 to 47.0 percent in 2009, and increased for the third consecutive year. The proportion of first-time buyers exceeded the long-run average of 38.6 percent, and the share was the highest since 1995 when more than half of all buyers were first-timers.
• The federal tax credit was a big factor in many first-time buyers’ decision to purchase a home, as 69 percent of those surveyed said that the federal tax credit was either “very important” or “most important” in their home buying decision.
• Many first-time buyers were interested in distressed properties with deeply discounted price tags. In fact, over half of all first-time buyers (51.3 percent) either bought an REO/foreclosed property or a short sale in 2009.
• Low home prices not only encouraged first-time buyers to purchase their entry-level home, but also lured investors who wanted to add a piece of real estate to their portfolio. Home buyers who purchased their properties primarily for investment purposes and tax considerations increased from 14.0 percent in 2008 to 16.8 percent in 2009.
• Prices of distressed properties fell more sharply in 2009 than did prices of non-distressed properties. The median price of distressed properties declined 24.2 percent from $330,000 in 2008 to $250,000 in 2009, while the median price of non-distressed properties dropped 10.4 percent from $541,000 in 2008 to $485,000 in 2009.
• Sellers who planned on purchasing another home, or had already bought another home, declined from 43.1 percent in 2008 to 39.4 percent in 2009. The share of home sellers who expressed an intention to repurchase peaked at 74 percent in 2004 and has declined in each of the subsequent five years.
• The rapid growth in FHA-insured loans continued in 2009, with its share of total first mortgages soaring from 18.9 percent in 2008 to 32 percent in 2009. VA loans, meanwhile, adjusted slightly upward from 2.7 percent in 2008 to 4.7 percent in 2009.
• One-third (32.9 percent) of all sellers sold their home with a loss in 2009, a jump from the 22.2 percent recorded in 2008. It was the highest on record since C.A.R started tracking net cash losses, and was more than triple the long-run average of 9.3 percent.

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While lending practices nationwide have undergone some changes this year, including the ways in which appraisals are ordered, and how additional required HUD disclosures are made , there are still good loan products available for today’s buyers.

Conventional loan programs are available for purchases here in Coarsegold, and interest rates remain low. Depending upon individual needs there are fixed rate loans, adjustable rates, and FHA and VA programs available.

I highly recommend utilizing the services of a reputable local lender and escrow/title company who are familiar with our Eastern Madera County area, for several reasons. First, a home purchase is one of the largest investments a person will make in their lifetime. It is important that everyone involved in the transaction knows all of the specifics about the property, where it is located, and any special information, such as if it is has a well or is on a septic system.  Local lenders and escrow companies are aware of a variety of local issues that may come up which need to be addressed prior to closing.

Second, it is far more likely that a local lender will be able to use an appraiser who knows and has access to details on property values here. This information protects not only the lender but also the buyer and the seller. A third reason to utilize companies from our immediate area is far greater ease in facilitating signings, paperwork transfer, and the proper recordation of the deed transferring title.

Many homes for sale in Coarsegold are bank-owned properties.   Some of these may qualify for an FHA or USDA loan, which have their own individual requirements.   A good lender will be able to assist you in finding the right loan program for your needs.

Our Bass Lake Realty agents are happy to assist you in throughout the real estate transaction, beginning with finding a quality lender who can help make the purchase of your home a smooth and enjoyable process.

-Beth Carver, February 22, 2010

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