Saturday, May 31, 2014

No Better Time to Buy a Home


 Experts agree: There's no better time to buy a home than now. Find out why.


By Lee NelsonMay 28, 2014 12:41 PM
                    
Timing is everything when it comes to a lot of things - baking a soufflé, fertilizing your lawn, and buying a home. Not so sure about that last one? With interest rates going up and housing prices on the rise, you may think that it might not be the best time to purchase a home or even refinance the one you've got. But experts disagree.
"It is a big deal to buy a house. But if you do your homework and have the right documentation ready, this could be a great time to buy a home for many reasons," says Jay Plum, executive vice president of Huntington National Bank, in Cincinnati, Ohio.
Read on for the five major reasons why mortgage experts believe that there is no better time than the present to get that dream house you've always wanted.
Reason #1: Interest rates won't stay this low forever
"A reason to look now into buying a home or refinancing is because these rates won't stay [put] forever. That's what rates do - they go up," says Plum.
In fact, the interest rate for a 30-year fixed mortgage is expected to go up to 5 percent by the fourth quarter of this year and 5.3 percent by the end of 2015, according to a recent forecast by the Mortgage Bankers Association (MBA).
Why are rates rising? Well, one huge factor is that the feds will start raising rates about six months after they stop buying mortgage bonds, which is projected to happen sometime in 2015, says Plum.
"[Rates] probably won't start shooting up quickly. But a quarter of a point on an interest rate can mean about $100 more each month on [a homeowner's] loan. For a lot of families, that can make a big difference," he says.
Reason #2: Credit score requirements are lowering
Is your credit score lower than you'd like to admit? Well, good news: Credit score requirements for borrowers taking out mortgages are easing.
In March, credit scores on purchase mortgages stood at 755, down from 761 in the previous year, according to data from Ellie Mae, a mortgage-software provider. Credit scores for FHA loans dropped even lower to 684, compared to 696 a year earlier.
What brought on this change? The 2014 market is expected to be a more purchase-focused market, says Vickee Adams, vice president of external communications for Wells Fargo Home Lending.
"Having a broader credit score range will serve to attract more borrowers into the market," she explains.
But why is there a need to attract more borrowers? Well, the demand for refinancing has dropped considerably. Refinance applications are about 70 percent slower than a year ago and are expected to continue to decline, according to a statement by the MBA in April 2014. As a result, banks are trying to find ways to boost lending to homeowners, including lowering credit score minimums.
Reason #3: Spring and summer are the best times to buy a home
It has been a brutal winter, and people who wanted to sell their house just didn't want to bother with all the snow and cold weather, says Lawrence Yun, chief economist for the National Association of Realtors in Washington, D.C. The same goes for people wanting to buy a home - they just stayed put, he adds. 
"Many people who were forced to delay putting their house up for sale are doing so now. But spring has always been an important time in the real estate business,” Yun says. In fact, warmer seasons like spring and summer have always been a popular time to buy a home.
People think about moving during summer vacation, because their kids will be out of school then, which helps makes things easier, says Yun. Buying a new home in the summer gives families enough time for the closing and moving before school starts again.
No kids? Summer is still a popular time to sell or buy even for people without children. And it's not just because the weather is nicer.
"People just know that there are more listings coming in the spring and more buyers," Yun says. "But from a buyer's perspective, there will be more competition from other buyers."
Reason #4: Buying is still cheaper than renting
Buying a house is a significant purchase, but in most parts of the country, it's cheaper than renting. If that seems counterintuitive, let's look at recent research by Trulia, an online residential real estate site for home buyers, sellers, renters and real estate professionals.
According to Trulia, homeownership compared to renting continues to be the less expensive way to live in all of the 100 largest metro areas researched. The study compared the costs of renting and owning assuming homebuyers get a 4.5 percent mortgage rate on a 30-year fixed term loan with 20 percent down.
So why should people buy a home now? The gap is getting smaller between the two choices because of rising mortgage rates and home prices, says Jed Kolko, Trulia's chief economist and author of the report.
"Now, at a 30-year fixed rate of 4.5 percent, buying is 38 percent cheaper than renting nationally, versus being 44 percent cheaper one year ago," Kolko says in the report. "Some markets might tip in favor of renting this year as prices continue to rise faster than rents, and if - as most economists expect - mortgage rates rise, due both to the strengthening of the economy and Fed tapering."
However, the percentage is different in every housing market. In Honolulu, buying is only 5 percent cheaper than renting, while in Detroit, buying is 65 percent cheaper than renting.
Reason #5: Home values are still competitive
Are you looking for a bungalow with a white picket fence, a modern metropolitan penthouse, or a cabin in the woods? Well, it might be time to buy your dream abode before prices go too high.
The good news is that that the prices of homes have gone up but haven't skyrocketed, so they're still within reach of many buyers. The median existing home price for all housing types in February 2014 was $189,000, which is up 9.1 percent from last February, according to recent press release by the National Association of Realtors (NRA).
Plus, the housing inventory rose 6.4 percent to 2 million existing homes available for sale, reports the association. So there are more homes to choose from during your search depending on where you live.
"Property values are still very competitive in most markets, but there is a tremendous amount of competition by buyers," Plum says. "If you are looking at buying a home, be prepared to offer quickly, and get preapproved by a lender which will make things go easier."
 Courtesy Yahoo! Homes



Wednesday, May 28, 2014

Open House this Saturday 11:00 - 2:00

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8037 W Depot Master Dr. Open House this Saturday, May 31 from 11:00 to 2:00.  Newly reduced price!  Please come on by, we would love to see you!
Video Link: http://tracyrealestateexpert.com/video/New-Listing-8037-W-Depot-Master-Dr-Tracy

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8037 W Depot Master Dr
Price: $589,000
Beds: 5
Baths: 4
Partial Baths: 1
Sq Ft: 3589
Linne Estates, So. Tracy. Great home for a large or a blended family. With 3,589 square feet of living space and 5 bedrooms, there is room for everyone. Beautiful gated court yard and vaulted ceiling entry. There is an office and a bedroom with full...
With Highest Regards,
Bill Barringer
Team Leader
The Barringer Team, Century 21 M&M and Associates 
#1 Century 21 Company in the WORLD. SMARTER. BOLDER.FASTER.

FREE automated reported Home Reports:
Thinking of buying? click here 
What's your home worth? click here
Avoid foreclosure. click here
"A Referral is the Best Compliment we can receive" 


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The Barringer Team, Century 21 M&M and Associates
912 W 11th Street, Tracy CA 95376
209-833-7777
DRE License #00959667
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Visit http://www.TracyRealEstateExpert.com

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Friday, May 23, 2014

New Price for 8037 Depot Master Dr. Tracy!!

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,
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Please be the first to call to view this great house!
Video Link: http://tracyrealestateexpert.com/video/New-Listing-8037-W-Depot-Master-Dr-Tracy

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8037 W Depot Master Dr
Price: $589,000
Beds: 5
Baths: 4
Partial Baths: 1
Sq Ft: 3589
Linne Estates, So. Tracy. Great home for a large or a blended family. With 3,589 square feet of living space and 5 bedrooms, there is room for everyone. Beautiful gated court yard and vaulted ceiling entry. There is an office and a bedroom with full...
With Highest Regards,
Bill Barringer
Team Leader
The Barringer Team, Century 21 M&M and Associates 
#1 Century 21 Company in the WORLD. SMARTER. BOLDER.FASTER.

FREE automated reported Home Reports:
Thinking of buying? click here 
What's your home worth? click here
Avoid foreclosure. click here
"A Referral is the Best Compliment we can receive" 


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The Barringer Team, Century 21 M&M and Associates
912 W 11th Street, Tracy CA 95376
209-833-7777
DRE License #00959667
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Visit http://www.TracyRealEstateExpert.com

Thursday, May 1, 2014

Market Trends for Tracy and Mountain House

The Barringer Team Local Market Trends

The following information is from the local MLS database, as of May 1, 2014 and is compared to(April 1, 2014).As we head closer to the summer months, we are seeing more and more houses coming on the market.  Prices are still rising but as the number of homes on the market increases so do the days on the market.  It may take more than one weekend to sell a house, but the good ones always sell if they are prices right.  Interest rates have nudged slightly lower with 30 yr fixed at 4.37% and 15 year at 3.42% 
   If you have been on the Fence about selling your home then NOW is still the time to sell.  More and more homes will be coming on the market in the months to come. If you are curious to see how much equity you have in your house, give us a call for a market analysis! Or go to our new service for instant valuation of your home on the internet atwww.tracyhomes.com. Just click on "What's My Home Worth" or  Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 orsales@tracyhomes.com.
Tracy, CA
ACTIVE STATUS
Total # of residential properties for sale in the city of Tracy: 122 (93)
# of REO (foreclosures): 5 (7)
# of Short Sales: 9  (5)
Average # of days on market: 19 (26)
The median price of all homes for sale in Tracy: $415,000 ($400,000)

PENDING STATUS
Number of properties currently under agreement: 148 (127)
# of REO: 9 (6)
# of Pending Short Lender Approval: 35 (33)
Median pending price: $340,000 ($330,000)

SOLD STATUS
Residential property sold over previous 30 days: 56 homes (68)
REO's sold in the last month: 2 (4)
Short sales sold in the last month: 4 (8)
Median sale price: $347,000 ($350,000)
Median # of days on the market:  14 (11)

 
Mountain House, CA

ACTIVE STATUS

Total # of residential properties for sale in the city of Mountain House: 36 (24)
# of REO (foreclosures): 2 (2)
# of Short Sales: 0 (1)
# of New Construction: 4 (4)
Average # of days on market: 18 (16)
The median price of all homes for sale in Mountain House: $519,419 ($503,950)

PENDING STATUS

Number of properties currently under agreement: 38 (44)
# of REO: 2 (0)
# of Pending Short Lender Approval: 4 (7)
Median pending price: $471,000 ($430,950)

SOLD STATUS

Residential property sold over previous 30 days: 31 homes (15 homes)
REO's sold in the last month: 0 (0)
Short sales sold in the last month: 4 (2)
Median sale price: $400,000 ($392,460)
Median # of days on the Market: 12  (16)
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HOMES SOLD IN TRACY IN APRIL
Take a look at this chart to see the SOLDS in Tracy for April.  Notice the list to sold price? Not as many getting over asking.   So call us for a free Market Analysis on your home!  209-833-7777.
  Address Beds  Baths  Sq Ft List Price Sell Price   DOM 
2423 Paul PooleDr53 (3 0)256440100040000037 
771 Grand TetonDr53 (3 0)279143200039000036 
1045 Meadow LarkLn32 (2 0)1851319000319000124 
1845 Parker 32 (2 0)210027000022500086 
27263SHillviewAve43 (3 0)3033769000750000113 
835 Kings CanyonCt4 (5)3 (3 0)2360359000340000125 
1886 KlamathCt43 (2 1)249936995037000033 
1477 PromenadeCir43 (2 1)168934995035000055 
2637 Green HavenCt43 (3 0)3178499000480000127 
3437 Mary JeanLn32 (2 0)133724500025987513 
7903WCabeRd42 (2 0)147227950027000087 
2779 HawkinsLn3 (4)3 (2 1)214237200037000061 
330 Chukar 32 (2 0)121430000029000020 
1462 PineCt32 (2 0)142024900025000039 
1645 PanoramaCt44 (3 1)235647499045100047 
445EBeverly Place 31 (1 0)129822490022490012 
2104EEASTSt31 (1 0)124021500021600024 
515 PeerlessWay22 (1 1)116614000014000061 
3173 RemingtonWay43 (3 0)352869999967500023 
1353 ParkerAve22 (2 0)107824100024500019 
1120 Whispering WindDr3 (4)3 (2 1)298942000041500025 
1887 CamelliaDr33 (2 1)157033990034300014 
4612 RegisDr43 (2 1)212637995037600023 
1400 Whispering WindDr54 (3 1)30114400004450009 
2001 BlossomwoodLn42 (2 0)13122999503200007 
1410 RichardDr42 (1 1)16192399002500007 
2302 HollyDr32 (2 0)136427500027600010 
409 Burlington Dr 3 (4)3 (2 1)197333500034700012 
48ENinth 22 (1 1)13722149002149001 
555 JillDr53 (3 0)306347995047600011 
8071WErbWay43 (3 0)393094900087500018 
2115 Foothill RanchDr43 (2 1)214436000036000020 
65 LavenderCt43 (2 1)17263300003325006 
447 RockinghamWay54 (3 1)22983645003630007 
1371 FruitwoodWay3 (4)3 (3 0)176435850035000012 
125 CarmelWay42 (2 0)16143299503350007 
1701 WhirlawayLn43 (3 0)276844000043000026 
1280 Cherry BlossomLn42 (2 0)21693859503870004 
2755 RedbridgeRd33 (2 1)269847990047250026 
1564 Westcliff 33 (2 1)18283499003500009 
925 VallerandRd43 (2 1)18983300003407006 
27907STrainaCt43 (3 0)335462990064200020 
1442 HOBOKENDr32 (2 0)11683000002890004 
1880 BristleconeDr32 (2 0)130633000033000014 
1391 FruitwoodWay43 (3 0)176434900034900020 
989 ScarlettPl43 (2 1)15983100003100004 
2645 RedbridgeRd33 (2 1)26385150005220004 
1660 FoxwoodDr43 (3 0)25003999903925009 
2196 WynngateCt33 (2 1)13682250002300007 
4554 Crabapple 53 (2 1)33194460004460006 
1851 Bridle CreekCir53 (3 0)213538900038900014 
86 LavenderCt43 (2 1)17263400003420007 
2995 Misty MeadowDr43 (2 1)16073299503360006 
28 ReginaDr42 (2 0)12102999503150007 
2360 RussellSt43 (2 1)18583400003410004 
2550 GeraldCt32 (2 0)14082799502950004