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

Open House this Saturday 11:00 - 2:00

Visit us online at www.TracyRealEstateExpert.com 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 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... View this property >> 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"

The Barringer Team, Century 21 M&M and Associates
912 W 11th Street, Tracy CA 95376
209-833-7777
DRE License #00959667

Visit http://www.TracyRealEstateExpert.com

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New Price for 8037 Depot Master Dr. Tracy!!

Visit us online at www.TracyRealEstateExpert.com , 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 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... View this property >> 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"

The Barringer Team, Century 21 M&M and Associates
912 W 11th Street, Tracy CA 95376
209-833-7777
DRE License #00959667

Visit http://www.TracyRealEstateExpert.com

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 Poole	Dr	5	3 (3 0)	2564	401000	400000	37
771		Grand Teton	Dr	5	3 (3 0)	2791	432000	390000	36
1045		Meadow Lark	Ln	3	2 (2 0)	1851	319000	319000	124
1845		Parker		3	2 (2 0)	2100	270000	225000	86
27263	S	Hillview	Ave	4	3 (3 0)	3033	769000	750000	113
835		Kings Canyon	Ct	4 (5)	3 (3 0)	2360	359000	340000	125
1886		Klamath	Ct	4	3 (2 1)	2499	369950	370000	33
1477		Promenade	Cir	4	3 (2 1)	1689	349950	350000	55
2637		Green Haven	Ct	4	3 (3 0)	3178	499000	480000	127
3437		Mary Jean	Ln	3	2 (2 0)	1337	245000	259875	13
7903	W	Cabe	Rd	4	2 (2 0)	1472	279500	270000	87
2779		Hawkins	Ln	3 (4)	3 (2 1)	2142	372000	370000	61
330		Chukar		3	2 (2 0)	1214	300000	290000	20
1462		Pine	Ct	3	2 (2 0)	1420	249000	250000	39
1645		Panorama	Ct	4	4 (3 1)	2356	474990	451000	47
445	E	Beverly Place		3	1 (1 0)	1298	224900	224900	12
2104	E	EAST	St	3	1 (1 0)	1240	215000	216000	24
515		Peerless	Way	2	2 (1 1)	1166	140000	140000	61
3173		Remington	Way	4	3 (3 0)	3528	699999	675000	23
1353		Parker	Ave	2	2 (2 0)	1078	241000	245000	19
1120		Whispering Wind	Dr	3 (4)	3 (2 1)	2989	420000	415000	25
1887		Camellia	Dr	3	3 (2 1)	1570	339900	343000	14
4612		Regis	Dr	4	3 (2 1)	2126	379950	376000	23
1400		Whispering Wind	Dr	5	4 (3 1)	3011	440000	445000	9
2001		Blossomwood	Ln	4	2 (2 0)	1312	299950	320000	7
1410		Richard	Dr	4	2 (1 1)	1619	239900	250000	7
2302		Holly	Dr	3	2 (2 0)	1364	275000	276000	10
409		Burlington Dr		3 (4)	3 (2 1)	1973	335000	347000	12
48	E	Ninth		2	2 (1 1)	1372	214900	214900	1
555		Jill	Dr	5	3 (3 0)	3063	479950	476000	11
8071	W	Erb	Way	4	3 (3 0)	3930	949000	875000	18
2115		Foothill Ranch	Dr	4	3 (2 1)	2144	360000	360000	20
65		Lavender	Ct	4	3 (2 1)	1726	330000	332500	6
447		Rockingham	Way	5	4 (3 1)	2298	364500	363000	7
1371		Fruitwood	Way	3 (4)	3 (3 0)	1764	358500	350000	12
125		Carmel	Way	4	2 (2 0)	1614	329950	335000	7
1701		Whirlaway	Ln	4	3 (3 0)	2768	440000	430000	26
1280		Cherry Blossom	Ln	4	2 (2 0)	2169	385950	387000	4
2755		Redbridge	Rd	3	3 (2 1)	2698	479900	472500	26
1564		Westcliff		3	3 (2 1)	1828	349900	350000	9
925		Vallerand	Rd	4	3 (2 1)	1898	330000	340700	6
27907	S	Traina	Ct	4	3 (3 0)	3354	629900	642000	20
1442		HOBOKEN	Dr	3	2 (2 0)	1168	300000	289000	4
1880		Bristlecone	Dr	3	2 (2 0)	1306	330000	330000	14
1391		Fruitwood	Way	4	3 (3 0)	1764	349000	349000	20
989		Scarlett	Pl	4	3 (2 1)	1598	310000	310000	4
2645		Redbridge	Rd	3	3 (2 1)	2638	515000	522000	4
1660		Foxwood	Dr	4	3 (3 0)	2500	399990	392500	9
2196		Wynngate	Ct	3	3 (2 1)	1368	225000	230000	7
4554		Crabapple		5	3 (2 1)	3319	446000	446000	6
1851		Bridle Creek	Cir	5	3 (3 0)	2135	389000	389000	14
86		Lavender	Ct	4	3 (2 1)	1726	340000	342000	7
2995		Misty Meadow	Dr	4	3 (2 1)	1607	329950	336000	6
28		Regina	Dr	4	2 (2 0)	1210	299950	315000	7
2360		Russell	St	4	3 (2 1)	1858	340000	341000	4
2550		Gerald	Ct	3	2 (2 0)	1408	279950	295000	4