The Mortgage Process: What You Need To Know

Some Highlights:

• Many buyers are purchasing a home with a down payment as little as 3%.
• You may already qualify for a loan, even if you don't have perfect credit.
• Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.
  

Why You Need To List Today

3 Charts That Scream ‘List Your Home Today’

 Tuesday March 22nd, 2016  For Sellers, Housing Market Updates

In school we all learned the Theory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market.

DEMAND

Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand in February significantly outpaced the last six months.

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream home (if they even are able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their home. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their home. In reality, CoreLogic’s latest Equity Report tells us that 72.6% actually do!

Many homeowners who are undervaluing their home equity may feel trapped in their current home, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, let's meet up to evaluate the equity you have in your home, as well as the opportunities available in your market.

What If I Wait Until Next Year To Buy A Home?

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.

Let us explain.

There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.

What will happen over the next 12 months?

According to CoreLogic’s latest Home Price Index, prices are expected to rise by 5.5% by this time next year.

Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% in that same time.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:

Don't Forget to Spring Forward!

Market Trends for Tracy and Mountain House

THE BARRINGER TEAM LOCAL MARKET TRENDS FOR FEBRUARY 2016

The following information is from the local MLS database, as of March 7, 2016 and is compared to (Feb. 11, 2016). The amount of listings are still low in this market but demand is still strong and good homes do not last long on the market. Prices are increasing as well.  Buyers are still eager to buy and they are watching the new listings as they hit the market. And with fewer choices buyers are competing to get their offers accepted.   Interest rates are staying down with 30 yr fixed at 4.35% and FHA/VA at 3.75%. 15 yr is 3.375. Still the lowest rates!　New home construction projects are popping up more in the area and even though the prices are a little higher, there are still good deals out there in the new communities.  Don't forget...We can represent you with the new home builders too!  Don't go with out being represented!

  　If you have been on the Fence about selling your home then NOW is still the time to sell. There will be more homes coming on the market in the spring and the buyers that are looking now are SERIOUS buyers!   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 instantvaluation of your home on the internet at www.tracyhomevalue.com.  or  Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com.

Tracy, CA

ACTIVE STATUS

Total # of residential properties for sale in the city of Tracy: 90 (91)

# of REO (foreclosures): 1 (2)

# of Short Sales: 3 (3)

Average # of days on market: 22 (17)

#New Construction:  6

The median price of all homes for sale in Tracy: $469,975 ($4359,950)

PENDING STATUS

Number of properties currently under agreement: 147 (129)

# of REO: 5 (5)

# of Pending Short Lender Approval: 11 (11)

Median pending price: $399,000 ($389,888)

SOLD STATUS

Residential property sold over previous 30 days: 53 homes (62)

REO's sold in the last month: 4 (2)

Short sales sold in the last month: 4 (6)

Median sale price: $390,000 ($389,500)

Median # of days on the market:  20 (25)

　

Mountain House, CA

ACTIVE STATUS

Total # of residential properties for sale in the city of Mountain House: 36 (39)

# of REO (foreclosures): 1 (0)

# of Short Sales: 0 (0)

# of New Construction: 5 (6)

Average # of days on market: 34 (66)

The median price of all homes for sale in Mountain House: $572,000 ($565,000)

PENDING STATUS

Number of properties currently under agreement: 54 (48)

# of REO: 1 (1)

# of Pending Short Lender Approval: 2 (3)

# New Construction: 10

Median pending price: $532,450 ($512,970)

SOLD STATUS

Residential property sold over previous 30 days: 19 homes (19 homes)

REO's sold in the last month: 1 (1)

Short sales sold in the last month: 1 (1)

New Construction sold: 0

Median sale price: $460,000 ($510,000)

Median # of days on the Market: 13  (27)

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HOMES SOLD IN TRACY IN FEBRUARY

Take a look at this chart to see the SOLDS in Tracy for February.  Call us for a free Market Analysis on your home!  209-833-7777.

		Address		Beds	Baths	Sq Ft	List	Sell	DOM
250	S	Central	Ave	3	2 (2 0)	1351	265500	295000	146
27743	S	Corral Hollow	Rd	6	3 (3 0)	3672	879000	840000	310
2680		Lincoln	Blvd	3	2 (2 0)	1552	359000	359000	179
2268		Yellowstone		5	3 (3 0)	2888	420000	410000	106
27263		Lillegard	Ct	5	3 (3 0)	4155	1100000	1075000	191
7095	W	Saint Andrews	Ln	3	2 (2 0)	2162	409000	409000	141
227		carlton		4	2 (2 0)	1468	309900	309000	103
1450		Autumn	Ln	4 (5)	3 (3 0)	2381	399900	390000	91
1845		Thicket	Ln	3	2 (2 0)	1628	345000	345000	84
2280		Bridle Creek	Cir	4	3 (2 1)	1565	390000	385000	40
3423		Eagle Rock Loop		4	3 (2 1)	2113	429000	425000	104
2532		Coloma	Ln	4	4 (3 1)	3511	615900	624971	20
3955		Tropaz	Ln	3 (4)	3 (2 1)	2410	389000	390000	40
103	W	23rd	St	3	2 (2 0)	1050	299999	305000	100
2610		Reyes Lane		4	3 (3 0)	2420	479950	479950	91
810		Ben Ingram	Ln	5	4 (4 0)	3023	535000	530000	44
4211		Mulberry		4	2 (2 0)	1841	405000	415000	27
343		Hickory		3	2 (2 0)	1120	319950	310000	62
1486		Mansfield	St	4	3 (2 1)	2484	440000	440000	85
1620	W	Coupe	Pl	4	3 (2 1)	1567	345000	330000	77
1630	N	Tracy	Blvd	3	2 (2 0)	1649	285000	280000	16
1840		Village	Dr	3	2 (2 0)	1444	330000	333000	5
2284		Morningside	Ct	3	3 (2 1)	1533	295000	290000	7
1720		Whirlaway		5	3 (3 0)	2890	470000	470000	49
688		Harold Smith	Dr	3	3 (2 1)	1705	389500	384000	44
460		Gianelli	St	4	3 (2 1)	2197	409900	405000	7
285		Cedar Mountain	Dr	4	2 (2 0)	1746	370000	390000	39
650		Horse Shoe	Loop	4	3 (2 1)	2356	469950	469900	28
1175		Palomar	Dr	4	3 (3 0)	2788	479000	475000	29
2358		Carol Ann	Dr	3	2 (2 0)	1733	389950	389950	10
1411		Biarritz	St	4 (5)	3 (3 0)	3124	578000	559000	35
1750		Horse Shoe	Loop	4	3 (2 1)	2285	400000	390000	29
740		Greenford	Ct	3	3 (2 1)	1533	305000	300000	13
378		Cose	Ln	4 (5)	3 (2 1)	2799	475000	470000	7
144		Ridgeview	Dr	3 (4)	3 (3 0)	2447	449000	435000	6
1303		Hampton	Ct	4	3 (3 0)	2046	435000	435000	1
1531		Joseph Menusa	Ln	4	2 (2 0)	1850	407000	407000	9
220	W	Whittier	Ave	3	2 (2 0)	1590	214000	331800	15
1010		Sultana	Dr	3	1 (1 0)	1000	215000	310000	16
2191		Spring View Ct		3	3 (2 1)	1368	295000	285000	5
1395		Christina	Dr	3	3 (2 1)	1548	356000	370000	12
705		Manitoba	Ct	5	3 (3 0)	2368	425888	426000	4
1522		Shadowood	Ct	4	3 (2 1)	1673	389099	390000	3
1418		Greenwood	Ct	4	3 (2 1)	1689	369000	381000	5
3457		Mary Jean	Ln	3	2 (2 0)	1090	304000	310000	7
261	W	Whittier	Ave	3	2 (2 0)	1120	310000	329600	12
1022		Vernon Berry	Ln	3	3 (2 1)	1372	345000	353500	5
2		South	St	2	1 (1 0)	696	175000	165000	3
581		Clarence Bromell	St	5	3 (3 0)	2397	465000	472000	9
29	W	22		3	2 (2 0)	1506	229900	261000	13
28353	S	Zephyr	Dr	4	3 (2 1)	3076	570000	560000	17
300		Firefly	Way	3	2 (2 0)	1315	334999	350000	9
1611		Annie	Way	4	3 (3 0)	2100	389900	381500	0