Thursday, March 31, 2016

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.

Thursday, March 24, 2016

Why You Need To List Today

3 Charts That Scream ‘List Your Home Today’

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.

Tuesday, March 15, 2016

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:

Monday, March 7, 2016

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)
*************************

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 
250SCentralAve32 (2 0)1351265500295000146 
27743SCorral HollowRd63 (3 0)3672879000840000310 
2680 LincolnBlvd32 (2 0)1552359000359000179 
2268 Yellowstone 53 (3 0)2888420000410000106 
27263 LillegardCt53 (3 0)415511000001075000191 
7095WSaint AndrewsLn32 (2 0)2162409000409000141 
227 carlton 42 (2 0)1468309900309000103 
1450 AutumnLn4 (5)3 (3 0)238139990039000091 
1845 ThicketLn32 (2 0)162834500034500084 
2280 Bridle CreekCir43 (2 1)156539000038500040 
3423 Eagle Rock Loop 43 (2 1)2113429000425000104 
2532 ColomaLn44 (3 1)351161590062497120 
3955 TropazLn3 (4)3 (2 1)241038900039000040 
103W23rdSt32 (2 0)1050299999305000100 
2610 Reyes Lane 43 (3 0)242047995047995091 
810 Ben IngramLn54 (4 0)302353500053000044 
4211 Mulberry 42 (2 0)184140500041500027 
343 Hickory 32 (2 0)112031995031000062 
1486 MansfieldSt43 (2 1)248444000044000085 
1620WCoupePl43 (2 1)156734500033000077 
1630NTracyBlvd32 (2 0)164928500028000016 
1840 VillageDr32 (2 0)14443300003330005 
2284 MorningsideCt33 (2 1)15332950002900007 
1720 Whirlaway 53 (3 0)289047000047000049 
688 Harold SmithDr33 (2 1)170538950038400044 
460 GianelliSt43 (2 1)21974099004050007 
285 Cedar MountainDr42 (2 0)174637000039000039 
650 Horse ShoeLoop43 (2 1)235646995046990028 
1175 PalomarDr43 (3 0)278847900047500029 
2358 Carol AnnDr32 (2 0)173338995038995010 
1411 BiarritzSt4 (5)3 (3 0)312457800055900035 
1750 Horse ShoeLoop43 (2 1)228540000039000029 
740 GreenfordCt33 (2 1)153330500030000013 
378 CoseLn4 (5)3 (2 1)27994750004700007 
144 RidgeviewDr3 (4)3 (3 0)24474490004350006 
1303 HamptonCt43 (3 0)20464350004350001 
1531 Joseph MenusaLn42 (2 0)18504070004070009 
220WWhittierAve32 (2 0)159021400033180015 
1010 SultanaDr31 (1 0)100021500031000016 
2191 Spring View Ct 33 (2 1)13682950002850005 
1395 ChristinaDr33 (2 1)154835600037000012 
705 ManitobaCt53 (3 0)23684258884260004 
1522 ShadowoodCt43 (2 1)16733890993900003 
1418 GreenwoodCt43 (2 1)16893690003810005 
3457 Mary JeanLn32 (2 0)10903040003100007 
261WWhittierAve32 (2 0)112031000032960012 
1022 Vernon BerryLn33 (2 1)13723450003535005 
2 SouthSt21 (1 0)6961750001650003 
581 Clarence BromellSt53 (3 0)23974650004720009 
29W22 32 (2 0)150622990026100013 
28353SZephyrDr43 (2 1)307657000056000017 
300 FireflyWay32 (2 0)13153349993500009 
1611 AnnieWay43 (3 0)21003899003815000