Sunday, February 8, 2009
Virtual Tours
Home sales rising in weak market
Foreclosures and a three-year price plunge continue to drive a rise in home sales in the Mid-Valley and elsewhere in recession-wracked California.
Yuba and Sutter counties more than doubled the number of freestanding houses sold in December compared to a year earlier, according to a report Wednesday from MDA DataQuick of San Diego.
Eighty-five houses changed hands last month in Yuba County — down from 106 in November but well above the 40 sold in December 2007. In Sutter County, 103 houses were sold in December, up from 89 in November and 43 the previous December.
A glut of foreclosed homes has slashed median home prices in Yuba-Sutter and throughout the Central Valley, as defaults have mounted on high-risk mortgage loans that linked artificially low early payments to much larger ones later. DataQuick reported an 48 percent jump in home sales across California from a year earlier, to 38,000 houses and condominiums.
Median home prices dropped to $170,000 in Sutter County and $152,000 in Yuba County, extending a three-year tumble of sale prices from their 2005 peaks north of $300,000. Those values remain well below the statewide $249,000 median, itself down more than $150,000 over the past year.
Homes seized by banks from insolvent owners dominate the Mid-Valley market, accounting for 79.1 percent of Yuba County sales and 64.8 of those in Sutter County. Private sellers' need to compete with the "foreclosure price" have put banks in charge of price levels and kept them low, according to Lloyd Leighton, owner of Lloyd Leighton Realtors in Yuba City.
"The foreclosures are the market," he said Thursday. "Anyone who wants to be a seller in today's market has to be willing to compete with the foreclosures."
Subprime mortgages' role in the collapsing real estate market has radically shifted housing demand, steering it toward modestly sized and priced homes and away from the newer and larger houses that commanded a half-million dollars or more at the local market's peak.
Mid-Valley brokers reported stronger demand for houses smaller than 2,000 square feet and below $200,000, while late-model luxury homes continue to languish — partly because of lenders' unwillingness to extend "jumbo loans" above $417,000.
With the drying-up of easy loans — some of which effectively accepted borrowers' stated incomes on the honor system — that drove up home buying in the 2000s, buyers must rely more on federally backed loans that demand stricter proof of ability to make the monthly payments, said Sarah Becker of RE/MAX Gold in Yuba City.
"We're seeing a lot more homes bought with government loans, which are harder to obtain," said Becker. "Probably 80 percent of the offers are made (with financing from) the (Federal Home Administration) now. Three years ago, we wouldn't see even one FHA deal out of 100 offers."
California's 523,624 foreclosed homes were the most in the U.S. in 2008 and placed the Golden State third in the percentage of houses in default, behind Florida and Arizona, according to RealtyTrac Inc., another real estate research service.
SINGLE-FAMILY HOMES
Sutter County
• December: 103
• November: 89
• December 2007: 43
Yuba County
• December: 85
• November: 106
• December 2007: 40
MEDIAN HOME PRICES
Sutter County
• December: $170,000
• November: $170,000
• December 2007: $235,000
Yuba County
• December: $152,000
• November: $155,000
• December 2007: $217,000
PERCENTAGE OF SALES FROM FORECLOSURES
Sutter County
• December: 64.8
• November: 69.9
• December 2007: 44.4
Yuba County
• December: 79.1
• November: 72.6
• December 2007: 37.8
By Howard Yune/Appeal-Democrat
Yuba and Sutter counties more than doubled the number of freestanding houses sold in December compared to a year earlier, according to a report Wednesday from MDA DataQuick of San Diego.
Eighty-five houses changed hands last month in Yuba County — down from 106 in November but well above the 40 sold in December 2007. In Sutter County, 103 houses were sold in December, up from 89 in November and 43 the previous December.
A glut of foreclosed homes has slashed median home prices in Yuba-Sutter and throughout the Central Valley, as defaults have mounted on high-risk mortgage loans that linked artificially low early payments to much larger ones later. DataQuick reported an 48 percent jump in home sales across California from a year earlier, to 38,000 houses and condominiums.
Median home prices dropped to $170,000 in Sutter County and $152,000 in Yuba County, extending a three-year tumble of sale prices from their 2005 peaks north of $300,000. Those values remain well below the statewide $249,000 median, itself down more than $150,000 over the past year.
Homes seized by banks from insolvent owners dominate the Mid-Valley market, accounting for 79.1 percent of Yuba County sales and 64.8 of those in Sutter County. Private sellers' need to compete with the "foreclosure price" have put banks in charge of price levels and kept them low, according to Lloyd Leighton, owner of Lloyd Leighton Realtors in Yuba City.
"The foreclosures are the market," he said Thursday. "Anyone who wants to be a seller in today's market has to be willing to compete with the foreclosures."
Subprime mortgages' role in the collapsing real estate market has radically shifted housing demand, steering it toward modestly sized and priced homes and away from the newer and larger houses that commanded a half-million dollars or more at the local market's peak.
Mid-Valley brokers reported stronger demand for houses smaller than 2,000 square feet and below $200,000, while late-model luxury homes continue to languish — partly because of lenders' unwillingness to extend "jumbo loans" above $417,000.
With the drying-up of easy loans — some of which effectively accepted borrowers' stated incomes on the honor system — that drove up home buying in the 2000s, buyers must rely more on federally backed loans that demand stricter proof of ability to make the monthly payments, said Sarah Becker of RE/MAX Gold in Yuba City.
"We're seeing a lot more homes bought with government loans, which are harder to obtain," said Becker. "Probably 80 percent of the offers are made (with financing from) the (Federal Home Administration) now. Three years ago, we wouldn't see even one FHA deal out of 100 offers."
California's 523,624 foreclosed homes were the most in the U.S. in 2008 and placed the Golden State third in the percentage of houses in default, behind Florida and Arizona, according to RealtyTrac Inc., another real estate research service.
SINGLE-FAMILY HOMES
Sutter County
• December: 103
• November: 89
• December 2007: 43
Yuba County
• December: 85
• November: 106
• December 2007: 40
MEDIAN HOME PRICES
Sutter County
• December: $170,000
• November: $170,000
• December 2007: $235,000
Yuba County
• December: $152,000
• November: $155,000
• December 2007: $217,000
PERCENTAGE OF SALES FROM FORECLOSURES
Sutter County
• December: 64.8
• November: 69.9
• December 2007: 44.4
Yuba County
• December: 79.1
• November: 72.6
• December 2007: 37.8
By Howard Yune/Appeal-Democrat
Selling your home
Selling your home in today’s declining market is tough, that’s why you need to have an experienced team to facilitate the sale of your home. In 2008, The Sandgren Real Estate sold 67 homes in the Yuba and Sutter area. When selling your home in a declining market price is very important. Interest rates are still historically low and buyers are looking for “a good deal”. The majority of the properties on the market are bank owned properties or REO’s that are priced at or below market value in order to generate a quick sale. Pricing your home competitive with these REO’s is imperative. Condition also plays a large role in the sale of your home. Because many of the properties on the market are REO’s, buyers are used to viewing homes that need some work. A well taken care of home will often generate more interest and command a slightly higher price.
When looking for a Realtor to help sell your home, be sure to ask about their marketing strategies. While placing the home on the MLS is important, its only one facet of an experienced realtors marketing plan. Did you know that over 80% of home buyers look at the internet first for homes before doing anything else? This is why The Sandgren Real Estate group focuses our marketing effort online. All of our home listings get a professionally done Virtual Tour (Sample Virtual Tours). These virtual tours help you appreciate the beauty and important features about your home as well as move your home higher when buyers do search’s on sites such Google and Realtor.com. We also create a video of your home that’s placed on YouTube. Video provides another great medium for potential buyers to find and view your home. Here is a sample video that we have created:
1015 Martin Ct, Yuba City CA
How many other Realtors do you know that include this service as part of their standard marketing plan? When selling your home it is not only important to market your home to potential buyers, but to other Real Estate Agents in the community as well. The majority of the time, the buyer for your home will already be working with a Realtor. This is why it is imperative that the agent selling your home has a good reputation and working relationship with the other top producing Realtors. The Sandgren Real Estate Team always attends the weekly association of realtors meeting. If your home is a new to the market, it will also be placed on the Brokers Tour. This tour occurs on Tuesdays and allows other agents to walk thru your home. It is typical to get between 15 and 30 agents viewing your property in a single day and a great way to generate extra exposure to the market. You would be surprised at how many of these broker tours result in Purchase Offers for your home.
If you’re thinking of selling your home and would like to get a good idea about the value of your home or to just looking to discuss your options, please fill out the form below and we will contact you as soon as possible. You can also call us anytime, Derek (530) 844-0505 or Brian (530) 300-2420. We look forward to hearing from you.
When looking for a Realtor to help sell your home, be sure to ask about their marketing strategies. While placing the home on the MLS is important, its only one facet of an experienced realtors marketing plan. Did you know that over 80% of home buyers look at the internet first for homes before doing anything else? This is why The Sandgren Real Estate group focuses our marketing effort online. All of our home listings get a professionally done Virtual Tour (Sample Virtual Tours). These virtual tours help you appreciate the beauty and important features about your home as well as move your home higher when buyers do search’s on sites such Google and Realtor.com. We also create a video of your home that’s placed on YouTube. Video provides another great medium for potential buyers to find and view your home. Here is a sample video that we have created:
1015 Martin Ct, Yuba City CA
How many other Realtors do you know that include this service as part of their standard marketing plan? When selling your home it is not only important to market your home to potential buyers, but to other Real Estate Agents in the community as well. The majority of the time, the buyer for your home will already be working with a Realtor. This is why it is imperative that the agent selling your home has a good reputation and working relationship with the other top producing Realtors. The Sandgren Real Estate Team always attends the weekly association of realtors meeting. If your home is a new to the market, it will also be placed on the Brokers Tour. This tour occurs on Tuesdays and allows other agents to walk thru your home. It is typical to get between 15 and 30 agents viewing your property in a single day and a great way to generate extra exposure to the market. You would be surprised at how many of these broker tours result in Purchase Offers for your home.
If you’re thinking of selling your home and would like to get a good idea about the value of your home or to just looking to discuss your options, please fill out the form below and we will contact you as soon as possible. You can also call us anytime, Derek (530) 844-0505 or Brian (530) 300-2420. We look forward to hearing from you.
Monday, July 16, 2007
Area foreclosures climb
Area foreclosures climb
Ashley Gebb of the Appeal Democrat in Marysville reports on foreclosures in the area:
Yuba County ranked second highest in the state for the percentage of foreclosure sales last month, data shows.
ForeclosureRadar, a Discovery Bay company that tracks every auction in California, determined Yuba County had one foreclosure sale for every 2,252 residents. Company founder Sean O’Toole said the company does not analyze the reason behind the numbers, but he guessed it’s linked to a rise in growth. Counties with a lot of land for new development are more likely to have higher foreclosure rates.
Sutter County ranked sixth highest with one foreclosure sale for every 2,534 residents, and Colusa County ranked 23rd, with one foreclosure for every 7,171 residents. Nadia Artero, branch manager at Countrywide Home Loans in Yuba City, said she has noticed a large number of foreclosures in the area recently. “All you have to do is look in the newspaper every day at the notices of default,” she said.
Appeal-Democrat records show that 85 ads were taken out for notice of trustee sales in June, compared with 60 in January. Artero said a decrease in property values since October 2005 has contributed to the increase. Many people purchase homes with 100 percent financing and use adjustable-rate mortgages. The rate jumps out of their price range when it eventually changes, and people end up owing more than their homes are worth. “People can’t afford the home, can’t afford to refinance and were probably stretched just to get the home to begin with,” she said. Artero’s advice to homebuyers is to use a fixed-rate or more conservative loan. Once someone reaches foreclosure, it’s difficult to keep the home, she said. “That’s tough, really tough,” she said. “It’s an ugly time right now for a lot of people.”
ForeclosureRadar reported that foreclosures now represent 16 percent of all new and resale home sales in the state. California had 6,960 homes sold at auction in June, a 95 percent increase from January. However, there was almost no increase from May to June.
“We’ll keep our fingers crossed that it will stay that way,” O’Toole said.
Ashley Gebb of the Appeal Democrat in Marysville reports on foreclosures in the area:
Yuba County ranked second highest in the state for the percentage of foreclosure sales last month, data shows.
ForeclosureRadar, a Discovery Bay company that tracks every auction in California, determined Yuba County had one foreclosure sale for every 2,252 residents. Company founder Sean O’Toole said the company does not analyze the reason behind the numbers, but he guessed it’s linked to a rise in growth. Counties with a lot of land for new development are more likely to have higher foreclosure rates.
Sutter County ranked sixth highest with one foreclosure sale for every 2,534 residents, and Colusa County ranked 23rd, with one foreclosure for every 7,171 residents. Nadia Artero, branch manager at Countrywide Home Loans in Yuba City, said she has noticed a large number of foreclosures in the area recently. “All you have to do is look in the newspaper every day at the notices of default,” she said.
Appeal-Democrat records show that 85 ads were taken out for notice of trustee sales in June, compared with 60 in January. Artero said a decrease in property values since October 2005 has contributed to the increase. Many people purchase homes with 100 percent financing and use adjustable-rate mortgages. The rate jumps out of their price range when it eventually changes, and people end up owing more than their homes are worth. “People can’t afford the home, can’t afford to refinance and were probably stretched just to get the home to begin with,” she said. Artero’s advice to homebuyers is to use a fixed-rate or more conservative loan. Once someone reaches foreclosure, it’s difficult to keep the home, she said. “That’s tough, really tough,” she said. “It’s an ugly time right now for a lot of people.”
ForeclosureRadar reported that foreclosures now represent 16 percent of all new and resale home sales in the state. California had 6,960 homes sold at auction in June, a 95 percent increase from January. However, there was almost no increase from May to June.
“We’ll keep our fingers crossed that it will stay that way,” O’Toole said.
Friday, July 13, 2007
Common Closing Costs for Buyers
Common Closing Costs for Buyers
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
Downpayment
Loan origination fees
Points, or loan discount fees, you pay to receive a lower interest rate
Appraisal fee
Credit report
Private mortgage insurance premium
Insurance escrow for homeowners insurance, if being paid as part of the mortgage
Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
Deed recording fees
Title insurance policy premiums
Survey
Inspection fees—building inspection, termites, etc.
Notary fees
Prorations for your share of costs, such as utility bills and property taxes
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
Downpayment
Loan origination fees
Points, or loan discount fees, you pay to receive a lower interest rate
Appraisal fee
Credit report
Private mortgage insurance premium
Insurance escrow for homeowners insurance, if being paid as part of the mortgage
Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
Deed recording fees
Title insurance policy premiums
Survey
Inspection fees—building inspection, termites, etc.
Notary fees
Prorations for your share of costs, such as utility bills and property taxes
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
Monday, June 18, 2007
5003 State Hwy 70
For Sale
5003 State Hwy 70
Priced At: $600,000
View the Virtual Tour of this Property at: http://ts.rtvpix.com/tour/RC/tour.view.ltr.php?utl=RC-7584-Y1NVK7-01
To learn more about this property, please visit: www.HomesInYuba.com or www.SandgrenRE.com.
Sacramento region default notices hit record highs
Sacramento region default notices hit record highs
Both notices of default, the first sign that homeowners are having trouble making payments, and foreclosures reached historic highs across much of the Sacramento area during first quarter reported Sami Siddiqui, President of GreatWest GMAC Real Estate.The statistics are the newest indication of stress in one of California’s most troubled major housing markets. They come as spring sales already are slowing amid a glut of resale inventory and tightening of borrowing standards by lenders.Real estate industry analysts call the region’s defaults an echo from the surge of home loans made during the summer of 2005 as the region’s real estate market soared. That summer, capital region buyers stretched their hardest to buy homes, with about 76 percent using adjustable rate loans, according to DataQuick Information Systems of La Jolla.Many of those loans, as well as refinancing to tap housing boom equity for things like swimming pools and cars, are resetting to higher payments and pressuring the area’s economy."You can’t party forever and our inventory of foreclosed listings shows it”, said Sami Siddiqui of GreatWest GMAC Real Estate.Notices of default -- issued after a homeowner misses at least two monthly mortgage payments -- reached their highest levels ever during this year’s first quarter in Amador, El Dorado, Sacramento, Sutter, Yolo and Yuba counties, DataQuick reported.The number of defaults stopped rising only in Placer County. Nevada County remains below previous highs reached in the 1990s, DataQuick reported.First-quarter foreclosure numbers also reached highs across much of the region -- in Sacramento, Placer, El Dorado, Yolo and Sutter counties -- according to DataQuick, which tracks county property records.DataQuick said 1,505 homeowners in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties lost their houses to foreclosure during January, February and March. That’s up from 865 the previous three months.DataQuick reported just 143 foreclosures in the eight-county region in the first quarter of 2006."Lender inventory of foreclosed properties has increased and will continue to increase” said Brodie Stephens, a Manager at GreatWest GMAC Real Estate.DataQuick attributed part of the record-breaking numbers to a greater supply of homes and loans in the Sacramento region since previous records were established during the recession-plagued mid-1990s. But the bigger factor is a combination of risky 2005 and 2006 loans and falling home prices that make it difficult for owners to refinance out of trouble. Even in a time when the economy continues to generate job growth, selling the house is becoming harder.The Sacramento region has plenty of troubled company. Statewide, defaults reached a 10-year high during the year’s first quarter. Among major urban counties Riverside and Contra Costa counties also had record levels of defaults, DataQuick reported.Nationally, Yuba County ranked ninth and Sacramento 16th among more than 1,000 counties for the percentage increase of defaults from the first quarter of 2006, according to Foreclosures.com, a Fair Oaks-based Web site that tracks them for investors. Placer and El Dorado counties ranked 19th and 20th.
Both notices of default, the first sign that homeowners are having trouble making payments, and foreclosures reached historic highs across much of the Sacramento area during first quarter reported Sami Siddiqui, President of GreatWest GMAC Real Estate.The statistics are the newest indication of stress in one of California’s most troubled major housing markets. They come as spring sales already are slowing amid a glut of resale inventory and tightening of borrowing standards by lenders.Real estate industry analysts call the region’s defaults an echo from the surge of home loans made during the summer of 2005 as the region’s real estate market soared. That summer, capital region buyers stretched their hardest to buy homes, with about 76 percent using adjustable rate loans, according to DataQuick Information Systems of La Jolla.Many of those loans, as well as refinancing to tap housing boom equity for things like swimming pools and cars, are resetting to higher payments and pressuring the area’s economy."You can’t party forever and our inventory of foreclosed listings shows it”, said Sami Siddiqui of GreatWest GMAC Real Estate.Notices of default -- issued after a homeowner misses at least two monthly mortgage payments -- reached their highest levels ever during this year’s first quarter in Amador, El Dorado, Sacramento, Sutter, Yolo and Yuba counties, DataQuick reported.The number of defaults stopped rising only in Placer County. Nevada County remains below previous highs reached in the 1990s, DataQuick reported.First-quarter foreclosure numbers also reached highs across much of the region -- in Sacramento, Placer, El Dorado, Yolo and Sutter counties -- according to DataQuick, which tracks county property records.DataQuick said 1,505 homeowners in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties lost their houses to foreclosure during January, February and March. That’s up from 865 the previous three months.DataQuick reported just 143 foreclosures in the eight-county region in the first quarter of 2006."Lender inventory of foreclosed properties has increased and will continue to increase” said Brodie Stephens, a Manager at GreatWest GMAC Real Estate.DataQuick attributed part of the record-breaking numbers to a greater supply of homes and loans in the Sacramento region since previous records were established during the recession-plagued mid-1990s. But the bigger factor is a combination of risky 2005 and 2006 loans and falling home prices that make it difficult for owners to refinance out of trouble. Even in a time when the economy continues to generate job growth, selling the house is becoming harder.The Sacramento region has plenty of troubled company. Statewide, defaults reached a 10-year high during the year’s first quarter. Among major urban counties Riverside and Contra Costa counties also had record levels of defaults, DataQuick reported.Nationally, Yuba County ranked ninth and Sacramento 16th among more than 1,000 counties for the percentage increase of defaults from the first quarter of 2006, according to Foreclosures.com, a Fair Oaks-based Web site that tracks them for investors. Placer and El Dorado counties ranked 19th and 20th.
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