Atascadero

Survey Identifies Home Shoppers’ Preferences in 2017

Posted in Atascadero, Central Coast Real Estate, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on April 13th, 2017 by Jim – Be the first to comment

Ranch-style homes, large backyards and updated kitchens top shoppers’ wish lists this spring, according to realtor.com®’s home buyer survey. More than half of home seekers are looking for a three-bedroom home, while 75 percent of shoppers are considering a two-bathroom home.

The following are key findings of the realtor.com® home buyer survey:
•Large backyards, garages and updated kitchens top list of most searched attributes: All age groups are looking for some combination of a backyard, garage and updated kitchen.
•Ranch-style homes and kitchens rule in 2017: Ranch homes led shoppers’ rankings of desired home styles by far, with 42 percent of shoppers looking for a ranch home.
•Privacy ranks as shoppers’ top goal for buying, largely driven by buyers over age 45: This preference can be attributed to mostly buyers between 45 and 64 years old, for whom privacy tends to beat out other preferences such as stability, family needs, and financial investment.
•Millennial shoppers cite family needs as the primary reason for entering the housing market: As millennial buyers prioritize family needs, it is no surprise that most millennials cited life events like increasing family size and getting married or moving in with a partner as their primary triggers for finding a new home.
•Desire for single-family home rises with age: Among younger buyers, many of whom are buying starter homes, 40 percent of shoppers were looking for townhouses and row houses.

Housing Recovery Continues at Modest Pace

Posted in Atascadero, Central Coast Real Estate, Paso Robles, Templeton on March 28th, 2017 by Jim – Be the first to comment

Markets in 162 of the approximately 340 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2016, according to the recently released National Association of Home Builders/First American Leading Markets Index (LMI). This represents a year-over-year net gain of 73 markets.

The index’s nationwide score ticked up to .98, meaning that based on current permit, price and employment data, the nationwide average is running at 98 percent of normal economic and housing activity. Meanwhile, 91% of markets have shown an improvement year over year.

Freddie Mac Announces New Foreclosure Prevention Program

Posted in Atascadero, Central Coast Real Estate, Home loans, Home Prices, Mortgage shopping, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on March 25th, 2017 by Jim – Be the first to comment

Freddie Mac recently announced the Freddie Mac Flex Modification foreclosure prevention program, which is designed to help America’s families by offering significant reductions in their monthly mortgage payments. It replaces Freddie Mac’s version of the Home Affordable Modification Program (HAMP), which is set to expire at the end of this year.

The new program was developed in alignment with Fannie Mae at the direction of the Federal Housing Finance Agency (FHFA).

The Flex Modification is expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations.

Servicers must implement the new program by Oct.1, 2017. In the interim, while HAMP expires on Dec.30, 2016, Freddie Mac’s Standard and Streamlined Modifications will remain in effect until the new program is implemented.

Most Home Buyers Keep Their Options Open

Posted in Atascadero, Central Coast Real Estate, Home loans, Home Prices, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on November 18th, 2016 by Jim – Be the first to comment

In today’s competitive housing market, most of those who moved recently considered both buying and renting while looking for a new place to live, according to the Zillow Group Report on Consumer Housing Trends.

It takes more than 10 weeks to find a new home to rent – and more than 12 weeks for those with low incomes or those searching in tight rental markets, according to an analysis of the Zillow Group Report and U.S. Census data. For home buyers, the search is longer – 17 weeks.

More than half — 54 percent — of buyers do not get the first home on which they make an offer. First-time home buyers make up 47 percent of all buyers, so it’s feasible for many potential buyers to keep their options open and return to renting if they aren’t successful purchasing a home.

Banks Rush to Offer 3% Down Payment Loans

Posted in Atascadero, Central Coast Real Estate, Home loans, Paso Robles, Templeton, Time to buy a Home on June 20th, 2016 by Jim – Be the first to comment

As some banks veer from Federal Housing Administration loans, they’re offering their own low down payment mortgages to appeal to home shoppers struggling to save enough to buy a home. Wells Fargo recently made headlines when it debuted its 3 percent down payment loan.

PMorgan Chase also announced its offering called the “Standard Agency 97%” program, a 3 percent down payment loan geared for first-time home buyers and requires a FICO score of 680. Chase also has a loan program called “DreaMaker Mortgage,” which offers a 5 percent down payment – 3 percent of which can come from the borrower as well as flexible funding options for closing costs and reduced mortgage insurance requirements.

Other banks have recently announced their low down payment offerings. Earlier this year, Bank of America began offering a 3 percent down payment loan that did not involve the Federal Housing Administration and does not require mortgage insurance. The bank requires a minimum FICO score of 660.

March Sales, Median Price Accelerate From Previous Month, Year

Posted in Atascadero, Central Coast Real Estate, Home Prices, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on April 25th, 2016 by Jim – Be the first to comment

California home sales rose from both the previous month and year to post the highest sales pace in six months, while strained housing supplies continued to push home prices higher, according to C.A.R.’s March sales and price report.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 415,220 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.

The March figure was up 5.5 percent from the revised 393,430 level in February and up 5.7 percent compared with home sales in March 2015 of a revised 392,660. March’s sales level rose above the 400,000 level for the first time in three months.

The median price of an existing, single-family detached California home rose 8.9 percent in March, reversing a two-month decline, to $483,280 from $443,950 in February. March’s median price was 4 percent higher than the revised $464,640 recorded in March 2015.

Mortgage Foreclosures and Delinquencies Continue to Drop

Posted in Atascadero, Central Coast Real Estate, Home loans, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on March 16th, 2016 by Jim – Be the first to comment

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.77 percent of all loans outstanding at the end of the fourth quarter of 2015, according to the Mortgage Bankers Association’s National Delinquency Survey. This was the lowest level since the third quarter of 2006. The delinquency rate decreased 22 basis points from the previous quarter, and 91 basis points from one year ago. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.

The percentage of loans on which foreclosure actions were started during the fourth quarter was 0.36 percent, a decrease of two basis points from the previous quarter, and down 10 basis points from one year ago. This foreclosure starts rate was at the lowest level since the second quarter of 2003.

The percentage of loans in the foreclosure process at the end of the third quarter was 1.77 percent, down 11 basis points from the third quarter and 50 basis points lower than one year ago. This was the lowest foreclosure inventory rate seen since the third quarter of 2007.

The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 3.44 percent, a decrease of 13 basis points from last quarter, and a decrease of 108 basis points from last year. This was the lowest serious delinquency rate since the third quarter of 2007.

Consumer Confidence Increases in January

Posted in Atascadero, Central Coast Real Estate, Home Prices, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on February 12th, 2016 by Jim – Be the first to comment

The Conference Board Consumer Confidence Index, which increased in December, improved moderately in January. The Index now stands at 98.1 (1985=100), up from 96.3 in December. The Present Situation Index was unchanged at 116.4, while the Expectations Index increased from 83 to 85.9 in January.

Consumers’ appraisal of current conditions was relatively flat in January. The percentage saying business conditions are “good” was virtually unchanged at 27.2 percent, while those saying business conditions are “bad” declined slightly from 18.9 percent to 18.5 percent. Consumers’ assessment of the labor market was modestly more positive. The proportion claiming jobs are “plentiful” decreased from 24.2 percent to 22.8 percent, while those claiming jobs are “hard to get” declined to 23.4 percent from 24.5 percent.

Buying More Affordable than Renting in 58 Percent of U.S. Markets

Posted in Atascadero, Central Coast Real Estate, Home loans, Home Prices, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on January 30th, 2016 by Jim – Be the first to comment

RealtyTrac released its 2016 Rental Affordability Analysis which shows that buying is still more affordable than renting in 58 percent of U.S. housing markets despite home price appreciation outpacing rent growth in 55 percent of markets. The report also shows that the rise in rents is outpacing weekly wage growth in 57 percent of markets.

Rents on three-bedroom properties will increase an average of 3.5 percent in 2016 compared to 2015 across all 504 counties analyzed, according to the HUD data. Meanwhile, average weekly wages in the second quarter of 2015 (the most recent wage data available) were up an average of 2.6 percent from a year ago and median home prices were up an average of 5 percent in the third quarter of 2015 compared to a year ago across all 504 counties.

Across all 504 counties analyzed, average wage earners will need to spend 37 percent of their income on rents for a three-bedroom property in 2016, slightly less than the 38 percent of income to make monthly house payments — assuming a 3 percent down payment and including mortgage, taxes, insurance and mortgage insurance — on a median priced home on average across all 504 counties.

Renting was more affordable than buying in 213 of the 504 counties analyzed (42 percent), including counties in Los Angeles, Houston, San Diego, New York City (Brooklyn), and Dallas. Buying was more affordable than renting in 291 counties (58 percent) including counties in Chicago, Phoenix, Miami, the Inland Empire of Southern California, Las Vegas, and Detroit.

Report Shows Home Prices Up Year Over Year

Posted in Atascadero, Central Coast Real Estate, Home Prices, Paso Robles, Templeton, Time to buy a Home, Time to sell a home on December 23rd, 2015 by Jim – Be the first to comment

CoreLogic recently released its CoreLogic Home Price Index (HPI) and HPI Forecast data for October 2015 which shows home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased 6.8 percent in October 2015 compared with October 2014 and increased 1 percent in October 2015 compared with September 2015, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices are projected to increase 5.2 percent on a year-over-year basis from October 2015 to October 2016, and the projected month-over-month gain is negligible (0.1 percent) from October 2015 to November 2015. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.