In my recent research of the Stockton Housing Market, I was amazed that home prices in Stockton have fallen all the way back to 2001 levels. What were you doing in February of 2001? In February of 2001, the Median priced sold home in Stockton was $140,000 according to the data on Metrolist.com
2001 Median Home Prices - Stockton, Ca
Now, look at today’s chart from last year and into January 2011. What happened over the past 10 years for Stockton Home appreciation? NADA. Wiped away from the housing bubble burst.
Jan 2011 Median Home Prices
Now that we have gone back to the future or the past in this case, what would you like to do over again? Could this be the best time to buy in Stockton’s History?
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If your looking for some good tasting food and entertainment at the same time this is your spot. At Shi Ra Soni, they cook the food right in front of your eyes. They make it fun with their antics and playful jokes. This place has been a favorite of ours for quite some time and have made it a tradition to go there on birthdays and special occasions.
They have a wide variety of food, but my favorite is the “karate chop” which is grilled chicken and steak with fried rice with veggies. I always order the garlic fried rice which is much better than the traditional. They also serve many different types of seafood including grilled shrimp and a ton of different sushi.
Give them a try, you’ll be happy you did.
Shi Ra Soni
3249 W Hammer Ln, Stockton, CA 95209
209-473-2525
Secretary Shaun Donovan of HUD said, “As a result of the tightened credit market, FHA-insured mortgage financing is often the
only means of financing available to potential home buyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many home buyers find affordable housing while contributing to neighborhood stabilization.”
The new rule will take effect February 1,2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA commissioner. The rule was first brought about to protect FHA borrowers against predatory practices of “flipping” where properties were quickly resold at inflated prices. In todays market of over-regulation and extra underwriting of appraisals, it would be hard to over inflated homes prices. The inflated prices are a thing of the past, for now.
The following conditions must be meet on the transaction:
•All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
•In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
•The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website here.
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November home sales in Stockton slowed compared to previous months. There were 745 sold of existing homes. The rest of California and the United states faired different. California sales were up 4.6%, while national sales were up 7.4%
San Joaquin county has a very low 1.4 month inventory! On average, the real estate market has an inventory of 6.5 months.
Dave’s take:
Being a traditional slow season could be one reason for the decline in activity. However, another cause is the lack of inventory. 1.4 months of inventory is nothing! Talk about a sellers market! Yes, prices have leveled, if not inched up a bit, but there are plenty of buyers who would like to take advantage to the $8000 tax credit.
As many of you know, agents are getting multiple offers on homes. There is a ‘shadow inventory’ lurking, but banks seem to be holding the foreclosed homes and not releasing them to the market due to federal pressures or some other unknown reasons.
I feel this is a temporary slow down, as more of the ‘shadow inventory’ is put on the market in the near future. There is word Bank of America is preparing to release more homes. Buyers are also going to want to take advantage of the expiring tax credit by April 1st. The spring should bring new things, new activity and more happy home owners!
Happy Holidays,
David
Commets or questions??
Contact me @
email: mckeeverrealestate@gmail.com
http://twitter.com/davemckeever
]]>The President will sit down with bank executives on Monday to discuss lending and industry reform legislation.
President Obama will meet with the chief executives of several big banks next week, in an effort to help spur greater lending to consumers and small businesses, two senior White House officials told CNN Wednesday.
http://money.cnn.com/2009/12/09/news/companies/banks_obama/index.htm
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• Count the bulbs on all of your decorative indoor and outdoor lights.
• Check the wattage per bulb.
• Multiply watts per bulb by number of bulbs. (1 watt per bulb x 1,000 bulbs = 1,000 watts).
• Convert watts to kilowatts — 1,000 watts = 1 kilowatt (kw).
• Estimate the hours per month the lights are on. (5 hours per day x 30 days = 150 hours)
• Multiply the total kilowatts by the total number of hours the
lights will be on to get the total kilowatt-hours (kwh). For example, 1 kw x 150 hours = 150 kwh.
• Multiply the total kilowatt-hours by the total cost ofelectricity per kwh. (150 kwh x $0.14 per kwh = $21) In this example, the cost of holiday lighting would be an additional $21 per month.
Reprinted with permission of RISMedia, publisher of Real Estate Magazine
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Uncle Sam will credit you 30% of the cost up to $1,500 in 2009 for improvements to existing home that make your home more energy efficient.
]]>For all the doom and gloom about the housing market, it still generally pays to own a home.
http://www.msnbc.msn.com/id/33243863/ns/business-real_estate/
]]>If you were a home owner in Stockton and you were fortunate enough to have 60-80k equity still in your home, and a mortgage that is relatively comfortable at $1,300 mo. w/ 3 bed/ 2 bath, swimming pool in Linclon Village West; would it be better to sell now…
Click Below to read more…
]]>Help Your Sellers Prepare for an FHA Appraisal Inspection
•The appraiser must check representative smoke detectors. Please ask sellers to be sure they are working and accessible.
•The appraiser must have access to the attic , via scuttle and/or drop stairs, as well as access to crawl spaces. Please ask sellers to clear the access to the scuttle. If the scuttle door is located in a closet, please clear the closet contents. Please leave the scuttle door open. The appraiser will not break the seal of a sealed scuttle, nor clear the area of personal belongings due to issues of liability. A return inspection will be required if these areas are not prepared.
•Please ask sellers to disengage computer settings on automatic thermostats (set back type). The appraiser must check the operation on heating and cooling systems and will not want to alter the system settings.
•Garage doors must be tested for function and reverse function. If the reverse does not work, please ask sellers to repair or adjust or inform the appraiser of the problem to avoid damage to garage doors during the testing process.
•The appraiser must test representative electrical outlets and switches. Please ask sellers to make sure all have operable light bulbs. In a vacant house, utilities must be restored to the building. The appraiser must disclose whether utilities are on/off.
•For properties which include a well and/or septic, please ask sellers to indicate the location of the well head and/or septic drain field, if known.
•The appraiser must test windows for proper operation. If windows are painted shut, please ask sellers to free them and make sure they are operating properly. In addition, security bars must have inside safety release latches allowing ingress/egress in the event of an emergency.
•Homes built prior to 1978 which have peeling or flaking paint on any surface (exterior & interior) will be called for repair. If these areas are scraped, primed and painted prior to the appraisal, time and expense will be spared. At a minimum, exposed deficiencies must be sealed with paint.
•Special Note on Appliances: The Valuation Protocol (page D-26 of Appendix D, Handbook 4150.2) requires the appraiser to note the appliances that are present in the home at the time of inspection and whether the appliance is considered personal property or part of the real estate. The protocol further directs the appraiser to treat non-functioning appliances/equipment as deferred maintenance in the valuation process.
The manner in which an appliance is attached to the dwelling would determine whether or not an appliance should be considered part of the real estate. In some real estate markets, it may be typical and customary for certain appliances to convey with the real estate. In these situations, those appliances should be considered real estate and treated as such in the valuation of the property.
In some cases, such as that of REO properties, all or some of the appliances may be missing and there may be damage to the floor, wall or ceiling finish as a result of the removal. Depending upon the magnitude of the damage, the appraiser is expected to treat the damage to the home as deferred maintenance and reflect such in the conclusion of value. Missing appliances must be addressed by the appraiser in the valuation process, particularly when the comparable sales included a full complement of working appliances