Category Archives: First Time Home Buyer

Real Estate News January 2017

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Real Estate News January 2017
Shadow Inventory: More Houses Will Soon Be Available for Sale
By Alexis Craig, RISMedia
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Image 1All signs point to an improved housing market—home values are up by about 30 percent since 2012, they’re selling faster, and overall demand is high. But this recovery has led to a dramatic decrease in the overall housing inventory.

Fortunately, there might be some relief from the shortage in sight. The inventory that has been hiding in the shadows for years is finally coming into the light.

Why Is This Inventory Up for Sale?
With the improved market, it would be natural to think the impact of the housing crisis is over, but there are still some old foreclosures in the pipeline that are ready to pour over the dam of legislation and legal delays that have been holding them back.

Banks and lenders are starting to make the final push to flush out homes in the foreclosure pipeline, resulting in a higher surge in repossession and REO listings. The backlog of foreclosed homes that was created by lengthy judicial reviews and long foreclosure timelines are entering the market in states like New York, Florida, New Jersey, Arkansas and Hawaii

The possibility of new foreclosures in 2017 is also impacting the housing inventory estimates. In 2016 and beyond, many homeowners may find it difficult to make their mortgage payments as “resets” are rolled out. For example, the government’s Home Affordable Modification Program (HAMP) provided temporary relief to borrowers during the housing crisis, but that relief ended after five years. These payment resets will increase the loan payment for nearly 900,000 homeowners—some of whom will find it difficult to keep up with their mortgage in this sluggish economy.

HAMP isn’t the only program. It’s estimated that about two million modifications will face interest rate resets in the coming years, and a high percentage of those homes are in depressed markets with little to no equity in their homes.

What’s the Impact?
A backlog of foreclosures are finally available for sale, but there is likely to be a second wave of foreclosed homes since the foreclosure problem wasn’t solved, but delayed. You can expect REO listings and foreclosures to increase in the next coming years. How this impacts the real estate market largely depends on how fast these homes enter the market.

Must-Have Home Features? Think Long-Term
By Maria Patterson, RISMedia
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Image 2When you’re considering purchasing a new home or adding a new feature to your existing home, it’s important to consider the long-term impacts of your choices.

According to a recent report by Kiplinger, there are seven features that will help sell a home faster: a laundry room; exterior lighting; energy efficient appliances and windows; a patio; hardwood floors; garage storage space; and an eat-in kitchen.

Conversely, some of the most unwanted features in a home, according to a National Association of Home Builders study, include a pet-washing station, an elevator and a wine cellar.

QUESTIONS? VISIT MY WEBSITE AT www.FindaHomeinElkGrove.com

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Elk Grove Real Estate Market Report

Elk Grove Real Estate Market Report for zip codes 95624, 95757 and 95758 for February 2016

The data on this page is consolidated from multiple sources and includes current Elk Grove Real Estate  listings, recent sales for 95624, 95757 and 95758 Elk Grove, CA zip codes and more!  Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Call or email The Mode and Durham Team to discuss how this information can benefit you!  (916) 405-5737.

Elk Grove Real Estate Active Listings – 233

Elk Grove Real Estate Foreclosure Listings – 4

Elk Grove Real Estate Short Sale Listings – 16

Elk Grove Real Estate Single Family Homes for Sale – 233

Elk Grove Real Estate Condos for Sale – 7

 

Market Inventory Trends

The number of active listings in Elk Grove  (95624, 95757 and 95758 decreased by 5.7 from the previous month and 12.1% from February 2015!  The number of pending listings in Elk Grove went up by 6% over the previous month!

Elk_Grove_market_inventory_February_2016_www.modeanddurhamteam

The number of closed sales increased by 30% over January,  2015, but decreased by 7.7% over February 2015.

Elk_Grove_average_days_on_market_www.ModeandDurhamTeam

Although the average days on the market increased to 44 days in February 2016, it is still lower than 56 days in February 2015.  This is still significantly shorter than the national average.

Elk_Grove_Real_Estate_months_of_inventory_February_2016

Our months of inventory here in Elk Grove decreased to 1.5 months  (definitely still a seller’s market) in February 2016 and it’s about the same as it was in February 2015.

The average sales price in Elk Grove increased in February to $370,000!  This is 5% higher than February 2015!

It’s still a great time to buy a home in Elk Grove!  Prices are stable and interest rates are still at historic lows!  Don’t miss out…call us today!

If you would like to find out how much your Elk Grove home is worth, check out http://www.EGHomeValue.com or call us at (916) 405-5737.   

 

 

 

Elk Grove Real Estate Market Report for zip codes 95624, 95757 and 95758 for January 2016

The data on this page is consolidated from multiple sources and includes current Elk Grove Real Estate  listings, recent sales for 95624, 95757 and 95758 Elk Grove, CA zip codes and more!  Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Call or email The Mode and Durham Team to discuss how this information can benefit you!  (916) 405-5737.

Elk Grove Real Estate Active Listings – 247

Elk Grove Real Estate Foreclosure Listings – 5

Elk Grove Real Estate Short Sale Listings – 5

Elk Grove Real Estate Single Family Homes for Sale – 237

Elk Grove Real Estate Condos for Sale – 6

 

Market Inventory Trends

The number of active listings in Elk Grove  (95624, 95757 and 95758 increased by 2.0%  from the previous month and 19.8% from January 2015!  The number of pending listings in Elk Grove went up by 56.3% over the previous month!

Elk Grove market statistics January 2016

The number of closed sales decreased by 51% over the December 2015, but only 4% over January 2015.

Elk Grove Average Days on the Market January 2016

The average days on the market was 63 days in January 2015 and it dropped to 36 days in January 2016.  This is significantly shorter than the national average.

Elk Grove months on housing inventory

Our months of inventory here in Elk Grove did increase to 2.2 months (still considered a seller’s market) in January 2016 and it’s still lower than the 2.6 months in January 2015.

 

And the average sales price in Elk Grove has remained at $362,000 for 3 straight months.  This is 8.4% higher than January 2015!

It’s still a great time to buy a home in Elk Grove!  Prices are stable and interest rates are still at historic lows!  Don’t miss out…call us today!

If you would like to find out how much your Elk Grove home is worth, check out http://www.EGHomeValue.com or call us at (916) 405-5737.   

The Mode and Durham Team have been selling real estate in the Sacramento/Elk Grove area for over 25 years and are here to assist with your home purchase or sale!

Houses for sale in Elk Grove, CA

To find the value of your Sacramento/Elk Grove home make sure to check out http://www.EGHomeValue.com to get your home value via the internet

 

 

 

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