We May Be Down, But Don't Count Us Out!
While our economy may still be stumbling, and our home prices falling, there is still SOME good news out there. According to the California Association of Realtors, the closed escrow sales of existing, single-family detached homes statewide increased 63.8 percent from the revised 319,290 sales pace recorded in March 2008 to 522,980 in March 2009.
That's quite a jump, depspite our down economy. While the sales numbers are looking up, the actual sales price isn't quite so cheery. The median price of an existing, single-family detached home in California during March 2009 was $253,040, a 39 percent decrease from the revised $414,520 median for March 2008, C.A.R. reported. The March 2009 median price rose 2.2 percent compared with February’s $247,590 median price.
The median number of days it took to sell a single-family home was 48.3 days in March 2009, compared with 56.8 days (revised) for the same period a year ago.
Thirty-year fixed-mortgage interest rates averaged 5 percent during March 2009, compared with 5.97 percent in March 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.86 percent in March 2009, compared with 5.12 percent in March 2008.
What some of this information means is that if you are a first time home buyer, someone looking to purchase rental property or a second home, right now is a great time to start looking. While the news may ramble on about the terrible state we're in, they have failed to see the silver lining. Right now, more than any other time in history, is a great time for first time home buyers to get into the market. With FHA financing available, rates down in the 5% range and home prices down, those who were fiscally responsible have the ability to make home ownership a reality.
I don't reccomend over extending yourself, ever, but if you've been waiting for the right time to buy, that time may be now! Start talking to your lender and finding out if you qualify, talk to your agent and see what is out there. You may be surprised that you can have a home of your own!
That's quite a jump, depspite our down economy. While the sales numbers are looking up, the actual sales price isn't quite so cheery. The median price of an existing, single-family detached home in California during March 2009 was $253,040, a 39 percent decrease from the revised $414,520 median for March 2008, C.A.R. reported. The March 2009 median price rose 2.2 percent compared with February’s $247,590 median price.
The median number of days it took to sell a single-family home was 48.3 days in March 2009, compared with 56.8 days (revised) for the same period a year ago.
Thirty-year fixed-mortgage interest rates averaged 5 percent during March 2009, compared with 5.97 percent in March 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.86 percent in March 2009, compared with 5.12 percent in March 2008.
What some of this information means is that if you are a first time home buyer, someone looking to purchase rental property or a second home, right now is a great time to start looking. While the news may ramble on about the terrible state we're in, they have failed to see the silver lining. Right now, more than any other time in history, is a great time for first time home buyers to get into the market. With FHA financing available, rates down in the 5% range and home prices down, those who were fiscally responsible have the ability to make home ownership a reality.
I don't reccomend over extending yourself, ever, but if you've been waiting for the right time to buy, that time may be now! Start talking to your lender and finding out if you qualify, talk to your agent and see what is out there. You may be surprised that you can have a home of your own!
