Reply With QuoteSo IMO, it's the medias fault.
Exactly. Over the the last few weeks the rates have stoped going up and come down a bit for once. The media probably will not comment since it is a positive thing.
Things have slowed down in Simi as well. There are 4 houses on my street that have been on the market for months. Neighbor just reduced theirs by 45k. (Still overpriced IMO).
I think the media scared a lot of people into putting their house up and cashing in. This created to much supply. It seems to me that the best thing people could do to keep prices up is pull their house off the market. Supply is reduced and demand increased.
Curious, anyone know the # of new listings YTD compared to last year? It seems that a lot of people I know that weren't even considering selling, suddenly listed their homes after hearing the media tell everyone that the market was going to take a hit this year.
So IMO, it's the medias fault.
You want to get freaked out .....Here ya go...
http://www.realestatedecline.com/#Inventory%20Tracker
So IMO, it's the medias fault.
Exactly. Over the the last few weeks the rates have stoped going up and come down a bit for once. The media probably will not comment since it is a positive thing.
Right now is definitely not the time to sell. If I had to move today my house would become a rental. Hopefullly you have a 30 yr fixed @ 5. something. If you played the market right you do.
just my .02
It's a big shit sandwich and we're all gonna have to take a bite. :boxed:
Exactly. Over the the last few weeks the rates have stoped going up and come down a bit for once.
This won't last long.
I have been fortunate to have been able to use a Refinancing program we have for my clients that goes to 100% on one loan with no MI. It has helped some folks that little or no equity get out of their 80/20 purchase loans that have a short term fixed rate. They mostly use the 40 year fixed with a 10 year interest only option. It gives them a long term fixed rate with a low payment option. It is not for eveyone but I have helped several.
Interesting. Tell us more about how this works. The details please.
You want to get freaked out .....Here ya go...
http://www.realestatedecline.com/#Inventory%20Tracker
Wow, that should scare some people, and make others happy.
I have been fortunate to have been able to use a Refinancing program we have for my clients that goes to 100% on one loan with no MI.
No MI but a higher rate, right?
Over all #'s are down. Inventory up, sales down, prices soft, but not negative.
But, there are still a few hot spots. I have a client and we did an appraisal in April of this year and it came in at $925,000 down in Chula Vista. We decided to wait a bit as he was self employed for just a tad under 2 years. We are doing his refi now, and his house appraised at $1,050,000 and we used the same appraiser. Over 10% increase in just a few months. I also did a home in Hemet and last year this time, the value was $280,000. We just refi'd it and the value came in at $320,000 - at 14% increase over last year. Granted, these are refi's and not sales. But, their values were based on recent sales - and the lenders had no problem with values.
I have not been having any trouble with values yet. Values are still bumping up, just not as aggresively as before for the rest of my business. I have not seen any cases where a value went down. The majority of my business is So Cal.
I have heard from other people where values have dropped, I just have not seen it in my office.
No MI but a higher rate, right?
There is no free lunch in a 100% LTV single loan.
But, you can avoid MI with a combo, but still, the rate on those seconds can be shocking!
about the same scenario out my way..............lots of peeps still haven't figured out the runaway bus left a long time ago. Closed one sale yesterday and turned down 3 listings last week. (one even a family member). If you don't have to sell, don't put it on the market. RE is (or should be) an investment. It will be back, just more than likely not the 40 to 50 % increase of last year. :cry:
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