The California Association of Realtors announced today, the resultsof the First-Time Buyer's Affordability Index for the first quarter of2008.
The affordability index rose 11 points, at 44%. Translate that tojust under half of consumers in California can afford to purchase anentry level home. The report goes on to say that the minimum incomeneeded to qualify for a mortgage in California was 30% lower than this time last year.
Meaning only $67,830 in annual income is needed to qualify foran entry level purchase, compared to the $97,000 that was required last year.
Great news for homebuyers, and an indicator that the Real Estate market in California is still going strong. to see the numbers and the full press release
visit http://www.car.org/index.php?id=Mzg0ODk= or http://www.teamresults21.com
Thursday, May 22, 2008
Thursday, May 15, 2008
Price Reduction vs. Seller Credit
When buyers decide that they want to make an offer to purchase a property, often their fist instict is to offer less than asking price. This stems from a desire to save money, which we all want to do, and can perfectly understand. There is a problem with this approach though. In market where a property will see multiple offers (yes, even now, we are seeing many properties that are in a bidding war), you as a buyer stand a chance to loose out in the end. There are hundreds of ways to save money with real estate and during a consultation with us, we'll show you each and every way!
Here we present a scenario, in which the buyer saves a significant amount of money, without the hassle of having to justify a "low-ball" offer, or risk offending the seller (which is even worse).
Here we present a scenario, in which the buyer saves a significant amount of money, without the hassle of having to justify a "low-ball" offer, or risk offending the seller (which is even worse).
| Scenario #1 (traditional sale) | Scenario #2 ($20,000 'low-ball') | Scenario #3 (seller credit, 20k) | |
| Sales Price | $550,000 | $530,000 | $550,000 |
| 20% Down Payment | $110,000 | $106,000 | $110,000 |
| Loan Amount | $440,000 | $424,000 | $440,000 |
| 30 Year Fixed Rate | 6.25% | 6.25% | 5.0% |
| Payment | $2,709 | $2,610 | $2,362 |
| Savings of | None | $99 | $347 |
| As we can see, asking the seller to credit some money (at closing) toward buying down the interest rate, we have a greater savings over just asking for a discount on the purchase price. An additional benefit to this method is, a buyer who barely qualifies, or doesn't qualify at all, using the traditional, or discounted numbers, now qualifies with the seller credit because, the payment is less of a burden on Mr. Buyer's income ratio. | |||
Tuesday, March 25, 2008
EVENT: Home Buyer's Fair (Los Angeles)
For release:
Friday, March 21, 2008
C.A.R. and the “Los Angeles Times” team up to sponsor free Home Buyer’s Fair April 12 and 13
LOS ANGELES (March 21) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the “Los Angeles Times” are sponsoring the Southern California Home Buyer’s Fair at the Los Angeles Convention Center on April 12 and 13 from 9 a.m. to 6 p.m.
The event is free to the public and features more than two dozen educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Many of the seminars will be presented in both English and Spanish.
The Southern California Home Buyer’s Fair (www.homebuyersfair.com) also will feature more than 75 exhibit booths, where attendees can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process.
The first 200 attendees to present an entrance coupon on each day will receive a free movie ticket (one ticket per person).
For complete information, go to www.homebuyersfair.com.
Leading the way...® in real estate news and information for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
visit www.teamresults21.com for more news and events for the buyers and sellers in Southern California
Friday, March 21, 2008
C.A.R. and the “Los Angeles Times” team up to sponsor free Home Buyer’s Fair April 12 and 13
LOS ANGELES (March 21) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the “Los Angeles Times” are sponsoring the Southern California Home Buyer’s Fair at the Los Angeles Convention Center on April 12 and 13 from 9 a.m. to 6 p.m.
The event is free to the public and features more than two dozen educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Many of the seminars will be presented in both English and Spanish.
The Southern California Home Buyer’s Fair (www.homebuyersfair.com) also will feature more than 75 exhibit booths, where attendees can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process.
The first 200 attendees to present an entrance coupon on each day will receive a free movie ticket (one ticket per person).
For complete information, go to www.homebuyersfair.com.
Leading the way...® in real estate news and information for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
visit www.teamresults21.com for more news and events for the buyers and sellers in Southern California
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