Real Estate News
Current Housing Market Trends:
According to the California association of Realtors, the median housing prices for March 2010 increased by 20.8% and the average home sale went up 2.5%. Those statistics are in comparison to March of 2009. Many buyers are experiencing frustration when making offers on home after home, only to run into a multiple offer situation. The unsold inventory housing index dropped to 5 months in March of 2010, in comparison to 5.6 months in March of last year. This simply means that at the rate that homes are selling in California and with the inventory available now, they should all be gone and sold in 5 months, provided nothing else is listed. Now, these are very broad statistics, in different areas such in San Bernardino & Orange County the inventory index is much lower. California association of Realtors released median days on market for March 2010 in comparison to March 2009, this year it took on average approximately 40 days to sell a single family home, whereas last year it took approximately 49 days for a home to sell. In a nutshell, there is not much inventory out there right now; as a home gets listed it is snatched up very quickly.
Tax Credit Effects on Housing Market:
The federal tax credit had an obvious impact on the market and our low home inventory. However, despite the fact that the federal tax credit ends on April 30th, this will most likely not affect the housing market by much. Buyers and investors are likely to keep snatching up homes and investments based on the homes appealing low prices and lower mortgage rates. Home buyers still have the California tax credit to fall back on. This tax credit is for $10,000 over a three year span, which comes out to $3,333 a year. This tax credit is available for home purchases between May 1st, 2010 and December 31st, 2010. Click here for a federal tax credit table.
Is Now a Good Time to Buy:
Many people ask the question, “Is now a good time to buy?” With prices rising over 10% in Chino Hills, Chino, Ontario, Upland, Walnut and Rancho Cucamonga now is a great time to make an investment in your future. Overall in California, homes are up 2.5%, however, prices have gone even higher in San Bernardino, Riverside and Orange County. Not only has the housing market gotten to an all time low in 4 years, but interest rates are also very low in comparison to interest rates about 4 years ago. Here at Community Partners Realty, we work with the best at www.TreasuryFunds.com , they work fast and efficiently to get you a low interest rate and a personalized loan that fits your needs.
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