Tag Archives: CAR

March home sales and price increase

March existing home sales and median price accelerate from previous month and year

Source: C.A.R.

urban real estate prices, most live in suburbsCalifornia home sales rose from both the previous month and year to post the highest sales pace in six months, while strained housing supplies continued to push home prices higher, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

Making sense of the story

  • Existing, single-family home sales totaled 415,220 in March on a seasonally adjusted annualized rate, up 5.5 percent from February and 5.7 percent above March 2015.
  • March’s statewide median home price was $483,280, up 8.9 percent from February and up 4 percent from March 2015.
  • The median number of days it took to sell a single-family home declined in March to 29.9 days, compared with 41.4 days in February and 34.2 days in March 2015.
  • March’s sales level rose above the 400,000 level for the first time in three months.
    C.A.R. President Pat “Ziggy” Zicarelli commented, “California’s housing market is moving in the right direction as we enter the spring home-buying season, but sales growth will likely be isolated in areas where inventory is more abundant and housing affordability is less of an issue. For example, in the Bay Area, where inventory is extremely tight, annual sales are down in the double-digits in seven of the region’s nine counties.”
  • The number of active listings increased slightly for the third consecutive month after declining for five straight months, but was not enough to boost housing supplies. Active listings increased 3.9 percent from February on a statewide basis.
  • The increase in active listings was outpaced by the rate of home sales, causing C.A.R.’s Unsold Inventory Index to drop from 4.6 months in February to 3.6 months in March.

Read the full story: www.car.org/newsstand/newsreleases

Money Monday: Myths about credit score

Don’t fall for these myths about your credit score!

  1. Your credit score drops whenever you look at it
  2. You need to close credit cards that you don’t use
  3. Paying off that negative account takes it off your record
  4. Cosigning on a loan doesn’t mean you’re responsible to pay it
  5. Making payments on time show up on your credit score
  6. Your payment behavior shows up on your report

6 Myths about Credit Scores

This infographic is from CAR.org.

Housing Becoming Less Affordable

Real estate prices and interest rates are on the rise.

Both rising interest rates and higher-priced homes the first part of 2015 are lessening home affordability for would-be homebuyers.

  • Only 30% of potential homebuyers can afford the average-priced, single-family residence
  • The median price of a single-family home is $485,100
  • To qualify for a home loan to buy such a home, the average annual income needed is $96,160
  • The median-priced home requires a monthly payment of $2,404 (which includes taxes and insurance on a 30-year, fixed-rate loan)

PricesontheUptickInfographic from CALIFORNIA ASSOCIATION OF REALTORS.

2015 California Housing Market Forecast

What’s predicted to happen in the real estate market this next year?

With more available homes on the market for sale, California’s housing market will see fewer investors and a return to traditional home buyers as home sales rise modestly and prices flatten out in 2015, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2015 California Housing Market Forecast.” Continue reading

Top 10 Most Cost-Effective Remodeling Projects

Remodeling projects with the most bang for your buck

fixer upperIf you are thinking of selling your home, you may want to consider doing a remodeling project to bring in buyer interest and garner top dollar for your home sell. But what should you remodel, especially when thinking out getting the most return on your investment?

Thankfully, the CALIFORNIA ASSOCIATION OF REALTORS has complied a quick cheat-sheet for you, based on information provided by the Cost vs. Value Report 2013 by NAR and Remodeling magazine.

In order of the most cost recouped percentage-wise, here are the top 10 most cost-effective remodeling projects:

  1. Steel entry door replacement
  2. Wood deck addition
  3. Garage door replacement
  4. Minor kitchen remodel
  5. Wood window replacement
  6. Vinyl siding replacement
  7. Attic bedroom
  8. Vinyl window replacement
  9. Basement remodel
  10. Major kitchen remodel

remodeling projects car.org

Infographic from the CALIFORNIA ASSOCIATION OF REALTORS; source: Cost vs. Value Report 2013 by NAR and Remodeling magazine.

Pre-Happy Independence Day 2014! A San Diego Real Estate Lawsuit has been settled

A San Diego Real Estate Lawsuit has been settled

buyers and sellers real estate disclosuresThis very interesting case is a mixed bag of “he said, she said” accusations and statements. All in all, when selling your home it always pays to DISCLOSE EVERYTHING  of past and present conditions, whether “latent” or “evident” and when buying a home, have thorough inspections while reviewing all paperwork from seller carefully.

In this specific case, the buyer sues the seller and agents for negligence and failure to disclose, withdraws suit to seller and buyer agent and keeps statutory failure to tell seller of defects in home since agent was selling same home for 2nd time after current seller bought home. Agent is awarded sanctions or damages for attorney fees in counter suit against buyer for incorrect lawsuit since the disclosures were provided to buyer by agent.

The following article was provided by California Association of Realtors, Real Legal Department. Continue reading

Home sellers are feeling good about real estate prices

Up from the previous year, sellers in 2013 are feeling pretty good about the current level of home prices.

43% of sellers think that real estate prices will move up in a year (while in 2012 only 9% thought that way). With time, home sellers tend to think that home prices are even more likely to rise; 58% of sellers in 2013 Continue reading

California’s Water Crisis and Laws

Water year 2013 (Oct. 1, 2012 – Sept. 30, 2013) was recorded as the driest year in California history, and 2014 is projected to be worse.faucet

Currently, 99 percent of California is abnormally dry. As a result of dry weather conditions and this year’s snowpack at 24% of the normal average, major river systems have had significant loss in surface water and ground water levels throughout the state have dropped dramatically. With two-thirds of the rainy season behind us, there is little chance for the water supply to recover. Continue reading