Beaumont, CA

Everything old is new again.

If you live long enough you will see styles come and go.

What's in goes out, then comes back again. It seems that true in real estate as well. Conforming Loan Limits Are Above $700,000 Once Again!

Conforming mortgages are limited by loan size, based on "typical" housing costs around the country. The current conforming limit on a single-unit property is $417,000.

In 2008, as part of the Economic Stimulus Act of 2008, Congress authorized conforming loan limits increases in "high-cost" areas around the country. In Los Angeles County, for example, a mortgage could be as large as $729,750 and still be considered "conforming".

Those temporary increases rolled back effective January 1, 2009, to a maximum of $625,500.

However, as part of the American Recovery and Reinvestment Act of 2009 signed into law this week, conforming loan limits in high-cost areas have been returned to their elevated levels of 2008.

Changes to conforming loan limits impact everyone with a stake in real estate, even if their neighborhoods are not considered "high-cost". This is because conforming mortgages offer the widest selection of home loan products, and often at the lowest rates. The widespread availability of conforming mortgages helps to support home sales nationwide as well as providing ample refinancing options for people that need it.

Lenders have yet to pick up the change, but are expected to shortly. Once they do, more homeowners will be eligible for cheap home financing.

To lookup your neighborhood's conforming loan limits, visit the HUD Web site. Or, if you have specific questions related to your home or an upcoming purchase, contact me directly anytime.

Super Bowl Weekend marked the start of the Spring Buying Season in real estate. Anecdotally, real estate agents will tell you that buyer activity tends to tick higher at this time of the year.

Meanwhile, with mortgage rates still trolling near all-time lows and the roll out of the new first-time homebuyer tax credit, 2009 may bring out even more buyers than we've seen in the past.

Just having your home on the market may not be enough to attract an offer, though -- the home has to have appeal. That brings us to home staging -- the process by which a homeowner re-organizes and re-presents his home to appeal to as many potential buyers as possible.

Home staging is part-science, part-art, and part-psychology. Homebuyers tend to judge homes within the first 8 seconds of seeing them so making a quality first impression can mean the difference between getting multiple bids, and just getting a lot of foot traffic.

The 4-minute video gives some quick-and-easy tips, including:

• Create more light in the home
• Clean up the closets and thin them out
• Remove the clutter from every room in the house

Even though home inventories are falling, supplies are still higher than in previous years. Home sellers wanting to stand out in a crowd may want to consider staging their homes to help them sell more quickly.

Staged homes sell for as much as 17% more money and as much as 40% faster than non-staged ones.

In Mesa, Arizona, Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market.

The story made the front page of nearly every newspaper in the country.

The president's plan is sweeping:

• Incent mortgage servicers to work with at-risk homeowners before delinquency starts
• Let homeowners with good credit but little equity refinance to today's low rates
• Fund Fannie Mae and Freddie Mac to support mortgage markets

It's a broad plan with many positive angles, but for now, we can't forget that it's just a plan. Although the White House shapes and influences housing policy, Congress, Loan Servicers, and the Federal Agencies must still implement and execute it. Until that implementation occurs, these reforms exist only on paper.

It's a key aspect of the speech that's not getting coverage.

One thing we learned during the stimulus package debate was that just because the President wants something to happen doesn't mean that it will. There are always details to be worked out and that's one reason why the Homeowner Affordability and Stability Plan couldn't go into effect immediately. There are still loose ends to tie and details to define.

According to its website, the White House lists March 4, 2009 as the plan's effective date. Until March 4, therefore, nothing in Wednesday's speech is guaranteed.

No matter what the market, people will continue to desire to live in Beaumont, as it remains one of the most active cities within Riverside County. Comparatively speaking, the Beaumont housing market continues to post brisk sales.

In of July 2008, 84 single family homes and a total of 0 condos/townhomes sold, 10 more than last month. My overall view of the market is still slipping in cost per square foot while the sales numbers are stabilizing a little.

For a full county market report Click Here.

Closed Sales For July 2008, Up 2 from last month

57 Single Family Homes

0 Condos/Townhomes

Pending Sales For July 2008, Up 6 from last month

144 Single Family Homes

2 Condos/Townhomes

Current Actives As of Today's Post, The same as last month

348 Single Family Homes

6 Condos/Townhomes

Foreclosure Activity for July 2008 - 92223

100 Notice of Defaults (NOD) Down 16 from last month

85 Notice of Foreclosure Sale (NOS) Up 5 from last month

Price Per Square Foot
Looking at the price per square foot helps us understand the value placed on homes in a real estate market. Median Price per Sqft. as of September 14, 2008 for Beaumont is $129, down $7 from last month.

For information on purchasing your next home in Beaumont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

No matter what the market, people will continue to desire to live in Beaumont, as it remains one of the most active cities within San Bernardino County. Comparatively speaking, the Beaumont housing market continues to post brisk sales.

In of April 2008, 55 single family homes and a total of 0 condos/townhomes sold. My overall view of the market is still slipping.

For a full county market report Click Here.

Closed Sales For April 2008

56 Single Family Homes

0 Condos/Townhomes

Pending Sales For April 2008

128 Single Family Homes

0 Condos/Townhomes

Current Actives As of Today's Post

502 Single Family Homes

6 Condos/Townhomes

Foreclosure Activity for April 2008 - They ae really taling off, hold on!

92223 - 75 Notice of Defaults (NOD) Down 26 from last month

92223 - 77 Notice of Foreclosure Sale (NOS) Up 20 from last month

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing your next home in Beaumont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.