About Del Norte County, CA

Low Appraisals are killing escrows - I had my second escrow in one week bite the dust because of a low appraisal.

In one instance, I was not surprised with the low appraised value and prepared my buyer for the prospect. In the other instance, I was TOTALLY SHOCKED. It came in WAY under what seemed reasonable. I follow our market closely, watch our stats, keep abreast of sales, and work diligently at making sure we will get appraised value when I price a listing, but sometimes you can do everything right and it still isn't enough (as in this case).

Times are tough in the real estate industry and getting the purchase price and appraised value to match up can be a challenge in this current market.

If you are selling your home and you haven't talked to your agent or reviewed your list price in a few months, now may be a good time to do so. Prices have fallen, even in the last few months and if your home can't get past the appraisal, you're wasting precious time.

If you are an agent, better price it right or you will have a mess on your hands, however, even if you price it right, tell your buyers and sellers that the escrow is still a huge river to cross. In both my canceled escrows, to their credit, both agents did all they could (and so did I) to save the deal, but sometimes there are obstacles that can't be overcome.

Let's hope that the pendulum swings back from the ultra conservative appraisal land we have gone to and that we reach a middle ground that sells homes and doesn't put banks in jeopardy.

If you have any questions about buying or selling real estate in Del Norte County, give me a call. I will give you an honest answer and base what I have to say on sound market research of all pertinent data.

I am here to assist you with all your Crescent City and Del Norte County real estate needs. Thank you for stopping by and please leave a comment.

Interactive Map of U.S. Foreclosure Rates by County -

Here is a very cool map that shows foreclosure actions by county in comparison to the number of properties in a county.

There are two other maps as well. One that shows Unemployment Rates and another that shows Median household Income.

I would like to thank my Facebook pal, Karen Corchoran of RE/MAX for finding this map on the NPR website.

It's hard to see how anyone can paint an optimistic picture of our economy with foreclosure rates increasing every month, but some economists are doing just that.

I keep an updated list of Del Norte County foreclosures that are listed on our MLS and also have a Foreclosure Alert Servicewhere you can receive new foreclosure listings and price reductions in your email inbox the second they come on the MLS. Click here to sign up for this free service.

NEW LISTING TODAY: Walk to ocean/beach, 3 bedroom, 1 bathroom home for $95,900. Call me today for more information.

If you have any questions about buying or selling real estate in Del Norte County, give me a call. I will give you an honest answer and base what I have to say on sound market research of all pertinent data.

I am here to assist you with all your Crescent City and Del Norte County real estate needs. Thank you for stopping by and please leave a comment.

Crescent City/Del Norte County Real Estate Market Report for July 2009 - Gettin' Better Everyday!

July's sales increased over June's encouraging figures with 26 escrows closing in Del Norte County. 21 of these were residential listings (33% of those sales were REO/short sales), the other 5 sales were vacant land.

A whopping 57% of sales in July were $199,000 and under with the median price increasing in July to $193,500. This figure was greatly enhanced by the only sale so far this year over $599,000, an ocean view home that sold for $750,000.

There are currently 278 active residential listings with an absorption rate of just over 1 year, which is an improvement over the high several months ago of over 20 months. The absorption rate is how long it would take to sell all current inventory at the rate of 21 sales per month, in this case 13 months.

What does it all mean for buyers? REO/short sale listings currently comprise about 6% of the listings, but 33% of sales with multiple offers and usually those offers come in the first day of the listing. If you are interested in purchasing an REO property, you must have all your ducks in a row, which means you have a pre-approval letter in hand when you start looking.

The prominent form of financing in Del Norte County is the USDA Guaranteed Rural Housing Program. If you do not know about this program, please read this post. Out of my current open escrows, 72% are financed with the GRH program and why? Please read the post and then call me and I'll refer you to a lender who will see if you qualify, and then... I will find you a home.

Also buyers, be aware that the $8000 federal first time home buyer tax credit expires 12/1/09, which means you need to get moving to get your check!

What does it mean for sellers? If you are selling a home $250,000 and under and competitively priced you should be able to sell your home quickly. How do you know if you are competitively priced? Ask your agent. They should know what's selling and be able to provide comps that will give you a really good idea of the price range that will produce a timely sale. If you NEED TO SELL, your home must be competitively priced...I can't stress that enough.

I currently have sold 9% of the volume on our MLS for 2009. I have been successful selling my clients homes because I watch the market like a hawk and I do my best to keep my clients listings competitively priced. Listen to your agent and if you do not like the price range your real estate professional suggests, wait until prices tick back up to sell.

There you have it, real estate 101. Be the nicest home for the price and you will sell.

Here's the market at a glance:

Here are June's months stats:

Click here to see past market reports.

If you have any questions about buying or selling real estate in Del Norte County, give me a call. I will give you an honest answer and base what I have to say on sound market research of all pertinent data.

I am here to assist you with all your Crescent City and Del Norte County real estate needs. Thank you for stopping by and please leave a comment.

California

The USDA Guaranteed Rural Housing Program in Del Norte County - This is the predominant form of financing in Del Norte County right now and with good reason. Look at the highlights below. Click here for more information on the GRH loan program and do not hesitate to call me for local lenders who do a great job with GRH loans.

We have many homes that would fit into this program. Here is a link to all Del Norte County listings if you would like to have a look: Del Norte County MLS. Check out this listing, a brand, spankin' new home for $232,000! And don't forget the $8000 federal tax credit still available to first time home buyers until December 1, 2009.

Program Highlights:

• 100% financing. No down payment required.
  
• Property must be located in eligible rural area, typically any town with a population of 25,000 or less that is not adjacent to a large metropolitan area (all of Del Norte County qualifies).
  
• No loan limits or sales price limits.
  
• One time 2% USDA Guaranteed Fee.
  
• Maximum loan amount is 102% of appraised value. USDA fee may be financed into loan amount regardless of appraised value.
  
• Loan can include closing costs if appraisal higher than sales price.
  
• No monthly mortgage insurance premium.
  
• 30 year fixed-rate, fully amortized loans only.
  
• One-unit, non-farm, primary residences, including single family dwellings.
  
• Income producing properties are not eligible.
  
• Manufactured homes are eligible if unit is 12 months old or newer and never occupied. Unit must be placed on permanent foundation and meet all required of FMHCSS. A builder's warranty of no less than one year must be issued to the home buyer.
  
• No cash reserves requirement.
  
• Borrowers do not have to be first time home buyers.
  
• No limit on seller contributions.
  
• Income limits 1-4 PERSON - $73,600; 5-8 PERSON - $97, 150.

I am here to assist you with all your Crescent City and Del Norte County real estate needs. Thank you for stopping by and please leave a comment.

ENDLESS POSSIBILITIES...........

MULTI-COMMERCIAL PROPERTY ENCOMPASSING 1.56 ACRES

SMITH RIVER, CALIFORNIA 95567

www.donnazorn.com

LIVE AND WORK AT HOME! LOCATED IN THE MAINSTREAM OF HIGHWAY 101 TOURIST TRAFFIC WITH EASY ACCESS NORTH AND SOUTH -CLOSE TO PACIFIC OCEAN, RESORTS AND CASINO! WHAT MORE COULD YOU ASK FOR?

$1,000,000 www.donnazorn.com

"LAST CHANCE LIQUOR STORE"

3460 sq ft with 1050 sq ft basement with roll-up doors and large attic for storage. The store also has an office, ada bathroom, collers and lots of room for merchandise.

2 story; 2 bedroom/1 bath house

Huge warehouse!

"Last Chance Liquor Store" os 3460 sq ft wotj 1-5- sq ft basement with roll-up door plus, attic for storage. Also, 2100 sq ft warehouse/shop on slab with 2 roll-up doors. The housewasbuilt in 1998 and has 2 bedrooms and one bath, fireplace and kitchen with solid surface counter-tops. the living quarters are 865 sq ft and decking is approximately 800 sq ft while the shop/garage area is approximately 865 sq ft.

www.donnazorn.com 707-951-0857 direct line MLS# 62376