Roseville, CA

This is a very active market! There are currently 805 active listings of single family homes in Roseville/Rocklin area. Prices range from $99,900 for a 3 bed/2 bath bank owned in Roseville to $1,900,000 for a 5,700 sq ft home in Whitney Oaks in Rocklin. There are 228 homes priced under $250,000 showing the affordability of this desirable area. Of the 805 active listings, 146 are short sales and 44 are bank owned (REO).

There are 318 pending sales with average days on the market of 57. There are 580 sold listings in the last 3 months indicating excellent turnover activity. 49% of the sold listings had accepted offer within the first 30 days at 99.5% of list price. Average days on market for all sold listings was an excellent 54.

I live in the Roseville CA zip code of 95747 so I thought I would check out the statistics on HOMES FOR SALE IN THE ROSEVILLE CA area. I found out that there are currently 301 active listings in the 95747 zip code. The lowest home for sale is 179k and highest home for sale is 699k. The average days on market is 105. The average price per sq ft is 152. There has been an average of 89 homes sold per month in Roseville the last three months. That tells me that their is a 3 1/3 months supply of HOMES FOR SALE IN ROSEVILLE CA 95747. There are 52 short sales out of the 301 listings and there is 117 short sale continingent short sale listings. That means 117 houses allready have offers on them and they are just waiting for bank approval.

Last year the average price per sq ft was 166. The average number of sales per month was 88 per month. The lowest sold was 235k and the highest sold was 899k. This year the lowest sold in the last three months was 129k and the highest sold was 765k. I can say that BUYING A HOME IN ROSEVILLE is a great choice because of the safe neighborhoods and great schools. If you want to follow the real estate market from Rocklin CA to Sacramento CA, you can go to www.rocklinsacramento.blogspot.com.

When getting ready to buy your first home, a down payment can get in the way of making things happen.

One of the great features of a FHA loan is being able to have a family member or a close relative gift you the FULL 3.5% down payment required by the program. But to make sure your transaction goes smooth and there are no "surprises", it's very important to understand how gifted down payment works.

First, make sure the person who will be gifting you the money is a family member or a close relative. Gifts from non-family members are generally not acceptable unless your can document a close past relationship. In other words, you friends or co-workers may not work.

Second, the bank will require proof of "ability to gift" meaning, whoever is gifting you the down payment will need to provide recent bank statements to show they do have the funds (just like a bank would ask YOU if you're bringing your own funds to close). So make sure that person knows what to expect. It will help the transaction go smoother.

Third, the bank will also supply you with a form called "Gift Letter". This letter will state the relationship between the parties, the property address and the amount of the gift. The gift letter clearly states that the funds are a gift and not required to be repaid. You and the person providing the gift will be required to sign the letter.

Last but not least, you'll need to provide proof that funds came out of that person's (who is gifting) account and deposited in to yours. Keep all the transfer receipts and statements.

If you have any questions on gifted down payment or on mortgages in the Sacramento and surrounding areas, please don't hesitate to contact me.

To Your Success -

Maria

A short sale is a process in which the mortgage holder agrees to accept less than the balance owed on the mortgage at sale to prevent foreclosure. The lender would much rather see you sell the property than be forced to take the property through foreclosure, as foreclosure is a costly and time-consuming process.

Generally speaking, a short sale occurs when a homeowner who is behind on his or her mortgage payments, and who owes more on his home than it is currently worth, contacts the mortgage lender asking the lender to allow him to sell the home for less than the balance of the mortgage. For example, if you owe $100,000 on your mortgage, but are only able to sell your home for $80,000, you would need to have your mortgage lender agree ahead of time to allow the sale to proceed. In fact, there is little use in putting your home on the market until you, or your attorney, have spoken with your mortgage company's loss mitigation department to discuss proceeding with a short sale. Many lenders will authorize short sales in an attempt to prevent property from falling into foreclosure; however, some lenders will not allow short sales to proceed. Usually, no lender will authorize a short sale unless the borrower is already in arrears on his mortgage, as the lender will see this as evidence that the borrower can no longer afford the home. In addition, your mortgage lender's loss mitigation team will probably want to see documentation of your income and assets to verify that a financial hardship exists and that you truly cannot afford the home.

In regards to your credit score, the negative credit impact of a short sale is generally significantly less than that of a foreclosure. A short sale will not appear as a foreclosure on your credit report, and therefore only the previous delinquency on your mortgage will appear. Also, I believe that most mortgage lenders report a mortgage that is paid through a short sale as being in a redemption status. While the delinquency and change of status on your mortgage loan will certainly lower your credit rating, from my experience, the negative impact is usually much less than the negative credit implications of an actual foreclosure. If you must choose between a short sale and allowing your home to go into foreclosure, from a credit perspective, a short sale is probably the wiser choice. Again, I encourage you to speak with an experienced real estate attorney to discuss the details of your situation to help you determine the best course of action in your circumstances.

Last week Mortgage Bonds finished at levels not seen since May 21 and home loan rates hit near historic lows. It’s hard to believe that some borrowers locked their interest rates under 5% on 30 year fixed rate mortgages. Stocks closed lower and the Dow market had its worse week since mid-June. As a result, money flowed to Bonds which helped home loan rates to stay low.

With weaker than expected Job Report for September and the unemployment rate of 9.8%, the Labor Department wasn’t showing much love for US workers. We also saw a decline in the Average Workweek and Average Hourly Earning. Both reports show the weakness in the labor market.

Personal Spending indicated that spending rose in August – the fastest monthly pace in almost 8 years. It sound like great news but we need to take into consideration the results of the “Cash for Clunkers” vehicle purchasing incentive, which is no longer in effect. Pending Home Sales were up above expectations which could be due to the $8,000 First Time Home Buyer Tax Credit set to expire on November 30. So if you're still thinking of taking advantage of this great incentive, it's certainly time to act and get off that fence.

I wonder if Timothy Geithner's home has sold yet... Check out what our Secretary Of The Treasury is trying to do with his house. It's hillarious!

Looking Forward

The markets may see some volatility due to the Treasury Department auctions coming up this week and the auctions will certainly compete with Mortgage Backed Securities. As you may or may not know, the Fed has decided to scale back their purchase of Mortgage Backed Securities so Mortgage Bonds may not get as much support now. We could see more of a wild ride on this week’s auctions than before.

Always Remember

When economic news are weak, money flows out of Stocks and into Bonds which helps the bond market and home loan rates to improve. Strong economic news usually has the opposite result.

To Your Success ~ Maria