I just posted up on my homebuysblog.com website, information for sellers so they can better understand the short sale process.
What is a short sale and can I sell my house short?
Additionally, as a buyer the information is very useful so you can better understand some of the issues that sellers have to work through in the short sale process.
In Simi Valley, only about 10% to 12% of all houses listed as short sales close escrow. For single-family detached homes in Simi Valley, we are averaging about 80 closings a month. If you look at huge number of escrows open each month, you would be led to believe that our closings should be double or higher.
There is discussion that the banks are reorganizing their short sale departments in order to stem the flow of future foreclosures, the closing ratio is still low and those planning to sell their home short need to understand their situation, be organized, be persistent and work with a professional that understands the intricacies of the short sale process.
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Thanks for reading
Author - Ted Mackel Simi Valley Real Estate Agent - Keller Williams Realty
Ted Mackel is a top producer at Keller Williams Realty Simi Valley,
specializing in Simi Valley Real Estate
(805) 432-7705
Earlier today the House of Representatives voted 403 to 12 to approved legislation to extend and broaden the homebuyer tax credits. The Senate had already voted and 98 to zero for approval. Over the course of the last several months I have seen Simi Valley home buyers have been snapping up properties in an effort to get their share of the $8000 tax credit. With the expiration date set for November 30th there much speculation about extending and expanding the tax credits and what form they may take.
The National Association of Realtors is one of the largest political lobbying forces in the United States which represents not only my industry, real estate agents, but also represents the interests of property owners and homeowners across America. The National Association Realtors fought hard to lobby Congress to extend and expand this tax credit. There is no doubt that NAR's efforts played a big part in today's victory.
Here are some of the points of the new expansion and extension.
The credit is based off 10% of the purchase price with the maximum credit of $8000 for first-time buyers and $6500 for move up buyers. California purchasers should have no problem hitting the maximum amounts as our base-level homes far exceed the national medium home price.
All that is left is for President Obama to sign the legislation.
It looks as if the shorter time frame coupled with the 60 day escrow. Expiring June 30 is an indicator that this program will not be continued. If the tax credit is a big factor in your next home purchase your window of opportunity is very small. Simi Valley has been experiencing historically low inventories in the entry-level market, combined with low interest rates and the decline in pricing, competition among buyers will remain brisk.
One advantage from now until Super Bowl Sunday is that many in the real estate industry go into hibernation mode. This could create opportunity for buyers who are persistent and diligent in the process.
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Ted Mackel Simi Valley Real Estate Agent - Keller Williams Realty
Ted Mackel is a top producer at Keller Williams Realty Simi Valley,
specializing in Simi Valley Real Estate
(805) 432-7705
Simi Valley SnowFest This Weekend - Free Family Activity
The Simi Valley Park District is hosting an day at the park complete with several tons of manufactured snow on Sunday November 8th starting at 10:00 going till approximately 4:00 pm. Bring the kids as this might be a great way to cool of this fall with the hot temperatures we have been having. It's 90 degrees today. There will be activities and an Arts & Crafts fair.
This will take place at the park near the corner of Stearns and Los Angeles across from the Metrolink Train Station.
Simi Valley - 1st time Home Buyers Tax Credit Uncertainties
The tax credit for 1st time home buyers is ending on November 30th. If you do not have a home in escrow by tomorrow, unless your offer is all cash, it will be difficult to get a financed purchased closed by November 30th. The Thanksgiving Holiday will shorten the time for lenders to fund loans considerably.
There is much discussion in the media about an extension, but that is still far off in the distance as the Senate and Congress discuss options to include regular home owners in the program with the 1st time buyers. The proposals really do not mean much until a bill is drafted out for discussion and vote.
The media coverage points to a favorable conclusion, but it is far too early to claim victory for future Home Buyers.
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Thanks for reading Simi Valley's Premiere Real Estate Blog! Author - Ted Mackel Simi Valley Real Estate Agent - Keller Williams Realty Ted Mackel is a top producer at Keller Williams Realty Simi Valley, specializing in Simi Valley Real Estate (805) 432-7705
Simi Valley Homes Sales Volume January through September 2009
This is the chart for Simi Valley Single Family Detached Homes only. The trend of the entry level market dominance is evident by the graphic. Looking at the list price to sale ratio is another important factor as well. At the very bottom end of pricing the list to sell rations are close to 100%. As the pricing moves up home sales begin to average 97% and at the upper end of the market, Simi Valley homes are selling for 94% of the listed price.
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Simi Valley Real Estate Specialist Licensed over 12 years, California DRE 01224852. Dedicated to earning your trust and respect long before I ask for your business. Simi Valley homes for Sale.
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