Short sales are going to be a part of the Pleasanton, Dublin, and Livermore real estate market for the next several months. There is no way around them! If you are actively looking to purchase a home you have to consider them although you need to make it is worth the invest of you time! Some short sales are not going to close escrow and will be foreclosed on. Listen to this video to ask the most important questions before you move forward.
Call Dan Gamache for more questions! 925.918.0332
Here is a perfect plan to find the perfect home!
Good news to our real estate markets and the overall economy, foreclosures fall to the lowest level since 2007. According to Realty Trac default notices and bank repossessions were down 33% from the prior year. Over the past 5 years over 4 million homes have been lost to foreclosure.
Our local real estate market has suffered our bumps and bruises but comparing to other areas we definitely held our own. Prices have declined 20-50% locally depending on the area.
Some government programs have helped soften the foreclosure landslide. HAMP and HARP have started over 5 million mortgage modifications since 2009. These programs have helped home owners stay in their homes by adjusting the mortgage terms.
Short sales are adding to the number of notice of defaults but not to the foreclosure amounts. When a homeowner stops making payments the notice of default is filed. The notice of default is the start of the foreclosure process for the bank.
Banks are realizing that it is in their best interest to do a short sale versus a fore closure. The fees for a bank can reach well over $50,000 just to get the property back and ready to be sold.
Hopefully we can get through most of the distressed properties this year and continue to stabilize the real estate market. We will have growth and appreciation once we clean up all the distressed properties.
The Tri Valley Real Estate market right now is shaping up just like this time last year. Inventory is very low and should start increasing in the weeks and months to come. Every town and price range has very few options for buyers right now. We are in a sellers market based on these numbers! There are only 96 homes for sale in Pleasanton, and consistently there have been over 200 homes for sale in 2011. To be sure to you don’t miss the perfect home click here to get an email notice of all new listings that fit your criteria!
Call Dan Gamache (925) 918.0332 to view any property!
Freddie Mac issued its 2012 forecast and there is a lot of positives to focus on. First of all they are predicting economic growth that is about 2.5 percent. Retail sales have been stronger, and inventory levels are low which equates to growth.
The second prediction is that the unemployment rate will decline. The last quarter of 2011 the rate has declined. We all know the economy rides the wave of the economy. As the unemployment rate declines the economy will rebound.
Interest rates are predicted to remain low at least through the middle of the year. 30 year mortgage rates are around 4% and they predict to remain in that range for at least the first half of the year. This should help the housing market in several avenues.
Lastly Freddie Mac is expecting a better housing market in 2012. The rental market appears to be leading the housing recovery based on rents increasing and low vacancies. This is resulted in increases in rental income properties. A good rental market should translate into more construction of rental buildings.
You can read the full article here!
The week before Christmas is mostly about shopping, and preparing for the holidays. If you would like to take a break and enjoy the perfect Christmas play, then the Bankhead Theatre is hosting “The Nutcracker”. If you have not attended this theatre then prepare to be impressed. This is a great venue to view any event.
This weekend the Bankhead Theater offers 5 different times to view this great play. Click here to view the schedule. One of the best features of the Bankhead Theatre is the location. There are several restaurants surrounding the theatre, so you can enjoy a great meal that is walking distance away.
This is a perfect and convenient event to attend this weekend!
