Vacation Home Sales Surge in 2013

Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the NATIONAL ASSOCIATION OF REALTORS®’ 2014 Investment and Vacation Home Buyers Survey.

The survey, which covers existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012. Investment-home sales fell 8.5 percent to an estimated 1.10 million in 2013 from 1.21 million in 2012. Owner-occupied purchases rose 13.1 percent to 3.70 million last year from 3.27 million in 2012. The sales estimates are based on responses from households and exclude institutional investment activity.

Highlights from the survey include:

  • Vacation-home sales accounted for 13 percent of all transactions last year, their highest market share since 2006, while the portion of investment sales fell to 20 percent in 2013 from 24 percent in 2012.
  • The median investment-home price was $130,000 in 2013, up 13 percent from $115,000 in 2012, while the median vacation-home price was $168,700, up 12.5 percent from $150,000 in 2012.
  • All-cash purchases remained fairly common in the investment- and vacation-home market:  46 percent of investment buyers paid cash in 2013, as did 38 percent of vacation-home buyers.
  • Of buyers who financed their purchase with a mortgage, large down payments continued to be the norm in 2013. The median down payment for investment buyers was 26 percent, while vacation-home buyers typically put 30 percent down.
  • Forty-seven percent of investment homes purchased in 2013 were distressed homes, as were 42 percent of vacation homes.

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Information for above post from… C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.

Dave Thurman Real Estate

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Just Listed! 4620 Woodbine Dr, Stockton CA 95210

Check out my new listing in Stockton, California!

Charlotte’s Oaks Community! Beautiful 3 bedroom 2+ bath in gated planned development built in 2007. Recently painted interior and new “Berber Carpets” throughout. Also, includes solar system to keep electric bills very low! Only $219,000. Call Dave Thurman, Realtor for your personal tour (209) 608-2848.

           

Dave Thurman Real Estate

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The Search for Affordable Housing Is Pushing Middle Class to Exurbs

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From CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

The Search for Affordable Housing Is Pushing Middle Class to Exurbs

Source: The Atlantic

The median family needs to devote up to nearly 40 percent of its income on mortgage payments for a median home in metros like San Jose (36 percent); San Francisco (39 percent); and Los Angeles (40 percent). The locations of homes that are within reach for the median family vary substantially, which indicates the uneven nature of housing prices across several major U.S. cities and metros.
Read the full story

What a mortgage calculator won’t tell you

Source: MarketWatch

 Resources like mortgage calculators can help you figure out the price range of homes you may be able to afford and estimate your monthly mortgage payment. However, the math alone won’t always tell you if you’re ready to buy a home, since other big factors are credit standing, job security, family plans, and other financial goals.

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3 reasons cheap mortgages won’t help first-timers
Source: CNBC

Mortgage rates hit a record low about a year ago, but they are still pretty cheap, making now a good time to get into the market, according to Anika Khan, Wells Fargo Securities senior economist. However, these cheap mortgages are still out of reach to many first-time home buyers due to tight lending requirements, low inventory, and high prices pushed up by investors.
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Rent a home or buy? Depends where you live
Source: Today

As the housing market stages an uneven recovery, whether it is cheaper to rent or buy a place depends on where you live. In addition, just because it’s cheaper to buy in some markets doesn’t mean potential homeowners will be able to qualify for a loan—especially if they’re one of the 7 million former homeowners who lost their property to a foreclosure or short sale.

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Residential Construction Employment Up 9,100 in March
Source: Eye on Housing

According to data from the Bureau of Labor Statistics, there was solid job growth for home builders and remodelers in March. The residential construction industry added 9,100 jobs for the month, bringing total industry employment to 2.2 million.
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Lack of sellers, preponderance of buyers pushing housing prices
Source: San Jose Mercury News

Real estate experts observe that the U.S. housing market currently has too few people selling homes and at the same time too few buyers can afford the homes that are for sale. In addition, higher mortgage rates and higher prices have made homes costlier for first-time buyers as well as for all-cash investors.
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The Key to a Home Sale?
Source: Wall Street Journal

Some metros saw a 20 percent increase in turnkey listings over the past year, with these listings being described as “move-in condition.” Turnkey properties are reportedly more popular on the West Coast, and for luxury residences often include furnishings and art.
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Dave Thurman Real Estate

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California Real Estate News!

Check it out! There is lots of good news regarding the housing recovery from the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.

Positive Signs of Housing Recovery Crop Up Heading into Spring Home-buying Season 
Despite recent month-to-month volatility in the housing market, the majority of the Fannie Mae National Housing Survey indicators on consumer attitudes have continued to move in a positive direction during the past year, which may portend a pickup in home buying and selling activity this spring.

According to Fannie Mae’s March 2014 National Housing Survey results, the share of survey respondents who say it is a good time to sell a home climbed to 38 percent last month, compared to 26 percent at the same time last year. Additionally, the share who believe it would be easy to get a mortgage today increased to 52 percent, compared to 47 a year ago, and tying the all-time survey high.

Highlights from the survey include:

  • The average 12-month home price change expectation decreased from last month, to 2.7 percent.
  • The share of respondents who say home prices will go up in the next 12 months decreased slightly to 48 percent, while the share who say home prices will go down decreased to 5 percent, an all-time survey low.
  • The share of respondents who say mortgage rates will go up in the next 12 months decreased to 54 percent, and those who said they will go down fell to 3 percent, tying the all-time survey low.
  • The share who say they would buy if they were going to move increased 2 percentage points to 68 percent.

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Foreclosure Inventory Down From a Year Ago
Foreclosure inventory declined 13.1 percent in February compared with January, according to CoreLogic’s February 2014 National Foreclosure Report.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.9 million completed foreclosures across the country.

As of February 2014, approximately 752,000 homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.2 million in February 2013, a year-over-year decrease of 35 percent. Month over month, the foreclosure inventory was down 3.3 percent from January 2014. The foreclosure inventory as of February represented 1.9 percent of all homes with a mortgage, compared to 2.9 percent in February 2013.

At the end of February 2014, there were 1.9 million mortgages, or 4.9 percent, in serious delinquency, defined as 90 days or more past due, including those loans in foreclosure or real estate owned (REO).

The five states with the highest number of completed foreclosures for the 12 months ending February 2014 were Florida, 118,000; Michigan, 50,000; Texas, 39,000; California, 37,000; and Georgia, 34,000.These five states accounted for almost half of all completed foreclosures nationally.

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Fast Facts

Calif. median home price: February 2014:

  • California: $404,250
  • Calif. highest median home price by region/county February 2014: Marin, $983,690
  • Calif. lowest median home price by region/county February 2014:
    Plumus, $118,000

Calif. Pending Home Sales Index:
February 2014: Increased 14.2 percent from 84.8 in January to 96.8 in February.

Calif. Traditional Housing Affordability Index: Fourth Quarter 2013: 32 percent (Source: C.A.R.)

Mortgage rates: Week ending 4/3/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.41% fees/points: 0.7%
  • 15-yr. fixed: 3.47% fees/points: 0.6%
  • 1-yr. adjustable: 2.45% Fees/points: 0.4%

Dave Thurman Real Estate

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Sacramento–San Joaquin River Delta

Spring is here! We had a fun morning trolling for stripers on the Sacramento-San Joaquin River Delta. My son, granddaughter and I all caught fish last Sunday morning near the Mokelumne Rivers. We caught 3 limits with the largest striper going about 11 lbs.

  

Dave Thurman Real Estate

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How Did Home Sellers Handle Multiple Offers?

One Cool Thing is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 150,000 REALTORS® statewide.

Dave Thurman Real Estate

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Fannie Mae Extends Incentive Program for HomePath Properties

This important buyer information was sent to me via C.A.R. Newsline from CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Please share it with your friends and family.

Fannie Mae announced it is extending the 3.5 percent closing cost assistance incentive for HomePath properties purchased during the FirstLook period in 27 eligible states, including California. During the FirstLook period, owner-occupant or public entity buyers are able to submit offers on HomePath properties, giving them the opportunity to purchase a home without competition from investors.  The FirstLook period is in effect for the first 20 days a property is on the market.

To be eligible for the incentive, the initial offer must be submitted by April 30, 2014, and close on or before June 30, 2014. The incentive will offer qualified buyers up to 3.5 percent of the final sales price to pay closing costs. In many cases, buyers could use these savings to buy down their interest rate through upfront points, resulting in additional savings over time. Buyers can work with the lender of their choice to determine if this is an option.

Prospective buyers can search for properties and easily identify how many days remain on a property’s FirstLook period by visiting www.HomePath.com. Each qualifying property will be identified by the sales incentive icon. HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. For more details on the program, visit www.HomePath.com.

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Residential Construction Declines in February

Construction spending rose 0.1 percent in February to a seasonally adjusted annual rate of $945.7 billion compared with January’s estimate of $944.6 billion, the Census Bureau of the Dept. of Commerce recently reported.

Spending on residential construction declined 0.8 percent in February to a seasonally adjusted annual rate of $360.4 billion compared with January’s rate of $363.2 billion.  More info

Take Charge When Buying a Home

If you approach the home buying process intelligently and with confidence, you are much more likely to buy a house you’ll be proud to call home.

Approaching the task of buying a home can be overwhelming; there’s so much to consider:

  • How much house can I afford?
  • How can I find the best loan?
  • Where will I come up with a down payment, and how much will I need?
  • Should I buy a new or resale home, and which will go up in value?
  • Should I work with an agent or look at homes on my own?

And these questions are just the beginning. Buying a home is one of the largest financial transactions in your lifetime – do your research so you know what you’re doing.

Here are the two most important things to remember no matter where you are on the road to home ownership:  [Read More]

Dave Thurman Real Estate

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The Benefits of Supplementation

From Shaklee.com

It’s a tough world out there. Our air and water are often full of toxic chemicals and many of our food choices are less than nutritious. Most of us have highly busy lives and devote too little time to being physically active. Despite the fact that nearly 7 out of 10 Americans are overweight to obese, we are ironically often under-nourished. In fact, up to 90 percent of Americans are lacking key nutrients in our diets.

Ensuring we are getting the nourishment needed to support our bodies optimal function can be a challenge, but nutritional supplementation can help fill in those gaps that exist in just about everyone’s diet. Countless research studies and health experts agree that supplementing with key nutrients, including a multivitamin, adequate vitamin D, and omega-3 fatty acids provide a good nutritional foundation.

To understand the relationship between supplementation and long-term health, a first-of-its-kind Landmark Studyii was conducted in collaboration with researchers from the University Of California, Berkeley, School Of Public Health.

Researchers gathered a group of Shaklee long-term (20+ years) multi-supplement users and compared their health to non-supplement users. Results were adjusted to account for a number of potential confounders, including age, sex, education, income, and body mass index (BMI).

Questionnaires, on-site physical examinations, and blood work were used to compare nutritional status, serum biomarkers of health risk, and self-assessed health status between the three groups.

The dietary supplements consumed on a daily basis by more than 50 percent of the multi-supplement users included a multivitamin/multimineral, B vitamin complex, vitamins C and E, antioxidants, calcium with vitamin D, omega-3 fatty acids, probiotic, soy protein, glucosamine and an herbal immune supplement.

[Read More]

You can’t find a single Shaklee product on the store shelf. You find it through conversation. In a living room. On Facebook®. Over a cup of coffee. In an email from a friend.

You find it when someone like me believes in it so strongly, they just have to tell you about it.

Our products get out in the world through people, the same way those people find out about a great movie or restaurant.

That’s because, instead of putting money into advertising and supply chains and storefronts, we believe our money should go directly to people. $4.8 billion of it, so far. Billion with a “B.”

It works like this. You’re rewarded for sharing Shaklee products with people you know. You’re rewarded even more by helping others do the same. The more successful those other people become, the more you benefit. And sure, the more we all benefit. Because sharing makes everyone’s share more valuable.

But there’s more to it than sharing financial reward. We’re sharing products and a way of life that truly make people and the planet healthier.

[Read More]

Dave Thurman Real Estate

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Wealthy Chinese home buyers boost suburban L.A. housing markets

From CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

The housing markets of suburban Los Angeles are being transformed by affluent Chinese home buyers who have the funds to buy American real estate due to China’s economic high tide. The influx of foreign buyers is reportedly driving prices past boom-era peaks, particularly in the San Gabriel Valley. Mel Wong, president of the West San Gabriel Valley Assn. of REALTORS®, commented, “People are getting money out of mainland China and sticking it here.”

Making sense of the story

  • Chinese buyers bought 12 percent of all U.S. homes purchased by foreign citizens last year, up from 5 percent in 2007.
  • More than half of home purchases by Chinese buyers were in California, and more than two-thirds of them paid cash.
  • There is a growing subset of property brokers and mortgage lenders who cater to the distinct needs of these buyers, including design details in new subdivisions. Many Chinese Americans want homes large enough to comfortably accommodate relatives from overseas.
  • According to the Hurun Report, more than 60 percent of China’s wealthy have left or plan to leave the country, at least part time, and their top destination is the United States.
  • Prices are experiencing upward pressure. For example, heavy demand pushed the median home sales price past $1.32 million last quarter in Arcadia’s 91007 ZIP Code, which is 30.5 percent above its peak in 2007, during the housing bubble.
  • Hubs of Chinese investment are all seeing prices exceed their peeks, such as Walnut, Temple City, San Marino and parts of San Gabriel and East San Gabriel. For example, in the 91006 ZIP Code, prices are up 23.7 percent.

Read the full story

Talking Points …

  • According to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), pending home sales posted stronger than average gains in February for the second straight month. However, sales remained below the level of a year ago, despite slight improvements in the statewide housing demand.
  • To be precise, pending home sales jumped 14.2 percent in February. The Pending Home Sales Index (PHSI) increased from 84.8 in January to 96.8 in February, based on signed contracts.  Pending sales were down 12 percent from the 110.1 index recorded in February 2013.
  • Equity sales have stabilized over the past several months and should continue to hover around 85 percent, with February marking the eighth straight month that equity sales have been more than 80 percent of total sales. Equity sales made up 66.7 percent of sales in February 2013.

The Basics of Making an Offer

A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but also all the terms and conditions of the purchase. For example, if the seller offered to help with $2,000 toward your closing costs, make sure that’s included in your written offer and in the final completed contract, or you won’t have grounds for collecting it later.

REALTORS® have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you.  Your REALTOR® will guide you through the offer, counteroffer, negotiating and closing processes. In many states certain disclosure laws must be complied with by the seller, and the REALTOR® will ensure that this takes place.

If you are not working with a real estate agent, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your area.

After the offer is drawn up and signed, it is usually presented to the seller by your real estate agent, by the seller’s real estate agent, if that’s a different agent, or often by the two together. In a few areas, sales contracts are drawn up by the parties’ lawyers. [Read More]

Dave Thurman Real Estate

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The Water Crisis ~ Where Are We Wasting?

Dave Thurman Real Estate

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