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Dave Thurman Real Estate

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East Stockton 1/2 Acre Lot Sold by Dave Thurman, REALTOR

Description: East Stockton 1/2 Acre! Improvements include 36×22 pole barn, 420 sq ft house, 2 storage out-buildings, 56 ft mobile home and 30 ft trailer. All of the structures and buildings are in very poor condition and are not built to code. This property has potential for residential development. 1767 S Sinclair Ave, Stockton CA 95215

As an experienced Realtor® I have helped numerous clients successfully sell their home. I know how to handle every aspect of the sales process – from strategically marketing and displaying your home, to making sure everything is signed, sealed and delivered by the closing date. Contact Dave Thurman

  

Dave Thurman Real Estate

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In Southern California, new homes are rare and costly

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New home prices have soared in recent months in the Southern California region, with the median for the six-county region peaking at $538,000 in June, according to CoreLogic DataQuick. And in affluent ZIP Codes, builders are bidding up already-high land values. Overall, new homes have become all too rare and costly for the average buyer. Source: LA Times

Making sense of the story

  • A surge in higher-end projects has pushed new home prices above their pre-recession peaks, even as prices for existing homes remain one-fifth below their bubble-era highs.
  • In Orange County, the median new home price has topped $800,000.
  • Builders have piled in to pricey ZIP Codes — bidding up land costs there in the process — and polished their projects to a high gloss to woo wealthy buyers with cash or good credit.
  • Projects aimed at the middle of the market remain scarce, and overall home building is off about 60 percent from a decade ago. The shortage of new lower-priced product is one factor making Southern California among the toughest housing markets in the country for middle-income families.
  • While new homes have almost always sold at a premium, that premium has hit new highs this year. In January, the gap between median-priced new and resale homes in Southern California peaked at $151,000, a 41 percent premium for a new house.
  • Several factors contribute to the widening price gap between new and resale homes, housing economists say. For example, competing bids drove up the cost of land in prime areas in 2012 and 2013, which means higher prices today.
  • Some builders have made a conscious decision to move upmarket because they see more profit and upside in catering to wealthier consumers. KB Home is among the builders moving upmarket. The Los Angeles builder, long a specialist in entry-level homes, has shifted to more affluent, “land-constrained” neighborhoods.

Read the full story

Talking Points …

  • A drop in rates last week boosted mortgage applications for both refinances and home purchases, and interest rates continue to slide, according to the Mortgage Bankers Association (MBA). Total mortgage application volume for the week ending October 3rd rose 3.8 percent on a seasonally adjusted basis from the previous week.
  • Refinance applications were 5 percent higher than the previous week, and purchase applications were 2 percent higher. On an annual basis, however, refinance applications are down 32 percent and purchase applications are down nearly 8 percent.
  • Michael Fratantoni, chief economist for the MBA, commented, “The purchase index reached its highest level since July. The increase was led by a 3.7 percent increase in government purchase volume for the week.”

From C.A.R. ~ C.A.R. Market Matters 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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C.A.R Releases 2015 Housing Forecast

With more available homes on the market for sale, California’s housing market will see fewer investors and a return to traditional home buyers as home sales rise modestly and prices flatten out in 2015, according to the C.A.R. “2015 California Housing Market Forecast.”

The C.A.R. forecast sees an increase in existing home sales of 5.8 percent next year to reach 402,500 units, up from the projected 2014 sales figure of 380,500 homes sold.  Sales in 2014 will be down 8.2 percent from the 414,300 existing, single-family homes sold in 2013.

The average for 30-year fixed mortgage interest rates is expected to rise only slightly to 4.5 percent but will still remain at historically low levels.

The California median home price is forecast to increase 5.2 percent to $478,700 in 2015, following a projected 11.8 percent increase in 2014 to $455,000.  This is the slowest rate of price appreciation in four years.
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Fast Facts
Calif. median home price: August 2014:

  • California: $480,280
  • Calif. highest median home price by region/county August 2014: San Mateo, $1 million
  • Calif. lowest median home price by region/county August 2014:
    Siskiyou County, $127,500
Calif. Pending Home Sales Index:
August 2014: Decreased 4.5 percent from 104.5 in July to 99.78 in August.

Calif. Traditional Housing Affordability Index: Second Quarter 2014: 30 percent (Source: C.A.R.)

Mortgage rates: Week ending 10/9/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.12% fees/points: 0.5%
  • 15-yr. fixed: 3.30% fees/points: 0.5%
  • 1-yr. adjustable: 2.42% Fees/points: 0.4%

From C.A.R. ~ 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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The Fading Distinction Between City and Suburb

Are American communities experiencing “the Great Inversion,” i.e. a reversal of fortunes in which cities grow as suburbs decline?  While the traditional suburban lifestyle continues to be widespread, new research shows that key features of suburban life not only remain commonplace in the suburbs but are often continued by high-income people even after they move to cities.  Source: The Atlantic

Making sense of the story

  • Using data from Canada’s 2006 census on before-tax average income, the researchers grouped the census metropolitan areas into eight “neighborhood types” based on three key variables: homeownership rate, share of population living in a detached single-family house, and share of people who commute by car.
  • The most interesting finding concerns the “consistently positive relationship between suburban ways of living and higher incomes.” Richer people, the researchers found, tend to own single-family homes and drive cars even when they live in highly urbanized neighborhoods.
  • The study shows that even though there is a diverse range of suburban and urban neighborhoods, the affluent people who live in them lead relatively similar lifestyles.
  • Consequently, when the rich move back to cities, they take their preferences for and abilities to purchase larger homes or condos and private cars.
  • The rich are more suburbanized regardless of where these suburban ways of living occur—a downtown condo or a suburban detached home.
  • Households making $100,000 per year are more than three times as likely to live in suburban rather than urban neighborhoods, whereas households making $0 to $19,900 per year are almost five times less likely to live in suburban as opposed to urban neighborhoods.
  • As housing costs rise and commuting becomes more arduous, higher income people live closer to the urban core in condos and rentals.

Read the full story

Talking Points …

  • U.S. households feel much better about their personal finances, job security, and future economic prospects than they have at any point since mid-2009, according to a recent survey conducted by Absolute Strategy Research (ASR).
  • More consumers say they are better off financially now than a year ago, compared with the share saying they are worse off. Plus, a high 83 percent of workers feel very or fairly secure in their current jobs.
  • According to the ASR poll, 35 percent of consumers think they will be better off financially a year from now, outnumbering the 12 percent who expect to be worse off. Driving that hope is expectations about pay: 31 percent think their personal income will be higher over the next 12 months versus 14 percent who expect a pay cut.

From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.

How to Choose a Neighborhood for Your Home Search

Narrow your home search by identifying neighborhoods that are right for you. This helps keep your search focused and efficient. Your local REALTOR® can offer neighborhood information to guide you in your search.

When evaluating a neighborhood you should investigate local conditions. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:

  • quality of schools
  • property values
  • traffic
  • crime rate
  • future construction
  • proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural centers such as museums and theaters

  

Dave Thurman Real Estate

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