What's Happening with Fresno Foreclosure and Traditional Home Sales??
Posted by Harold Penner on Friday, July 9th, 2010 at 1:23pm.July 2008 -- Housing Bill May Provide Foreclosure Relief
There are some interesting opportunities for homeowners in the recently passed landmark Housing Bill.
- Foreclosure Relief – The government is providing foreclosure relief to an estimated 400,000 families in the next few years. Homeowners will refinance to an FHA loan at 90% of the current market value. One provision, however, is that your current lender must voluntarily agree to absorb the difference between your current loan and the new value. With today’s market, however, California homes stand a good chance of being considered for this type of loan.
Bear in mind, that there is an estimated 3 million foreclosures expected for this year. So, it is important to contact a knowledgeable FHA lender to determine if you can qualify. The FHA loan limit is being raised to $625,500. - Opportunity for First Time Home Buyers –
First time buyers who purchase between April 9, 2008 and July 1, 2009 are eligible for a tax credit of $7,500.
To learn more about these provisions, you can reference the following link: Senate passes landmark housing bill - CNNMoney.com
Principles for Buying in the Fresno Market
Buying Foreclosures:
In July, 50% of all sales were bank owned properties. An important point to remember if you are considering a foreclosure is that the vast majority of these homes sell within 4% of the listed price.
In cases of homes priced under $250,000, there are typically multiple offers and the selling price may be above the asking price. So, when viewing foreclosure homes online, buyers should expect that the listed price is quite close to what the home will actually sell for.
Advantages to Buying a Conventional Resale Home:
There are a number of reasons that many buyers are finding they prefer to buy conventional.
- Price - There are many conventional sales that are in pricing to foreclosures. Sellers who have owned their property for years can afford to price their homes competitively.
- Disclosure Protection for Buyers – When buying a foreclosed home, the bank does not provide disclosures on the home. There could be, for example, water drainage issues, mold or roof damage that the buyer may not be informed of. Buyers of conventional properties receive that type of information.
- Repair Costs – Often buyers do not account for the cost of repairing a foreclosed home upon purchasing it. In addition to new landscaping, foreclosures have not been lived in for months and buyers often discover that repair and cleaning fees are quite extensive.
Current Houses Priced Below Market Value:
- 5455 E. Behymer Clovis, CA 93619 - $348,000
This home offers buyers the opportunity to own 2 acres of prime Clovis property at the corner of Behymer and Fowler. - 3236 W. Sierra Avenue, Fresno, CA 93711- $288,000 - This 5 bedroom/3 bath home with 2,788 sq. ft. is currently the best priced home in Northwest Fresno.
- 8701 N. Highway 41 Fresno, Ca 93720 - $65,000
The 2 bedroom/2 bath mobile home for ages 55 and older is located next to the San Joaquin River and Woodward Park. It is the best priced in the area.
If you are interested in learning more about buying in the Fresno County area, please contact my office at (559) 322-7777 or email hpinfo@homesinfresno.com.
JULY 2008 MARKET STATISTICS - Fresno and Madera Counties
- Average Price of Sold Homes in July '07 vs. '08 - $326,061 vs. $227,143 (30% Decrease)
- Sold Homes in July '07 vs. '08 - 445 vs. 643 (30% Increase)
- # of Foreclosures and Pre-Foreclosures Sold in July '07 vs. '08 - 34 vs. 359 (Increased by 10 times)
- Avg. Loan Percentage Rate in July '08 – 6.375% (30 Year Fixed)
Click here to visit HomesInFresno.com
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