Buy now or wait for new construction

By
Real Estate Agent with Surf and Country Realty

Houses for saleINFO THAT HITS US WHERE WE LIVE...Oneresult we care a lot about is a turnaround for new homes. Wehaven't attained it quite yet, with New Home Sales down 2.3% in August,at a 295,000 annual rate. This keeps them in the territorythey've occupied since May 2010, but there were some good signs inthe report. The inventory of new homes for sale fell to its lowestlevel on record. At the same time, the inventory of homes not yet startedwent up the most it has in nearly five years. Some economists say this may indicate home building is close toturning back up.

The FHFA index of prices for homes bought with conformingmortgages went UP 0.8% in July after a 0.7% hike in June. This key home price index is up 7.4%annually over the last three months, the fastest rate of increase sinceearly 2006. Standard& Poor's Case-Shiller Home Price Index was UP 0.9% in July for the fourth month in a row, although prices are still down versus last year. Finally, Pending Home Sales, measuring contracts on existing homes, were off 1.2% inAugust, dragged down by the hurricane and floods in the Northeast, but they're UP 7.7% year-over-year!

Foreclosures Down-This could also have to do with the foreclosure market being down 15% in the last 6 months.  Banks are under alot of pressure from the government that bailed them out to work harder with home owners to be able to stay in there property and have a more affordable payment.  In the past the banks have made it very difficult for home owners to qualify for loan modifications.

Call Eric Krebs at if you have any questions for market conditions in Orange County or click on socalluxuryproperty.com for a free list of foreclosures where you live or interested in purchasing your dream house. 

BUSINESS TIP OF THE WEEK...Salesmanshipis basically the ability and willingness to determine needs, overcomeobjections, provide solutions and be convincing. Charismahelps too, but be enthusiastic and people will respond.

Some info provided buy Cassey Forester (Sr. Loan Officer) with Prime Lending.

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About the Author: Eric Krebs is a California Residential Realtor that specializes in short-sales, and assists you in buying and selling your home..

Have you considered a short sale but don't know where to turn?  Your not alone!  Call the expert "Eric Krebs" to get all your questions answered, and all the pro's and the con's to a short sale before you get foreclosed on.  Get all the answers you need to make and educated decision.  Contact me for a free home consultation at eric@socalluxury property.com.

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If you would like to buy a home or list your home, click one of the following:  Newport Beach Homes, Newport Coast Homes, Costa Mesa Homes, or Tustin Homes.

Click "Orange County Homes" to see all homes listed in Orange County or to pick your neighborhood.

Contact me at eric@socalluxuryproperty.com or call me at 714-269-6191 to see how I make home buying and selling experience easier.

 

Eric Krebs
714-269-6191
socalluxuryproperty.com
Surf and Country Realty

 

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