Dave Thurman's Real Estate Blog » 2008 » December

Median Home Sales Prices

Dave Thurman — Wed, 17 Dec 2008 06:24:39 +0000

Here is some information which was emailed to me today from Chicago Title Company.

CALIFORNIA HOME SALE PRICE – Medians By City for October 2008

County/City/Area # Sold Oct 2008 Oct 2007 % Change

Stockton 726 $140,000 $277,000 -49.46%

Manteca 169 $230,000 $350,000 -34.29%

Lodi 68 $197,000 $300,000 -34.33%

Tracy 317 $260,000 $445,000 -41.57%

San Joaquin County 1411 $198,500 $340,000 -41.62%

Attention Rehab Investors!

Dave Thurman — Sat, 13 Dec 2008 19:48:23 +0000

Lender Repo! South Stockton 2 bedroom 1 bath Fixer-upper! Needs complete rehab! Hurry! View this new listing on my website. 2036 E Michael Avenue, Stockton, CA

Hurry! $29,900 or Make Offer!

Where is the Bottom of the Market?

Dave Thurman — Fri, 12 Dec 2008 18:10:36 +0000

One of the most common questions I have been asked over the last year or so is …Do you think the real estate prices in Stockton will continue to decrease? …Should I buy now or wait a little longer for the bottom of the real estate market? …Is it a good time to buy a home? I tell my clients to carefully think about their financial situation, the reason why they want to purchase a home, and then make a decision that they feel most comfortable with regardless of the pressure of other factors. If you are waiting for the bottom of the market you will be sure to miss it!

Some of my investor clients and other contacts around Stockton feel that we have finally reached the bottom of the real estate market in our area. The prices are extremely low and interest rate are on the way down too!

I have one investor who is buying as much as possible to make up for past investments that have little or no equity now.

Treasury Department Announcement of 4.5% Mortgages Brings Rates Down

Dave Thurman — Mon, 08 Dec 2008 02:19:31 +0000

Based on the news that the Treasury Department may be using Fannie Mae and Freddie Mac to influence the mortgage markets to push interest rates down to 4.5% in the near future, rates have dropped approximately 1% to 5.53% for a 30 year fixed rate this past week. I have been in the real estate business for over 30 years and do not recall mortgage interest rates at 4.5% or lower. (The good news!)

California leads Florida in foreclosure starts with 92,711 in the last quarter. One in ten homeowners across the country are either behind in their mortgage payments or in foreclosure. (The bad news!)

Stockton, one of the leading cities in the nation for the most foreclosures, has been seeing strong sales activity but approximately 90% of all sales are REO’s at very low prices.

Five Good Reasons to Sell Your Home During the Holidays

Dave Thurman — Mon, 08 Dec 2008 00:19:05 +0000

Contrary to popular belief, buyers shop for homes all year round, including the holiday season. In fact, sellers who put their homes on the market during the holiday season (roughly between November and January) may have an advantage because there are fewer houses on the market so there’s less competition. There are several other reasons to consider putting your home on the market during the holidays:

1. Many home buyers have extra time off during the holiday season so they have more time to look for their new home.

2. Because of the limited supply of homes for sale, sellers may be able to receive a higher purchase offer than expected.

3. Buyers looking for homes during the holidays are usually highly motivated to buy before the end of the year so they can get extra itemized income-tax deductions for mortgage loan fees, interest and pro-rated property taxes.

4. Festive lights and holiday decorations can help a home “show better.”

5. Because January is traditionally the month for transfers, having a home on the market at the end of the year can capture the transferees who may not be able to wait until the Spring to buy a home.