May OC Real Estate Market On Homes Up To 600k

June 14, 2010 by Ryan Davison · Leave a Comment

What is going to happen to the real estate market now that the tax credit has come to an end?

Michael Fratantoni, MBA’s Vice President of Research and Economics said:

“The data continues to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season.”

Numbers for May have just come out, lets take a look at them now.

For sale is up 4.5% and sold is up 12.3% from last month. Now sold means that the property could have been in escrow for 30-90 days or longer and just so happen to close in May, a carry over effect of the tax credit. The more accurate stat to look at is Pended, because this is property about to close that month. Pended is down 14% from last month, although there are only 4 months out of the last 15 where pended was higher. Look at the chart below for more detailed information.

Lets look at some more numbers.

The median price is $367,000 which is 7,000 dollars higher then last month, and the average price is $366,000 which is 2,000 dollars higher then last month. Both the median and the average price is the highest it has been dating back 15 months. The average price per SQ.FT is $264, 5,000 dollars higher then last month and also the highest it has been in the last 15 months. Days on market is at 67, there is only one month out of the last 15 where that was lower.

Judging by these numbers the real estate market looks strong for the month of May.

There is no doubt we are in an interesting market right now. The next few months will give us a better understanding of what the market is doing.

Stay tuned for tomorrows blog where I will discuss the 600k to 1 million market.

	1 month			1 year			15 months
	Apr 10	May 10	% Change	May 09	May 10	% Change	Mar 09	May 10	% Change
For Sale	5089	5316	4.5%	4485	5316	18.5%	6795	5316	-21.8%
Sold	1785	2004	12.3%	1888	2004	6.1%	1784	2004	12.3%
Pended	2710	2330	-14%	2211	2330	5.4%	2247	2330	3.7%

Demand for O.C. homes jumps to year’s high (lansner.freedomblogging.com)
Supply of O.C. homes for sale up 31% (lansner.freedomblogging.com)

Filed under Blog, OC Market Report · Tagged with Orange county real, Real estate, tax credit

Tax Credit For Veterans.

May 14, 2010 by Ryan Davison · Leave a Comment

Hundreds of Dollars Money Bills by Photos8.com

Remember the old tax credit that expired a few weeks ago? If you are a Veteran who has served overseas in the last 12 months or a Federal Government employee, the $8000 first time home buyer and the repeat home buyer credit of $6500 has been extended for another year and will end April 30Th 2011. Just another way the government is saying “THANK YOU” to our wonderful troops that keep this country great! Come back Monday when I talk about the VA mortgage thats also available to Veterans.

Summary Box: Pending Home Sales (seattletimes.nwsource.com)
Mortgage applications drop 9.5% after end of tax credit (hotair.com)
Mortgage rates fall for third week in a row (sfgate.com)

Filed under Blog · Tagged with Federal government of the United States, Financial Services, Money, Mortgage, tax credit, United States, veteran tax credit

New Tax Credit!

March 30, 2010 by Ryan Davison · Leave a Comment

You heard it right, California has just come out with a new tax credit.

The credit is worth up to $10,000, spread over three years. The credit is available to anyone who buys a newly built home or to first-time home buyers who buy a newly built or existing home as your principle residence .

A first-time buyer is defined as an individual, or an individual’s spouse, who had no ownership interest in a principal residence for three years before the date of purchase.

People who are not first-time buyers can get the credit if they buy a newly built home, but not an existing one.

In both cases, the home must be a single-family residence, attached or unattached, and be used as the buyer’s principal residence for at least two years.

The credit is equal to 5 percent of the purchase price or $10,000, whichever is less.

Some home buyers get new state tax credit (sfgate.com)
US house prices ‘set for double-dip’ (telegraph.co.uk)
30 days and counting: Homebuyer tax credit expires (money.cnn.com)
Should the Home-Buyer Tax Credit Be Extended? (curiouscapitalist.blogs.time.com)

Filed under Blog, OC Market Report, Video · Tagged with California, Financial Services, First-time buyer, Personal Finance, tax credit

Home Buyer Tax Credit Extended

December 18, 2009 by Ryan Davison · Leave a Comment

NEW YORK - OCTOBER 31: Traders work on the fl...

Image by Getty Images via Daylife

President Obama has approved the extension of the $8000 first time home buyer tax credit as well as a $6500 credit for repeat or move-up home buyers who have lived in their primary residence for five years or more. The credits will now end on may 1st.

There are a few stipulations to both credits but with low interest rates it is still a great time to buy property.