THIS MONTH IN REAL ESTATE – December 2011
This is one in a series of brief videos designed to provide buyers and sellers information about the sale and purchase of real estate. The data provided helps people better understand the market place and the process of buying or selling. The tips are offered so that you can leverage your position in that purchase process. Knowledge is power, or at least a tool with which to increase your chances of success.
If you are thinking of buying or selling in our area, we will be happy to assist. Just call (916) 337-0658, text or e-mail us at Mike@BuyYourVilla.com.
We have produced this video of the Serrano Visitor’s Center in El Dorado Hills, California, fot those considering a home purchase in the area. Discerning home buyers will want to know about the area before deciding on the ideal location in which to raise a family.
This short video is designed to give those buyers a feel for the area.
Serrano is a planned unit development just north of Highway 50 in El Dorado Hills. It consists of a series of gated villages anchored by the Serrano Visitor’s Center. The homes range from upscale tract homes, thorugh semi-custom to custom built homes and range in price from the low three uundred thousands to those above a million dollars. The schools are excellent and Serrano includes an award winning golf course.
Enjoy the video and feel free to call, e-mail or text if you have any questions about homes in Serrano, El Dorado Hills or other towns in our beautiful area.
EL DORADO HILLS HOME SALES DATA
El Dorado Hills is a beautiful area, an ideal location to raise a family and meet life’s challenges. Since El Dorado Hills is a bedroom community, there are many fine homes from which to choose at any given time.
A prudent buyer will investigate an area before they decide if it is right for them. They will also learn as much as they can about the local real estate market. The purpose of this post is to provide home sales data for single-family homes in El Dorado Hills.
Contrary to all of the media hype about the “national” real estate market, real estate markets are local and one can be very different from another.
For those of you who remember your Economics 101 class, the laws of supply and demand still apply, especially in the real estate market. One of the statistics Realtors® monitor carefully is supply, or the inventory of homes available on the market.
Pundits consider a six-month supply to be a neutral market. An inventory of less than six-months is a seller’s market and an inventory of more than six-months is a buyer’s market.
The graph below provides the inventory data for El Dorado Hills for the past 15-months. You can see that there were two months in which the inventory level exceeded a six-month supply, both at the beginning of last year. Homeowners are reluctant to put their homes on the market when sales prices are low.
The second graph lists the actual price per square foot that single-family homes sold for in each of the past 15-months. This is an important statistic to Realtors®, one used to determine to value of any specific property.
Naturally, there are fluctuations but there is no measurable trend. We submit that the price point is bumping along at the bottom of the market.
We can provide this data for any town in our seven county areas. If you have an interest in a specific home, we will be happy to help you determine a value and assist you in getting the best possible deal. Call (916) 337-0658 or e-mail Mike@BuyYourVilla.com
REMEDY FOR SOME FORECLOSURE VICTIMS!
If you lost your home through foreclosure in 2009 or 2010 there may be a remedy waiting for you. The Office of the Comptroller of the Currency (OCC) has ordered an independent review of foreclosures processed by GMAC Mortgage, HSBC Finance Corp., Sun Trust Mortgage and EMC Mortgage.
If one of these loan servicers processed your foreclosure, and you believe that you were financially harmed during their foreclosure process, you may have some cash coming!
The government has determined that there may have been flaws in the foreclosure processing in some cases. Homeowners/borrowers who feel that they were financially harmed may request an independent review. If errors are found, the servicer will be required to compensate the borrowers for that financial injury.
Borrowers are eligible if:
- The home lost in foreclosure was the borrower’s primary residence
- The loan was at any step of the foreclosure process between January 1, 2009 and December 31, 2010
- The loan was serviced by one of the organizations listed above
- The request for a review must be received by the independent reviewing authority by April 20, 1012.
For more information, select this link:
WHAT TO EXPECT AT YOUR SIGNING
This posting is the forth in a series designed to help take the mystery out of the home buying and selling process. That process can be confusing and, since it pertains to the single most expensive asset most of us have, our home; we feel that our clients are better prepared for the experience if they have some understanding of each step in the process in advance.
If you have reached this point in the purchase of any real estate, congratulations, you are in the home stretch. The seller has met all of your requirements and, with the exception of the loan, you have met theirs. You will have received final approval of your loan, completed all inspections, and reviewed and approved all inspection reports.
The deed of trust and the promissory note are two of the many documents that you will sign. The escrow officer will return all loan related documents to the lender, where they will be carefully reviewed. The lender will fund the loan on the date of closing, sometimes the day before.
The document signing usually takes place a few days before the recording of the transfer of title, and escrow is closed. The escrow officer will have informed you about the exact amount of the funds you have to bring to close the transaction.
The signing usually takes between an hour and an hour and one half to complete, so make sure you set aside enough time.
Funds must be in the form of a certified check, or you can wire transfer them directly into escrow. Sorry, no personal checks, cash or credit cards may be used.
Don’t forget to bring identification. Most people use a driver’s license or passport. The person who conducts the signing is a notary and must notarize many of the documents.
First American produced a straightforward video that is easy to understand. If, after you view the video, you have questions, please feel free to call, text (916) 337-0658, or e-mail Mike@BuyYourVilla.com for clarification.