Buying and Selling Homes

Homebuilder Confidence Stabilizes

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Homebuilder confidence stabilizes,
hinting at solid spring home buying season-

Despite affordability and labor concerns, homebuilder confidence held steady in March, according to the National Association of Home Builders. “In a healthy sign for the housing market, more builders are saying that lower price points are selling well, and increased inventory of affordably priced homes, will enable more entry-level buyers to enter the market,” said NAHB Chief Economist Robert Dietz.

With that being said, the report also warns that affordability continues to remain a key concern for builders. “The skilled worker shortage, lack of buildable lots and stiff zoning restrictions in many major metro markets are among the challenges builders face as they strive to construct homes that can sell at affordable price points,” the report states. courtesy of  housingwire.com 

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Gary & April Greer Serving So Cal since 1998     april@teamgreer.com

 

 

 

Southern California Sales

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The median price paid for all Southern California homes sold in December 2017 was $507,000, a new all-time high that surpasses the previous peak of $505,000.
Absentee buyers (investors and second home purchasers) bought 22.9% of Southland homes sold in December 2017. The peak was 32.2% in February 2013. The monthly average for absentee buyers since 2000 is about 18.0%.

The number of homes that sold for $500,000 or more in December 2017 accounted for 51.3% of all sales. That is up from 45.4% in December 2016.

Foreclosure re-sales (properties foreclosed on in the prior 12 months) represented 1.4% of  the Southland re-sale market in December 2017. That was down from 2.9% in December 2016. Foreclosure resales peaked at 56.7% in February 2009.

Federal Housing Administration (FHA) Loans made up 16.1% of all home purchase loans in Southern California in December 2017. Riverside and San Bernardino counties experienced the region’s highest FHA share in December at 25.1% and 26.9% respectively.

Just Released from DQNews January 30th, 2018

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For All Things Real Estate, Gary and April Greer 

(951) 522-0518 or april@teamgreer.com

New Recording Fees California

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CALIFORNIA

Affordable Housing

 Fund Document Recording Fee

With keen awareness of California’s shortage of affordable housing, the legislature passed more than 20 bills related to housing in this year’s session.

Chief among these laws is Senate Bill 2. 

This law provides a permanent source of funding for affordable housing by imposing a flat $75 per document recording fee on every real estate instrument that is NOT part of a sales transaction. In this way, SB 2 is written to ensure that the fee will not burden home purchase transactions.

The fee will be capped at $225 per transaction and coordinated with other revenue sources.

C.A.R. supported SB 2 which dedicates 20% of the funds generated to affordable workforce housing and 70% of revenues to local governments for housing.

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Gary and April Greer Connecting Buyers and Sellers since 1998 (951) 522-0518 or april@teamgreer.com