California

FHA Loan Limits Up 2017 Riverside County

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arrow-up Woo Hoo! Great News for Home Sales in the upcoming year!

The FHA loan limits will be increasing effective January 1, 2017.

In Riverside county, the 2017 FHA loan limit on a single family home will be $379,500, an increase from $356,500.

In San Diego county, the 2017 FHA loan limit on a single family home will be $612,950, an increase from $580,750.

In Orange county, the 2017 FHA loan limit on a single family home will be $636,150, an increase from $625,500.

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Making a Move?  We can help! 951-522-0518

 

Conforming Loan Limits 2017

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Conforming Loan Limits Will Increase in 2017

On November 23, the Federal Housing Finance Agency (FHFA) announced that it would raise the baseline conforming loan limit for 2017. They are also increasing the limits for certain “higher-cost areas” that are above the baseline. This is in response to significant home-price gains that occurred during 2016.

In most counties across the country, the 2017 maximum conforming loan limit for a single-family home will be $424,100. (Riverside County included) That’s an increase of $7,100 from the 2016 baseline limit of $417,000. This is the first time federal housing officials have raised the baseline since 2006.

In higher-cost real estate markets, like Orange County, San Francisco and New York City, the limit for a single-family home loan can be as high as $636,150.  San Diego County is increasing to $ 612,950.

Anything above these caps is considered a jumbo mortgage and subject to more scrutiny and higher rates.

What Is a Conforming Loan?

A conforming home loan is one that meets certain guidelines set forth by Freddie Mac and Fannie Mae.

Freddie and Fannie are the two government-sponsored enterprises (GSEs) that purchase mortgages, bundle and securitize them, and then sell them to investors through Wall Street and other channels.

Looking to make a move?  Let us help…we are a phone call, text or email a way.  Gary and April Greer at 951-522-0518 or april@teamgreer.com

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Southern California Home Sales

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Southern California July 2016 Home Sales Volume Dips, however-

Median Sale Price Steady Month to Month and Up Year Over Year  (*Median Price 7-15/7-16)

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The typical mortgage payment that Southern California home buyers committed to in July 2016 was $1,662, down slightly from $1,683 in July 2015. Adjusted for inflation, the July 2016 payment was 43.6% below the $2,946 in July of 2007.

Cash Buyers accounted for 19.6% of July 2016 home sales. That is the lowest level for any month since October 2008. Cash sales peaked in February 2013 at 37.5% of the market. The monthly average for cash buyers since 1988 is about 16%.

Absentee buyers (investors and second home purchasers) bought 19.9% of South land homes sold in July 2016. The peak was 32.2% in February 2013. The monthly average for absentee buyers since 1988 is about 18.0%.

The median price paid for all Southern California homes sold in July 2016 was $465,000. That was the highest for any month since August 2007 when it was $500,000.

Home Sales of $500,000 or more accounted for 45% of all sales in July 2016, up from 40.6 in July 2015. The July share of homes selling for $500,000 or more was the highest for any month since the credit crunch hit in August 2007 when the $500,000-plus share was 49.4%.

*Median Price=half more/half less. * All information deemed reliable but not guaranteed. For tax, ownership or investment advice we suggest you contact an attorney or certified public accountant. Taken from CoreLogic.com

Looking to make a move in or out of Temecula, Murrieta, Wildomar, Hemet, Winchester, Menifee, or Lake Elsinore?  We’re your answer to how to keep it stress free. Call, text or email with any questions to april@teamgreer.com or (951) 522-0518.

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Century 21 Wright Lic #01235358/01240571

 

California Median Home Price

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April Home Sales and Price Report

Statewide median home price climbs,

breaking $500,000 for first time in nine years!

April’s statewide median home price was $509,100, up 5.3% from March and 5.1% from April 2015.

C.A.R.’s Unsold Inventory Index, which indicates the number of months needed to sell the supply of houses currently on the market at the current sales rate, slipped to 3.5 months. A 6-to-7 month supply is considered typical in a normal market.

According to C.A.R.’s sales to list price ratio, tight inventories appear to be driving final sold prices closer to listing prices, with sales prices rising to 99.3% of listing prices statewide.

The median number of days it took to sell a single-family home fell in April to 27.7 days, compared to 29.9 days in March.

Taken from CAR.org  5-18-16 All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant.

Median = half more/half less

Find out what this means to the value of your home in Southwest Riverside County.  Temecula, Murrieta, Menifee, Hemet, Winchester, Wildomar, Lake Elsinore & French Valley.  We are available by phone, text and email (951) 522-0518, april@teamgreer.com

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