Riverside County
Southern California Sales
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
(951) 522-0518 or april@teamgreer.com
FHA Loan Limits Up 2017 Riverside County
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.
Making a Move? We can help! 951-522-0518
Southern California Home Sales
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)
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.
Top Reasons to Own a Home
Top Reasons to Own a Home-
Buyers all across the nation are making their dreams come true. They’re signing on the dotted line and grabbing hold of the keys to a family home. Despite record low interest rates, many potential buyers are delaying the decision to buy. What’s keeping you on the sidelines?
Let’s take a look at the top reasons to own a home.
Building equity. Writing a check to the landlord is like lining their pockets with your potential equity. It is money you never get back. Owning your home means building equity. Each and every mortgage payment is going towards paying down part of the principal.
Predictability. Gas and grocery prices may rise, but a fixed rate mortgage is as predictable as they come. Your mortgage payment will be X amount for the life of the loan.
Tax Breaks. Did you know that you can deduct the interest you pay each year on your home? You can deduct the cost of your property taxes. Even making energy efficient upgrades can be tax deductible.
Appreciation. Over the years (real estate is a long term investment) your home should gain value. According to the National Association of Realtors (NAR) “The number of U.S. households is expected to rise 15% over the next decade, creating continued high demand for housing.”
Social Benefits. We’ve talked about the financial benefits of owning a home, but did you know that homeowners generally rate themselves as being happier and healthier than their renting counterparts? Part of this is thanks to the stability that homeownership brings. Homeownership can be a great way to secure future financial security and freedom. So, what’s stopping you from getting into the market? There’s never been a better time to buy! exert from realtytimes.com
For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant. All information deemed reliable but not guaranteed.
Feeling inspired? Tired of renting? Want to paint that wall hot pink? Give us a call for a no pressure overview on what it takes to get started down the path to home ownership in the Temecula Valley. We’ve been helping people just like you for 18 years!
Call, Text, or Email April Greer at 951-522-0518 or april@teamgreer.com
