Wednesday, July 9th, 2014 at
Fannie Mae may be changing the rules in the next 45 days for the wait period for people who have had a short sale. Currently a buyer could purchase another home after two years of the final short sale completion. Of course, the hardship had to be documented as to the reason for the short sale.
There is rumor — and a strong one— from many mortgage folks that by mid August the rules will change and buyers will now have to wait four years to repurchase.
This is further encouragement for anyone contemplating a home purchase who has had a short sale, to take action now. If you have already exceeded the two year mark and you now have to wait another two years, the market I am sure will be quite different. Higher prices and if not home prices, definitely higher interest rates.
Bottom line if you are in a position to purchase, get moving!
Wednesday, June 11th, 2014 at
I attended the San Ramon City Council meeting, whereby Sunset Development presented the plans for the San Ramon City Center-Downtown. There have been some changes to the original plans, both architectually and size.
The new center will be approximately 300,000 sq. ft. smaller than planned, due to no major department stores as tenants. Sunset Development has done extensive research regarding the trends for shopping malls and their intent is to make the San Ramon City Center more of a place to meet friends, dine at the restaurants or just stroll the promenade in addition to shopping.
The renditions of what the Center will become is exciting. The Center will consist of restaurants, retail, commercial, residential, movie theater, ice saking rink in the winter and a hotel when it is completed. There are two phases to the project.
It is anticipated that the shovels will hit the ground early 2015 and the opening will be in 2016.
Saturday, May 24th, 2014 at
Boomerrang buyers is a term recenlty introduced as buyers who are now back in the market to purchase a home after losing their home either to a short sale or foreclosure.
Many of these people are in a much stronger financial position that will allow them to buy a home. Even though they had a financial crisis, they still believe owning a home is a wise financial decision.
FHA financing is available within one year after the loss, conventional financing requires a two year wait period, and there is a funding program no waiting period.
Wednesday, May 21st, 2014 at
I am constantly being asked if we are in a "bubble" again because of how hight prices have risen in both Alameda and Contra Costa County over the past two years. It is anyone's guess.
Pulsenomics puts out a Home Price Expectation Survey quarterly and the survey is sent to over one hundred economists, real estate expers and investment and market strategists asking what where the believe home prices are headed.
The results of the survey indicate that home values will appreciate on average 4.4% in 2014. Even those that are pessamistic beleive at the very worst nationwide we will see a 2% appreciation rate.
The slower growth rate is good for the housing market and is much more sustainable than the double digit appreciation we have seen here in the Contra Costa and Alameda real estate markets.
Monday, May 19th, 2014 at
Here is what is happening in the San Ramon Town home/Condo market.The chart would indicate we are back to 2006 sales prices.