Derek Real Estate Update 10/03/12

Dear Friends- Debate tonite at 6pm! Catch it! Could be the most important debate this country has had.

As real estate is rebounding, we need to know that existing tax breaks will be extended. Families do not need additional taxes to pay.Which translates into less money in our pockets. This could affect real estate values. I am hoping to hear both candidates commit to extending those tax breaks.

Real Estate. As per the Fresno Multiple Listing service, in the Fresno/Clovis area, today a total of 524 homes Sold in Sept. 2012. 56 percent of the active homes were sold in Sept,2012. A slow down as we come into the month before a vote is to take place. Over my 20 plus years, every 2 years this happens.opening an opportunity for those who are diligently looking for a home/property. But, keep in mind,whenever 50 % of the inventory sells from month- to-month, that is what we call a sellers market.

Interest rates are outstanding(See Below), home prices are good. Time to seriously consider a move.A Friend of mine, who I was showing homes today,was told by a wealthy associate to buy within the next year. Interest rates being one of the main reasons why. The lower the interest rate, the more buying power you have.For example, minimum down of 3.5% for FHA financing, the payment for a $300,000 will be approx. $2,000 a month! $150,000 home, payment $1025 a month!

Interest rates have not been this low in many years.

As of the date of this Update, interest rates are 3.25% for FHA financing. 3.5% down.

3.375 for Conventional 30 yr loan. 2.75 for a 15 year conv. loan.These are large down conv. loans.(20-25% down) smaller down convention loans are available. There is a 10% down for a 2nd home/vacation home! Thinking of buying on the coast, I can refer you to a great agent!

Always confirm rate with your trusted mortgage consultant.If you don't have one, I can refer you to one! : )

Also, I have 2-3 folks looking to rent in the N/W part of Fresno.Good people.Could be your new Tenant!

Mortgage debt forgiveness is scheduled to end by Dec 31st, 2012. Less than 3 months away. I believe there is just a 50/50 chance that will be renewed.Why? It has been renewed a couple of times already.So, if you are considering doing a short sale, you need to get your property on the market as soon as possible. There is an art to doing short sales. Don't settle for less.

Keep in mind, the 8,000 tax credit of a few years ago, everyone thought that was going to be extended, and it wasn't.

Home sales.The average sales price in August was $181,353. Up from $177,493 the month before. The average days on market for all properties is 63 days. The Median sales price was $165,000. Up from $157,500.

358 homes sold under $200,000. the avg. DOM 44.

152 homes sold from $200-400,000. The avg. DOM 46.

14 homes sold from $400,000 and higher. The avg. DOM 63.

As of today,The present inventory of active homes in the Fresno/Clovis area stands at 897. We have, what I call, a present monthly absorption rate of 56%.

Market changes,REO's, Short sales(100 percent success rate for years),& Negotiations(My reputation in the Real estate industry gives you an edge)Important with multiple offers on some properties.There continues to be changes & needs in this real estate market. Changes that need the hand of a Real estate professional you can trust. A Realtor with experience and knowledge(Over 20 plus years of experience) Someone to work with you to accomplish your real estate goals. I am that Real estate professional.

Keep your eye on these e-mails. New stats each Real estate update! Have a Great rest of the week!

( For previous weeks updates & to see the progression of the market or to comment, go to my real estate blog on my website, (http://www.derekmonreal.com)

Start your home search go to,http://www.derekmonreal.com . Try the interactive map search,It's cool!

For a $50-$100 dinner coupons go to: www.clovis.kmph.com . See Clovis "The Big Deal" coupons.

Thank you for the opportunity to be of service!

Derek Monreal
Guarantee Real Estate "Over 20 plus years experience. Integrity"
Lic#01111933
Direct:559-349-0296
E-mail address: listwithderek@gmail.com

Website:(http://www.derekmonreal.com)

" I LOVE REFERRALS! "

"I Donate 10% to Charity"

Added: Wednesday, October 3, 2012 5:16:57 PM

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Derek Monreal

Your Trusted Real Estate Professional for the Fresno and Clovis Area

Derek Real Estate Update 10/03/12