Derek Real Estate Update 10/23/12

Derek's Real Estate Update

Dear Friends-The Fresno State Bulldogs continue to play with a new attitude. They beat Wyoming 42-14 this past Saturday. They Really beat Boise State the weekend before. But, those Refs! Sorry, still have some sour grapes. : )

But, those San Fran. Giants! On to the World Series! Scutaro !!

What is CHDAP? The California Homebuyer's Downpayment Asistance Program (CHDAP) is a small silent second offered to certain eligible first time home buyers through the california Housing financing agency(CalHFA). They offer up to 3% of the sales price for down payment and or closing costs in the form of a 3.25% rate 2nd lien. No borrower funds may be required.(.5% down payment can be gifted) Sales price limit is $347,468. Do you, or someone you know, would be interested in this type of loan?

At one time, we had 4-5,000 active homes on the market.We presently have an inventory of 893 homes for sale in the Fresno Multiple Listing service. Less than 1/4 of the inventory we had at 1 time.

This is a continued & steady decline of inventory.

Below is a list of how many homes are available by zip code. In the more active zip codes. How many active a few months ago & Today:

           MARCH '12 / APRIL '12/ AUG. '12 / TODAY/ Avg. list price

93611..... 94               92            70         60    $328,313.

93619.....126            129           108             93        $468,122.

93704..... 66              59 54             55    $288,777.

93711.....166 114            129           126    $408,511.

93720.....110 101    128 118    $654,958.

93722.....126             95            186 187        $147,930.

93730..... 55             50              48             36       $654,958

The chart above show the consistent overall decline in housing inventory in these zip codes. With 2 zip codes, 93704 & 93722, staying about the same. As you can see by the average list price, You are seeing folks with larger & desireable neighborhood homes selling to take advantage of this current market & record low interest rates. Some are buying even larger!

Keep in mind,There are approximately 1,000,000 people in the Fresno/Clovis metropolitan area. In my opinion, inventory is very low.In fact, As of today,The present inventory of active homes in the Fresno/Clovis area stands at 893.With a sale of 524 homes last month, We have what a call a present absorption rate of approx.59% per month. 59 percent of the homes listed will sell within 30 days. Chances are, the home you had your eye on, will be gone in 30-60 days, if not sooner.

As of the date of this Update, interest rates are 3.25% for FHA financing.3.375 for Conventional. 2.875 for a 15 year conv. loan.These are large down conv. loans.Always confirm rate with your trusted mortgage consultant.If you don't have one, I can refer you to one! : )

Market changes,REO's, Short sales(Near 100 percent success rate),& Negotiations(My Negotiation skills, knowledge & 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 years of experience) Someone to work with you to accomplish your real estate goals. I am that Real estate professional.

( For previous week update or to comment, go to my real estate blog on my website, (http://www.derekmonreal.com) You can see the progression of the market. : )

Also,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 coupons, "The Big deal."

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

Thank you for the opportunity to be of service!

Derek Monreal
Guarantee Real Estate "Over 20 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: Tuesday, October 23, 2012 6:04:38 PM

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Derek Monreal

Your Trusted Real Estate Professional for the Fresno and Clovis Area

Derek Real Estate Update 10/23/12