Fewer Seen Able to Afford a Home. A California real estate group says rising prices and mortgage rates will push the percentage to a record low this year. Home buyers in California will have to dig deeper into their savings to buy houses this year despite a projected slowing in the rate of price increases, he added. The Realtors group projects that California's median home price will increase 10% this year. Kleinhenz said the statewide median home price rose 16.4% last year and 21% in 2004. Rising home prices and interest rates will slow home sales in the state, Kleinhenz said. His group expects sales this year to be 2% below last year's level. Click here to read more.
Appraisers supply a dose of reality. Sellers can dream, but hard data and local factors determine a home's value. For most consumers, the ultimate answer about value will come from the appraiser hired by the purchaser's mortgage lender. What do appraisers see in the shifting sands of real estate for 2006? And what advice do they offer sellers, buyers and realty agents? Tops on the appraisers' list: Know your market sub-segment — the general price band or location of your property. If in doubt about pricing, hire a licensed, long-established appraiser as a consultant for an hourly fee. Though most appraisers work on contract for lenders, they are not prohibited from working as consultants directly for consumers, either as the source of a second opinion or to nail down a listing price. As a buyer, don't expect sellers to bleed for you. Generally they won't sell for less unless they absolutely have to. And sellers: Don't blame the messengers — appraisers or realty agents — if your generous, tax-free capital gain turns out to be slightly less than you planned. Click here to read more.
Lofty home prices glide downward. The decline is part of a statewide trend that began elsewhere in California several months ago. January's median California home price was $452,000, down $6,000 from December. The median is the price at which half of all homes sell for more and half for less. "The market is coming back to normal," said Endsley, predicting that home prices will appreciate 5 percent to 8 percent in 2006. "We're back in balance. A buyer can make a reasonable choice and a seller can make a reasonable amount on the sale." Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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