April 16, 2010 - Nationwide housing starts rose for a third consecutive month in March to a seasonally adjusted annual rate of 626,000 units from an upwardly revised February number, according to figures released today by the U.S. Commerce Department. The rate of permit issuance for new housing construction also rose by a solid 7.5 percent in the month, to a seasonally adjusted annual rate of 685,000 units.
“After an uncertain couple of months, home builders are gradually getting back to what they do best as the spring home buying season commences and consumers return to the market,” said Bob Jones, Chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. “While we still have a long way to go, today’s numbers are an indication that builders are looking down the road with a bit more optimism.”
“Today’s report is very encouraging, because it signifies that home builders are confident enough to begin work on homes that will very likely be completed after the expiration of the home buyer tax credits,” noted NAHB Chief Economist David Crowe. “The solid gain in permit issuance last month is particularly welcome news, since those numbers are generally a reliable indicator of future building activity. That said, considerable headwinds continue to impede housing’s recovery, including the critical shortage of credit for housing production that is stifling new development in reviving markets.”
While single-family starts slipped 0.9 percent in March, this small decline – from an upwardly revised number the previous month – was due entirely to a drop-off in the Midwest from an abnormally high February level; all other regions reported single-family gains in March. Nationwide multifamily starts gained 18.8 percent to a 95,000-unit rate for the month.
The 7.5 percent gain in nationwide building permits reflected a 5.6 percent uptick to 543,000 units on the single-family side and a 15.4 percent gain to a 142,000-unit rate on the multifamily side.
Regionally, combined single- and multifamily starts activity rose 18.2 percent in the South, which is the largest regional housing market, but fell 28.4 percent in the Midwest, 8.3 percent in the Northeast and 2.1 percent in the West.
Combined permit activity rose 17.6 percent in the Midwest and 18.4 percent in the South, but fell 19.5 percent in the Northeast and 6.7 percent in the West in March.
Wednesday, April 21, 2010
Make an Offer - Step Five
Congratulations! So you’ve found a home you love. Now you need to make a compelling offer. Look to your agent to explain the process and guide you through. Ultimately, the right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will help guide this decision.
The three basic components of your purchase offer are price, terms, and contingencies.
Price is obviously the dollar amount you are approved for, willing and able to pay.
Terms cover the other financial and timing factors that will be included in the offer.
Contingencies are clauses that let you out of the deal if the house has a problem that didn’t exist or which you weren’t aware of when you went under contract. They specify any event that will need to take place in order for you to fulfill the contract.
Darin Weidauer
Realtor
702-249-8912
1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254
CA DRE License #01870184
3090 S. Durango #100
Las Vegas, NV 89117
www.weidauergroup.com
The three basic components of your purchase offer are price, terms, and contingencies.
Price is obviously the dollar amount you are approved for, willing and able to pay.
Terms cover the other financial and timing factors that will be included in the offer.
Contingencies are clauses that let you out of the deal if the house has a problem that didn’t exist or which you weren’t aware of when you went under contract. They specify any event that will need to take place in order for you to fulfill the contract.
Darin Weidauer
Realtor
702-249-8912
1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254
CA DRE License #01870184
3090 S. Durango #100
Las Vegas, NV 89117
www.weidauergroup.com
Thursday, April 15, 2010
Find Your Home - Step Four
So you are preapproved and ready to begin your search. But how or where do you begin? The best thing is to consult with your agent to more accurately pinpoint the home you are looking for. The right home will meet all your important needs, and as many of your additional wants as possible. Some questions you might ask yourself include:
What do I want my home to be close to?
How much space do I need and why?
Which is more critical: location or size?
Would I be interested in a fixer-upper?
How important is home value appreciation?
Is neighborhood stability a priority?
Would I be interested in a condo?
What features and amenities do I want? Which do I really need?
You’ll learn as you look at homes, it’s wise to refine your priorities along the way.
www.weidauergroup.com
What do I want my home to be close to?
How much space do I need and why?
Which is more critical: location or size?
Would I be interested in a fixer-upper?
How important is home value appreciation?
Is neighborhood stability a priority?
Would I be interested in a condo?
What features and amenities do I want? Which do I really need?
You’ll learn as you look at homes, it’s wise to refine your priorities along the way.
www.weidauergroup.com
California Statewide March Home Sales
April 15, 2010
An estimated 37,295 new and resale houses and condos were sold statewide last month. That was up 32.7 percent from 28,111 in February, and up 3.0 percent from 36,215 in March 2009. California sales for the month of March have varied from a low of 24,565 in 2008 to a peak of 68,848 in 2005, while the average is 44,486. MDA DataQuick's statistics go back to 1988.
The median price paid for a home last month was $255,000, up 2.4 percent from $249,000 in February, and up 14.3 percent from $223,000 in March a year ago. The year-over-year increase was the fifth in a row, following 27 months of year-over-year declines. The median peaked at $484,000 in early 2007 and hit a post-boom low of $221,000 last April.
Of the homes that resold last month, 40.5 percent were properties that had been foreclosed on during the past year. That was down from 44.3 percent in February and down from 56.7 percent in March a year ago. The last time foreclosures resales were lower than last month was in November 2009, when they were 40.1 percent of the resale market.
The typical mortgage payment that home buyers committed themselves to paying last month was $1,091. That was up from $1,068 in February, and up from $958 in March a year ago. Adjusted for inflation, last month's mortgage payment was 49.1 percent below the spring 1989 peak of the prior real estate cycle. It was 58.7 percent below the current cycle's peak in June 2006.
MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its peaks reached in the past two years but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying remains above average, MDA DataQuick reported.
www.weidauergroup.com
An estimated 37,295 new and resale houses and condos were sold statewide last month. That was up 32.7 percent from 28,111 in February, and up 3.0 percent from 36,215 in March 2009. California sales for the month of March have varied from a low of 24,565 in 2008 to a peak of 68,848 in 2005, while the average is 44,486. MDA DataQuick's statistics go back to 1988.
The median price paid for a home last month was $255,000, up 2.4 percent from $249,000 in February, and up 14.3 percent from $223,000 in March a year ago. The year-over-year increase was the fifth in a row, following 27 months of year-over-year declines. The median peaked at $484,000 in early 2007 and hit a post-boom low of $221,000 last April.
Of the homes that resold last month, 40.5 percent were properties that had been foreclosed on during the past year. That was down from 44.3 percent in February and down from 56.7 percent in March a year ago. The last time foreclosures resales were lower than last month was in November 2009, when they were 40.1 percent of the resale market.
The typical mortgage payment that home buyers committed themselves to paying last month was $1,091. That was up from $1,068 in February, and up from $958 in March a year ago. Adjusted for inflation, last month's mortgage payment was 49.1 percent below the spring 1989 peak of the prior real estate cycle. It was 58.7 percent below the current cycle's peak in June 2006.
MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its peaks reached in the past two years but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying remains above average, MDA DataQuick reported.
www.weidauergroup.com
Tuesday, April 13, 2010
Secure Financing - Step Three
It’s normal to ask how much you can afford. Ultimately, your lender will preapprove you for a certain amount, but YOU will decide what you’re comfortable paying every month.
Be sure to follow these six steps to financing your home:
1. Choose a loan officer.
2. Make a loan application and get preapproved.
3. Determine what you want to pay and select a loan option.
4. Submit to the lender an accepted purchase offer contract.
5. Get an appraisal and title commitment.
6. Obtain funding at closing.
Be sure to follow these six steps to financing your home:
1. Choose a loan officer.
2. Make a loan application and get preapproved.
3. Determine what you want to pay and select a loan option.
4. Submit to the lender an accepted purchase offer contract.
5. Get an appraisal and title commitment.
6. Obtain funding at closing.
Wednesday, April 7, 2010
Hire Your Agent - Step Two
When you’re looking for a real estate professional to help you, know that above all else good agents put their clients first. The seven main roles your real estate agent will perform include:
1. Educate you about your market.
2. Analyze your wants and needs.
3. Guide you to homes that fit your criteria.
4. Coordinate the work of other needed professionals.
5. Negotiate on your behalf.
6. Check and double-check paperwork and deadlines.
7. Solve any problems that may arise.
Darin Weidauer
Realtor
702-249-8912
1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254
CA DRE License #01870184
3090 S. Durango #100
Las Vegas, NV 89117
www.weidauergroup.com
1. Educate you about your market.
2. Analyze your wants and needs.
3. Guide you to homes that fit your criteria.
4. Coordinate the work of other needed professionals.
5. Negotiate on your behalf.
6. Check and double-check paperwork and deadlines.
7. Solve any problems that may arise.
Darin Weidauer
Realtor
702-249-8912
1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254
CA DRE License #01870184
3090 S. Durango #100
Las Vegas, NV 89117
www.weidauergroup.com
Tuesday, April 6, 2010
Decide to Buy - Step One
How do you know if it’s the right time for you to buy your first home? Here are a few tips to help you get started:
•Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential, and tax benefits. (It’s also a forced savings plan that you cannot get from renting!)
•Done right, home ownership lays the foundation for a life of financial security and personal choice.
•There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run.
•Here’s the most important rule for keeping your stress to a minimum: you don’t have to know everything.
Darin Weidauer
Realtor
702-249-8912
1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254
CA DRE License #01870184
3090 S. Durango #100
Las Vegas, NV 89117
www.weidauergroup.com
•Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential, and tax benefits. (It’s also a forced savings plan that you cannot get from renting!)
•Done right, home ownership lays the foundation for a life of financial security and personal choice.
•There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run.
•Here’s the most important rule for keeping your stress to a minimum: you don’t have to know everything.
Darin Weidauer
Realtor
702-249-8912
1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254
CA DRE License #01870184
3090 S. Durango #100
Las Vegas, NV 89117
www.weidauergroup.com
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