What’s happening with local area home prices?
It’s a common question being asked and what would you say? Based upon Metrolist closed single family sales statistics you can say:
“Home prices have lost a majority of their value in the winter months and have remained relatively flat from Spring through Fall. This trend has occurred for the past three years. Sacramento home values lost approximately 15% if you look from Spring 2010 – Spring 2011. This past year (Spring 2011 – Spring 2012) we only lost approximately 5%”
Area | Average price/sq' | Average price.sq' | Average price/sq' | |
March/April 2010 | Feb/March 2011 | Jan/Feb 2012 | ||
Fair Oaks | $154/sq' | $133/sq' | $124/sq' | |
Carmichael | $158/sq' | $137/sq' | $126/sq' | |
Orangevale | $148/sq' | $122/sq' | $122/sq' | |
Citrus Heights 95610 | $131/sq' | $110/sq' | $104/sq' | |
Three Refinance Loan Programs that don’t Require an Appraisal
******Home Value is Not a Factor******
1. Homeowners that currently have a FHA loan.
2. Homeowners that currently have a VA loan.
3. Homeowners that currently have a Conventional loan originated on or before May 2009 and their loan is owned by FannieMae or FreddieMac. New HARP Program.
2nd trust deeds/equity loans need to agree to subordinate.
Rates hit a new low in Feb 2012. The affordability factor is at an all time high and 2012 should be a good year!
