| Greetings!
First Time Buyers - Hurry UP!
As if the first time buyer needs more incentive to get off the dime, FHA has just announced that they are considering increasing the up front "mortgage insurance premium" fee that they assess a borrower when they take out a loan.
The FHA is talking about increasing the percentage from the current level of 1.75 percent of the loan to 2.25 percent. That would mean that based on a $300,000 mortgage, a borrower will now have to come up with $6,750 instead of $5,250. This amount will still be able to be financed by adding it to the total loan. These changes are expected to take effect sometime in the first half of this year (2010).
For the reader who is not aware, the FHA does not make loans, they insure loans against default. Something that we have seen a lot of lately. According to The Mortgage Banker's Association, 18 percent of FHA borrowers are at least one payment behind or in foreclosure, compared with 14 percent of all loans. FHA insured loans are traditionally granted to those borrowers who put a minimum of 3.5% downpayment of their own money.
So, Buyers, hurry up. On top of this looming news, don't forget the other reasons to purchase NOW:
1) Prices are at an all time low;
2) The federal government has offered a tax credit of up to $8000 for the first time buyer. This credit is set to expire in April 2010;
3) There are many down payment assistance plans in your neighborhood. If you live in Truckee check it out here at www.townoftruckee.com . If you live elsewhere, check with your city or county website or housing affordability department. I'll bet there is something similar there.
Whatever you do, be sure to go talk to a mortgage broker and a Realtor about your chances of purchasing your new home this year.
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| Market Update - January 2010 |
Looking back to 2009, our January sales were down to 25 for the entire Tahoe-Truckee region. In comparison 2010 is looking up; for the month of January sales totaled 61, of those 20 were bank owned and 6 were short sales translating to 42% distressed sales ( up from 37% in December). In 2009 we were not consistently tracking the bank owned and short sales as we were just coming into that era. January sales in Tahoe Donner (9) dropped off dramatically from the previous month of December (35). There are currently 106 listings available in Tahoe Donner and at the slowed pace will give us a supply of inventory of just about 1 year. Tahoe Donner generally leads the market area in activity, so I think it is safe to say that our merry-go-round ride continues. WEEEE!
Here are the statistics from the Tahoe MLS. The solds from December 1 - 31, 2009:
Tahoe Donner: 9 homes, (1 REO's, 1 SS), 4 condos (2 REO's)
Northstar: 2 homes (1REO), 0 condos
Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 2 homes (2 REO's)
Prosser Lake Area: 3 homes (1 REO)
Sierra Meadows, Ponderosa Palisades, Winter Creek: 6 homes (1REO, 4 SS), 3 condos (2 REO)
Martiswoods, Ponderosa Ranchos: 1 home (trustee sale)
Olympic Heights: 0 homes
Lahontan: 2 residential propertiess
Timlick: 2 residential propertiess (2 SS)
Old Greenwood: 0 residential properties
Gray's Crossing: 0 residential properties
Martis Camp: 0 residential properties
Truckee Proper: 1 residential properties
Donner Crest: 0 homes
Donner Lake: 1 home (1 REO), 0 condos
Donner Summit: 5 homes (1REO), 0 condos
West shore Lake Tahoe: 4 homes, 1 condo
Tahoe City: 0 homes, 2 condos
North shore Lake Tahoe: 3 homes (1SS), 0 Condos
Kings Beach & Tahoe Vista: 7 homes (6 REOs), 3 condos (1 REO)
Alpine & Squaw Valley: 1 home, 7 condos (5 REOs)
Shared Ownerships - entire region: 1 sale
Mobile Homes - entire region: 0 sales
Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 8 (3SS)
Highest priced home or condo sold: Our highest price sale this month was a home located at 4330 North Lake Blvd. in Cedar Flat on the shores of Lake Tahoe. The sale price was $2,640,000, a bit off of the original price of $3,400,000. With over 100' of shoreline including pier, boat lift and all the fixin's of a proper lakefront estate this buyer pulled out his cash and closed the deal after just 87 days on the market.
Lowest priced home or condo sold: This bank owned condo sailed off of the market in just 10 days! Located on the 7th floor of the upscale Squaw Creek Resort in Olympic Valley, this studio unit listed and sold for $139,000. The thing is you can't live here, just stay for a visit and be happy. You can't get financing on these units so yes, this was another cash deal. It seems there are still some folks out there with a little cash in their pockets!
The list to sell ratio on the median was 95%. In other words, the homes sold within 95% of the list price. The median list price for this period was $429,000 median sale price was $410,000 down a bit from last month, but hey what do you expect |
| Screaming Hot Deals |
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In this particular spot, we feature the 3 properties in the multiple listing service that we feel are well priced. These are the properties that we wish we had buyers for because we know they are of such value that they will not last long, even in this market. So, for this month, come and get 'em before they are gone. . . .(by the way if when you click on the link you get nothing -- they have already gone under contract)
1. If you can work with a short sale, 158 Bob Sherman in Lahontan boasts 4081 square feet, 5 bedrooms and 5.5 baths and bargain priced at $1,450,000. Compare this property to 7925 Lahontan Drive which is also on the market, about the same size and age and the sellers are looking for a whopping $2,200,000 and our subject property is a bargain. I'm glad I'm not the listing agent for the later property. Tough competition to fight those distressed properties.
2. 10739 Indian Pine Road in Sierra Meadows is truly a first time homeowner's dream. Yes it needs some minor cosmetic fixes but for $369,000 you can get 1590 square feet and - be still my heart - a 3 car garage!! I mean, can you see this one lasting a long time??? And it is NOT a short sale. Included are 3 bedrooms, 3.5 baths and a lot of upgrades. It just needs to be put all together. A little paint and carpeting will go a long way with this one.
3. Beautiful 5 bedroom place located at 14019 Skislope Way in Tahoe Donner makes the list for us this month. A luxury home trying to find a new owner in a really tough market, we know the builder and his wife is the listing agent. Looking at the price per square foot of $246.65, the owners appear to be serious about selling. 290 days on the market and they have reduced the price from $1,050,000 to $919,000. Hopefully it didn't make it to press time here.
Be sure to contact us if you would like to take a look at any of these properties! |
| Worst Deals on the Market |
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These are the properties for sale that we feel are the worst priced homes on the market in our multiple listing service. Every month we will choose 2 or 3 properties which, for one reason or another (usually price) are something we would not be inclined to show our buyer clients. So for this month, here they are:
1. It seems that even the listing agent couldn't find anything good to say about this little snowflake! We saw 309 Snowflake Ave in Tahoe Vista come onto the market last month and sure enough it's still here! The only thing we know about this house is that it was built in 1960 back when only the best of materials were used - Not! This could make a great little play house for a grandchild and her dolly. 2. Now I know that Tahoe City is a great place to call home, but it seems this listing at 660 Balsam Lane in Tahoe City would like to call our multiple listing home as it has for the past 574 days! At $443 per square foot they will throw in the plans for a garage addition with an extra room. Maybe they will get more serious when the ski lease runs out and the house sits vacant - we'll see!
3. Granted this Juniper Hills home is a lovely location with nice views, but perhaps the price tag is a little hefty after 630 days on the market. You think? 15205 Foxboro Drive, Truckee started out at $1,685,000, they have dropped their asking price $100,000 and even with 4,370 square feet including office/fitness room, wet bar and a 4 car garage with 588 sf bonus room - sounds like every man's dream doesn't it? Must be the price! Be sure to let us know what you think that any of these properties will sell for by contacting us here and when it does, the entry closest to the actual sale price will win a gift certificate. |
| Ron & Anne White |
 These wonderful and patient people were put to the test during their short sale experience. They waited and waited and waited for the bank to respond to their extremely clean and attractive offer, fortunately they were committed to their house and in the end it paid off; they are now the proud owners of a beautiful Cambridge Estates home. You may see Ron up on the slopes, but good luck keeping up with him! The White's were referred to us from Marilyn Sunnergren, a local retired real estate broker and good friend. Ron with son Steve & Marilyn are members of the Castro Valley Ski Club, traveling around the globe competing in races. Anne keeps busy as a trustee of the Livermore Unified School district where she has served for the past 18 years. In fact Anne was so busy she had to send her son Steve up to take the photo with Ron - Enjoy your beautiful new home! | |
Kappy and Jennifer have a combined 40 years in the Real Estate Profession. We are committed to giving our clients the most up to date Real Estate information and Stellar Service because, We Love Our Work and So Will You! Call us or e-mail us for information about the Tahoe Truckee Real Estate Market. By the way, if you think any of this information might be of interest to anyone you know, feel free to forward this newsletter. We would really appreciate it!
Sincerely,
Kappy Mann & Jennifer Boehm
Keller Williams Real Estate |
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| Our tastes are changing.... |
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What Americans want in a home today is smaller, more energy efficient and cost-effective architecture. A "Harvest Feeling" of family togetherness and casual living with flexible spaces.
Popular features in Today's New Homes include:
Large open kitchens
Energy efficient appliances
High efficiency insulation & high window efficiency
Main floor master suites (this brings a diminishing desire for upstairs laundry)
Oversized showers with seating area
Ceiling fans
Outdoor living rooms are becoming increasingly popular
Stone & brick exteriors are replacing stucco & vinyl
For a smaller home, many are willing to give up the home theater and/or formal dining room for a smaller multi-functional room/office.
Some planned developments are moving towards hiking paths among lush greenery and playgrounds rather than pools, golf courses and club houses. It seems that green in making its way to our homes both inside and out.
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APPLETREE INTERIORS
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It's almost spring and maybe you are considering installing new wood floors. Or perhaps there is a kitchen or bath remodel in your near future. If so, we have someone to recommend that will do an awesome job. I know, because he installed beautiful Brazilian Koa hardwood floors in my house this past fall. Tim O'Connell is a licensed General Contractor who deals primarily in remodels. Tim has been in the Truckee area for as long as I have been in Real Estate (at least 20 years) and probably more. He's not going anywhere.
My experience with Tim is that he is good, honest and tidy. I approached him about installing flooring in my house and he helped me purchase my flooring through Lumber Liquidators by identifying a good deal for me and having me purchase the materials directly - thereby saving a handling charge which he would have to include had he carried the stock. Tim didn't cut any corners as he arranged to have the lumber delivered (he picked it up himself in Reno) and did an awesome job of installation. I was lucky enough to be out of town the week he installed the flooring so he took care of everything including moving the furniture to a secure and dry place while the work was done. When I arrived home from my trip, the job was finished and complete!!! What an awesome feeling when I opened that door after my long plane flight from the east coast. I couldn't have been happier.
Tim also installs carpet, tile, counter tops, window blinds and probably anything else you can think of. I highly recommend Tim. He does a professional job for an extremely reasonable price. You can contact him at his office (530) 587-4288 or timmyoconnell@att.net Like I said, you won't be disappointed!! Be sure to tell him Kappy and Jennifer sent you!
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| Happy Valentines Day! |
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This month we celebrate the fathers of this great land, our Presidents.
Enjoy your three day Holiday weekend!
But hey, let's not forget the love of our lives, for day in and day out it is our love for that special one that makes the world go round! | |
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