Jamie Schou Real Estate

From RealtyTimes.com by Ed Ferrara

“Mortgage-backed securities prices, which drive mortgage rates their opposite, posted gains Monday and Tuesday consecutively, pressuring mortgage rates to move downward again from already record low levels where they began the week.

30-year fixed mortgage rates, currently at 4% for well-qualified borrowers who pay 1 point origination, are very near 3.875%. 30-year fixed mortgage rates have never been below 4% before. 15-year fixed mortgage rates remain at 3.5% but could improve any hour as well.

FreeRateUpdate.com surveys over 2 dozen wholesale lenders’ rate sheets for brokers daily to determine the most accurate mortgage rates available to highly qualified borrowers at a standard origination fee.

FHA loan rates continue to mirror conforming mortgage rates. Today’s 30-year fixed FHA loan rate is also 4%; however, MI and other FHA closing fees make APR higher than that of a conforming mortgage at the same note rate and origination.

Jumbo mortgage rates are improved from last week and today’s jumbo 30-year fixed loan rate is 4.875%, a record low.

Wells Fargo mortgage rates, as advertised on their website, are unchanged with 4.375% (4.559 APR) being their offering on a conventional 30-year fixed mortgage. Mortgage refinance applications have been flat according to the MBA, who posts figures weekly, since spiking as rates slid into the low 4′s.”

With record low rates and eager home sellers, now is a great time to buy that property in the mountains you have been dreaming of. Contact me today to find the best buys out there, or view all Area Listings.

Jamie Schou
Direct – 530-798-1393
jschou@kw.com

While the volume of new listings continues to slow down, the 26 new listings over the weekend doubled last weekend’s numbers. Price reductions continue at a high pace with 38 over the weekend. There were 3 land listings, 6 condos, 1 commercial property listing, 1 “other” listing for a backcountry lodge and 15 single family homes coming onto the market over the weekend. Prices are ranging from $49,000 for a residential lot in Tahoe Donner to $2,450,000 for a remote, backcountry lodge just west of Truckee. There were 9 properties going into contract over the weekend as standard contracts, and 4 accepted contracts for short sales awaiting bank approval. Of the 9 new purchase contracts, 2 were for land, 2 were for shared ownership opportunities and 5 for single family homes.

Of the 54 new listings in the past week 7 are bank owned and 5 are short sale offerings. There were 13 short sale properties with accepted contracts awaiting bank approval in the past week and of 25 new escrows in the past week, only 1 is bank owned. In the week’s closed escrows, 6 of the 39 sold properties were bank owned and 3 were short sales. Single family homes made up the majority of the sales, with 22 of 39 closed escrows. There were 18 sales in the Lake Tahoe Basin, 19 in the Truckee area and 2 in Grass Valley. Closed escrows ranged from $58,000 for a shared ownership offering at Old Greenwood to $950,000 for a 4 bedroom home Tahoe Donner.

The market continues to be active right now with historically low mortgage rates and value pricing with most listings. Heading into the fall and winter most sellers are eager to get their properties sold before winter rolls in and buyers are looking to get into a second home before the holidays. Contact me today to discuss how you can take advantage of the current market conditions and low rates.
View all area listings HERE.

Jamie Schou
Direct – 530-798-1393
jschou@kw.com

California home sales edged up 1.8 percent in August compared with July, but were down 14.9 percent from August 2009, C.A.R. reported today. The statewide median home price also increased 1.2 percent from July and was up 8.6 percent from a year ago.

“Buyers who are holding out should consider the opportunities in today’s market,” said C.A.R. President Steve Goddard. “Favorable home prices and interest rates at or near historic lows make housing affordability the best in recent memory. Anyone who is in a position to buy a home should do so before either of these key factors rise.”

The statewide median home price posted its 10th consecutive year-over-year gain in August. The median price of an existing, single-family detached home sold in California during August 2010 was $318,660, an 8.6 percent increase from the revised $293,400 median price recorded in August 2009, C.A.R. reported. The August 2010 median price was up 1.2 percent compared with July’s $314,850 median price.

“The housing market is transitioning from the conclusion of the housing tax credits as is evidenced by stronger home sales in the higher-price range and weaker sales in entry-level homes and condominiums, which are typically favored by first-time home buyers,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “As a result of the strength in the upper-end market and inventory levels that are higher but still lean by average, we’re seeing home prices holding steady.”

Feel free to contact me with your questions about the local real estate market here in the Tahoe/Truckee region or to get updated statistics and trends. Each area within our region has data specific to it as well as trends and traits. I can help focus your home search or create a marketing plan for your property.
View all Tahoe/Truckee Listings

Jamie Schou
Direct – 530-798-1393
jschou@kw.com