Tahoe/Truckee Real Estate News - Mortgage Rates Fall Again!
August 26, 2010
McLean, VA - Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), and for yet another week, fixed-rate mortgages reached record lows, while the 5-year adjustable rate remained tied at its low for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)30-year fixed-rate mortgage (FRM) averaged (so there are lower rates out there!) 4.36 percent with an average 0.7 point for the week ending August 26, 2010, down from last week when it averaged 4.42 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.
According to Amy Crews Cutts, deputy chief economist at Freddie Mac, existing home sales plunged 27 percent in July, while new homes fell 12 percent to a new all-time record low, which led to some market concerns that the housing market may slow the economic recovery. As a result, long-term bond yields fell to the lowest levels since January 2009, allowing fixed mortgage rates to ease to new record lows this week. Much of the slowdown in sales was expected due to the recently expired homebuyer tax programs. For instance, average existing home sales over the first seven months of 2010 were nearly 8 percent higher than over the same period a year ago. “Moreover, house prices still appear to be stabilizing. Nationally, house prices rose 0.9 percent on a seasonally-adjusted basis during the second quarter of this year this year after 11 consecutive quarterly declines, according to the Federal Housing Finance Agency’s purchase only index. Eight of the nine census regions experienced positive gains, compared to none in the first quarter.” said Amy Crews Cutts.
With interest rates this low, it is a great time to purchase a home here in the Tahoe/Truckee market. Feel free to contact me so we can discuss your real estate needs and how I can help you meet those needs. Search all Area Listings, or view REO/Short Sale Listings.
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Friday’s “Buy of The Week” - Bank Owned Tahoe City Duplex
August 6, 2010
This week’s featured property is a Bank owned duplex in Tahoe City walking distance to shops, restaurants, beach, etc. Although it could use a little work, it is a great opportunity to own income producing property in Tahoe City. The 2 units each have 2 bedrooms, 1 bathroom, 1 car garage, front porch and laundry room - making two great rental units. The bank wants to see all offers, so contact me today for all the details and to write an offer for you. View all Tahoe City Listings, or visit my website to search all area listings.
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Friday’s “Buy of The Week” - Beautiful Home in Tahoe Donner
July 31, 2010
It took an extra day, but I think you’ll see this week’s home is worth the wait. This week’s featured home is a big and beautiful home in Tahoe Donner’s desirable Swiss Lane neighborhood. This home has bee on the market since January of 2009 at a higher than market price, and has been reduced over time. Yesterday the price came down again, bringing it into the “good buy” range. At $749,000, this home is ready to be purchased. Homes similar to this one in this neighborhood were selling for well over a million dollars just a few years ago. With so much time on the market and a long string of price reductions, I feel this home could be negotiated to an even better price. This 2,824 square foot mountain home features three bedrooms, three baths, a large game room with a bar for entertaining, vaulted ceilings, a beautiful kitchen and more. The large, covered deck adds year ‘round outdoor enjoyment. Tahoe Donner has an incredible amenity package for four seasons of fun. This is another great perfect example of taking advantage of the current market conditions. Click Here to view more info for this listing, or view a Virtual Tour. Contact me today to schedule a tour of this home.
View All Tahoe Donner Home Listings
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Tahoe/Truckee Real Estate News - Foreclosure Sales Account for 31% of Q1 Sales Nationwide
July 22, 2010
Sales of foreclosure properties accounted for 31 percent of all residential sales nationwide in the first quarter, according to a foreclosure sales report published by RealtyTrac®. The report also showed that the average sales price of properties that sold while in the foreclosure process was nearly 27 percent less than the average sales price of properties not in the foreclosure process.
A total of 144,503 bank-owned (REO) properties were sold to third parties in the first quarter, a decrease of 13 percent from the previous quarter and down 27 percent compared with the first quarter of 2009. REO sales accounted for 19 percent of all sales in the first quarter, up from nearly 16 percent in the previous quarter, but down from 21 percent of all sales in the first quarter of 2009. REOs sold for an average discount of 34 percent, up from an average discount of nearly 32 percent in both the previous quarter and the first quarter of 2009.
Foreclosure sales accounted for 51 percent of all sales in California in the first quarter, up slightly from 50 percent in the fourth quarter, but down from 70 percent of all sales in the first quarter of 2009, according to the report. Read Full Report
Here in the Tahoe/Truckee market, REO properties made up 23% of first quarter sales this year, up just a bit from 20% of sales in the fourth quarter of 2009. If we look at year-to-date sales, 20% of those have been REO properties. If you are looking to take advantage of this market segment, you can view all current area foreclosure and short sale listings. Feel free to call me to help you find the best deal.
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Price Reduced at Lakefront Tonopalo - Home #16F - Offered at Only $255,000!
July 21, 2010
Amazing opportunity to own ON Lake Tahoe at a reduced price. 1/7th share guarantees 6 weeks of usage per year with unlimited use of Space Available time. Wonderful 3 bedroom/3 bath home with great lake views and access to all of Tonopalo’s great amenities. Amenities include pier, buoys, pool, hot tub, owners clubhouse, fitness facility, game room, and a 26 foot Formula speedboat!…and of course onsite concierge and housekeeping staff. View Virtual Tour
View all Tonopalo Listings
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Friday’s “Buy of the Week” - Short Sale Tahoe Donner Cabin
July 16, 2010
This week’s featured home is a cute little cabin in Tahoe Donner offered as a short sale at $385,000, but the agent tells me the bank has already approved $365,000. This mountain home would be a great getaway cabin or full time residence. Tahoe Donner has an incredible amenity package for all year fun. Recent remodeling includes the country kitchen with chiseled granite countertops and custom cabinetry and new guest bath, which adds to the cabin feel. The expansive covered front deck would be great for entertaining with plenty of space for a hot tub. Located on a quiet dead end street and backing to greenbelt for extra privacy. This is a perfect example of taking advantage of the current market conditions. Click Here to view more info for this listing. Contact me today for more information or to schedule a tour of this home.
View all area Short sale and REO listings Here
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Real Estate News - Mortgage rates drop to another low, 4.58 pct.
July 1, 2010
WASHINGTON - Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren’t rushing to refinance their loans or buy homes.
Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week. That’s down from the previous record of 4.69 percent set last week and the lowest since the mortgage company began keeping records in 1971. The last time they were cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years.
Refinancing is generally considered worthwhile for homeowners who can shave at least three-quarters of a percentage point off the rates they pay now and plan to stay in their homes for a long time.
(By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer)
With rates like this and an abundance of listings, it really is a good time to buy. You can view all Tahoe/Truckee listings HERE, or for the best opportunities check out the Foreclosure and Short Sale listings. Feel free to contact me to discuss any listings you may be interested in or to help you find that special property you’ve been waiting for.
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Friday’s “Buy of The Week” - REO Home in North Lake Tahoe’s Kingswood Estates
June 25, 2010
For any buyers out there looking for “steals and deals” I am starting this weekly feature to help identify properties that, in my opinion, represent a value in the current market. Check in here every Friday for the weekly special feature.
This week’s featured home is a nice three bedroom, two and a half bath home with a two car garage. The lot backs to open space and is on a great street that dead ends for added privacy in Kingswood Estates, which is a short drive to Northstar and some great beaches at Lake Tahoe. The home has 1952 square feet and features a bonus family room downstairs. The upper floor has the great room with pine vaulted ceilings, a river rock hearth and gas fireplace and multiple decks for outdoor living. Click Here to view the listing. This home is currently priced well below other listings and recent sales of similar homes in the area. Contact me today for more information or to schedule a tour of this home.
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
Sales in Truckee/North Lake Tahoe Off to Best Start in 5 Years
May 10, 2010
Even with the struggling economy, or possibly because of it, the real estate market in North Lake Tahoe and Truckee is off to a strong start in the first four months of 2010. With 231 single family home sales from January through April, the area posted the highest sales levels since 2005 when there were 271 sales for the same four month period. Compared to 2009’s first four month sales of 142 single family homes, 2010 looks to be a much more active year for home sales.
Fueling the number of home sales are REO and short sale opportunities, which are making up a large portion of the volume due to the attractive pricing and value offered for distressed properties. If you would like to view all area REO, foreclosures and short sale listings CLICK HERE. There are some especially good values out there right now, feel free to give me a call to help you find them and take advantage of the current market. View all area listings HERE.
Jamie Schou
Direct 530-798-1393
jschou@kw.com
Buyers Moving On Real Estate Deals in Lake Tahoe and Truckee
May 6, 2010
Approximately 30% of homes and condos sold in Tahoe Donner within the past 90 days were on the market for less than a month. The average days on market is 99 days. These statistics are echoed in home and condo sales throughout the Tahoe/Truckee market showing that when buyers find a good deal they are moving forward with the purchase without delay. Homes and condos selling in 31 days or less are also sellling for an average of 98% of the list price. Homes that are priced right sell now.
The lesson here? When you have decided to make a purchase, be ready to move when you find the right home. Sellers are competing for the limited amount of buyers with short sale and REO properties, and this competition is creating a very favorable environment for investors and savvy buyers alike.
Please call me today to help you find the home for you, or view all area listings HERE.
If you would like to get automatic notifications of new listings and price changes for properties fitting your specific needs, fill out the form found HERE. It’s an easy and free way to keep up to date on what you’re looking to purchase.
Jamie Schou
Direct - 530-798-1393
jschou@kw.com
