Spring has sprung in the Saddleback Valley and the home buying season is jumping into full gear. But there is a slight problem, where are all the homes? As I type this Portola Hills only has 10 active listings and out of those listings only 1 condo.. That is less than 1 month of supply. Generally speaking less than 3 months of inventory means it is a sellers market!! Seller's market really? March was pretty busy for sales in the area, especially on Condo's. We all know with the low prices, low interest rates, first time buyers have a huge opportunity to buy now. Which is about 25% of the buyers entering the market. However, those buyers are generally utilizing FHA financing, so they can put down 3.5%. That is where the problem for some, but an opportunity for Portola Hills homeowners lies . There is a severe shortage of FHA approved condo complexes in South Orange County, in Trabuco Canyon there are 3 and you guessed it, one is in Portola Hills and that is
Showing posts with the label FHA
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Wondering how the real estate market in Portola Hills faired in 2010, well here you go..... Now the question will be is how will 2011 fair? If you are a home seller with equity and are realistic about the market homebuyers are waiting for you. If you are a home buyer and looking for properties anything below $500k goes pretty quickly. If you are considering a condo, make sure you are aware of the new FHA requirements. Please don't hesitate to contact us if you have any questions or would like a personal free review on your home.
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A quick look at the new Housing Bill signed into law today! A temporary increase in mortgage revenue bonds to refinance subprime mortgages. L enders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value . Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Permanent Conforming loan limit of $625,000 First-time home buyer tax credit , which allows first-time home buyers to receive a tax refund worth up to 10 percent of a home’s purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years. New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize. Temp