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Eureka California Home Sales in April 2012

by Dean Kessler

 

April 2012 had an 11% increase over April 2011 as far as the number of homes sold here in the Eureka area. That's a really nice increase. The average home selling prices have not increased, yet showing activity, buyer activity, offers being written and seller accepting offers have continued to increase. Interest rates remain low and hover between 3.75% and 4%.
The number of homes for sale has increased with sales volume. In the Eureka area there are 188 homes for sale, 97 of which are priced under $250,000.

 

 

 

 

 

 

 

Eureka California Home Sales in March 2012

by Dean Kessler

Home sales in Eureka, California continued to trend upward. First time homebuyers continued to be the largest group of home buyers. Low inventory and low interest rates meant some home sellers received multiple offers from many buyers. We still have a shortage of homes for sale in the $150,000 to $250,000 price range.
Investor buyers remained active, scooping up many of the bank owned homes coming onto our market.
The most interesting statistic has been the number of homes being purchased by what I term as the "Move-Up Home Buyer'. These are buyers who are trading up from the first home to a larger 3 or 4 bedroom home. These homes range in price from $250,000 to $400,000. The number of homes selling to this group of home buyers increased 10% over February. Very good news for home sellers in this upper price range where previously this market stagnanted and we saw few if any sales in this price point.
With historically low interest rates I believe this market will continue to be driven by first time home buyers and move-up home buyers will become more competive as inventory in the upper price point is bought out. A concern I've spoken up previously has been and continues to be locating new inventory. And now we're seeing increased pressure by our market to provide new inventory for the "move-up home buyers" in the $250,000 to $400,000 price range.

 

 

Eureka California Home Sales in January 2012

by Dean Kessler

Home sales in Eureka California have remained consistent as we moved into February 2012. The Humboldt Association of Realtors MLS System reports the number of homes under contract increased 150% from January to February. These are homes with offers not yet sold, so as we move into March we should see even more Sold homes. This is a positive sign and many experts believe we are heading for a more stable housing market. Interest rates remain at all time low's hovering around 4%.

One of the most interesting trends I'm watching is the number of homes for sale which had dipped below it's 2-year moving average back in December 2011. Today our available inventory remains below this 2-year average. This means there are fewer homes for buyers to choose from. Less inventory means more activity for the available homes. The reason I'm sharing this with you is because it confirms a trend that our local real estate market activity is on the rise and I believe their is a high probability this trend will continue throughout 2012.

Thinking of buying or selling a home? Home prices are stabilizing and interest rates are at their lowest levels in 50 years.

August Real Estate Trends

by Dean Kessler

HAFA goes to Washington

by Dean Kessler

Just received word that both Fannie Mae and Freddie Mac will begin accepting HAFA short sales. What I'm hearing is this program will go into effect on August 1, 2010.This is great news for Eureka area distressed homeowners. It will allow more flexibility in being able to short sell a property before foreclosure. And the seller is entitled to a $3,000 relocation fee from the lender.

Eureka Home Selling Trends - June

by Dean Kessler

EUREKA AREA HOME SELLING TRENDS

 

 

Eureka Real Estate expert, DEAN KESSLER of THE KESSLER REAL ESTATE TEAM reports that home sales in the greater Eureka area gained positive momentum last month.

 

Kessler notes “As we went into June from a lackluster May, not many homes had sold yet we saw a dramatic increase in the number of buyers out looking. The results are in for June and we see now there was a 34% increase in the number of sales from May. With the increase in buying activity we have also witnessed home prices stabilize from their downward trend over the past couple of years.”

 

Kessler went onto say “First Time Home Buyers have some awesome opportunities to purchase right now. A large amount of home inventory at tremendous values coupled with loans at historically low interest rates make this a great opportunity for many buyers and sellers. And without a lot of press fanfare a huge plus developed last month where a first time homebuyer can now borrow a down payment against their future $8,000 tax rebate. This change allows a homebuyer to obtain a No Down Payment loan.”

 

“In addition, The California Association of Realtors came out with a program where by they guarantee to make a First time Homebuyer’s monthly payment in the event of a borrower’s loss of income. With all these incentives/guarantees it’s no surprise that the majority of home buying activity is being led by the first time homebuyers.”

 

The chart below shows real estate activity for the Eureka area as compared to the same time last year.

 

 

June 2009

% Change

June

2008

Active Listings

260

-20%

325

Sales

31

-24%

42

Short Sales

2

0%

2

Bank Owned Sales

4

+100%

2

Average Sales Price

$253,125

-13%

$292,396

Time Supply of Inventory (months)

8.4

+8%

7.8

 

 

Kessler reflected on June’s real estate statistics by saying “The average sales price of a single family home in Eureka decreased slightly over the past month. This indicator does not necessarily mean that home prices have dropped. My opinion is that the First time Home Buyers are buying more entry level homes, which drive the “average” prices down.  June’s sales price average of $253,125 meant a home buyer purchased a newer 3 bed, 2 baths, 1400+ square foot home.”

 

A quick look at the least and most expensive homes sold in the Eureka area include a $95,000 1bed/1bath home “Resale” sale in Fields Landing and a $461,000 3bed/2bath “New Construction” home in the Cutten area.

 

So who were these buyers that are keeping our real estate market active? The top 3 groups of Home Buyers last month included:

 

· 45% were 1st time homebuyers

· 19% were relocating to the area

· 16% were move-up buyers

 

Dean Kessler is the Broker/Owner of RMK Realty, Inc and Seller Specialist for The Kessler Real Estate Team. He holds the Realtor®, Accredited Buyers Representative (ABR), Certified Distressed Property Expert (CDPE), and Certified Residential Specialist (CRS) designations.

 

All statistics courtesy Humboldt Multiple Listing Service.   

Eureka Home Selling Trends

by Dean Kessler

EUREKA AREA HOME SELLING TRENDS

 

Eureka real estate expert, Dean Kessler of The Kessler Real Estate Team is reporting home sales in the greater Eureka area remains consistent.

 

Kessler notes “The trend of 1st time home buyers driving our real estate market continues.  Each month since the beginning of the new year the 1st time home buyer group have been the largest group of home buyers actively pursuing and buying homes in our market. Demand for entry level priced homes remains high. The 1st time homebuyers are taking advantage of record low interest rates, tax incentives, and attractive home prices to invest in their financial future.”

 

Kessler went onto say “The average sales price of a single family home in Eureka decreased 6.6% to $241,922 from February’s average of $258,909.  The $8,000 tax rebate being offered by the government just about covers the complete down payment needed for an FHA loan. And the FHA loan is the most popular loan product used by 1st time homebuyers. And the news keeps getting better. Factor in an additional $10,000 tax rebate being offered for purchasing a newly constructed home and one can see how1st time home buyer’s are realizing a smart home purchase now, and a sizeable income tax return in 2009/2010.”

 

The chart below shows real estate activity for the Eureka area as compared to the same time last year.

 

 

March 2009

% Change

March 2008

Active Listings

232

-18.9

286

Sales

25

+0

25

Short

Sales

1

+100

0

Bank Owned Sales

3

+150

2

Average Sales Price

$241,922

-24.9

$322,058

Time Supply of Inventory (months)

9.3

-18.4

11.4

 

A quick look at the least and most expensive homes sold in the Eureka area include a $155,000 2bed/1bath home “Bank-owned” sale in Myrtletown and a $441,000 3bed/2bath “New Construction” sale in Cutten.

 

The top 3 categories of Home Buyers last month include:

 

· 44% were 1st time homebuyers

· 24% were buyers relocating to the area

· 8% were investors

 

 

Dean Kessler is the Broker/Owner of RMK Realty, Inc and The Kessler Real Estate Team. He holds the Realtor, Accredited Buyers Representative (ABR), Certified Distressed Property Expert (CDPE), and Certified Residential Specialist (CRS) designations.

 

All statistics courtesy HMLS. 

 

Eureka Home Selling Trends - January 2009

by Dean Kessler
EUREKA AREA HOME SELLING TRENDS
 
Eureka real estate expert, DEAN KESSLER of THE KESSLER REAL ESTATE TEAM is reporting home sales soared upwards 41% last month.
 
Kessler notes “The average sales price of a single family home in Eureka increased 14% last month to $281,055 compared to December 2008, but declined 9.9% from the same reporting period one year ago.”
 
Kessler went onto say “In many sales, the increase in sales price may be artificial as Buyer Agents are negotiating with Sellers to pay a hefty portion of the Buyer’s closing costs in the sales price. This can inflate the sales price upwards an additional 6% above the Sellers asking price. The good news, it allows the Seller to sell and the Buyer to buy.”
 
The chart below shows real estate activity for the Eureka area as compared to the same time last year.
 
 
January 2009
% Change
January 2008
Active Listings
240
-9.2
262
Sales
29
+3.4
28
Short
Sales
1
+100
0
Bank Owned Sales
6
+100
3
Average Sales Price
$281,055
-9.9
$308,970
Time Supply of Inventory (months)
8.3
-13.3
9.4
 
A quick look at the least and most expensive homes sold in the Eureka area include a $155,000 2bed/1bath home “Bank-owned” sale in Myrtletown and a $441,000 3bed/2bath “New Construction” sale in Cutten.
 
The top 3 categories of Home Buyers last month include:
 
·34% were investors
·21% were 1st time homebuyers
·14% were buyers relocating to the area
 
 
Dean Kessler
 

All statistics courtesy HMLS. 

Eureka Area Home Selling Trends

by Dean Kessler
EUREKA AREA HOME SELLING TRENDS
 
 
DEAN KESSLER of THE KESSLER REAL ESTATE TEAM in EUREKA reports that in the December 2008 reported real estate sales there is both good news and bad news. The bad news is that home sales slumped down 32 % when compared to December 2007. And the average sales price of a Eureka home dropped 15% from one year ago. Now for some good news, instead of shopping in the malls a lot of buyers instead opted to shop in neighborhoods. As a result the number of home sellers that accepted buyer offers last month catapulted up 56% from our December 2007 report. There’s even better news as interest rates remain very attractive around 5% and our local lenders tell me there is plenty of money to loan for home purchases.
 
The chart below shows real estate activity for the Eureka area as compared to the same time last year.
 
 
December 2008
% Change
December 2007
Active Listings
248
-3.0
258
Pending Sales
36
+56.0
23
Sales
17
-32.0
25
Bank Owned Sales
1
-
0
Average Sales Price
$241,771
-15.0
$287,654
Time Supply of Inventory (months)
14.6
+42.0
10.3
 
 
A quick look at the least and most expensive homes sold in the Eureka area include a $95,000 2bed/1bath home “Estate” sale in West Eureka and a $330,000 4bed/2bath “Resale” home in the Cutten area.
 
So who were these buyers that are keeping our real estate market active? The top 3 categories of Home Buyers were:
 
·65% were 1st time homebuyers
·18% were investors
·6% were buyers relocating to the area
 
Again the 1st time homebuyers lead the home buying charge. 1st time homebuyers have found that lenders have great loan products administered thru the Federal Housing Administration and the Veterans Administration. Years ago these same loan products had fallen out of favor in light of the many new, flashy loans being offered. Loans with cool, sexy sounding names like SIVA, SISA and NINJA where all the rage. Today, VA and FHA are THE loan products making it possible for many buyers to purchase.
 
Dean Kessler
All statistics in the 1st section courtesy HMLS. 

Prestigious Designation to Help Homeowners in Danger of Foreclosure

by Dean Kessler
DEAN KESSLER EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
 
DEAN KESSLER of THE KESSLER REAL ESTATE TEAM in EUREKA has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
 
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
 
In the Humboldt County area, more than 96 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
 
“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Realtor Kessler. “It is so rewarding to be able to help sellers save their homes from foreclosure.”
 
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Florida, said that Realtors® such as Kessler with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
 
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
 
“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

Displaying blog entries 1-10 of 10

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