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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 February 2012

by Dean Kessler

Real estate sales for Eureka California remained consistent as we tumbled into February 2012. The number of homes sold in February was similar to those sold in January. Yet the number of homes that are presently under contract are 150% more than we had in January. March and April will be very busy as we work hard to bring these offers to closings.

Home buying activity is again led by the First-Time homebuyers, with Move-Up home buyers and Investor buyers remaining very active. I have noticed a trend developing with the type of real estate Investors are pursuing. Many entry level homes readily cherished by First-Time homebuyers are now being aggressively pursued by Investor home buyers. Homes for sale in the lower price point are now receiving multiple offers after being on the market for a short time. Case in point, witnessed a home  receive 8 offers after being on the market for 5 days. Majority of those offers from investors flush with cash. 

My counsel to First-Time home buyers, or any home buyer; to compete in this market, you must have a loan pre-approval letter from your lender of choice, period. Loan pre-qualification letters are not up to the task (if you're not sure of the difference, shoot me an email). With a loan pre-approval letter, a homebuyer is more competetive when faced with a multiple offer scenario.

For home sellers there remains great news. We continue below the two year moving average of homes available for sale. For active home sellers, there is less competition for home buyers. And home buyers are out in force with interst rates below 4%. These home buyers have seen the existing inventory and are anxious for new inventory to choose from.

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

Resources For Struggling Homeowners

by Dean Kessler

With More Than One in Seven Mortgages Not Being Paid, Local Agent Offers Free Resources to Struggling Homeowners 

In response to community needs, new website educates struggling homeowners on options to foreclosure. 

Eureka, CA –July 22, 2010 – Local real estate agent and Certified Distressed Property Expert®, Dean Kessler of The Kessler Real Estate Team, responded to new mortgage delinquency numbers by creating a new information website for Humboldt County-area homeowners facing financial hardships. Www.eurekaforeclosurehelp.com contains vital facts about the options available to financially distressed homeowners. 

“With more than 14 percent of mortgages in default status, there are a significant number of homeowners facing foreclosure,” Kessler said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. By offering free information on more beneficial options, I know I can help our community’s homeowners.”

The Mortgage Bankers Association’s First-Quarter 2010 National Delinquency Survey announced that more than 14 percent of mortgage loans are not current on payments. More specifically, 10 percent of prime loans and more than 40 percent of subprime loans are delinquent. 

“Whatever their best option is, the most important thing distressed homeowners can do is educate themselves before making a decision,” Kessler said. 

www.eurekaforeclosurehelp.com acts as a central location for information on the issues and options for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements and industry updates.

 

Hot Properties This Week

by Dean Kessler

2301 Fairfield Street, Eureka- A lovely Victorian needing a new owner who appreciates the character of wide moldings, the spaciousness of large rooms with tall ceilings, the light from large windows and the charm of gingerbread trim work. All the hard remodeling work has been done and now it’s time for a fresh decorating approach. The home sits on the north side of an over sized lot providing a large south facing yard for gardens or play area. There’s even a large deck to extend your living area. There is a large detached shop which had been an unpermitted MIL unit and would make an awesome artist studio. Current Price $245,000

BACK ON THE MARKET - 3089 18th Street, Eureka - Cute ranch home offers great location, privacy and mature landscaping. Step into gated courtyard, enjoy the sunny spots. Rear yard has patio area with sliding doors from dining room & master bedroom. Lush shrubs and majestic maples add to the serenity. Inside find vaulted ceilings, wood stove, skylights, tile entry & open kitchen with island. Current Price $250,000

For more information on these two great properties email kristi@thekesslerteam.com or call 707-601-5704.

EUREKA, CA – JULY 6, 2010 – Local real estate agent, DEAN KESSLER of THE KESSLER REAL ESTATE TEAM, is a Certified Distressed Property Expert, and is now offering free educational information for homeowners who are delinquent on their mortgages. 

Accessible through www.EurekaForeclosureHelp.com, these educational materials clearly explain what a homeowner’s options are when faced with an unaffordable mortgage, as well as the benefits of each option. 

One option highlighted in the website is the Home Affordable Foreclosure Alternatives Program, or HAFA, which offers eligible homeowners $3,000 to pursue a short sale or deed-in-lieu, two alternatives to foreclosure. 

“We often find that homeowners in a difficult financial situation will hesitate to directly contact a professional for help,” KESSLER said. “My website offers a way to learn about what options are available so anyone can empower themselves with the necessary knowledge and then contact me to help pursue their best options.” 

The latest numbers on mortgage delinquency show that approximately one in every seven mortgages is in some stage of delinquency. While they might not be immediately foreclosed upon, these homeowners become more at risk of foreclosure the longer they wait to do something about their missed mortgage payments. 

“Many of these distressed homeowners bought their homes in a financially responsible manner,” KESSLER said. “Unfortunately, these people have had their finances turned upside-down over the past few years. Now, they must make their mortgage payments with constricting incomes.”

The CDPE designation KESSLER has acquired provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing financial hardship in today’s market. 

For more information about the CDPE Designation, visit www.cdpe.com.

Dean Kessler Attends CDPE Convention

by The Kessler Team

Local Agent Attends Educational Convention on Short Sales and Foreclosure Avoidance

DEAN KESSLER attended national conference of short sale specialists focusing on the most effective ways to help homeowners avoid foreclosure.

EUREKA, CA – MAY 22, 2010 – DEAN KESSLER of THE KESSLER REAL ESTATE TEAM joined nearly 700 real estate agents at CDPE Momentum 2010, the national convention of professionals with the Certified Distressed Property Expert®designation. Attendees benefited from presentations by leaders from Bank of America, Wells Fargo, Prospect Mortgage, Fidelity National Title and RealtyTrac, who provided industry updates and strategies for helping distressed homeowners.

“I have committed myself to making a difference in the lives of as many distressed homeowners as I can,” KESSLER said. “CDPE Momentum has given me new tools, networks and insight to help even more members of my community.”

The convention provided agents with three-days of intensive interaction among industry professionals, sharing best practices for short sales and other foreclosure avoidance solutions. A short sale occurs when the lender accepts the sale price of a home, even if that amount is less than (“short of”) what is owed on the mortgage. The most recent Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions found that short sales represented 17.9 percent of distressed property transactions.

“Short sales can be a positive solution for homeowners facing financial hardship, with a lesser impact on credit scores than foreclosure,” KESSLER said. “However, these transactions can be difficult, and agents need to have training and stay up-to-date on the industry. Events like CDPE Momentum keep me on top of market developments.”

Agents with the CDPE designation have undergone extensive training in foreclosure-avoidance options for homeowners facing financial hardship, particularly short sales. With more than 22,500 members added since its inception in 2008, CDPE is the fastest-growing designation in real estate industry history.

 

About the CDPE Designation

The CDPE Designation provides real estate industry professionals with detailed information on how to engage with and assist homeowners in distress. The CDPE designation has been endorsed by RE/MAX International, Keller Williams Realty and other major U.S. brokerages, as well as industry icons such as: Brian Buffini, founder of Buffini & Company; Howard Brinton, founder of STAR POWER®Systems; Allen Chiang, Chairman of the Asian Real Estate Association of America (AREAA); Tino Diaz, Chairman and President of the National Association of Hispanic Real Estate Professionals (NAHREP); Dave Liniger, chairman and co-founder of RE/MAX; and Joe Stumpf, founder and national spokesperson of By Referral Only®.

For more information about the Distressed Property Institute and the CDPE Designation, visit www.cdpe.com.

June Update

by Dean Kessler

This is my first month’s post “government intervention” report. The 1st time homebuyer $8,000 tax credit expired the end of April. It won’t surprise you to learn the number of homes going under contract dropped by 25% compared to the same time last year. So if our government’s tax credits are gone, how are first time homebuyers still buying homes?

              First time homebuyers are still out in force and making home buying decisions. “Why is this, Dean” you ask? The easy answer are loan interest rates remain below 5% and home prices are very affordable. With this combination, homebuyer mortgage payments rival a rent payment.

The stories of loan money not being available for home buying is simply untrue. Sure, lenders are asking for reams of documents from the buyer, scrutinizing every piece of paper and making the loan approval process maddening with requests for the absurd. How does a PG&E bill reflect on a buyer’s loan qualifications? Don’t know, yet I am glad to hear lenders being much more cautions with their lending practices. For too long it was simply too easy to get loans.

  Call me with questions/comments.

 

Displaying blog entries 1-10 of 39

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