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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.

Eureka Real Estate Update

by The Dean Kessler Team
 
September 2008
% Change
September 2007
Active Listings
313
-9.0
344
Pending Sales
32
-17.9
39
Sales
32
+39.1
23
Bank Owned Sales
5
-
0
Average Sales Price
$286,171
-10.8
$320,878
Time Supply of Inventory (months)
9.8
-34.7
15.0
 
 
The top 4 categories of who the Home Buyers are
·38% are 1st time homebuyers
·25% are move up homebuyers
·13% are downsizing
·6% are relocating to the area
 
Again the 1st time homebuyers are leading the home buying charge. Two years ago loan products with acronyms VA and FHA had fallen out of favor in light of the many new, flashy loan programs being offered. Cool and sexy sounding acronyms like SIVA, SISA and NINA. Today, VA and FHA are the loan products making it possible for many buyers to purchase.
 When the 1st time home buyers buy it allows those sellers to purchase a larger home. So it’s no mystery that the “Move Up” Buyers are the 2nd most active category.
 
 
Dean Kessler – The Kessler Real Estate Team,
Dean@TheKesslerTeam.com   441-1765
(Source: Humboldt Multiple Listing Service)

Chicago, IL-  Kristi Rohweder, a Realtor of The Kessler Team in Eureka, participated in an intensive two-day Buyer Specialization course, instructing a select group of REALTORS on how to dramatically improve the services they render to real estate buyers; thereby enabling buyers to find the home value they’re looking for in less time and with fewer hassles.

 

This program was presented as part of Star Power University, the real estate industry’s only University-level series of intensive, comprehensive training programs.  There are many events that address a broad spectrum of issues, but only Star Power offers a series of four sharply-focused programs for specific aspects of the real estate business, from team and systems development to listing specialization and leadership.

 

The course was taught by Star Power Systems’ cadre of Stars; all top producers, whose annual production averages $43 million.

 

Star Power Founder and CEO, Howard Brinton, claims it is rare in any industry, and certainly in real estate, to find this level of commitment to clients.  “Kristi and her team have demonstrated a deep commitment to better serve their clients.  Their dedication is evidenced in their investment in this course, and the substantial expense involved to be here.  Kristi and her peers are something special, and the clients who are served by them are fortunate indeed,” he said.

 

A key element emphasized in the program is exceptional client communication and service.  To that end, Rohweder would like to make available to Eureka area residents, FREE of charge, a special report on The Nine Steps to Successful Home Buying.  Those interested in obtaining a copy of the report should call Kristi Rohweder at (707) 441-1765, or email a request to kristi@thekesslerteam.com.  Or, stop by her office at 537 7th Street, Suite 3 in Eureka.

Foreclosure Prevention Team in Humboldt County

by The Dean Kessler Team

 

(Eureka) Regardless of the reasons that are used to explain the current mortgage crisis in the United States, the reality that we are faced with is that more homeowners are in financial distress due to real estate than at any time in the history of real estate.

 

Eureka’s own Dean Kessler of The Kessler Real Estate Team at RMK Realty Inc., has earned the designation of a Certified Distressed Property Expert (CDPE) and is ready to help families in need of his services. “I will help homeowners find the best solution to whatever financial crisis they are facing,” says Dean Kessler. “I am fully informed of the issues and know the detailed processes and procedures for working with and through the banks. There are many options that homeowners can take to prevent a foreclosure. We help our clients identify the options that are best suited for their situation.”

 

Residential real estate has many specialized areas and many agents take specific courses to deepen their understanding of issues and build upon the foundations they learned when acquiring their real estate license. The Distressed Property certification is one of the most important certifications in today’s market; it gives agents a full understanding of the complexities of short sales, pre-foreclosure, and foreclosures.

 

One thing remains the same for the majority of homeowners: the best solution for an individual wanting to sell a property is to seek the guidance, counsel and services of an educated licensed Realtor.

 

Says Dean Kessler, “Sometimes the best solution can be a ‘Short Sale’ – when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing.” This should be one of the last options before foreclosure.

 

Owners in pre-foreclosure should seek out a Certified Distressed Property Expert as soon as possible. The foreclosure procedure timeline in California is only four (4) months from Notice of Default (NOD) until the foreclosure sale.

 

To find out all the benefits and options for preventing foreclosure, contact Dean Kessler, Broker, CDPE. His market includes Eureka, Fortuna, Arcata and McKinleyville. He can be reached at dean@TheKesslerTeam.com or 441-1765.

 

Displaying blog entries 61-66 of 66

 CA Department of Real Estate #01313330