California Association of Realtors October 2008 Stats

Here they are, what we have all been waiting for — as if we didn’t know . . . . .   Yesterday brought this information to me via CAR’s weekly newsletter so I thought I would share it with all:

Calif. median home price – October 08: $311,060(Source: C.A.R.)
Calif. highest median home price by C.A.R. region
October 08: Santa Barbara So. Coast $860,000
(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region
October 08: High Desert $154,660
(Source: C.A.R.)

Calif. First-time Buyer Affordability Index -
Third Quarter 08: 53 percent
(Source: C.A.R.)

Mortgage rates – week ending 12/11/08
30-yr. fixed: 5.47% Fees/points: 0.7%
15-yr. fixed: 5.20% Fees/points: 0.7%
1-yr. adjustable: 5.09% Fees/points: 0.4%
(Source: Freddie Mac)

In these  trying economic times, there is good news.  Oil is cheap, money is cheap, property is cheap and if you have the ability, now is the time to buy.  Interest rates are currently far below these that are quoted here and housing inventory is such that only the sellers who NEED to sell are on the market.  There are bargains everywhere.  Contact us to show them to you.  You can be in your Ski Cabin for the winter by the time Obama is installed!

Additionally, you should think about refinancing.  The problem with the refinance thing appears to be value.  Most people who purchased their homes within the past 5 years do not have the equity in their homes that the banks would require.  But, talk to your mortgage broker and at least investigate the possibility.  There are lots of options out there, contrary to what the press would have you believe.  I have a few trusted lenders, they are Ross Collins broker@pinnacle-mg.com, Charlie Berg charles.berg@mortgagefamily.com , and Melinda Holley MelindaHolley@att.net.  They have been my trusted advisers for years.  Call them and get their advice — you could save hundreds every month — don’t miss out on this chance.

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