In the August 2009 eppraisal.com National Real Estate Market Analysis report, released today, 76 percent of the markets tracked saw an increase in the median home value, which was up from 50 percent in the prior report (July). In the current report, the trend continues with 80 percent of the markets tracked by eppraisal.com showing positive gains in home values. Even larger markets that have taken substantial hits in the past are showing continued recovery. For example, San Francisco, Los Angeles, and San Diego markets all saw over a 5 percent increase in the median home value with 17.8 percent, 6.7 percent, and 7.7 percent increases.
The full list of all 138 markets can be found in our market report. However, here are some of the most notable highlights.
* Santa Cruz-Watsonville, Calif., jumped 32 percent to a median value of $515,000.
* The Orlando-Kissimmee, Fla., area has stopped the decline and has increased by 1.6 percent to a median value of $152,900.
* Bend, Ore., and Sherman-Denison, Tex., were the only areas (tracked by eppraisal.com) that saw double digit declines in home values. Bend, Ore., dropped by 11.6 percent to a median value of $175,000, and Sherman-Denison, Tex., decreased by 11.2 percent to a median value of $86,568.
* Honolulu, HI, had a modest decrease of 1.6 percent to a median value of $555,000.
* Salt Lake City, UT, also had a modest decrease, with a 1.4 percent drop in to a new median of $227,992.
* San Diego/Carlsbad had a modest increase of 7.7% which translates to a value new median of $350,000
The National Real Estate Market Analysis report tracks median sales price of residential homes in 138 markets across the continental U.S. compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009. This report compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009.
FHA Financing is a Stong Choice for Financing your home in Encinitas or Anywhere!
FHA = More Qualified Buyers and Closed Escrows
As conventional guidelines tighten and we see the effects of the HVCC appraisal policy on the real estate and lending industries, having access to FHA approved lenders is a crucial ingredient in ensuring you're with a professional Realtor. Another key component in buying a home is paving the way for a strong appraisal of the property. Appraisals in today's market often times is a root cause for a deal falling out of Escrow. The quality of the appraisals on FHA loans are far better and processing times faster than conventional loans. This often translates into closing escrow in the much touted 30-day period. However, there is so much more to FHA that has a POSITIVE impact on you whether you are the seller of buyer. As the real estate market is heating up remember that FHA financing can be the best alternative for a smooth swift real estate transaction. Below are some other reasons why FHA just might be for you:
- Remember, NO seller-paid fees are required.
- Credit scores as low as 620 are acceptable. Pricing is virtually the same whether the score is 620 or 800.
- Down-payment requirement only 3.5%.
- Entire down-payment and closing costs can be Gift Funds
- Non-Occupying Co-Borrowers allowed - this is a huge factor.
- Time lapsed on a bankruptcy before obtaining new financing is far less than on conventional financing.
- It is worth repeating that some lenders get to choose the appraiser, however this may be altered somewhat to include an impartial third party.
- No cash reserve requirements necessary.
- Lower occupancy requirements on condos (must be on FHA approved list).
I can help arrange the details to begin the process of financing your new home!
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