April 2010 – Davis Real Estate News
Posted by carolyn in Davis Real Estate Market on April 21st, 2010
Hot topics this month include:
- End of the Federal Tax Credit – buyers must be in contract by April 30th and close escrow by June 30th to qualify for either the first time homebuyer credit or long time owner credit
- California is offering a homebuyer credit both for new homes and existing homes to certain qualified buyers – however, that money is only expected to last a couple of weeks as there is a cap on the amount of tax credit money allocated for this credit.
- FHA continues to be a popular funding source for many buyers – even though the program guidelines have tightened some this year
- Wondering what an appraiser looks for in a house for an FHA loan – here’s a good post by Ryan Lunquist, a local appraiser
- The market in Davis has had a strong start of this year, likely helped by the Federal Tax Credit
- Market in greater Sacramento region ranks 3rd in the nation for the highest percentage of distressed sales.
- While the region has high percentage of distressed sales, home sales have been strong with homes priced regionally under $300,000 selling quickly many times with multiple offers.
Not all neighborhoods fit nicely into categories, let me know if you have questions about any aspect of the real estate market, I’m happy to provide you with any information you need.
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Thanks for the link to my article. Very nice of you.
I like your synopsis here, and especially the part where you say, “not all neighborhoods fit nicely into categories.”
Comment by Ryan Lundquist — April 21, 2010 @ 5:52 AM
Great info Carolyn. The new California credit is getting a lot of attention but I am not sure how much actual benefit the buyer will receive. It will really depend upon the buyers financial situation. As it is a non refundable credit, a buyer paying $2000 in state incomes taxes will receive $2000 back from the state while a buyer paying $150 will only receive $150 back. I hope some deserving buyers take advantage of the credit while it lasts.
Comment by Bruce Wagg — April 23, 2010 @ 10:09 PM