10-08-2008
How is the Santee market faring against the rest of the county? Well as a matter of fact, it is doing quite well. Homes stay on the market for an average of 30 days or less before they have an offer on them accepted by the seller. Now that is where the problems begin. Much like the rest of the county, the majority of the sales that are going on right now are SHORT SALES. So once the offer is accepted by the seller, they then need to send it to the bank that has the loan against the home for an approval that could take as long as six (yes that is 6) months. I have been averaging 6-8 weeks for an approval of my listings, but I use a professional negotiating service that already has relationships built with most of the nations largest lenders. Now the second part to monitoring the market is to watch what is called the median home price. This is what the media loves to quote in order to continue to add to the panic. You know the policy of every news source in america these days, that is "If it bleeds, it leads". They quot the dramatic drop in the Median Home Price, but do not explain what that is. The Median Home Price is merely the price that the most homes sold at. In the past with Stated Income loans and Less than Interest Only Payment loans, consumers were buying bigger and more expensive homes. With todays much tighter lending qualifications, consumers are only buying what they can prove that they can afford on a long term fixed rate basis. This has led to the biggest buying segment being the First Time home buyers, and they are buying up all of the starter homes just as soon as they hit the market. Thus the majority of the homes being purchased right now in Santee are at the $350,000 range. I hope this helps bring a little more clarity to the calamity.
10-05-2008
Did you know that there may be help for you if you are having troubles making your mortgage payments? With the national foreclosure numbers raising dramatically, the government has made getting help to home owners a priority. So if you or someone you know is having a hard time making their mortgage payments, please have them give me a call for a free consultation on how they may be eligible for assistance.
As a resident, business owner and parent of two children in the Santee School District. I understand the nuances of doing business in Santee. We live in a city though large in stature, has a real small town feel. It is the kind of place where a firm hand shake and looking someone in the eyes when you talk means something. I know it does to me. If you are looking to Buy a Home, Sell a Home or do any type of Financing on a Home, I can help! Whether you have good credit or maybe not so good credit give me a call for a free consultation at (619)448-5100 or check out my web page by "clicking" the link below to learn more about different home loan products or even begin the search for your dream home at www.robmcnelis.com