I’ve just sold a Resale - single family property at 1531 Cochran St in Simi Valley. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a New - single family property at 20317 Haynes Street in Winnetka. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a New - single family property at 20317 Haynes Street in Winnetka. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

FHA approved lenders received the green light to allow buyers to use the benefit of their Federal Tax Credit for closings costs by developing bridge loans until they receive the credit. This will help buyers to put more money down and to cover the 3.5% down required for an FHA loan. Great news for buyers looking to purchase and take advantage of the credit this year.

Read the full article from Realtor.com

Don’t miss out on the tax credit. Your purchase must close prior to December 1st of this year. Remember if you are purchasing a short sale you could be taking up to 90 days or more to close due to the time it takes sellers to get an approval on the short sale.

Simi Valley home prices seem to be on the rise as the graphs below indicate. According to MLS data the median price rose to $384,000 for the month of May. Sales are also up slightly over April.

Simi Valley

Moorpark

If you are thinking of buying a home I recommend getting out there. Along with low prices and the $8000 tax credit, now is a great time to get in to the real estate market.

Call me if you want more information.

On Thursday the Obama administration added to it’s homeowner bailout program by encouraging banks to increase their ability to handle a Short Sale of a property and keep the homeowner from going into foreclosure.

According to the Wall Street Journal:

“The expansion of the $50 billion Making Home Affordable, announced on Thursday by Treasury Secretary Tim Geithner and Housing Secretary Shaun Donovan, gives a financial incentive to servicers and borrowers if they successfully pursue alternatives to foreclosure such as a short sale or a deed-in-lieu of foreclosure, where the homeowner transfers ownership of the home to a lender. Another initiative will provide incentives to servicers to modify loans in markets that have seen some of the sharpest price declines.”

The government will pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for successful short sales or “deeds in lieu” transactions. It will also spend up to $1,000 to help defray the cost of getting holders of second mortgages to release their liens so these transactions can be completed. As the banks ramp up we might see these Short Sales taking less time to get closed.

Tim Mallon is a certified Short Sale specialist. You can contact him at 805-584-2688.

According to the MLS data it looks like Simi Valley has definitely started to stabilize as far as homes prices. Sales were down slightly from the month before but the medium price has again increased for the 4th straight month. This could mean we are seeing the bottom of the housing market. I know from what I am seeing out there that most of the listings have multiple offers on them. Due to many of them being “Short Sales” it takes a long time to get approved.

Here is the Simi Valley stats:

And here’s Moorparks:

With interest rates low and prices flat it can make a great time to buy a home.  Call or email me with questions.

NOD’s in California hit all time high’s in the 1st quarter of 2009 according to MDA Datequick Statistics. This was an 80% increase for the 4th quarter of 2008.

Why did this happen?

Thank you government for restricting foreclosures with moritotiums. Now these moritotiums are being lifted and we might see a flood gate open on foreclosures.

What will this do to the local Ventura Market? Not sure. We presently have a huge shortage of properties available and believe it or not, there are multiple offers on almost every short sale or foreclosure property out there. If more come on the market that we have demand for then we might see prices fall. But, if the present demand for homes due to low prices and interest rates continues these new listings might get gobbled up quickly and prices might level off.

Time will tell.

Check out this new Single-family property that I just posted on my Web site. It is at 1985 Orchid Ave in Simi Valley. This Single-family property has 3 bedrooms and 2 baths.