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Ysolette
Ysolette Nicoson
Real Estate Consultant
    Years of Experience: 13

    ABR - Accredited Buyer's Representative
    CRS - Certified Residential Specialist
    GRI - Graduate of Realtor Institute
    CDPE - Certified Distressed Property Expert

Direct: 951-255-3110

Office: 951-255-3110



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Keller Williams
1385 Old Temescal Road
Corona, Ca.
951-255-3110


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Riverside Homes

Interest Rates Then and Now

Saturday, January 8th, 2011

This chart below depicts the interest rates as reflected at www.freddiemac.com.  The average indicated for 2010 is the average interest rate from January through December 2010.  The chart easily explains why anyone in a purchasing position should take advantage of such an excellent opportunity in our housing market history – and buy now.

There are no guarantees that rates will continue to drop as they went down in October 2010 to 4.23% and up two months later to 4.71% in December 2010.

If you are considering making a home purchase – don’t hesitate any longer as early January is showing signs of interest rates creeping up already – as of today’s posting – rates are at 4.75%.

INTEREST RATES FOR THE PAST 20 YEARS

(shown as yearly average)

1990         

8.05         

1991         

6.97         

1992         

6.54         

1993         

5.83         

1994         

5.84         

1995         

5.87         

1996         

6.41         

1997         

6.34         

1998         

6.03         

1999         

5.04         

2000         

8.05         

2001         

6.97         

2002         

6.54         

2003         

5.83         

2004         

5.84         

2005         

5.87         

2006         

6.41         

2007         

6.34         

2008         

6.03         

2009         

5.04         

2010         

4.69        

 

2010 INTEREST RATES

(shown as monthly averages)

Jan      

5.03      

Feb      

4.99      

Mar      

4.97      

Apr      

5.1      

May      

4.89      

June      

4.74      

July      

4.56      

Aug      

4.43      

Sept      

4.35      

Oct      

4.23      

Nov      

4.3      

Dec      

4.71      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

Why sell NOW???

Wednesday, September 22nd, 2010

 

Why not sell now?  It is a great time to buy, but in this market – it can also be a good time to sell!

First of all, inventory is somewhat low.  Currently in the Riverside area, there are only 32,879 single family homes and condos currently for sale.  While the number of homes is higher than Sept. 2009 – at 27,493, it is still lower than the previous three years with Sept. 2008 – at 48,794, Sept. 2007 – at 59,183 and Sept. 2006 – at 47, 561 (statistics provided by www.housingtracker.net).  That means for today’s homeseller, there is not many homes to compete with.  It is more likely that a well cared for property that shows well and is priced well will sell in today’s market.

Secondly, today’s homeseller in a standard sale position is at a better advantage than those homes in a sacrificed position, such as a short sale.  Any buyer out there that is willing and able to move quickly will not consider a short sale due to the timely process in negotiating with the bank.  In addition, a standard sale property is more appealing when the home and landscaping is maintained in comparison with a foreclosure property with a whole yard of “dead grass.”  That being said the current standard sale inventory is lower than the short sale and foreclosure inventory, putting the standard sale homeseller in a better position.

The third point is that it is the best time to buy in years!  Today’s homebuyer is well armed with the best interest rates the housing market has seen in 30 years and with excellent  homebuyer program opportunities.  Riverside County as well as many other areas throughout the nation are offering incentive programs to help people become homeowners.  There are many diverse and enticing programs that can put today’s buyer in a home who may not have afforded one in a market with higher interest rates or a lack of buyer programs.  Take advantage of the market as a seller and put your home in a position to be chosen.

In addition, leveraging equity in homeownership can be done in this market.  Now may be the best time to move up or move down.  A smart homeowner can recognize that they may not gain as much profit on the sale of the current home, but the reward is in taking advantage of today’s low interest rates.  Thus leveraging the equity of the current house by the future equity in the next house.  The affordability factor is greater now than ever to make lifestyle changes that can potentially have excellent long term benefits when the market fully recovers.

Finally, putting a home on the market in the 4th quarter takes advantage of the serious buyers.  It is good to know that while your house is on the market through some of the holidays, the only people coming through at this time of year are the buyers that are serious about making a purchase.  So, although the number of showings you have as a seller may be lower at this time of year, the showings you are having are buyer’s who are serious about homeownership.

What? A home loan at a 4% interest rate?

Wednesday, September 8th, 2010

Yes…..that’s correct!

Although interest rates have been holding steady at historically low rates – more benefits are available for first time homebuyers in California.

The California Housing Financing Agency is offering a program for first time homebuyers that meet certain requirements to encourage homebuying through the CALHFA FHA program.  This program is specific to FHA loans that buyer’s secure as a primary, occupied residence with loan limits of $417,000.

In addition, another benefit could come into play with a minimal buyer contribution of 1% of the sales price.  The California Homebuyer’s Downpayment Assistance Program (CHDAP) is available for homebuyers who have not owned a property for the previous three years and meet moderate income requirements.

With such excellent benefits – homebuyer’s need to take advantage of these programs as well as the tax benefits of homeownership – and start shopping for a new home now!

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