It's a buyers market and now is the time to buy!  For a very short period of time (now until Oct. 1), the Nehemiah loan product will allow a buyer to purchase with very minimal dollars down.  The 3% required down payment, in addition to closing costs, can be provided in the form of a sellers credit.  This is a great opportunity and it will be going away on October 1.

67% of properties sold in California in June 2008, were under $500,000, according to the California Association of Realtors(CAR).  The market is ripe for first time homebuyers and investors.  Call me for a list of bank-owned properties and let's get a deal made for you!

Statewide home sales are up nearly 18 percent from a year ago.  According to the California Association of Realtors(CAR) President, William E. Brown, “Sales were driven in part by large shares of deeply discounted distressed sales in many parts of the state,” he said. “With lower prices and favorable interest rates, affordability also has improved significantly in recent months, paving the way for many buyers to purchase their first home.”

The median price of an existing, single-family detached home in California during June 2008 was $368,250, a 37.7 percent decrease from the revised $591,280 median for June 2007, C.A.R. reported. The June 2008 median price fell 4.3 percent compared with May’s $384,840 median price.

Homes priced $500,000 to $1,000,000 have been effected the most with the changed market. According to CAR, a year ago, homes for sale under $500,000 accounted for 40 percent of sales, the middle segment ($500,000 to $1 million) made up 45 percent, and the over $1 million segment captured 15 percent of the market.  As of June 2008, that has shifted to 67 percent, 24 percent, and 9 percent, respectively, as the crunch severely constrained funding to the market over $500,000, with a correspondingly dramatic decline in sales.  This really holds true for our local Napa market.