Lodi / Stockton CA Homes For Sale & Real Estate Information

Sales activity for the Lodi and Stockton CA area have been down the last couple of months.  Was it due to the bad weather?  No, it wasn’t that bad.  Was it due to no incentives to purchase?  No, we still have the extended $8,000 tax credit for first-time home buyers.

So, what’s the real reason for the lack of sales going on right now in the San Joaquin Valley?  Are people still afraid of falling home prices?  Could it be the inventory of homes that the banks are holding on to after foreclosure?

I’d like to hear from you out there…the public.  What are YOUR thoughts on this and what do you think it will look like in th upcoming months?

Here are the stats for the San Joaquin County, CA…

If you’re faced with the decision of which direction to go, you might want to watch the video down below because you may not even have a choice.  The bank may be makng the choice for you without fair warning.

This video shares some insight as to why homeowners are having such a hard time trying to get their lenders to do a loan modification on their current mortgage.

Feel free to post any comments that you may have on this subject.

CLICK HERE to view the video

Image via Wikipedia

If you are a current real estate investor or looking into how to get started, then I recommend that you look into a new group in Stockton that is already making a name for itself in the “Where do I go to learn and network” circles.

Here is a link (CLICK HERE) that will take you to the site for the Real Estate Investor Community of Central Valley.  The 1st meeting was a great success!

Real estate investing is a hot topic right now, and especially in the Stockton and Modesto areas of the central valley in California.  These two cities were listed recently in a list of the Top 10 undervalued markets.

Be sure and check out the Investors link above and I’ll see you at the next event.

I’ve written a few times lately and have also discussed a lot about whether NOW is a good time to buy real estate.

It seems less time is put into whether or not now is a good time to buy a new car or big screen tv.  Do those items ever go up in value?  Unless it’s made of gold, I don’t think so.

If you’re thinking of buying a home either as an investor, a first-time homebuyer, or moving up into a larger home, you can look into it now or wait for when home prices or interest rates increase, or both.

According to CNNMoney, Les Christie, there are 242 of the 299 largest U.S. housing markets that are selling for prices even bankers think are less than fair market value.

Of this Top 10 list of undervalued housing markets, two of them are right here in our beautiful central valley.  What does that mean to you?  What does that mean FOR you?

To me, it means that now IS a good time to buy.

Here is that Top 10 list:

1. Las Vegas, -41.4 percent
2. Vero Beach, Fla., -39.8 percent
3. Merced, Calif., -37.7 percent
4. Cape Coral, Fla., -36.8 percent
5. Houma, La., -34.6 percent
6. Port St. Lucie, Fla., -33.3 percent
7. Warren, Mich., -32.3 percent
8. Vallejo, Calif., -31.9 percent
9. Modesto, Calif. -31.8 percent
10. Stockton, Calif., -31.8 percent

Ultimately you have to be the judge when it’s a good time buy your 1st or your next home, but with the current tax credit of $8,000 for 1st-time buyer as well as the incentive now for existing homeowners to purchase real estate, I’m thinking now instead of later is good, if not better, timing.

At Realty World-Davis Homes & Properties, we are able to everyone with their real estate needs, but because of the low home prices we seem to be specializing in first-time buyers and investors.

You’ve heard the slogan…If you’ve got questions, we’ve got answers.

Make it a great day!

Today, more than ever, I still get asked…”Is now a good time to buy real estate, or should I wait a little longer?”

There is always going to be that ever-so-popular 64 thousand dollar question.  Sometimes there’s no easy or simple answer.  But right now, I think there is one.  And that answer is “YES”.  It most definitely IS a good time to buy real estate, especially here in the Lodi, CA, Stockton, CA, and pretty all the surrounding areas in the San Joaquin and Stanislaus County areas.

Home prices are lower than they’ve been in years.  Incentives like the $8,000 tax credit are plentiful.  But here’s the real kicker, interest rates are said to be on the rise.  Oh, they’re still lower than ever right now, but from what I hear and read, that’s not for long.

All indicators point to rising interest rates in the coming months.  I don’t believe there’ll be a spike that makes your eyes pop out, but it’ll be enough that you’ll surely notice it in higher monthly mortgage payments if you wait to purchase.  At Realty World – Davis Homes & Properties we work with lots of investors and especially first-time home buyers to help them get the best deals on some really good homes.  Either way you slice it, right now it’s a buyer’s market and you could be in the driver’s seat.

I came across a short video on YouTube that talks a little about these topics and more.  I think you’ll find it informative.  CLICK HERE to view.

I’d love to hear what your thoughts are about what you see in the video.  Please take a moment and click on ‘Comments’ and let me know.

Thanks and make it a great day!

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• Interest Rates of 5% May Never Be Seen Again! Here’s Why.  stroupecondoblog.com)

This will conclude my four part series on what you should know before buying a home in the Lodi, Stockton and surrounding CA areas.  I hope you were able to pick up a good tip or two and put them to go use.  Now for Tip Number 4…

4. Stop Calling Ads!

A word of caution – agents create ads solely to make the phone ring!  Many of the homes may have some drawbacks not mentioned in the ad, such as traffic noise, power lines or litigation in the community.  What’s not mentioned in the ad is usually more important than what is.

For this reason, be very careful when reading ads.  Remember, the person writing the ad is representing the seller, not you!   The most important thing you can do is have someone on your side looking out for your best interests.  Your own Buyer’s Agent will critique the property with an eye toward how well it meets your needs and will point out any drawbacks you should know about.

So, whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a Buyer’s Agent.  Then you become a client with all the rights, benefits and privileges created by this agency relationship, and you’re no longer just a shopper.  Did you know many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER?  These “great deals” go to those people who are committed to working with one agent.  When an agent hears of a great buy, who do you think they’re going to call?  Their client, for whom they have a legal obligation to work hard, or someone who just called and said “keep your eyes open for me”?  To get the best buy on a property, we always recommend you hire your own agent and stick with him or her.  As always, we do this at NO CHARGE to you, the client.

Well there you have it…my Most Important 4 Things Every Renter (Home Buyer) Should Know Before Purchasing Any Home.

Make it a GREAT DAY and HAPPY HOUSE HUNTING!

Randy

Well, so far we’ve touched on the importance of getting pre-approved as well as how to ’score’ the homes once you start house hunting in the Lodi, Stockton, and surround CA areas.  Let’s see what the tip is today…

3. Don’t Be Pushed Into Just Any House

Your agent should show you everything available that meets your requirements.  Don’t make a decision on a house until you feel you’ve seen enough to pick the best one.  Go to the Multiple Listing Web site with your agent to make sure you are getting a COMPLETE list of homes for sale and not just the home that the agent wants to show you.  YOU be the ultimate judge.

In the late 1980’s, and as recently as 4-5 years ago, homes were selling quickly, usually a few days after listing.  In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house.  That was good advice at the time.  Today, there usually isn’t this urgency unless a home is drastically under priced, and you’ll know if it is.  But keep in mind, if you wait too long, there is always a chance of the house selling before your offer is submitted to the seller.  If you really like a house, get an offer written and make sure your agent includes the appropriate clauses to get you out of the offer, should the need arise.

Don’t forget to check the SCHOOL DISTRICTS of the area you’re considering if this is important to you.  Information is available on every school: class sizes, % of students that go on to college, SAT scores, etc.  You can get this information from your agent or directly from the school.

Ok, three tips down and one to go.  Stay tuned for Tip Number 4.  This one might surprise you…

Has the real estate market hit bottom and now on the rise again?  Not likely.  I believe the rising home prices right now in some areas is a temporary occurrence due in part to homebuyers scrambling to get the nice homes in nice neighborhoods at significantly lower prices than they were back in 2006 and those home prices are being driven up by multiple offers.

Along with still lower interest rates, the first-time homebuyer tax credit, and good weather coming to an end, it makes sense for all homebuyers and investors to get off the fence and purchase real estate now.  It’ll make even more sense to buy real estate in the months to come when there will be even more foreclosures and great deals galore.  Great places to buy real estate right now are in Lodi, CA and in Stockton, CA.  There are even great deals on homes for sale in surrounding areas such as Galt, Elk Grove, Manteca, and Salida.

Here is a link to recent article about the current national real estate prices… Click Here

Make it a great day!

Randy

What to know when you’re buying a REO property…

Most people, especially those that are in the market for buying a home, are familiar with the term “REO”.  This stands for Real Estate Owned.  That is, owned by the bank.  A foreclosure.

It seems that if you’re out there trying to find your Dream Home that you’re basically trying to find your Dream Foreclosure.  Depending on what city you live in, and even what neighborhood you’re searching in, sometimes the only choices you may have are to buy a REO.  Such is the case in Stockton, CA.

Homes for sale that are occupied by the owner are either priced too high, because the owner owes too much on the mortgage and thinks they might be able to find that Home Buyer looking just for their home, or once they realize they can’t sell it for the higher price and need to sell at market value, they’ll have what is known as a Short Sale.

Short Sales are when a homeowner is selling their home for less than what they owe on it.  They are “short” on their mortgage balance, thus the name Short Sale.

There are plenty of Short Sales out there too, and even more coming onto the market, but if your Realtor® doesn’t have any experience in working with Short Sales, then it could be a long and grueling process for everyone involved. There are a lot of buyers and agents that stay away from Short Sales altogether for this reason alone.

At least with a Short Sale over a REO, you have a seller that can disclose to you the necessary important facts about the property where the bank wouldn’t be able to do so with a REO since the bank has no personal knowledge about the home.  Frankly, they’ve never lived in it.

There are many caveats to purchasing real estate and specifically bank-owned real estate, so the main thing to remember is to ALWAYS get a professional home inspection.  Do this for any type of home purchase, but most definitely a REO.  You don’t know what you’re buying, and the bank is exempt from filling out most disclosures that would protect you, the home-buyer.

With all of that said, there are a lot of really good deals to be found right now with purchasing real estate.  Whether it be a REO, Short Sale, or even good ol’ fashioned traditional sale, just due your due diligence and pull in helpful resources of a Realtor®, a good mortgage lender, and the services of a professional home inspector.  The less headaches and stress you experience by doing everything on your own will be appreciated when all the dust settles.

According to a recent article I read…

http://www.realtor.org/RMODaily.nsf/pages/News2009060403?OpenDocument

It states that “Two major home builders say their losses were shrinking compared to last year because buyers are coming back to the market.”

I see this myself a little more each day.  I find many people are ready to purchase their first home or even an investment home due to the lower home prices and lower interest rates.

My first-time homebuyers can finally afford to purchase that home they’ve been dreaming of, and my investor clients are realizing that they can once again cash flow on some great deals in the area.

What I’ve been hearing more and more lately is that there will even be MORE great deals for homebuyers in the coming months with more Short Sale and REO opportunities.  Will this drive the current prices down even further, or just create more opportunities and choices?  

Either way, ‘Renting vs. Owning’ still has Owning coming out on top.  Make smart decisions and you too can reap the rewards of owning real estate.

Life is good!

Randy