The reports for the Single Family Homes in the Santa Clarita cities was compiled and completed yesterday. You can view those market updates for the SCV cities by clicking on this link.
The Low Point of Inventory saga continues within the cities that compose the Santa Clarita Valley. If you want to talk about competition – the Condo and Town-home venue is riddled with cash investors that are flipping. We have even seen this start to become more prevalent in the Single Family housing world as well. Time will tell if the “cash investors” are going to slow their roll and give some of the “owner occupant type buyers” a chance within the first quarter of next year.
The reason why they might relax with their “cash purchases” is due to the “Fiscal Cliff”. The Q1 reworking of their bottom lines when it comes to the tax allowances that are going to remain in effect or that are going to be yanked.
Here is how you can stay in the know when it comes to preparation next year with your desiring to purchase a town-home or condo. Stay local – Look for a local real estate agents. Size them up on line and schedule a time when you can have a “sit down” with them in their offices. Have them explain to you the FHA lending requirements on condo’s and town-homes. Have them show you which complexes still allow for purchase with the FHA loan – 3.5% down payment.
They will also, most likely, cover the conventional lending arm with regard to condo’s and townhomes as well. Looking at the less than 20% down scenarios and what the lenders will require and which complexes will finance that way, which will not and why.
This is also a good time to be referred to a local Santa Clarita lender. Have your Realtor explain to you the difference between mortgage brokers and main line lenders. They should be able to cover the advantages and disadvantages of each. Also, have your real estate agents talk to you about the “late night lenders”. Those that have big exposure on TV during the wee hours of the morning telling all buyers of the world how they can get you a 1.0% interest rate for 30 years, yada, yada, yada… 🙂
If you want to be ready for Q1 2013, when it comes to buying a home, condo or town-home, being prepared will be of HUGE advantage for you and yours. Remember, use local agents, use a local agents search engine for real estate because they are not in the business of generating leads – so their websites should be much more accurate than some of the real estate syndication websites.