Been a few weeks since I posted. Contrary to the wishes of the local realtards I am still alive. I've just been busy golfing and chilling out.
So what did I miss? I see the California home buyers tax credit is basically out of cash for the resale half. There is still a little cash left for the new home buyers. They state says they will fund between 17,000 and 20,000 credits for resale sales and they have over 30,000 applications. So that probably means a lot of people that have requested the credit probably won't be getting it.
On the positive side, interest rates have fallen to record lows. Currently you can get a 30yr fixed for 4.25% with no points. Makes buying very appealing if you plan on staying put for a while.
Inventory is basically holding steady. But there are more delusion-ally priced homes cluttering up the MLS and fewer reasonably priced homes. That means there is still a fair amount of competition for homes. On that note I did a little research on one street in Riverside (92504). I put an offer in on a home on this street about a year ago so I chose it for my un-scientific poll. I looked at all the sold homes and checked who the listing and buying agents were. There were 9 homes sold on this street in the last year. Of those 9 homes, 6 of them were dual agency sales (same agent working for the buyer and seller). That's a pretty good indication of what it takes to buy a home these days!