Yet another week has passed and the market remains the same, great buyers and no properties to show.  The Antelope Valley Press reported this week that sales are down due to the low inventory, buyers are getting discouraged after writing multiple offers!  Property prices continue to creep up slowly but they are moving the right direction. What is the first time home buyer to do, the only advice that I can give is to be persistent, do not get discouraged write your offers one after the other and you will sooner of later get your offer accepted. My best advise is simple find the one that you really like and write a good offer, don't try to cut the price for chances are you are one in three or four offers, make your offer strong if it is the home you really want. From there remember the old fallacy try, try again, and it stands ever so true today!!!! Need help give me a call 661/803-8015

Great Properties!!

Still looking for sellers, for have terrific buyers and nothing to show them, in this market that is just amazing. I do have two great properties coming this week, higher end but spectacular homes. First one is a 3100 sq ft home on 2.5 acres, and it is custom throughout, really custom, the seller helped with the design and the upgrades and had it built to his specifications. I will have it on my web site www.avfamilyhomes.com the evening of June 15th!! Second home is awesome but a unique property fabulous working horse ranch, with 80 acres, thats right i said 80 acres, private commercial well pumping 360 gallons a minute, barns, electric walkers, round pens, so much more, and the home is beautiful also, again both of these are higher end properties and will be posted soon, so watch for us.

Urgently Need Sellers

Are you a homeowner that needs to sell or better yet just wants to and not sure if there is a market for your home!! Trust me the market is here the Antelope Valley needs more homes on the market. Although it is not a great time to sell it is a great time to buy so if you have thought of moving up, give me a call and we will discuss your options. In a bind and find that selling is your only option call me and I will explain the short sale process to you.

Buyers Purchase Power

A homebuyer’s maximum financial ability to purchase property depends entirely upon his down payment and the amount he qualifies to borrow from a lender. The amount a homebuyer can borrow is initially based on two factors:           

the buyer’s income, which generally changes annually at the rate of inflation; and

current mortgage rates, which change constantly.

Lenders know that by one standard, homebuyers are less likely to default if they allocate no more than 31% of their monthly gross income to monthly mortgage payments. Accordingly, mortgage lenders now refuse to lend more money than the buyer can repay at that 31% gross income ratio amortized over 30 years based on a fixed rate of interest.



Sellers, on the other hand, demand the highest possible sale price, but can only sell at a price comprised of the loan amount homebuyers are qualified to borrow based on their 31% income ratio and the down payment they have saved.

Interesting Bloomberg Article

Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.

REO Inventory Increasing

In a new report from the California Association of Realtors, the number of homeowners that are behind in their mortgage declined in April, well that is good news!! Unfortunately the REO inventory rose 20.7 percent, a new high. Keeping that is mind why is our inventory at an all time low. Properties are still seeing multiple offers after being on the market for 2 days, driving the prices up. Potential home buyers are getting discouraged after writing 6,7, or even 8 offers prior to finally getting one accepted!!! In short REO inventory rises and available inventory continues to decline.