It depends on the age of the home (must be built after June 15, 1976) and if it is located in a land/lease park community or a resident owned community. Newer homes in resident owned communities tend to hold their values.... more
From what I can see prices have been going up for the past 12 month in Agoura Hills. I have a client who is trying to purchase in that area who keeps getting out bid because the demand is driving the prices up higher and higher each month. Agoura Hills is a very desirable area. Currently the inventory is low and the demand for people wanting to move there is great.
Things may cool a bit as interest rates move up but I don't think we'll see prices going down anytime soon. Let me know if you are looking for a real estate professional to help you out. I would love to be of assistance.... more
David is right for the most part about financing. However, if the home is on a resident owned lot/parcel and it was built after June 15, 1976 you can usually qualify for a conventional fixed rate 30 year fully amortized loans and/or FHA/vA loan.
If, however, the home is in a lease/land park/development it is considered chattel and these types of loans are much more difficult to come by and usually end up with much hight interest rates and much shorter terms i.e. 15 to 20 years depending on how old the home is.
If the home is a Pre HUD home, built before June 15, 1976 its even more difficult if not almost impossible to find a chattel lender.... more
Those prices you are seeing are a probably a hoax. Certain Realtors who have sold their soul know they can put a ridiculously low price on a short sale house and induce a "cattle drive" of naive buyers, because these baloney prices are in many if not most cases "subject to lender approval". What does this mean to you? It means you will make an offer that is FULL PRICE OR OVER FULL PRICE and the bank will counter you WAY ABOVE whatever you offer. The listing agents can advertise the house for $50 if they want because the bank is going to decide what they will take and the Realtor has nothing to say about it so he can slap an artificial price that is going to get potential buyers aroused. It is a disgrace to our industry that our MLS's have allowed this to happen rather than forcing Realtors to get an approved price before wasting the time of agents and clients alike. SABINE - YOU ARE WISE TO BE SKEPTICAL, THERE IS NO FREE LUNCH AND AS HAS ALWAYS BEEN THE CASE, IF IT "SEEMS TO GOOD TO BE TRUE", IT IS! ... These banks that screw up our MLS belong in jail. They used to be "too big to fail" and now thanks to idiotic government policies, they are "TOO BIG TO PROSECUTE".... more