General Area in Camarillo>Question Details

Blanca Dover, Real Estate Pro in Camarillo, CA

Do you feel that housing prices are rising too quickly?

Asked by Blanca Dover, Camarillo, CA Sun May 5, 2013

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Yes, they are rising too quickly. This is a very emotional market, where buyers are over-paying because there are just not enough homes on the market for all the buyers who NEED to buy. There will be an adjustment when inventory increases, but these are just normal market cycles.
0 votes Thank Flag Link Sun May 5, 2013
Hi Blanca,
It is all about supply and demand. When you have low inventory, low interest rates and high demand the prices are going to go up fast. Even though appraisals are not always meeting sellers expectations. We should be seeing more listings as sellers are seeing more equity in their homes and want to put their homes on the market.
0 votes Thank Flag Link Sun May 5, 2013
In a way, it really doesn't matter what we think about it. Are they rising quickly? yes! Boils doing to supply and demand!

What I do know is that today's buyers are extremely well qualified and worthy of owning a home unlike the price in the 2203-2006 period.
0 votes Thank Flag Link Sun May 5, 2013
Hello Blanca, Yes they are skyrocketing in many cities and it is time to buy. The inventory is quite low with record low interest rates and rents as well as home prices on the rise. You may qualify with a minimum 580 fico score with as low as half percent down payment up to 417k. You will need a minimum 600 fico score to qualify from 417k up to $729,750 loan amount with FHA 3.5% down or as low as half percent down payment program.

The market may level out a bit but due to the low inventory and so many buyers, this is driving home prices up steadily at the current time. It only takes a few dozen questions to qualify in minutes for the loan program to fit your needs the best financially. You may qualify from fico scores between 500-579 with 10% down and minimum 580 fico scores may qualify for 3.5% or as low as half percent down. If you have a minimum 700 fico score, you may qualify for 3% down conventional or 5% down conventional with NO Mortgage insurance (Lender paid MI) with a minimum 620 fico score.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
9am till 9pm 7 days
0 votes Thank Flag Link Sun May 5, 2013
Thank you for the information Sheryl. I am working with a buyer that is trying to clean up her credit score and has had a hard time getting financed. She says that her lenders have stated she needs at least 620 FICO. Otherwise, the best she has seen is 10% down with 600 FICO score. Will you please send me more information to Thank you
Flag Sun May 5, 2013

Yes, send me your email and I will send you a chart adjusted for inflation from a major financial magazine showing from 1880 the highs and lows of each market.

With this and about 10 other factors I called the top of the 2006 market and the turn of the 2012 market.

Al Goldberg Broker
0 votes Thank Flag Link Sun May 5, 2013
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