Home Buying in Davis>Question Details

Sasha Brauer, Home Buyer in Davis, CA

I am looking to purchase a home this year. If I wait until this summer, how much do you think home prices will increase?

Asked by Sasha Brauer, Davis, CA Wed Feb 20, 2013

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Lori Prizmich, CRS’s answer
The trend is definitely that prices go up in the summer. If you want exact numbers, I can send you the actual trend data for the house type that you are looking for. This will tell you what price per square foot is during summer as well as what percentage of list price buyers pay during the summer versus other times of year. Just let me know. Lori Prizmich, ReMax Gold Davis lori@loriprizmich.com or (530) 845-3325.
0 votes Thank Flag Link Wed Feb 20, 2013
HI Lori-
I own a rental house at 729 M St and am contemplating selling it although I am concerned about timing as well. I need to give the tenant at least two months notice- am I too late for selling this summer in light of timing with University, time needed to close etc...I would appreciate seeing your trend data and chatting with you if that is available- thank you. Kallie Kull (415) 250-7584
Flag Sun Apr 14, 2013
Get with you Realtor and ask them about the area you are interested in.
0 votes Thank Flag Link Tue Jul 30, 2013
Hello Sasha, it is never to early to prepare to buy and check your loan program options to fit your needs. Do you have down payment and closing costs and know what your fico scores are? Have you seen a credit report and they are reporting everything correctly?

The home prices are on the rise and you may not even have to wait as you can begin the process. It may takes months to get into escrow and then close a purchase within 30 days. You may qualify from a minimum 580 fico score and 3.5% down or as low as half percent down payment program. If you have a minimum 660 fico score you may consider 5% down conventional with NO Mortgage insurance (Lender paid MI) or minimum 700 fico score may qualify for 3% down conventional. It only takes a few dozen questions to qualify you in minutes.

Here is a needs list to gather for processing a loan approval, DU Approval or pre-approval letter to get out shopping for a home of your choice. http://tinyurl.com/l9ctod4

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as necessary. I can raise fico scores within 3-4 days in most cases. Here are some links to study and consider that I offer.

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0 votes Thank Flag Link Tue Jul 30, 2013
In general, prices may end up neutral on the I-80 corridor from the 680 merge (I live within a few miles of there) and Sacramento, though better parts of Sacramento are doing very well right now. We're looking at acreage and rentals in nearby Vacaville and Dixon and seeing a slight escalation, though my belief is that when sellers start listing in March/April it will balance out the escalations, ergo my neutral prediction through the summer.
0 votes Thank Flag Link Wed Feb 20, 2013
Pennies compared to what may happen to interest rates and underwriting guidelines. For example, FHA has two big changes hitting 4/1 & 6/3. I calculated the difference for one of my clients and waiting until 6/3 to pull a case number cost $40,000 on a $150,000 loan. That is if interest rates STAY THE SAME!!! Could easily double if the rates jump.

Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Feb 20, 2013
This is a very speculative question. Motivation should supersede speculation.
With the mortgage interest rates at its historical lowest and house inventories getting lower, speculation should not interfere with your decision.

Best of Luck.
0 votes Thank Flag Link Wed Feb 20, 2013
No one has a crystal ball that tells them that kind of information. The best thing you can do is find a reputable, active, experienced agent/broker in your area to get the best handle on the market
0 votes Thank Flag Link Wed Feb 20, 2013
Sasha,
I wouldn't worry about price increases as much as I would be concerned with a potential rise in interest rates if the economy gains strength. That will make a bigger difference than price increases over the long term. If you are thinking of buying in the summer that is so close that I don't think you will see very much change in prices over that short term. This year there is a real shortage of inventory so I would start looking as soon as you are able. If you wait until your optimal time to buy, the right home for you may not be out there. Homes move very fast if they are well priced and in good condition. Let's talk some more about what type of home and your price range because that makes a difference too.
0 votes Thank Flag Link Wed Feb 20, 2013
No one can predict how much housing prices will increase. I suggest that you meet with a Buyer's Agent to discuss the current housing market in the city or cities your are interested in and ask for numbers of homes sold last month and a year ago from this time and the price the homes sold for last month and a year ago from this time.
0 votes Thank Flag Link Wed Feb 20, 2013
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