2010 Real Estate Forecast

by Sam Yee, Lyon Real Estate, Sam4Homes@aol.com, DRE # 00975946

• Lyon Real Estate’s Facts & Trends Reports show a dramatic change in the housing market in the Elk Grove Area during the last 3 years (Nov ’06 thru Nov “09). The extreme “Buyer’s Market has turned into an extreme “Seller’s Market” Expect another strong “Seller’s Market in 2010”
• Federal Tax Credits have been extended to 4/30/10 to be under contract and 7/1/10 to close escrow
• $8000 or 10% whichever is less for 1st time buyer credit (did not own the last 3 yrs)
• $6500 or 10% whichever is less for current homeowners (owned 5 of last 8 yrs)
• $125,000 income limit for single home buyers, $245,000 income limit for married home buyers
• Must occupy the home for 3 years
• Must be 18 or older
• Sales Price limit of $800,000
• Expect Multiple Offers on Nice Homes in Good Condition.
• Expect Sales Prices to go up slightly have started rising in some price ranges, depending on the number of foreclosures this year, Home prices in Elk Grove may have already bottomed out (per California Assoc. Of Realtors economist Leslie Appleton Young, CAR-LAY)
• Expect Interest Rates to remain flat (CAR-LAY)
• Expect more loan modifications in 2010, according to the California Association of Realtors, Bank of America  Corp. said Monday it has provided mortgage relief through loan modifications for more than 600,000 homeowners since January 2008, $215 billion to refinance existing mortgages. (CAR)
• No more advance fees for Loan modifications, (2009’s favorite real estate scam)

SB 94 (Oct 11, 2009, expires Jan 1, 2013) prohibits any person, including licensed real estate brokers and attorneys who negotiate, attempt to negotiate, arrange, attempt to arrange, or otherwise offer to perform a mortgage loan modification …