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:: HOME :: NEWS :: ARCHIVE :: JAN 2004 ::
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Median Price of a Home in California Increases 17.8 Percent to $386,760
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This may spell trouble for anyone looking to get in on the housing boom.
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The median price of an existing home in California in November increased 17.8 percent and sales increased 15.7 percent compared to the same period a year ago, the California Association of REALTORS(R) (C.A.R.) reported today. The median price of an existing, single-family detached home in California during November 2003 was $386,760, a 17.8 percent increase over the revised $328,440 median for November 2002
"The California housing market continues to surge forward as we approach the end of 2003," said C.A.R. President Ann Pettijohn. "Mortgage interest rates have hovered below 6 percent -- a boon to the housing market under any circumstance, and a major factor
This may spell trouble for anyone looking to get in on the housing boom, or just buy a place to live. When you consider that 20% down payment is over $60,000, it is no wonder many find it difficult to purchase a home.
Some lenders are moving to fill the gap by offering competitive rates and special first-time buyer programs. EZFI USA in Simi Valley claims to specialize in the first-time market. "By offering alternative loan programs such as adjustable rates with low introductory payments, interest only programs and 100% financing, we get people into homes" says an EZFI representative. "The fact is getting into the home is the hard part. Once the borrower has 2-3 years of payments under their belt, their credit score and their equity position is strengthened. Not only that, a typical homebuyer spends $20-30,000 in the first few years "feathering the nest" buying furniture and other upgrades, personalizing their new home. We offer loan programs with very low payments, this gets the buyer in the house and on the right track – they can refinance in the future when they can leverage their payment history and equity into a conventional fixed rate loan but frankly, given the fact most homeowners refinance or sell every 5 years, we at EZFI believe that fixed rate long term financing cost borrowers thousands more often then not, so we spend plenty of time getting to know our clients and their plans for the future, then we recommend financing that matches their plans".
Readers can contact EZFI at 800-990-3934
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By: info@ezfi.org
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Posted: Monday, January 19, 2004
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