Are Brentwood First Time Home Buyers being hurt by the hot market and low appraisals? 8/12
Are Brentwood First Time Home Buyers being hurt by the hot market and low appraisals?
Brentwood First Time Buyers face an up hill battle right now (August 2012) for a couple of reasons.
First off there are a lot of cash buyers in this market. Sellers want the easy sale and will go for good cash offers.
The second reason is a little more complex. When I talk about First Time Home Buyers what I am really talking about is FHA Buyers with a minimum down payment, VA Home Buyers with little or nothing down and anyone else with a minimal down payment.
Home price are rising and most reasonably priced homes sell for over asking price. Many buyers with low down payment could afford to pay more and even bid up the price; but the appraisals freeze them out. Lenders will not loan for more than a home appraises for.
Currently appraisers are very conservative due to government regulations and a lot of unfair blame for the current housing crises. They are also under a lot of pressure from the banks to not appraise high. There is no mechanism to allow for an up market or appreciation in the current rules.
When a home does not appraise for the amount of contract the contract either has to be renegotiated, canceled, or the buyer has to pay the difference out of pocket.
As an example: A home is listed for $200,000.00. The FHA Buyer with only 3.5% down bids $230,000.00 for the property. The property appraises for $210,000.00. The lender will only loan on a value of $210,000.00. The buyer will need to come up with $20,000.00 out of pocket. Most First Time Home Buyers do not have $20,000.00 extra to buy a home.
The really sad thing is that as soon as the Cash Buyer pays $230,000.00 or some with substantial cash pays the difference the other homes just like it will now appraise at that value.
So what is a First Time Home Buyer to do? Well there are a number of ways for an aggressive but financially limited First Time Home Buyer to get a home; even in an up market. However, those methods are for my clients to know. If I shared them with everyone they would not be as effective.
First Time Home Buyers should e-mail me or call 925-260-4321.
Showing properties
1 - 50 of 66.
See more Real estate in the city of Brentwood.
(all data current as of
5/22/2013)
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$449,000 : 2815 ABBEYDALE CT, BRENTWOOD5 beds, 3 full baths
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$340,000 : 1866 WHITE SANDS ST, BRENTWOOD3 beds, 2 full, 1 part baths
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$198,000 : 1731 Kent Dr, BRENTWOOD2 beds, 2 full baths
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$309,000 : 345 TORRINGTON DR, BRENTWOOD3 beds, 2 full baths
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$289,000 : 4592 POE CT, BRENTWOOD3 beds, 2 full baths
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$875,000 : 235 EAGLE LN, BRENTWOOD3 beds, 2 full, 1 part baths
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$349,000 : 546 NOTTINGHAM DR, BRENTWOOD3 beds, 2 full baths
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$425,000 : 477 RICHDALE CT, BRENTWOOD5 beds, 3 full baths
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$525,000 : 1898 SAINT MICHAELS WAY, BRENTWOOD5 beds, 2 full, 1 part baths
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$420,000 : 1880 EL DORADO AVE, BRENTWOOD5 beds, 3 full, 1 part baths
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$425,000 : 775 ALTESSA DR, BRENTWOOD4 beds, 3 full baths
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$335,500 : 501 VERBENA CT, BRENTWOOD4 beds, 2 full, 1 part baths
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$295,000 : 952 WHITEHALL LN, BRENTWOOD3 beds, 2 full, 1 part baths
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$379,000 : 1616 MARINA WAY, BRENTWOOD3 beds, 2 full baths
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$265,000 : 210 DELTA AVE, BRENTWOOD3 beds, 2 full baths
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$150,000 : 777 LINCOLN AVE, BRENTWOOD3 beds, 1 full bath
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$837,500 : 8180 Byron Hwy, BRENTWOOD3 beds, 2 full baths
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$409,000 : 1366 SUNFLOWER LN, BRENTWOOD4 beds, 3 full baths
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$629,950 : 669 SHAVER CT, BRENTWOOD5 beds, 3 full, 1 part baths
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$399,000 : 846 HOLLOWBROOK DR, BRENTWOOD3 beds, 2 full, 1 part baths
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$478,888 : 2360 ARCH CT, BRENTWOOD4 beds, 3 full baths
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$519,000 : 2424 POSITANO AVE, BRENTWOOD5 beds, 3 full baths
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$485,000 : 1562 AUTUMN VALLEY WAY, BRENTWOOD5 beds, 3 full, 1 part baths
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$379,000 : 2983 ECLIPSE PL, BRENTWOOD4 beds, 2 full, 1 part baths
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$414,000 : 1013 SUTTER CREEK WAY, BRENTWOOD4 beds, 3 full baths
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$405,000 : 1311 Muscat Ct, BRENTWOOD4 beds, 2 full, 1 part baths
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$451,000 : 738 CRAIG CT, BRENTWOOD4 beds, 2 full, 1 part baths
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$599,000 : 1601 ANTICA DR, BRENTWOOD5 beds, 3 full, 1 part baths
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$549,000 : 883 INVERNESS CT, BRENTWOOD5 beds, 4 full baths
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$299,900 : 585 ASH ST, BRENTWOOD4 beds, 3 full baths
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$799,000 : 681 Bonnie Lane, BRENTWOOD4 beds, 2 full, 1 part baths
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$409,000 : 1908 Red Rock Rd, BRENTWOOD5 beds, 3 full baths
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$579,000 : 378 ROUNDHILL DR, BRENTWOOD5 beds, 4 full baths
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$895,000 : 1801 SAUTERNES CT, BRENTWOOD2 beds, 2 full, 1 part baths
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$260,000 : 244 WHITE BIRCH CT, BRENTWOOD2 beds, 2 full baths
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$829,000 : 1631 ARABIAN LN, BRENTWOOD3 beds, 1 full bath
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$459,000 : 2749 CATHEDRAL CIR, BRENTWOOD3 beds, 2 full baths
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$459,000 : 1290 STONEWOOD DRIVE, BRENTWOOD4 beds, 2 full, 1 part baths
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$195,000 : 320 BIRCH ST, BRENTWOOD2 beds, 1 full bath
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$230,000 : 757 Castle Ct., BRENTWOOD3 beds, 1 full bath
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$426,000 : 1760 CORTE VISTA ST, BRENTWOOD3 beds, 2 full, 1 part baths
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$299,500 : 1253 PICADILLY LN, BRENTWOOD4 beds, 2 full, 1 part baths
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$469,000 : 144 PUTTER DR, BRENTWOOD4 beds, 3 full baths
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$349,000 : 766 Franklin Drive, BRENTWOOD2 beds, 2 full baths
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$514,000 : 487 Milford Street, BRENTWOOD5 beds, 3 full baths
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$761,306 : 2242 Hemet Court (Lot 95), BRENTWOOD6 beds, 4 full, 1 part baths
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$740,840 : 2230 Hemet Court (Lot 98), BRENTWOOD6 beds, 4 full, 1 part baths
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$279,000 : 970 BUCKSKIN TER, BRENTWOOD3 beds, 2 full, 1 part baths
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$399,000 : 2459 MARSHALL DR, BRENTWOOD4 beds, 3 full baths
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$1,350,000 : 405 ELLISA LN, BRENTWOOD5 beds, 3 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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$269,500 - 3340 Steele
BAY POINT
4 beds, 2 full bathsHome size: 1,451 sq ftLot size: 6,000 sqftYear built: 1984 -
$289,880 - 2289 Willow Ave
BAY POINT
4 beds, 2 full, 1 part bathsHome size: 1,723 sq ftLot size: 6,100 sqftYear built: 1996 -
$289,950 - 2301 WILDWOOD CT
ANTIOCH
4 beds, 2 full, 1 part bathsHome size: 2,044 sq ftLot size: 8,160 sqftYear built: 1979 -
$340,000 - 1866 WHITE SANDS ST
BRENTWOOD
3 beds, 2 full, 1 part bathsHome size: 2,239 sq ftLot size: 4,000 sqftYear built: 2005 -
$449,000 - 2815 ABBEYDALE CT
BRENTWOOD
5 beds, 3 full bathsHome size: 2,652 sq ftLot size: 7,293 sqftYear built: 2002 -
$175,000 - 2202 MANDARIN WAY
ANTIOCH
4 beds, 2 full, 1 part bathsHome size: 1,487 sq ftLot size: 3,224 sqftYear built: 1977 -
$198,000 - 1731 Kent Dr
BRENTWOOD
2 beds, 2 full bathsHome size: 994 sq ftLot size: 2,800 sqftYear built: 1999 -
$280,000 - 5008 LONGBRANCH WAY
ANTIOCH
3 beds, 2 full bathsHome size: 1,326 sq ftLot size: 5,500 sqftYear built: 1992 -
$309,000 - 345 TORRINGTON DR
BRENTWOOD
3 beds, 2 full bathsHome size: 1,414 sq ftLot size: 5,330 sqftYear built: 1994 -
$325,000 - 2500 YORKSHIRE DR
ANTIOCH
4 beds, 4 full bathsHome size: 2,818 sq ftLot size: 4,800 sqftYear built: 1991 -
$425,000 - 5502 Drakes Ct
DISCOVERY BAY
3 beds, 2 full bathsHome size: 2,131 sq ftLot size: 8,280 sqftYear built: 1979 -
$149,950 - 750 CENTRAL AVE
PITTSBURG
3 beds, 1 full, 1 part bathsHome size: 1,476 sq ftLot size: 4,950 sqftYear built: 1936 -
$175,000 - 98 POINSETTIA AVE
BAY POINT
3 beds, 2 full bathsHome size: 1,100 sq ftLot size: 7,000 sqftYear built: 1940 -
$229,000 - 2349 FIRWOOD CT
DISCOVERY BAY
3 beds, 2 full bathsHome size: 1,308 sq ftLot size: 5,418 sqftYear built: 1994 -
$289,000 - 4592 POE CT
BRENTWOOD
3 beds, 2 full bathsHome size: 1,591 sq ftLot size: 5,550 sqftYear built: 1995 -
$350,000 - 4505 HORSESHOE CIR
ANTIOCH
4 beds, 3 full bathsHome size: 2,192 sq ftLot size: 7,070 sqftYear built: 1990 -
$359,999 - 149 Warhol Way
OAKLEY
4 beds, 3 full bathsHome size: 2,778 sq ftLot size: 6,065 sqftYear built: 2005 -
$449,000 - 3513 MARKLEY CREEK DRIVE
ANTIOCH
5 beds, 4 full bathsHome size: 3,185 sq ftLot size: 3,185 sqftYear built: 2006 -
$309,900 - 4578 MENONA DR
ANTIOCH
3 beds, 2 full, 1 part bathsHome size: 2,478 sq ftLot size: 8,663 sqftYear built: 2002 -
$349,000 - 5667 ARCADIA CIR
DISCOVERY BAY
3 beds, 2 full bathsHome size: 2,430 sq ftLot size: 7,312 sqftYear built: 2004 -
$149,000 - 49 ANCHOR DR
BAY POINT
3 beds, 1 full bathHome size: 955 sq ftLot size: 5,000 sqftYear built: 1952 -
$165,000 - 4121 DELTA FAIR BLVD
ANTIOCH
3 beds, 1 full, 1 part bathsHome size: 1,239 sq ftLot size: 5,600 sqftYear built: 1961 -
$165,000 - 38 MIMS AVE
BAY POINT
3 beds, 2 full bathsHome size: 1,924 sq ftLot size: 9,000 sqftYear built: 1967 -
$175,000 - 2155 GOFF AVE
PITTSBURG
3 beds, 2 full bathsHome size: 1,087 sq ftLot size: 5,500 sqftYear built: 1959 -
$189,900 - 3256 MADRONE ST
ANTIOCH
2 beds, 1 full bathHome size: 865 sq ftLot size: 3,120 sqftYear built: 1977
©2013 Bay East. ©2013 CCAR. ©2013 EBRD. All rights reserved. Information deemed reliable but not guaranteed. This information is provided from three separate sources: Bay East, CCAR and EBRD. The listings presented here may or may not be listed by the Broker/Agent operating this website. Information last updated on 5/22/13 4:42 PM PDT.