PMZ Realestate provides is an REO broker.  What sets us apart is that we are a full service REO broker we handle from eviction to restoring and marketing the property.  We provide services to central California.  we are based out of Modsto CA. PMZ Real Estate - Modesto (Carpenter) Modesto, CA 95351 Phone: (888) 972-0432 Contact Person: Wayne Jones Contact Email: wjones@pmz.com Website: www.waynejones.com ...read more

I spoke with a prospective home buyer a few weeks who asked a straightforward and simple question:"How canItime the market to get the best deal."The short answer is that you can't; and if you try then you should proceed with extreme caution. Home buyers in this market more often than not seem to be waiting for something. Most are looking for a clear signal to buy; however, they don't know what signal to look for. Many say that prices need to decrease another 10% before they will consider purchasing a home. And while that might be true and very well happen, many home buyers fail wake up and pay attention to the housing market's Trojan Horse: interest rates. Throughout the Summer and most of the Fall of 2010, mortgage interest rates have been phenomenally low. Between the weeks of October 24th and November 6th the 30-year fixed rate stood at 4.42%! This was a record low in the 25 year history of the weekly rate survey. A borrower who took out a $165,000 mortgage during this time would have a monthly principal and interest payment of $828. Beginning in late November the winds of rate change began to blow. The result has been a steady march upward and as of December 15th, the 30-year fixed rate hit the 5% mark for the first time in seven months. A borrower taking out a mortgage for the same $165,000 would now have a monthly principal and interest payment of $886 — a difference of $58 per month. "Treasury rates increased last week following news that lower tax rates could be extended for another two years, boosting growth prospects. With this move, mortgage rates reached their highest level in more than six months,"said MichaelFratantoni, MBA's VP of research and economics."The mortgage and bond markets continue to digest improving economic data from recent weeks coupled with talks of inflation.  There is nothing that would suggest rates will improve from current levels, so consumers are urged to lockin rates early in the process of applying for new mortgages." So what does it mean for the average person thinking about buying? Consider this: rising interest rates erode a borrower's purchase power. For a $100,000 purchase, a 1% increase in the interest rate will reduce the purchase power by about 10% ($10,000). The effect is multiplied as the purchase price is increased. So if you are approved for a $300,000 purchase at a 4.5% rate and the rate increases to 5.5% your purchase power drops by about $30,000; meaning you now only qualified for a $270,000 purchase price! To make matters worse, if a borrower has waited for that 10% decrease in home pricing and it doesn't happen, he or she will pay more than if they had purchased at the lower rate. If the 10% price decrease does occur, he or she will pay the same – except more of his/ her money will go towards interest and not principal reduction. There will always be gamblers in the housing market willing to let it ride for the present in hopes of scoring it big in the future. However; if your purchase power is limited or if you have specific housing needs that will be severely compromised by a loss of purchase power, then you might take a strong look at what the market has to offer today. If you wait you might find that your role has been reduced from an active participant in a buyer's market to that of sideline spectator. ...read more

The following phrase has been uttered many times before: "Winter is the best time to purchase a home." Now, while this may seem to be a bit of a stretch, there is a lot of truth here when it comes to buying a property in Northern California. The best time of year to purchase a home in Northern California is winter. Consider this; the average sales price of a Modesto area home was $141,948 in the summer (2009) while in the winter it reduced to $135,036. That's a savings of almost $7,000. What it further boils down to is an almost $40 per month savings for an average first-time buyer using FHA financing. There are many reasons that support such drastic differences in price between the summer and winter seasons. Chief among them is the theory that buyers are in the holiday spirit; not the home buying spirit. People tend to want to stay put during the holiday season, opting to spend free time at festive occasions rather than looking at homes. Mother Nature also plays a part in keeping home sales suppressed in our area by supplying a few months of cold, rain, and fog - remember, 70% of home buying is based on emotions and emotions are deeply impacted by the weather. If you're really serious about purchasing a home in Northern California, the winter months are an excellent opportunity to pick up a bargain. With abundant supply and decreased demand, there's no reason why you can't negotiate a great price and favorable terms on your new home. ...read more