This is not shocking homes are over priced.
Poll: 4 Out of 5 Americans Won’t Refinance or Buy Despite Low Rates
09/05/2012 By: Ryan Schuette
Despite recent gains, homeowners still feel antsy about the housing market, with 4 out of 5 home-owning Americans unlikely to buy or refinance their homes, according to a recent poll.
Union Plus, an arm of the AFL-CIO, conducted the survey with Harris Interactive. The findings? Only employees between ages 18 and 34 felt interested in making a housing investment over the next 12 months.
“With only 18 percent of working families willing to invest in buying new homes, what this poll tells us, first and foremost, is that we need to help working Americans feel confident about investing in housing,” Union Plus President Leslie Tolf said in a statement.
According to the survey, 53 percent of respondents felt worried that “closing costs for purchasing or refinancing a home are too high.”
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Proprietary OC Housing News home purchase analysis
337 DOLORES Cir Placentia, CA 92870
$415,000 …….. Asking Price
$307,500 ………. Purchase Price
7/5/2012 ………. Purchase Date
$107,500 ………. Gross Gain (Loss)
($24,600) ………… Commissions and Costs at 8%
============================================
$82,900 ………. Net Gain (Loss)
============================================
35.0% ………. Gross Percent Change
27.0% ………. Net Percent Change
194.1% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$415,000 …….. Asking Price
$14,525 ………… 3.5% Down FHA Financing
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$400,475 …….. Mortgage
$111,922 ………. Income Requirement
$1,821 ………… Monthly Mortgage Payment
$360 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$104 ………… Homeowners Insurance at 0.3%
$417 ………… Private Mortgage Insurance
$190 ………… Homeowners Association Fees
============================================
$2,891 ………. Monthly Cash Outlays
($273) ………. Tax Savings
($619) ………. Equity Hidden in Payment
$17 ………….. Lost Income to Down Payment
$72 ………….. Maintenance and Replacement Reserves
============================================
$2,088 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,650 ………… Furnishing and Move In at 1% + $1,500
$5,650 ………… Closing Costs at 1% + $1,500
$4,005 ………… Interest Points
$14,525 ………… Down Payment
============================================
$29,830 ………. Total Cash Costs
$32,000 ………. Emergency Cash Reserves
============================================
$61,830 ………. Total Savings Needed
The property above is available for sale on the MLS.
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Cost of Ownership Analysis
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Are you ready to make an offer, but you are worried you will either (1) underbid and miss the property or (2) overbid and pay too much? Don't make a mistake and miss your dream home, or worse yet, overpay for it! Get the advice of a seasoned professional. Contact us at info@ochousingnews.com today!
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Reports are available for properties in the Southern California MLS coverage area, and are generally delivered within 24-72 hours. If you wish to receive multiple properties, please contact us at info@ochousingnews.com, and we will prepare the reports for you.
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0.34 miles 4 bd / 2 ba 1,889 Sq. Ft. |
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