An update on Whatsupp

Ok, its been awhile since we've blogged. Been working with a lot of Buyer's and have been very busy. So we've thought we share with you "Whats up" in the local market.
Despite what you read, in our local Market of Corona, Norco, Riverside, Chino, Chino Hills, etc. has very:

• Low Inventory (Homes For Sale)
• This has resulted in Multiple Offers.

In Corona, Homes have been going for 1%-3.5% above asking price (data compiled from MLS for homes priced under $400k).

Corona's Down Payment Assistance Program
Although they haven't actually closed a deal yet on any homes that have used this program incentive, this last weekend at a seminar the city stated that the funds for this program are almost all allocated. The buyers who have the funds allocated have 45 days to find a home.

Stimulus
Lenders have tough new rules and are trying to figure this out themselves.
The biggest Alert is:
Under the new guidelines, buyers with down payments of less than 25 percent will be charged a three-quarter point add-on penalty, no matter how high their credit score. This is beginning April 1.