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Posts Tagged ‘total listings’

How Many Homes are for Sale?

19 Jan

Its been a while since I posted the number of homes for sale in the Inland Empire/Foothill corridor area of Southern California.  We are two weeks in to 2012 and the news is that home sales are up.  Is inventory up too?  Well not yet but we are about 6 – 8 weeks from the start of the Spring selling season so let’s take a look at how many homes are for sale right now. Why is this important?  For the same reason you get a checkup at the doctor’s office, it’s good to know how healthy you are.

Upland has 207 homes for sale – 61 are short sales and 29 are REO’s (bank owned)

Rancho Cucamonga – 454 homes for sale – 220  short sales and 47 REO

Ontario – 377 homes for sale – 199 short sales and 52 REO

Montclair – 56 homes for sale – 28 short sales and 3 REO

Fontana – 574 homes for sale – 301 short sales and 67 REO

Claremont – 89 homes for sale – 21 short sales and 5 REO

La Verne – 86 homes for sale – 26 short sales and 7 REO

Pomona – 355 homes for sale – 175 short sales and 47 REO

San Dimas – 99 homes for sale – 29 short sales and 11 REO

Total homes for sale – 2297.  Short sales – 1060 and REO – 268

Overall, 46% of homes for sale today are short sales and only 11% are REO, 43% are standard sale.

But wait, didn’t the banks foreclose on 1000′s of homes in southern California the last week of 2011?  Yes, but they have not hit the market yet.  At the end of the 1st quarter we will take another look at the numbers.  Real estate has always been a numbers game,  by keeping track of the numbers we will have a good idea about the health of the real estate market.

 

 
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Posted in Buyer's market, Escrow, FHA, Home inventory, Homes For Sale, market value, Real Estate Update, REO, Seller's market, short sales, Title, total listings

 

Showing Your Home

17 Jan

Show Time!  You have hired the best Realtor in town to represent you on the sale of your home,  the flyers are in the flyer box on the for sale sign post out in the front yard and your Home is clean and ready to show!  Congratulations!  You’ve done it – you are selling your Home!

This big step is exciting and scary all at the same time.  Your phone starts ringing with Realtors wanting to make appointments to bring their Buyers to see your home.  Will they like it?  What will you do?  I firmly believe that it is ok to be home when the Realtor and Buyers come to view your home but that’s it – remove yourself to your garden, the neighbor’s house whatever – just don’t linger around interjecting tidbits that you want to tell them about your Home.  The reason I  think it is ok to be home to greet the prospective Buyers is that sometimes you will get a “feeling” about the Buyers and their agent.  That can go a long way in negotiating the sale.

Sometimes you can’t be home to greet the agent and the Buyers.  That’s ok too.  A Realtor will have a keypad that is registered to them and they will use it to open the lockbox that your agent has placed a key inside.  The great thing about the electronic lockbox is that when it opens it records the agent’s name and time.  When the agent is done showing your home and replaces the key in the lockbox it will record that too.  Your listing agent will have a log of who has been in your home.

On the downside, yes sometimes Realtors will make an appointment and never show up or call.  That is rude to leave you waiting but it is going to happen and the reason it will happen is because maybe the house right before yours was “the One” and the Buyers and their agent rushed back to the office to write an offer on it.  Another possibility is that as they drove up to your home something wasn’t right for them – your home is on a corner (some people love living on a corner – me – and others don’t), maybe it was the neighborhood – don’t worry about it!  There is a Home for everyone!

Since you have priced your home well,  you will have many showings in the first week.  This first 7 to 10 days is the most critical time for your home.  I always say if you don’t have an offer in the first 7-10 days – then your home is not priced well and you should adjust the price.  Now remember I am talking about the Inland Empire/Foothill corridor area of southern California.  The housing market is moving very fast here and this is what you should expect if you are living in Upland, Claremont, Rancho Cucamonga, Montclair, Fontana, Ontario, San Dimas or La Verne.  The supply of homes is low in these cities and Buyers are ready to buy.  Next blog will be about the home inventory in these cities.

 
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Posted in FHA, Homes For Sale, Real Estate Update

 

Short Sale Pricing

13 Jan

If you find yourself in the short sale situation, then selling your home is a different story.

You might be receiving letters and postcards from Real Estate Agents talking about listing your home as a short sale.  After all, they have looked at the tax rolls which are public records and the notice of default shows up.   After you have missed 3 months payments the bank will file a notice of default with the county.

Interview 3 Agents to see what they can do for you.  All 3 should tell you the same thing – you must have a hardship to be able to short sale your home.  Without a hardship, the banks will not grant a short sale.  A hardship is loss of employment, death, divorce or illness.  In other words, an event that caused you to get behind in your payments.  Loss of equity does not qualify you to short sale your home.  Sorry if someone has told you otherwise but claiming a hardship and proving it will be necessary.  You will be asked to write a hardship letter that will be submitted to the bank(s).

If you have a true hardship, the banks will also require that you give them copies of your last 2 years tax returns, current paycheck stubs and two months bank statements.  Make copies and give them to the Real Estate Agent that you have chosen.  They will have to prepare a short sale package to go along with an offer.

When you go to price your home, the best advice I can give is to go with Market Value.  Some agents prefer to price a little under market value to create a buzz about your home so that you will have multiple offers to choose from.  During the time that you are waiting for your home to be approved for a short sale, the bank(s) will send out an appraiser.  The bank will want to know the value of your home.  Hopefully the offer you and your Agent have sent to the bank will be the same amount that the bank’s appraiser tells them that it is.  Otherwise, they will have you adjust it.

 

 
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Posted in Homes For Sale, Real Estate Update

 

Price Your Home At Market Value

11 Jan

Market Value – what is that?  Real Estate 101 defines market value as the price, a ready willing and able buyer is prepared to pay for a home.

Another definition:  The sale price at which a property would change hands between a willing buyer and willing seller, both having reasonable knowledge of the relevant facts.

And another definition:  Fair market value is the value of a property, based on what a knowledgeable, willing buyer would probably pay to a knowledgeable, willing seller in the real estate market.

The Realtor you have chosen to represent you in the sale of your Home has given you “the comps” which are the comparable recent sales of similar homes in your neighborhood.  Realtors know what appraisers know about comps – compare homes by similar square footage, age, amenities, bedrooms and neighborhood.   The comps don’t lie.  Review them with your Realtor.  Drive by the houses that you are comparing.  When you are comparing homes that are currently on the market that are similar to yours, ask your Realtor to show them to you.  It will open your eyes and you will begin to see what Buyers see.

When you feel sure that you have all the information you need to price your house, ask your Realtor to give you a price range that they think your home can be priced.  Think about where you want to be positioned in the Market.

Then price your home at Market Value – not above, that doesn’t work any more.  The homes that are selling right now are priced well.  You might be tempted to price high but you don’t need wiggle room, you need Agents to show your house to prospective, well-qualified Buyers.  You need your house to sell in a reasonable amount of time.  In the Inland Empire where the market is very fast and competitive, if a Buyer sees a home that has been on the market for more than 30 days the first thing they ask is, “What’s wrong with it?”

You need to move on with your Life – so price your Home at Market Value!

 

 

 
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Posted in FHA, Homes For Sale, Real Estate Update

 

What Are Your Plans for 2012?

09 Jan

Is this the year you will sell your Home?   What’s the next step?

Its been 5 years into this current economy and you have waited long enough for the market to stabilize.  You are tired of waiting for prices to go up and have heard that they probably won’t in the next couple of years.  So you want to sell and move on with life.

Are you going to take advantage of the great prices and move up?  What you will find is that between the unbelievably great interest rates and low home prices, this is quite possibly the best time ever to move up.  Call a lender to check your financial position.

Will you downsize to a condo or smaller home?  What about renting?  Renting  takes away the responsibilities of homeownership such as painting, fixing, yard work.  Do you want to free up your time to travel, take on a project or pursue a new career?

Whatever you decide, get the wheels turning in the right direction.  Make a list of things to accomplish and give yourself a time limit.  Will it take 30, 60 days or longer to put your house on the market?  Start reading everything you can about selling a house.  Talk to your accountant and tax person.

Looking at Zillow.com and Trulia.com is a good idea too but don’t bank on their numbers.  You will get a good idea what your house is worth but call a local Realtor and make an appointment to get a better idea about what your home can sell for.

If you find yourself selling your parent’s home which many Boomers are doing, then this is an especially important crossroad.  It’s not easy to do.  I have assisted many clients and friends take this journey and all I can say is “take it easy” unless you have to rush due to financial reasons.  On average I find that it can take a year or so to accomplish.  It will all come together but usually there are siblings and other family members that need to weigh in on what the right thing is to do.  Keep the family peace by having a “talk” early on.  Have one or at most two decision makers that live closest to the home in question.  That decision maker can communicate to family members the progress of the sale.  And don’t hesitate to rely on your Real Estate Agent.   They can be a wealth of knowledge and help get you the answers you need.

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update

 

Fix It!

05 Jan

This seems like a no-brainer.  If something needs repair such as a curtain rod, trim around a door or a sprinkler hitting a window – then it is wise to fix it.   Sprucing up your home to show it off can bring you extra $$.

Now there is a fine line here.  I’m the type of Listing Agent that does not recommend installing new carpet, granite counters and any other high dollar improvement.  Most times the Buyer will have their own ideas and style about home improvements and it is too hard to guess what they want.  About 4 years ago I had a Seller who was insistent on updating her deceased parent’s home before putting it on the market.  It took her about 9 months and $50,000 to accomplish this.  We put the house on the market and it sold for much less than I had predicted 9 months earlier due to declining values.  If she had put it on the market without any improvements she would have sold it for a higher amount and not went through all the improvement drama and money.

Now if you are dealing with electrical, heating or roof problems and you know they are in need of repair or upgrading then by all means have these attended to right away.  These can be expensive but a Buyer will automatically put a high dollar amount on fixing them.  Plus you can give the new Buyer the receipt when you close escrow so that they know who to call if they have trouble in the future.

One other thing that I advise Home Sellers is to have a professional home inspection.  For about $350-400 a home inspector will tell you if any of the major systems of the house need attention.  This is especially a good idea if you find yourself selling a parent’s home.  It might have been your childhood home but since you haven’t lived in it for 20 or more years, you might not know if your parents have been keeping up with repairs.

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update, Title

 

Happy New Year 2012! Is This the Year to Sell Your Home?

03 Jan

It is a hopeful time of year – New beginnings are on all of our minds as we start this first week of the new year.

Is this the year to sell your Home?  Have you been “waiting out the market” hoping for better prices?  Five years have come and gone since the “good old days” of high prices.  Reality has set in and we now know that a house is a Home first and foremost.  Everyone needs a place to call Home.

So if you are thinking about selling in 2012, here are 5 things to do to get ready:

1.  Clean up – no one likes a dirty house.

2.  Fix anything that is broken.

3.  Figure out what is your next step – will you down-size, move up, rent?  Get your plans together

4.  Hire a Real Estate Agent that you like and that understands Your needs.

5.  Price your Home at Market Value – don’t be tempted to go higher – it does not work anymore.

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update, Uncategorized

 

Top 5 Blogs Posts of 2011

30 Dec

  2011 was my first full year of blogging.  I kept my resolution and posted sometimes twice a week!

I learned a lot about what my audience is looking for when it comes to real estate information.  You want to know the steps for buying a House!

In January 2012  I will start blogging about Selling a House giving step by step information on what to expect in this ever changing market.   I think 2012 will be the year that Sellers finally “get it”.  Meaning that prices are not what they were 5 years ago and they won’t be for many years to come…..sorry about that!

Here are the top 5 blogs of 2011:

5.  12/5/11 Walk Thru

4.  9/23/11  House Hunting – Short Sales

3.  9/5/11  Find A Realtor

2.  9/2/11  What do I need to know when Buying a House?

1.  7/23/11  Not All Homes listed for sale are for sale?

p.s.  If you haven’t already seen my intro video – here it is!

Thanks for following me this year – see you in 2012!

 

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update

 

What is Escrow?

18 Nov

You hear the word Escrow over and over when talking about buying a house but what is it anyway?

I like to describe escrow as a neutral third party that is in charge of gathering and dispensing information about the home purchase. They work for you so if you have any questions, please call the escrow officer. They will be happy to answer questions.

Most escrows last 30 days, “Time is of the essence” is the rule of thumb. Gone are the days of 60-90 day escrows. The sooner escrow can close, the better. Escrows on bank owned homes are also as short as possible. Now of course if your escrow involves a short sale – who knows when that escrow will close!

Escrow will gather title information about the property, insurance information, homeowner’s association information (if it applies), lender and loan information. Escrow will check on the progress of the loan and report on it to the agents. Escrow will also gather all funds – from the EMD (Earnest Money Deposit) to the down payment and loan funding money. Escrow instructions are given to both Buyer and Seller to be signed and returned. There is a lot going on at Escrow!

Escrow also can change terms of the contract for the Buyer and Seller however the change will have to be in writing and agreed upon by both parties. One party cannot make a change without the other one knowing about it. For example, if the Sellers need to change the date of the close of escrow, they will need to write a letter to escrow asking for the date change. If the Buyers agree and sign the change of date form, then it happens.

What act signifies the “Close of Escrow”? The recording of the Grant Deed with the County Recorder with the new owner’s name on it! And the best part – Escrow will be the one to call your agent with the good news – Escrow has closed!

 

image courtesy of lynnchuba.com
 
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Posted in Escrow, Homes For Sale, Real Estate Update, Title, Uncategorized

 

Making an Offer on a House

04 Oct

Step 8

It’s not all about price.

The terms of the contract are very important. The main term of the contract that all listing agent’s eyes go directly to is the type of financing. Financing is the type of loan you are using. Are you an FHA Buyer? A conventional Buyer with 20% of your own money to put towards the purchase? A VA Buyer who can use the Veteran benefit that has been awarded to you by being a Veteran? Or a cash Buyer?

At this moment in the San Bernardino/Riverside areas, the conventional Buyer and cash Buyer are King! Sorry to break this to you. Yes, the bottom line is all the Seller is looking at. No, it is not fair. The American Dream of home ownership is being beat to pieces! The investor/buyer that has all cash or the conventional buyer have a definite advantage. An FHA buyer most times is hoping that the seller won’t “mind” paying some of the closing costs but the truth is – they do “mind”. The VA Buyer is at the bottom of the heap and it breaks my heart to say this. The Veteran should have first “dibs” but in this still extremely greedy society, sellers don’t care. Whether the seller is the owner or the dreaded “bank”, they want all the money they can drag out of a buyer.

For a while now, the banks have started saying they will not supply a buyer with a termite inspection or termite repairs, so don’t ask. The banks also will not pay for a one year home warranty which is about $350. So what do you do? You as the buyer pay for these items. Yes, this is a messy time to buy a home but if you get lucky and get your offer accepted, then it is the best of times to buy a home!

 
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Posted in FHA, Homes For Sale, Real Estate Update

 
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