Wow, this market's on fire!

Yucaipa hottest market in east San Bernardino Valley

Yucaipa home sales and price appreciation led cities in the east San Bernardino Valley.  For the past 3 months the number of single family homes sold rose 25% and prices climbed 15%.  Low inventory and high buyer demand in this popular city left sellers cheering and buyers jeering as multiple offers were common.

The market is hungry for more listings. Would you like to know what your home is worth in today's market?

Ready to become a home owner?

Are you tired of rent increases and paying so much of your income to Uncle Sam?

Did you know that many people in this area have found that buying a home can cost less than paying rent?

Wouldn’t it be nice to get a big tax refund next April?

Owning a home is the American Dream. It’s also the largest investment most of us will ever make, so it’s important to know what’s required.

Start by talking with a mortgage lender

Unless you have saved enough money to pay cash for your home you will need to get a mortgage. Most Realtors won’t show property unless you are pre-approved.  And when it’s time to make an offer, this step will make your offer stronger.  So the first thing to do is speak with a lender, a professional who can ask a few questions and tell you if you qualify, how much home you can afford, how much your monthly payments will be and other things that will help you make smart decisions.

How much money will you need to buy?

Your monthly payment will include principal, interest, taxes and insurance. A big down payment will lower your monthly payments and help you avoid private mortgage insurance, but it is possible to buy a home for almost nothing down. Buying a home also requires closing costs. Examples include the costs of a home inspection and appraisal. Your mortgage lender can explain all of this and answer your questions.

A decent credit record.

If you have a lot of late payments, have declared bankruptcy or left old debts unpaid, it’s harder to get a mortgage.  And if you do get one, your bad credit record will make you pay a much higher interest rate.  One of the first things your lender will do is run your credit report.  It’s free and doesn’t take much time. You will have a better idea of where you stand.

Shopping for your next home

Once you are pre-approved and committed to moving forward, it’s time to meet with your Realtor to share your “must-haves.”  Location is often the most important consideration. Choose the city or neighborhood that meets your needs for commute time, schools, shopping and quality of life.  Next, settle on the style of home that you need.  One story, two stories, number of bedrooms, size of garage, back yard, fenced?

Your Realtor will show you the homes that match your criteria. Before you know it you’ll be ready to make an offer.

Call today!  We’re here to help.

Should buyers worry about PMI?

Some first time home buyers who can't afford to put 20% down worry about Private Mortgage Insurance.  PMI, like ordinary interest paid on a home mortgage is tax deductible for many home buyers.  Considering that most of your monthly payment in the first year's of your home loan, the amount of interest you pay each year can really add up.

Besides the pride of ownership and not having to worry about "the rent going up," home ownership has its advantages.  At tax time home owners smile that the biggest costs of home ownership - interest and taxes - are deductible according to today's tax guidelines.

So at the end of the year the home owner has deductions that significantly offset what they have paid in monthly payments.

Of course everyone's situation is different so its important to check with your tax advisor.

Perhaps the bigger worry for buyers paying PMI is the amount of their payment.  After all, paying an extra $200-$300 per month on top of the regular payment may be a big hit to the budget.  The cost of saving up for a bigger down payment may m ean home prices rise beyond what you can afford.

Your best bet is to meet with a lender to find out how much home you can afford.  A mortgage expert will explain your options so you can decide what is best for you.

If you are ready to make the move from renter to home owner and need references for a good lender, contact me so we can help.

Home values, sales up in East Valley

Home sales in Redlands, Highland and Yucaipa, Ca. are up 10% so far this year.  The median sales price is up 7%.  That's great news for sellers.   With 567 single family homes and condos for sale (up 5% to last year), buyers have more choices.  Still, buyers are finding that they need to be quick with full price offers if they want to win and bid in this hot market.

This chart shows you what's average in the East Valley.

More homes hit the market

Over 20 home sellers attended our home seller seminar last night in Laguna Niguel.  Lots of questions about the future for home prices and buyer demand.  The market is hot, hot, hot right now with many homes selling in days or just a few weeks.  The big question is how long this will last.

Is this the right time for you to buy or sell your home?

One thing is for sure, buyer demand for homes in the East Valley rose sharply in the past 2 months.  Many homes are selling quickly with multiple offers.

If you are thinking of selling the next step is to find out what your home is worth.  Yes, you can check Zillow but reports show that Zillow estimates miss actual values by 18-25%.   Recent sales and a Broker's Professional Opinion are more accurate.  Call or contact me to day for current market value for your home.

Thinking of buying?  Home prices continue to rise. Interest rates are low.  If you plan to buy and live in  your new home for more than 5 years then we should talk.  The next step would be to meet with a lender to find out how much home you can buy.  May I refer you to lenders I trust?

I am here to help you.

Home buyers roar back in March

Demand for homes in the San Bernardino Valley spiked in March.  Stronger employment, high consumer confidence and low interest rates combined to prompt more home sales.  Sales rose 21% to last year and 53% to February.

Meanwhile, the average sales price climbed to $280,211, up 15% to last  year and 7% to February..

Are you thinking of buying or selling? Call me so we can get started.

What's ahead for housing?

More people are thinking about buying and selling . Yesterday at a gathering to celebrate a close friend's birthday I had conversations with a woman who is ready to sell a home in Joshua Tree, a couple thinking of selling in Fontana and buying something smaller, and a couple that's renting who are ready to buy in Yucaipa. All this within a group of 25 nice people.  Lots of interesting questions I was happy to answer.

Free home buyer's seminar!

Home Buyer event

Free 90- minute educational meeting for home buyers and sellers. 

Wednesday, April 1, 6-7:30 pm at Coldwell Banker, 501 W. Redlands Blvd., Redlands.

Learn from Realtor, Lender, title and escrow about the current home market and how to get started in shopping for your next home.  Hundreds like you have attended these classes and had their questions answered, saving time and thousands of dollars.

If you are unable to attend please contact us and we will mail the basic info to you.

https://www.eventbrite.com/e/home-buyer-seminar-tickets-15715841505

March update for east valley



 

Pending homes sales for San Bernardino's East Valley continue to outpace last month with nearly twice as many escrows opened in the past 30 days ending March 7 compared to the month before. Strong consumer confidence and a decrease in mortgage interest has driven the sharp increase in offers.   Sellers have seen the market shift from one that featured few showings and offers to one that favors sellers.  If this trend continues we can expect a robust print buying season.

 

That's good news for owners who are considering selling.  The current value of your home is dependent on several factors including location, age and condition compared to recent sale in your neighborhood. 

 

Call today for a free, no-obligation estimate of your home's value.  

 

 

Buyer demand up sharply in East Valley

Buyers are back in the East Valley with pending  home sales up 15% in the first two weeks of February.  In the neighborhoods of San Bernardino, Highland, Redlands and Yucaipa there were 136 sales in the first two weeks of February compared to 119 in the final two weeks of January..

This is good news for sellers who dealt with softer buyer demand in recent months.

Currently there are 991 homes for sale in the East Valley, making this a good time to list and sell your home.

Contact us for a free, no-obligation competitive market analysis.

Sellers ready to sell in Orange County

75 homesellers attended our workshop last night at the OC Register.  Most questions focused on inventory, competition and interest rates.  What's on your mind?

How's the East Valley real estate market?

Renter households poised to be first time buyers

Over the past 20 years, the number of U.S. households has increased by roughly 25 percent according to the Census Bureau's annual March Current Population Survey (CPS). But the overall trend obscures two very different decades. Between 1995 and 2005, essentially all of the growth in the number of households was driven by new homeowners. But in the decade from 2005 through 2014, essentially all of the growth in the number of households was driven by renters.



The surge in renting households over the past decade has been driven by a number of factors. The Great Recession and the foreclosure crisis that followed drove much of this growth, as foreclosed families met their housing needs by renting the kinds of single-family homes they may have otherwise purchased. Even as the recovery has progressed, many of these families may still look to the flexibility provided by rentals as they move for new jobs or other opportunities. This continued demand is a welcome development among investors who bought huge numbers of distressed single-family homes at a steep discount during the recession and subsequently converted them to rentals. Additionally, while the Great Recession forced many Americans to move in with roommates or family, the recovery is now causing these doubled-up households to unwind. And while many of these new households will look to buy a home, it’s likely that many more – particularly younger new households – will look to rent as a middle step before buying a home, further boosting rental demand. Finally, and perhaps paradoxically, high rents themselves could be driving a surge in rental households. These high rents make it very difficult for many would-be buyers to save up for a down payment on a home, keeping them in rental housing for longer than they otherwise may have been were rental growth not as high.

The bursting of the housing bubble left many Americans with the painful lesson that homeownership is not the best option for everyone. But renting is not the best choice for everyone either. A housing market driven entirely by renters is no more sustainable than a housing market driven entirely by owners. In more normal times, we would expect to see more balance in the mix between new owners and new renters.
 

Still, much has changed over the past nine months. By most expectations, housing markets will further normalize over the coming year, boasting a better mix of renter and owner households. However, given the dystopic experiences of the past two decades, it’s still tough to tell what that mix might look like.

Considering all the facts and historical low interest rates and stable house pricing it’s the time to buy a house.

Call me today to find out how much your house is worth.  909-827-1237

Good time to sell or buy?

Many home sellers in Redlands, Highland and Yucaipa pulled their listings during the holidays. This happens every year because many just don't want to compete with Santa Claus.  But this year the drop was more dramatic.

Today buyers for these highly desired areas can choose from only 421 homes for sale at a median price of $289,990.

Some of these homes are over priced and continue to sit on the market.

Smart sellers who list their homes now, priced at fair market value are bound to get lots of showings and offers.