It's a New Year and a new real estate market

Summer real estate sales sizzle

What's on your real estate wish list for 2017?

The holidays are a great time of year to spend time with family and friends and reflect on the many things that we can be thankful for.  I wish you and your family the best.

The new year always bring new hope and resolutions.  What is on your list for 2017?

The stock market certainly has been strong since the election. Many are wondering how high it can go. Real estate continues to perform well with price appreciation and strong buyer demand.  Here are a couple of things you may be considering:

1.Buying a new home or downsizing.  Interest rates are often the biggest factor for mortgage payments. With mortgage rates still at historically low levels you can still get a good deal on your next home.

2.Investing.  Renting is still popular among many adults. Our market offers many good buys for rental properties with positive cash flows.

3.Buying a second home for vacation.  Many people are looking for bargains in the local mountains or beach cities.

What is on our wish list?

First Time Home Buyers: the importance of being qualified

Sometimes its important to give advice that isn't what your client wants to hear.  Recently I was contacted by newlyweds that declared they were ready to make an offer on a home and they wanted my help.

It was a nice home, fully updated. Large with 5 bedrooms and 2 baths.  I asked why the large home?  They wanted the extra bedrooms for the time when they started their family.  They offered that was probably a few years away.

Are you working with a lender?  Do you know how much home you can buy?  Yes, they had spoken on the phone with a friend who is a lender and she said they could buy a home for up to $450,000.  The home they wanted was listed for $350,000 and they wanted to make a full price offer.  Given that market conditions in the city where they live strongly favor sellers I told them their offer was a good one.  "There's just one thing," I added. "Being completely pre-approved with desktop underwriting will make your offer even stronger."

I was happy they took my advice and worked with their lender to supply pay stubs, tax returns and other documentation that gave their lender everything she needed.  It turns out that with hefty student loans, car payments and other expenses they were approved for up to $375,000.   Soon they were touring homes again.   I am confident that it won't be long before they find their first home.

Lake Arrowhead cabin

Own your own mountain cabin in beautiful Lake Arrowhead.  Rare find in this price range.  At $299,900 you'll have room for upgrades.  Great weekend getaway for your family and friends plus buyer may want to consider supplemental income as vacation rental.  See financing options below.   Call for showing.

This market's on fire

Home sales in Southern California continue to be strong but buyers are shopping for 20% fewer homes than were available this time last year.  In many ways its easier to sell your home in a seller's market like this one. Here are few reasons why:

• Low inventory means fewer choices for buyers. As they compete with other buyers they are quick to make full price and even over asking price offers.
• Buyers aren't demanding help with closing costs.
• Major updating isn't necessary. In many cases homes are selling quickly in "as is" condition.

But it is important to price your home accurately.  Buyers these days are knowledgeable. Over priced homes are ignored as they fight for those that priced to fair market value.

Find out what your home is worth in today's market..  Follow this link to my Cloud CMA.  It takes less than a minute and you will be sent a personalized comparable market analysis for your home.

http://cloudcma.com/api_widget/d6c2263b81f6e4c237a29e01eed64691/show?post_url=cloudcma.com&source_url=ua

Time to sell?

Our office recently listed 18 homes for an investor group that bought the homes during the depth of the recession at bargain prices with a strategy to hold the properties until prices rose to a profitable level.  Now that home price appreciation is beginning to slow the investor decided to sell.  More of this investor's properties will hit the market in the next few months.

Maybe there's a lesson here for homeowners who are thinking of downsizing, simplifying, or moving closer to family. Timing is the key if you want to get the most for your home.

What's your home's current market value?  Call us so we can give you our professional opinion.

Home sales slow down in East San Bernardino Valley

Feb. 2016- Home sales in the East Valley slowed the past 3 months with only Redlands and Yucaipa posting gains.

Median sales prices rose sharply, except in Redlands where they were flat.

Yucaipa seems to be the hot spot with strong gains for both sales and price appreciation.

Fewer listings and strong buyer demand pushed active listings in January to 901.

Do you know someone who is thinking of buying or selling?  Please call Dan today!

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.