Big turnout

52 home sellers turned out for tonight's homeseller seminar in Santa Ana.

Many asked questions about where home prices and interest rates are headed.

Market needs more buyers

Demand for homes is down in most of Southern California.  There are more new listings than pending sales.  Prices continue to rise.   Interest rates are hovering around 4%.

So where are the buyers?

Would be first time buyers continue to rent even with rents rising.  Many are spending half their monthly wages to rent when they might spend less to buy.

Many move up buyers are making offers on new homes.   With a plethora of new home offerings in Orange and Riverside counties we are wowed by the fresh appeal new homes offer.  Builders are promoting heavily and they are growing market share.

Lenders are anxious to help buyers get started.  Armed with pre approval, buyers can submit offers that sellers will take seriously.

Many of us hope that buyers don't wait too long.  Once prices and interest rates climb too high many could be buyers will miss their chance to own.

Shortage of homes in San Bernardino

First time home buyers in San Bernardino are struggling to find the home of their dreams.  Currently there are only 410 homes for sale.   And only 62 of those are short sales or foreclosures.

Once an All-American city and a place that was dominated by owner occupied homes, the city now finds itself searching for ways to make more homes available to first time buyers and others who want to own rather than rent. 

So what happened?

Over the past 10 years many homes in the market were lost to foreclosure.  High unemployment and crime rates drove many residents and businesses away. Investors stepped in the scoop up homes at bargain prices.  Buy and hold strategies have left fewer homes for sale in the mix.

Today, a typical 3 bedroom, 2 bath home sells for $200,000.   The monthly payment (30 year conventional) with 5% down is $1,280 including principle, interest, taxes and insurance, according to New American Funding.   Compare that to rents averaging $1,500 - $1,800.  So it financially makes sense to own rather than rent.

Its no secret that neighborhoods with high owner occupied rates add to the quality of life with nice lawns and lower crime rates. 

The question many are asking:  how can the cities single family home landlords be encouraged to switch from buy and hold to buy and flip strategies - an outcome that would make more homes available to first time and move up buyers.

Fewer distressed properties in San Bernardino East Valley

Home prices in the East Valley continue to increase.  The median price in May was up 20% to last year and flat month to month.

Prices are still well below the peak.

Distressed properties (short sales and bank owned) account for 15% of homes on the market compared to 30% last year.  We are seeing a gradual increase in equity sellers listing their homes for sale.

Thinking of selling? Call to discuss your home’s value in today’s market.

New kitchen

Stunning make over for this 3 bedroom, 2 bath ranch style home just listed in Yucaipa.
New countertops, floor, appliances and refurbished cabinets make this a totally modern kitchen.  Relax in the oversized family room with its picturesque views of the mountains. $279,900.

Renovations to this home made a remarkable difference and add to the homes value and marketability.

Are you thinking of selling?  Consider the Return on Investment for the improvements and repairs you may want to make.   Invite us to you home so we can share our opinion on your home's value and the repairs that make sense.

Home of the week

Location makes the difference. This 1,500 sq ft, 3 bedroom, 2 bath ranch style home on Brookshire in Orange has strong curb appeal with it mature landscaping and its manicured hybrid bermuda lawn. Though not on the market, this midsize beauty would fetch $569,000 in today's active Orange County market.  Same home in the East Valley would command $325,000.  

Curious about your home's current market value? 

Write or call and we'll tell you.

Help for Home Buyers and Sellers

Many home buyers are wondering if now is a good time to buy. How much home can we afford? What's available in my price range? How much money do we need for our down payment?  How does owning a home compare to paying rent?  How do I know if now is the right time for me to buy?

Answers to questions like these will be shared at a free Home Buyer seminar hosted by Wells Fargo Home Mortgage and Coldwell Banker Town & Country on Saturday May 13 from 10 am to noon at 220 E. State Street, Redlands.

Moderating the event will be Dan Walker, Realtor, Coldwell Banker.

To attend please call 909-827-1237.

Below is a link to more information about the event.

http://www.cbtownandcountry.com/dan-walker-free-home-buyer-seminar/