Waiting to sell?

Some Realtors will tell you that its better to sell your home in the spring or summer.  Home buyers have a different view.   

If you’re waiting until spring to put your home on the market, you’re going to want to take a look at these numbers. Redfin analyzed homes listed from March 22, 2011 through March 21, 2013, and found that those listed in winter have a 9 percentage point greater likelihood of selling, sell a week faster, and sell for 1.2 percentage points more relative to list price than homes listed in any other season.

The data contradicts the popular sentiment that selling a home during winter is more difficult because there are fewer people looking to buy. Further, the advantage of selling a home in winter holds true in temperate climates as well as those with harsh winters. In each of the 19 markets analyzed in this report, including Boston and Chicago, home sellers were better off listing their homes in the winter than during any other season.

Good time to buy, really?

Home prices are expected to continue to grow.  That and a bump in interest rates will mean higher monthly payments for buyers.   Some believe the longer you wait, the more you will pay.  If you know someone who is thinking of buying please share this article and have them call me with questions.

Happy Thanksgiving

Wishing you, your family, and friends a most wonderful Thanksgiving.

May everyone be happy, healthy and safe.

Thankful to have helped so many buy and sell this year.  And for the one that is now in escrow!

Thank you!

More distressed homes coming to Inland Empire

Many areas in Southern California are experiencing a low inventory of foreclosures, short sales and bank owned homes for sale.  In Orange County distressed properties account for less than 7% of listings.

Its a different story in the east valley.   Distressed homes represent 15% of listings in San Bernardino, Highland, Redlands and Yucaipa. 103 of 722 in the MLS are distressed.  More importantly, more than 425 foreclosure properties are set to be sold at action in the next 90 days in these east valley cities.

This creates a golden opportunity for investors poised to buy, renovate and hold or flip.  And for first time buyers who are frustrated by the regions low inventories.

East Valley home prices headed south

Its a sellers market in most of the San Bernardino valley.  Home sales and prices have risen steadily for the past year.   Current market conditions make it difficult to believe news that home prices are expected to drop in the next year - 3% in Redlands and 15% in San Bernardino.

A report published last week in the Redlands Daily Facts cites research by the University of Redlands that predicts the downturn in home prices -- blamed on continued higher than average unemployment and rising mortgage interest rates.

According to the newspaper, the college’s Institute for Spatial Economic Analysis studied three years of data in six cities — Redlands, San Bernardino, Corona, Riverside, Irvine and Anaheim — to form its conclusions.

While prices increased during the past three years, unemployment decreased — from 19.6 percent to 14 percent in San Bernardino and 10.9 percent to 7.5 percent in Redlands.

Meanwhile, the 30-year fixed mortgage rate fell from 5.1 percent to 3.47percent, according to the study.

For this study, researchers predict that unemployment will remain steady but mortgage rates will rise sharply once the FED tappers its purchases of mortgaged backed securities.

The study reports the price of a home in Redlands to decrease by 3 percent during the next year.

“San Bernardino’s prices are the lowest and most volatile in all six cities included in this study and are therefore expected to be the most impacted by economic conditions,” the study says.

In San Bernardino home prices will plummet 15 percent, according to the report.

All of this is tough news for home sellers who may be waiting for prices to rise before selling their homes.  It also signals a transition from a market that favors sellers to one that gives buyers the advantage.

Currently, low inventories make it easier for sellers to sell their homes quickly and without the need to negotiate or make a lot of improvements.   When prices stall we usually see more homes on the market.  An increase in inventory drives down prices and gives buyers the advantage because they have more choices.

If you are thinking of selling your home call and find out what your home will sell for in today's market.  That way you can make informed decisions that are right for you.

River runs through it

New listing on Mill Creek Road in upper Mentone sports a tranquil setting on a private half acre lot, two homes and a creek that flows year round.

Enjoy the peace and quiet in the shade along the creek or entertain on the large flagstone patio and built in BBQ area.

Main house is 3 bedrooms, 2 bath, just over 1,250 sq. ft.  The second unit is 1 bedroom, 1 bath.

Beautiful views of San Bernardino mountains.. Already generating many showings and positive buyer feedback.

Offered at $299,900.

FHA makes it easier to buy after short sale or foreclosure

The Federal Housing Administration made it a lot easier this week for victims of foreclosure or short sale to buy a home again.

Now borrowers who meet certain requirements will only need to wait 1 year after bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed loan.

The waiting period had been 2 years after the completion of a bankruptcy and 3 years after a foreclosure or short sale (For complete details on this story reported in the Chicago Tribune:  http://ow.ly/oeCa6).

The easing of requirements is great news for many in the Inland Empire who were hit hard by the recession, lost their jobs and then their homes.

Among the many stipulations, borrowers must be able to show their household income fell by 20 percent or more for at least six months and was tied to unemployment or another hardship beyond their control.  According to reports, they must also have completed at least one hour of approved housing counseling and can show they have had 12 months of on-time housing payments.

If you know someone who may qualify and wants more information, please have them contact us.  We'll help connect them with a local mortgage loan officer who can help them.