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.

Home Buyer Class

Are you thinking of buying a home in 2015? 

You may be wondering where to start. Most buyers want to know their credit score and how much home they can afford. They also want to know what's available in their price range.

We work with a team of professionals in the real estate industry - lenders, title companies, escrow, home inspectors, etc - who can help you navigate through the home buying process. 

You can contact me today to get answers to your questions - or - you are invited to attend an upcoming Home Buyer Class that we will be hosting in Redlands on January 7 or January 10, whichever is more convenient for you. 

These 90 minute classes are free but seating is limited so we ask that you call in advance to reserve your seats. Members of our team will speak for a few minutes about their area of expertise then we will open it up for questions. 

Let's get started.

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.