| By Rocky G.H. Hawrysz Realtor®, Broker Associate, CRS®, e-Pro®, ABR®, SRES® Prudential California Realty 12/15/2009 ABOUT THE CURRENT MARKET As the data indicates, in San Joaquin County active-listings (supply) increased by 16 homes and pendings were flat. Listing price decreased by $5,000 and Sold Price decreased by $4,000. Months of Inventory rose to 2.1 from 1.8 months in October. In Stanislaus County, active listings were up for the first time in more than a year by 67 homes. Pendings remained flat, while the average price decreased by $16,000. Sold price also decreased slightly by $3,000 and Months of Inventory rose to 2.0 from 1.5 in October. Month of November Numbers: Stanislaus County on Market REO’s = 303 Short Sales = 417 Non Short Sale/REO = 484 San Joaquin County on Market REO’s = 385 Short Sales = 488 Non Short Sale/REO = 681 I have also added a new Short Sale trend to my web site. It is important for buyers and short sale owners to understand the relationship between "For Sale," "Sold" and "Pended Short Sale" homes. What this chart tells us is as a buyer you are going to need patience and an acknowledgement of non-ownership when making offers on these homes. For a Seller, it is important to acknowledge that a Short Sale may not result in a sale. Take a look and let me know if this chart is useful to you. As predicted, the holiday season is making this market a bit sluggish. However, I would estimate better than average activity for December as a result of the extension of loan limits, $8,000 tax credit incentive and vacation or holiday time off. In addition, investors are coming back into the market and taking advantage of super low prices, rehabbing and getting them back on as quickly as they can. Home Buyers: Inventory remains low, but don’t give up. Also, there is a lot of buyer competition right now and it’s now best to look 10-20K below your qualification. In simple terms, if you qualify for 220K you might want to look at 200K homes, so you have the ability to outbid your competition. The same would apply for all price ranges in this market. Also, watch out for homes that have recently been rehabilitated (flipped). There great don’t get me wrong, however some loan programs have restrictions (90 day rule) and if your agent doesn’t understand them you may be wasting you time and energy. I say it all the time, however now more so than in the past, it is very important you contact an experienced and professional Realtor before committing to an agent. You’ll need somebody that has a good understanding of this market, one that is able to pre-screen homes if you intend to use something other than conventional financing or cash and one that won’t give up on you when the going gets tough. Investors: There are now 70 properties right now in both counties under $50,000 and the lowest priced single family home (non modular) came in today at $19,000 in Modesto. It’s a 4 Bedroom, 2 Bath, 2292 Sqft. on .270 Acres ~ WOW! Just make sure if you flip you keep all those receipts. You’re going to need all the help you can with Capital Gains. Homeowners: Sold prices are stable and have appeared to flatten out. Sale prices are dipping slightly however, I believe this will improve in the short term. Buyer competition (demand) remains very high. We’ll see how the market changes next month, with more analysis and opinion. Contact Rocky at (209) 444-6610 or rocky@prucalifornia.com if you would like more information. |
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| By R.G.H. Hawrysz Realtor®, Broker Associate, CRS®, e-Pro®, ABR®, SRES® Prudential California Realty 2/14/2010 ABOUT THE CURRENT MARKET It’s Tax Credit CRUNCH TIME! As the data indicates, in San Joaquin County Active-Listings (supply) increased by 33 homes. Pendings increased by 270 homes. Listing price decreased by $6,000 and Sold Price decreased by $2,000. Months of Inventory rose to 2.6 from 1.9 months in January. In Stanislaus County, Active-Listings decreased by 14 homes. Pendings were also up by 270 homes and the average price increased by $7,000. Sold price decreased by $2,000 and Months of Inventory rose to 2.7 from 1.9 in January. Here’s the month of January numbers: San Joaquin County on Market REO’s = 430 (Last month 467) Short Sales = 568 (Last month 526) NonShort Sale/REO = 716 (Last month 687) Stanislaus County on Market REO’s = 379 (Last month 446) Short Sales = 488 (Last month 442) Non Short Sale/REO = 483 (Last month 477) Home Buyers: More supply came on-line last month, however pendings out-paced the increase. Competition remains very strong for desirable homes. Look 10-15K below your qualification and be prepared to make an offer over asking price. Key Tax Credit Points: 1) Buyers who enter into a binding contact by April 30 have until June 30 to settle on the purchase. 2) The max credit amount remains $8,000 for first-time homebuyers. 3) Buyers that qualify have not owned a primary residence within the past 3 years. Investors: On Valentines Day there were 73 properties in both counties under $50,000 and the lowest priced single family home (non modular) came in at $16,200 in Modesto. It’s a 1 Bedroom, 1 Bath, 466 Sqft. on .143 Acres ~ WOW! All buyers: It is very important you contact an experienced and professional Realtor before committing to an agent. You’ll need somebody that has a good understanding of this market and one who is willing to take the time to pre-screen homes, if you intend to use something other than conventional financing or cash. It’s your time and money. Homeowners: Good news! Sold prices came up in Stanislaus County and San Joaquin is holding on. January’s buyer competition (demand) remains high. However, don’t forget to buckle up for possibly more mortgage resets coming in mid 2010. We can only hope that the banks leverage their positions in the market to keep price stable. We’ll see how the market changes next month, with more analysis and opinion. If you would like more information or would like to work with our team to sell or purchase your next home, contact us at (209) 444-6610 or e-mail rocky@prucalifornia.com. Information obtained from regional listing service and is not guaranteed by Team Hawrysz or Prudential California Realty. |
| By R.G.H. Hawrysz Realtor®, Broker Associate, CRS®, e-Pro®, ABR®, SRES® Prudential California Realty 1/13/2010 ABOUT THE CURRENT MARKET Happy New Year! 2009 was an incredible year in Real Estate. We started out in January with 7,272 homes on the market in San Joaquin and Stanislaus Counties and we also hit the bottom in terms of average list price. It has indeed been a year of significant market adjustment and recovery. However, as many of you will agree we have a long way to go. As the data indicates, in San Joaquin County Active-Listings (supply) increased by 125 homes. Pendings increased by 180 homes. Listing price decreased by $20,000 and Sold Price increased by $7,000. Months of Inventory rose to 2.2 from 2.1 months in October. In Stanislaus County, Active-Listings were up again by a 135 homes. Pendings where also up by 64 homes and the average price decreased by $14,000. Sold price increased by $7,000 and Months of Inventory rose to 2.1 from 2.0 in October. A word about Short Sales: I trust you’ll find the new Short Sale data on my website very informative. It is a good indication of the success rate and should help you to determine if you want to participate in Short Sale Real Estate. Explanation: Pendings always come before Solds and are typically 30 days later. In a normal sale (Bank Owned & Private) the quantity of Pendings are virtually the same as Solds in the following month. Essentially, this is the rate of successful closes. With Short Sales the gap is much larger and that gap indicates a rate of failed or delayed closings. In San Joaquin County, out of 367 homes pended in November only 157 Sold in December and in Stanislaus County, out of 262 pended in November only 125 closed in December. If you plan to pursue a Short Sale, make sure you don’t stop looking for the other perfect home after placing your offer. Approximately 50-70% of them may not close escrow. I hope this information will allow you to understand and express the reality of Short Sales to your friends, family and perhaps clients. Here’s the month of December numbers: Stanislaus County on Market REO’s = 446 (Last month 303) Short Sales = 442 (Last month 417) NonShort Sale/REO = 477 (Last month 484) San Joaquin County on Market REO’s = 467 (Last month 385) Short Sales = 562 (Last month 488) Non Short Sale/REO = 687 (Last month 681) The holiday season as predicted, had better than average activity. Our office activity also reflected these numbers which very well could make for a better January than expected. Home Buyers: Inventory remains low and competition is very strong for desirable homes. As I mentioned last month, look 10-20K below your qualification and be prepared to make an offer over asking price. Also for those of you that are FHA and need closing cost, you may want to consider borrowing the money from family and using the $8,000 tax credit to pay them back. Be sure to talk with a Tax Advisor about this because actual money in your pocket could vary depending on your unique tax position. It is very important you contact an experienced and professional Realtor before committing to an agent. You’ll need somebody that has a good understanding of the market and one that is willing to take the time to pre- screen homes, if you intend to use something other than conventional financing or cash. It’s your time and money. Investors: On January 9th there where 130 properties in both counties under $50,000 and the lowest priced single family home (non modular) came in at $10,900 in the town of Keyes. It’s a 3 Bedroom, 1 Bath, 936Sqft. on .16 Acres ~ WOW! Flippers, save those receipts. You’ re going to need them. Homeowners: Good news! Sold prices came up in December and Buyer competition (demand) remains high. However, there is more upcoming mortgage resets coming in mid 2010. We’ll see how the market changes next month, with more analysis and opinion. If you would like more information or would like to work with our team to sell or purchase your next home, contact us at (209) 444-6610 or e-mail rocky@prucalifornia.com. |
| Information obtained from regional listing service and is not guaranteed by Team Hawrysz or Prudential California Realty. |
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| "ABOUT THE CURRENT MARKET" |
| February 2010 - San Joaquin County |
