Claremont Real Estate Market Watch, December 3-9, 2011

Claremont Real Estate Market Watch, December 3-9, 2011

Market Watch

New Listing (5)
Price Change (6)
Back On Market (1)
Backup Offer (1)
Expired (5)
Pending (4)
Sold (4)

Okay, so here we go with the last week's CLAREMONT REAL ESTATE MARKET WATCH.  It has the statistics and explainations from the last seven days activity in real estate.
 Confidence in Claremont is a little behind some of the nearby cities.  This week there were 5 new listings that are new to the City of Claremont and only 4 sold.  

There are 4 pending homes - homes that have gone into escrow and only 1 that has gone into backup status, meaning they are working with an offer but taking backup offers in case the first one doesn't work out for some reason.  This is a must in today's volatile real estate marketplace.  A good agent will take backup offers so that the seller doesn't waste a lot of time on one offer only to have the buyer pull out at the last minute or not have the loan work out.  If they didn't they would have to start all over from scratch and wait for another offer. 

I have to write yet another paragraph on pricing.  To be fair, banks are doing some of the price changes, raising and lowering prices according to the BPO's they receive or the investor input.  However, I am still seeing agents making mistakes on the pricing from the very beginning.  It matters from the start because it has been shown in a study I saw that a house will sell within the first ten days.  So you can see, if you lose those first ten days with a 'trial' price, you lose out on a good chunk of what will undoubtedly be the highest and best offer you will receive on your home.

 If you are interested in buying or selling or simply have questions about real estate, please feel free to contact me.  I will be more than happy to assist you!

**All information is taken from the IMRMLS.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website

Claremont Real Estate Market Watch - October 28-November 3, 2011

Claremont Real Estate Market Watch - October 28-November 3, 2011

 

 

Market Watch

New Listing (6)
Price Change (12)
Back On Market (2)
Backup Offer (4)
Expired (7)
Pending (4)
Sold (7)

 

Okay, so it's been a bit since I wrote one of these - an almost three-week vacation will do that to you!  So, to get back in the swing of things, here's the Claremont Real Estate Information for the last week.

There are only 6 new listings that are in the the City of Claremont.  This coupled with the fact that 7 homes were sold would tell one that the housing market inClaremont is starting to pick up!  Obviously more homes are making it through the sale process and more families are getting to realize the "American Dream".

There are 4 pending homes - homes that have gone into escrow and 2 that have moved into back up status, meaning that they are working with one offer but are taking back up offers in case the first one doesn't work out.  This is a must in today's volatile real estate marketplace.  In fact I had one in escrow because the first buyer back out of the deal!  A good agent will take these offers so the seller doesn't waste a lot of time on one and then have to start over to get that property sold.

I have to write yet another paragraph on pricing. I know it's tough in today's market, but 12 price changes is quite a lot.  To be fair, banks are doing some of the price changes, raising and lowering prices according to the BPO's they receive or the investor input.  This only affects the REO's and short sale properties though. However, I am still seeing agents making mistakes on the pricing from the very beginning.  It matters from the start because it has been shownin a study I saw that a house will sell within the first ten days.  So you can see, if you lose those first ten days with a 'trial' price, you lose out on a good chunk of what will undoubtedly be the highest and best offer you will receive on your home.

If you are interested in buying or selling or simply have questions about real estate, please feel free to contact me.  I will be more than happy to assist you!

**All information is taken from the IMRMLS.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website

CLAREMONT REAL ESTATE MARKET WATCH - SEPTEMBER 24-30, 2011

CLAREMONT REAL ESTATE MARKET WATCH - SEPTEMBER 24-30, 2011

Market Watch

New Listing (7)
Price Change (15)
Back On Market (5)
Backup Offer (6)
Expired (1)
Pending (7)
Sold (6)

Okay, so here flows the information.  Seven new listings with six sold.  Looks like inventory is still strong in CLAREMONT.  As a buyer this means that your choices in CLAREMONT are picking up a bit.  Sellers, it means that the pricing of your home is extremely critical at this time.

We have discussed "back on the market" before, but I think everyone could use a refresher on this subject.  These five homes have either been labeled as pending which means it was entered into escrow, or as back up offers only which means it had an offer that the bank was thinking about.  Like we have said perviously, the bank owned and short sales can take a few months.  This means that sometimes a buyer will cancel his offer or the bank can turn down the offer.  All this time leads to homes being changed to "back on the market".

In the City of CLAREMONT this past week, there were 15 price changes.  

Goodness that's a lot in a city where they only closed six homes.  It's tough when a bank takes a long time to make up it's mind about sales.  The prices locally are continuing to change and sometimes that means price changes on the homes. However, if you have a really good agent who knows how to price properly from the beginning, it should help you out quite a bit.  It also helps if they know how to get through a short sale, and every bank is different.  Those should be questions you ask your agent right from the get-go.

There are six homes in backup status and seven pending homes.  This could very well lead thirteen new families shortly moving into their new home.  This is always exciting! 

 And just a reminder,  this weekend (October 1 and 2) is the annual SAN DIMAS RODEO AND WESTERN DAYS.  You can read about it here.  SAN DIMAS is only a ten minute drive from of CLAREMONT.  Remember this while you're out looking for something to do this weekend.

If you are interested in buying or selling or simply have questions about real estate, please feel free to contact me.  I will be more than happy to assist you!

**All information is taken from the IMRMLS.

CLAREMONT LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website

Claremont Real Estate Market Watch - September 3-8 2011

Claremont Real Estate Market Watch - September 3-8 2011

Market Watch

New Listing (8)
Price Change (8)
Back On Market (0)
Backup Offer (2)
Expired (7)
Pending (0)
Sold (5)

Better late than never - here is this week's CLAREMONT MARKET WATCH.  Not bad for a holiday week!

Eight new listings means that people are gaining confidence in the CLAREMONT REAL ESTATE MARKET.  And it seemd to me to be picking up as well.  And five have actually made it through the sale process and become a closed sale.  This is also good news, especially because it's hard to close during weeks with a holiday in them.

There are also seven expired listings which means that the home did not sell in the time allotted by the seller.  This could also mean that the home did not get approved by the bank for short sale and is being foreclosed on.  There could be many reasons for an expired listing.

This week there are no homes "back on the market."  Let me take a moment to explain this.  I strongly believe that homes are going back on the market due to the short sale process and the time it is taking for the banks to finally get around to making a decision.  It can take anywhere from 30 to 120 days to get an approval from the bank to go ahead with the short sale or decline it.  Now, let me say that this is a definite improvement from the "early days" of this real estate slump.  In those days (ya, like it was 50 yrs ago, right?!!?) some short sales were taking up to a year and sometimes even longer to go through.

So, needless to say, if you are a buyer and your offer is accepted by the seller (the homeowner) this does not mean that the sale will necessarily go through.  This means that the offer is submitted to the bank for an approval.  The bank may take up to four months (yes still) to give approval or denial.  

Instead of wasting time waiting for a specific home, buyers are putting in multiple offers.  If one home gets approval first, the buyer then backs out of other offers and therefore the property goes "back on the market". Of course, there are other causes, like loans that were denied, etc., but the main cause right now seems to be those crazy short sales.  So the fact that no homes in Claremont ended up "back on the market" is amazing and a good sign that things may been looking up for the real estate market.

And eight price changes, what can I say.  This is still an issue in Claremont and I have been harping commenting on this for weeks now.  But to be fair, sometimes the banks dictate the price on short sales and foreclosures so sometimes they request the price change.

And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert.  I will be honored to assist you.

CLAREMONT LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website

CLAREMONT REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

CLAREMONT REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

MARKET WATCH

New Listing (13)
Price Change (13)
Back On Market (3)
Backup Offer (2)
Expired (1)
Pending (6)
Sold (4)

Okay, so this is another exciting week for real estate in CLAREMONT.  There are 13 new listings and three back on the market.  That's sixteen new homes for the week.

As you can see here, more homes are coming into the real estate market than are being sold.  Only four homes completed the sale process with the sixteen homes coming onto the market, properties seem to be moving a little slow in CLAREMONT.  

This week six went pending (into escrow) and two went into back up status (an offer was submitted to the bank) for a total of eight that should soon be going into escrow and closing sale.  I say should because the different banks are different and take different amounts of time, allowing for buyers to back out or change their mind.  That is why a good agent will take back up offers, in case the first buyer backs out.

Pricing.  Wow, I can't say enough about an agent who knows how to price properly from the beginning.  It is important for buyers and sellers alike to know just exactly what they are dealing with.  So thirteen price changes is actually quite a lot especially right now.

And, as always, if you have real estate questions or need some help with selling or buying your home, turn to a local expert.  Give me a call and I will be more than honored to assist you.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

CLAREMONT REAL ESTATE MARKET WATCH - AUGUST 6-12, 2011

CLAREMONT REAL ESTATE MARKET WATCH - AUGUST 6-12, 2011

Market Watch

New Listing (3)
Price Change (7)
Back On Market (4)
Backup Offer (3)
Expired (4)
Pending (7)
Sold (6)

Okay, so this week's real estate market watch for CLAREMONT seems to be slowing down a bit.  Maybe people are getting a bit nervous because of the issues with the federal budget and the downgrade in our nation's credit rating.  The financial institutions have been hit as well and I think people are unsure of what will come of all this in the near future.  It makes sense for yet another slow down, if you think about it logically.  (YA, me trying to be logical!)

Anyway, there were three new listings on the market.  Still moving along, but really slowly.  Six have sold which means the loans are getting closed still which is extremely important.  Between the pendings (7) and the back ups (3) ten are going into escrow.

Now for the regular issue.  I was reading another persons blog who I highly respect. She was mentioning that she believes pricing is subjective - house by house.  Now this is a true statement, some are in better shape than others, some are more upgraded than others, etc.  But I have found that the only value that matters, especially if a loan is involved, is the BPO or the appraisal value.  Appraiser's add very little value for upgrades.  Their main focus is size, bedrooms, lot size and so on.  An extra bathroom will only add about $500 in value and so on.  So you can see, that the values change very little from house to house.

So, again I maintain that the homes MUST BE PRICED RIGHT from the get-go.  A good agent will know how to get that job done and the house will appraise for the sale price.  This week, there were only seven price changes.  That is cut in half from previous weeks.  Good news for those buyers and sellers alike!

And, as always, if you have real estate questions or need some help with selling or buying your home, turn to a local expert.  Give me a call and I will be more than honored to assist you.

CLAREMONT LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

CLAREMONT REAL ESTATE MARKET WATCH - JULY 23-29, 2011

CLAREMONT REAL ESTATE MARKET WATCH - JULY 23-29, 2011

Market Watch

New Listing (8)
Price Change (7)
Back On Market (2)
Backup Offer (5)
Expired (2)
Pending (2)
Sold (4)

Okay, I have made a decision.  I know this shocks and surprises you (LOL NOW!) but I actually have.  The HIGHS AND LOWS series that I started will be seperate blogs because there was so much content.  It would be way too long if it was all in the same blog.  So Friday's will be the same REAL ESTATE MARKET WATCH and the beginning of the week will be the HIGHS AND LOWS.

So here we go again, and let's start with the most important thing - THE PRICING!  Yet again, there are many price changes. I can't believe that people are STILL using agents who don't know what they are doing! Seriously, when will agents out there learn their jobs?  THE MOST IMPORTANT THING RIGHT NOW IS PRICE.  If it's priced too high, a good agent will know it's not a good deal for their client and NOT SHOW IT.  If it's priced too low, well, you know what happens there, the seller will be upset in the end, the bank will not give an okay to the price, etc. Same result, no selling the house. In one of my previous entries, I posted a blog from my good friend Ilona Matteson which illustrates how most homes are selling within the first two weeks.  Why would you waste six months or more on a listing that missed the boat from the start.  And after that time, your home wouldn't be worth as much as when you started.  After all, can you afford to lose money, possibly thousands, due to a bad agent and the declining market?

That being said, AGAIN  (I'm such a nagger...) let's move on. Eight homes came on the market this week in CLAREMONT.  Choices, choices everywhere for the buyer!  And since we already know that most of those will get gobbled up in the first two weeks, it pays to stay on top of new homes coming into your real estate market place.  Two came back onto the market.  I hate it when escrows fall out, don't you?!!?

Now there are five backup and two pending for a total of seven in or going into escrow.  Good for them!  And four properties closed escrow this week and have new owners.  Congrats to those new homeowners!  But I just wish the sales were closing faster so we can get out of this culture of short-sales and bank owned properties!  Soon, I think!

As always, call me for your real estate questions and any help you may need in navigating the Southern California Real Estate Market.

CLAREMONT LIVING!

Warmest Regards,
Linda K. Mayer, 
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell

CLAREMONT REAL ESTATE MARKET WATCH - JULY 16-22, 2011

CLAREMONT REAL ESTATE MARKET WATCH - JULY 16-22, 2011  

CLAREMONT REAL ESTATE MARKET WATCH JULY 16-22, 2011   

Market Watch

New Listing (11)
Price Change (14)
Back On Market (2)
Backup Offer (5)
Expired (2)
Pending (2)
Sold (8)

Okay, so this week in CLAREMONT is moving along pretty well!  There are eleven new listings, so people are still selling and moving.  Maybe one of those eleven will be the house for you!

So, let's start with the PRICE CHANGES.  There are a tremendous amount of PRICE CHANGES.  Fourteen is  quite a few for such a short amount of time.  As always, I caution you to make absolutely sure that you use a Realtor who KNOWShow to price right the first time!  Naturally, I do!  LOL  But seriously I know how to do a proper CMA with great comparables to your home.  I can also run comparables from another site that the appraisers go to so you can see a close estimate of what the house will appraise for.  (No, I am not an appraiser, nor do I claim to be, but their site is fantastic for being dead on.)  Gee, maybe I should write a blog on that subject - More to come!

On to BACK UP OFFERS - There are five homes that went into backup status. A BACK UP OFFER is when they already have an offer they are working on, but they are taking others just in case the first offer doesn't happen to go through.  This is really smart for Realtors to do, especially when working with short sales or bank owned properties.  Short sales and bank owned properties can take a longer amount of time and some buyers really don't have the patience and drop their offer.  It's a shame, really, but that's the reality of the situation.

Two are actually PENDING - This means that the offer has been accepted by all parties and has moved into the escrow phase.  Hopefully these will get a new family within a month or so. And eight homes have made it all the way through the sale process and have become SOLD. Only two properties have fallen out of escrow and are now back on the market.

That's about it for this week.  As always you can contact me with questions or for all of your SOUTHERN CALIFORNIA REAL ESTATE NEEDS.

    CLAREMONT LIVING!

Warmest Regards,

Linda K. Mayer, 
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell