La Verne Real Estate Market Watch, December 3-9, 2011

La Verne Real Estate Market Watch, December 3-9, 2011

Market Watch

New Listing (10)
Price Change (12)
Back On Market (4)
Backup Offer (4)
Expired (3)
Pending (11)
Sold (8)

Okay, so here we go with the last week's LA VERNE REAL ESTATE MARKET WATCH.  It has the statistics and explainations from the last seven days activity in real estate.

It seems that the confidence of home sellers is coming back to the real estate marketplace.  This is shown by the 10 new listings that are new to the City of La Verne.  This coupled with the fact that 8 homes were sold would tell one that the housing market in La Verne is starting to pick up!

        

There are 11 pending homes - homes that have gone into escrow and 4 that have 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.

Since there are 12 price changes 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.  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

La Verne Real Estate Market Watch - October 28-November 3, 2011

La Verne Real Estate Market Watch - October 28-November 3, 2011

 

 

Market Watch

New Listing (3)
Price Change (18)
Back On Market (4)
Backup Offer (3)
Expired (3)
Pending (4)
Sold (8)

 

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 La Verne Real Estate Information for the last week.

There are only 3 new listings that are in the the City of La Verne.  This coupled with the fact that 8 homes were sold would tell one that the housing market in La Verne 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 3 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 18 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 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.

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

La Verne Real Estate Market Watch - September 24-30, 2011

LA VERNE REAL ESTATE MARKET WATCH, SEPTEMBER 24-30, 2011 

Market Watch

New Listing (10)
Price Change (10)
Back On Market (2)
Backup Offer (1)
Expired (3)
Pending (4)
Sold (5)

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

In the City of LA VERNE this past week, there were ten price changes.  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.

We have discussed "back on the market" before, but I think everyone could use a refresher on this subject.  These two 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".

There are two homes in backup status and four pending homes.  This could very well lead six 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 the next-door neighbor of LA VERNE.  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.


LA VERNE 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

La Verne Real Estate Market Watch - September 3-8 2011

La Verne Real Estate Market Watch - September 3-8 2011

Market Watch

New Listing (14)
Price Change (10)
Back On Market (2)
Backup Offer (6)
Expired (5)
Pending (5)
Sold (3)

Okay, so better late than never - here is this week's LA VERNE MARKET WATCH.  Not bad for a holiday week!


Fourteen new listings means that people are gaining confidence in the LA VERNE REAL ESTATE MARKET.  And it seemd to me to be picking up as well.  And three 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.


Pending homes mean that five homes are now in escrow and on their way to becoming closed sales.  There are also five expired listings which means that the home did not sell in the time alloted by the seller.  This coukld 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.  Also, there are six homes that have offers submitted to the bank and are taking back up offers only.



And there are two labeled "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.  So 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. 

And ten price changes, what can I say.  This is still an issue in La Verne and I have been harping commenting on this for weeks now.


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.


LA VERNE 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

LA VERNE REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

LA VERNE REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

Market Watch

New Listing (9)
Price Change (14)
Back On Market (5)
Backup Offer (5)
Expired (5)
Pending (4)
Sold (2)

Okay, so this is another exciting week for real estate in LA VERNE.  Nine new listings and two sold.  A little bit different from the sister-city SAN DIMAS.  

In SAN DIMAS there were more sold than coming onto the market.  But as you can see here, quite the opposite is true.  Only two home completed the sale process with nine new listings and five back on the market.  This city is moving pretty slowly at getting rid of their inventory.  This may be due to the banks timetable or other factors.

This week four went pending (into escrow) and five went into back up status (an offer was submitted to the bank) for a total of nine 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 fourteen 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.

LA VERNE 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

LA VERNE REAL ESTATE MARKET WATCH - AUGUST 6-12, 2011

LA VERNE REAL ESTATE MARKET WATCH - AUGUST 6-12, 2011

Market Watch

New Listing (12)
Price Change (15)
Back On Market (5)
Backup Offer (7)
Expired (3)
Pending (4)
Sold (7)

Okay, so I truly thought that LA VERNE would be as slow as some of the other neighboring cities.  I reasoned that 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 12 new listings on the market.  Moving along at a great clip.  Seven have sold which means the loans are getting closed still which is extremely important.  Between the pendings (4) and the back ups (7) eleven are going into escrow.  The LA VERNE real estate market seems to be picking up!



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 15 price changes.  One of the neighboring cities had the usual number cut in half, so I thought we were getting somewhere with this.  Apparently I was wrong.  (Yep, it happens, I can be wrong!  Just don't tell my husband!)


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.


LA VERNE 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

LA VERNE REAL ESTATE MARKET WATCH - JULY 23-29, 2011

LA VERNE REAL ESTATE MARKET WATCH - JULY 23-29, 2011

Market Watch

New Listing (14)
Price Change (15)
Back On Market (2)
Backup Offer (3)
Expired (2)
Pending (7)
Sold (7)

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 (fifteen is a lot!). 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. Fourteen homes came on the market this week in LA VERNE.  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.  And two came back onto the market.  I hate it when escrows fall out, don't you?!!?

Now there are three backup and seven pending for a total of ten in or going into escrow.  Good for them!  And seven 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.

LA VERNE LIVING!

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

LA VERNE REAL ESTATE MARKET WATCH - JULY 16-22, 2011

LA VERNE REAL ESTATE MARKET WATCH - JULY 16-22, 2011 

Market Watch

New Listing (0)
Price Change (3)
Back On Market (0)
Backup Offer (3)
Expired (0)
Pending (1)
Sold (0)

Okay, so this is LA VERNE REAL ESTATE for the week.  Really, really slow.  I wonder what put the brakes on everything, but the last few weeks everything in La Verne was looking fabulous.

So, let's start with the PRICE CHANGES.  Not so many, but with the amount of activity all over the board, three is still more than zero.  As always, I caution you to make absolutely sure that you use a Realtor who KNOWS how 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 - 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.

One is actually PENDING - This means that the offer has been accepted by all parties and has moved into the escrow phase.  Hopefully this one will get a new family within a month or so.

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.

    LA VERNE LIVING!

Warmest Regards,
Linda K. Mayer, 

Realtor, Office Manager

A Realtor you can Trust!

(626) 824-8927 Cell

LA VERNE REAL ESTATE MARKET WATCH - JULY 9-15, 2011

LA VERNE REAL ESTATE MARKET WATCH - JULY 9-15, 2011

Market Watch

New Listing (7)
Price Change (16)
Back On Market (9)
Backup Offer (1)
Expired (0)
Pending (6)
Sold (7)

Okay, so, things in LA VERNE are still holding steady.  Last week was the first week where there were as many closed sales as there were new listings.  It looks as though this week in the same with the magic number being seven.

Nine homes have been placed back on the market which is actually quite a few.  But with loans being more difficult to get, banks still taking so long that buyers back out of short sales and REO's, I guess it's to be expected.  

And once again, I cannot say enough about using a Realtor who prices their home correctly - THE FIRST TIME!  I reblogged a segment written by my friend Ilona Matteson this last week that spoke about the absolute need to price your home right from the get go.  She does graphs and charts and basically shows in a more scientific manner than me just how many homes actually sell within the first two weeks.  She also shows how much money you can lose as the seller by not pricing your home right. You should read more about it.  Here is the link.  Seriously, still with the 16 price changes?  That's way too many!

So, if you're thinking of buying or selling in LA VERNE, please give me a call.  I can help you with all of your Southern California Real Estate Needs!

LA VERNE LIVING!

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