Rolling into 2017 has been much of the same as 2016. Home sales price are on a rise year over year and the number of home listings are down considerably. Consequently, the greatest concern for the Upland 91784 market is home affordability. Upland 91784 January 2017 Homes Sales Report
We look at all factors. From average sold price, average days on market to the number of homes listed and as a result, we’re looking at a good 2017.
Home prices are up and inventory is down consequently we’ll likely see an increase in home prices.
Real estate sales for zip code 91784, Upland California were solid for January 2017. The biggest change is the number of homes listed for January 2017. That number dropped 28.8% from 99 homes in January 2016 to 64 homes in January 2017. As a result, we’ll likely continue to see prices increase slightly. Why only “slightly”?. That’s a two-fold response as home prices are becoming less and less affordable and as a result, federal loan limits (FHA $417,00) are restrictive for most buyers because you’ll need to come in with a minimum of $203,070.00 + closing costs for buy the average priced home in Upland 91784 of $620,070.00.
So what does this mean?
These numbers lead us to the active listings which dropped 28.8% from one year ago. That’s considerable and is probably why 91784 realized a 2.5% increase in home prices over January 2016. Real estate is good, long term investment for homeowners in Upland 91784.
This takes us to the number of homes that didn’t sell. 64 homes were listed in January 2016 and 99 sold, resulting in 12 homes that didn’t sell! Why these homes didn’t sell is they we’re priced incorrectly. To be more specific, it’s likely that these homes we’re priced too high. The main contributing factor is to pricing homes incorrectly (too high) is available equity in homes. What does this mean? If you want to sell your home, you’ll likely want to buy a replacement home, right? Consequently, you’ll need a down payment (ranging from 3% to 20% of the purchase price for a new home loan). While most families don’t have this money stashed in their savings accounts, they need to use the “equity” from the sale of their home. If there isn’t enough money from the sale, they are less likely to price the home right to sell.
And why do I care?
The good news with our area… Inland Empire is seeing a robust increase in new jobs. These jobs will drive spending on groceries, home supplies, new cars and, we’ll you get it. If you review the Upland 91784 2016 numbers they’ll show similar trends. Nothing to panic over and yet kind of a bland market. Consequently, it’s both a buyers market and a sellers market…leaning more to the sellers market. If you’ve been considering selling, sell now.
In conclusion, we’re realizing a spurred economy with recent Dow activity crossing the 20,000 mark. Does this really result in you getting rich…not likely…however, it does spur confidence in buyers and their eagerness to reach into their checking and savings account for $200,000+ cash down to buy a home in your neighborhood.
Call us for a specific value for your home…
Many millennials who rent a home or apartment prior to buying their own homes. They dream of the day that they will be able to paint the walls whatever color they’d like. And, of course, renovate an outdated part of their living space.
Despite some claims that homeownership’s importance to the American Dream is in decline, the report found that the dream of homeownership remains strong.
There are some homeowners who are patiently waiting to get the price they hoped for when they originally listed their houses for sale.
Hiring a real estate professional to buy your dream home, or sell your current house, is one of the most ‘educated’ decisions you can make!
Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:
According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months.
The results of countless studies have shown that potential home buyers. Even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
One of the main reasons why For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe they will save the commission an agent charges for getting their house on the market and selling it.
When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.
Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let’s meet up so I can help you take advantage of current market conditions!
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups
The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states.
Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S.
Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home.
The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year.
Selling your home is a matter of competition in today’s real estate. You’re competing with other like minded sellers all fighting for the right offer at the right from an eager buyer.
Do Your Future Plans Include a Move? What’s Stopping You from Selling Now? Are you an empty-nester? Do you want to retire where you are, or does a vacation
California Prop 60 and Prop 90 Property Tax Transfer Rates