There are two divergent philosophies about where the market is heading in the coming months. The figures and trends for the Residential Housing Market. Prices have leveled off, and have actually been steadily rising (by 1-2% growth from year-to-year comparisons). The amount of inventory turning over has been over 500,000 for the past 12 months leading to inventory being low in many markets, and buyer demand is still very high (but is it artificially high).
However, professionals and pundits are reluctant to admit that the worst is over due to the artificial real estate parameters that have been in play. Some have used the stats of the new construction coming to a halt after the California new construction initiative ran out of money after only three months. Many are expecting this to be the case for the residential market, and although I can certain agree with this on a National level I am hard pressed to believe this to be true at the local level.
Don't just hire anyone... Hire a Pro. Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier.
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Many conversations about where the market will go after the First-Time Home Buyers Tax Credit wears off is escalating, and although the National trend is pointing towards decline in prices and transactions I believe the Southern California Real Estate Market is in a unique situation that will save it from decline.
In West Covina, CA as of 11:02am on 10/27/2009 there are 115 Single-Family Residences available for sale (*Figure pulled from MRMLS and CAROTS data). The average rate that homes have been entering into contracts in West Covina has steadily been 55-60 homes a month. This past month 57 properties entered into escrow. This leaves the West Covina Real Estate Market with just over 2 months inventory on hand. Anything under 4.5 months inventory on hand is considered to be a shortage in inventory. A balanced market would have 5-7 months of housing inventory on hand. With this said we'd have to have almost double our inventory on hand to tip the scale back into the favor of a buyer's market.
Don't just hire anyone... Hire a Pro. Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier.
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West Covina, CA- According to the C.A.R. “2009 First-time Home Buyers Tax Credit Survey”, four out of ten (39 percent) first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. I know most media reporters say this as a BAD thing, and a sign that the buyers will go back into hiding after they disappear. However, 60% of the first time home buyers are still planning to purchase a home EVEN IF they don't get the First-Time Home Buyers Tax Credit.
Since most homes listed in West Covina under $400,000 are receiving multiple bids, and ALL homes listed under $251,000 are in bidding wars; I feel it is safe to presume that we will not really feel the full effect of a 40% reduction in competition. For fun though, we will suppose that we didn't have multiple offers, and that the 40% reduction in demand will actually have a direct correlation into the West Covina Housing Market Sales(highly unlikely). So our rate of sales would drop by 40% from 57units/month to 34units/month which would raise the West Covina Residential inventory from just over 2 months on-hand inventory to 3.4 months on-hand inventory. This means West Covina would STILL be in a seller's market (due to inventory being low, resulting in competing bids).
So even if the slow down has a direct translation into sales, which I believe to be highly unlikely as we have so many competing offers as it is, the West Covina Housing Market would still be in a Seller's Market. If you're looking to transition from your current home, either to upgrade or down-size, this could prove to be a great time to make the transition. Call us for a free no obligation consultation on how this process could work for you.
Don't just hire anyone... Hire a Pro. Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier.
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I had the distinct pleasure to sit down and speak with Mel Austin from The Mel Austin Show this morning. The Mel Austin Show is a refreshing breath where you can enjoy the “Good News” as Mel highlights the positive things happening in the marketplace and in the news. Mel then interviews professionals from a broad spectrum of professionals; including a REAL Live Princess. Our conversation we had this morning will air on his show Monday, October, 26 2009. I was honored to speak with Mel Austin about investing in real estate as a means to financial freedom, and stumbled on highlighting next weeks topic of Integrity. Be sure to visit The Mel Austin Show and begin taking control of your life today.
You can take it to the next level and get involved in his creative and effective accountability groups that help keep you on your path to success through positive support.
Don't just hire anyone... Hire a Pro. Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier.
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Need to test your vision? Any visitor to the West Covina Farmers Market may be tested at no cost on Saturday September 26 from 8:30 am to 1:00 pm. The Market is located in the Westfield parking lot between the Firestone Store and Margarita Jones Restaurant on the north side of West Covina Parkway.
Dr. David Hill of the West Covina Lions Club will perform the vision testing using the using the Lions Eye Foundation of Southern California’s Mobile Screening Unit.
So head on down to the West Covina Farmer's Market from 8:30am to 1:00pm THIS Saturday.
The West Covina Farmer's Market is held every Saturday from 8:30am to 1:00pm. It is always in the perimeter parking of the Westfield West Covina Mall. For the freshest fruit at the most competitive price come on out and support your local agricultural businesses.
Don't just hire anyone... Hire a Pro. Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier.
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I have been recently asked this question and many similar questions recently. My answer to them have been fairly straight forward, but I believe it to be true.
Q: Is the Real Estate Madness going to end when school starts back up? A: No, I don't believe it will. The current market we are in now began forming almost a year ago to create the artifical real estate market we are in now.
Residential Real Estate prices rose marginally for the past three-to-four months, and I expect this trend not only to continue but actually SPIKE just before the credit falls off. If the prices do spike, there may be a slight dip after the credit falls off, but I believe it will not come back down to where it use to be... So, if you or anyone you know is still waiting for the bottom you missed it... but don't worry there are still some great opportunities out there. You just have to go fight for them.
Don't sit out any longer! Get into the fray, but don't hire just anyone... Hire a Pro!
The market is always changing, and there is constantly new information to contend with. So for all of your Real Estate needs; Don't just hire anyone... Hire a Pro! My Real Estate Pro West Covina.
Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier. We are always accepting Referrals
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"Apartment Properties have historically been the least volatile of all commercial investments and the first commercial properties to recover when markets improve." (Realtor, Sept 2009 pg. 33)
Riverside, CA 92504- A charming 1968, 2 Story Building that is conveniently close to the 91 fwy while residing in a quite tree-lined residential neighborhood. This makes for a very unique investment opportunity because the rent demand is higher due to the living appeal of the neighborhood; while most other apartment complexes in this area are located in commercial or industrial locations. This 22 Unit Apartment Complex has an Elementary school just behind it, and a place of worship adjacent to property giving the neighborhood a pleasant, family friendly feel to it.
22 Unit Apartment Complex Information:
2 Freshly Painted studio Apartments Actual Rent: $700/ea
14 Rehabbed 1bed/1bathroom units Actual Rent: $750/ea
5 non-rehabbed 1bed/1bathroom units Actual Rent: $800/ea
1 2bedroom 1 bathroom unit Actual Rent: $1,000
Currently ONLY 3 vacancies
Tenants pay their own air conditioning, gas, electric and cable. Great, gated pool area and deck area, income producing laundry room, 14 carports and 8 open parking spaces as well as street parking. Building equipped with remote security cameras allowing you to monitor your investment 24 hours a day from the comfort of your home and or office.
Buyer to confirm the following, city in the process of installing new water pipes and gas meters on the street. Please do not disturb occupants, drive by only.
For more detailed performance information on this property please do not hesitate to give us a call 909.227.2516 or contact us.
My Real Estate Pro Realty
Don't just hire anyone... Hire a Pro!
626.967.8686
If you are interested in building your Real Estate Portfolio but don't know how, please contact us, and indicate that you would like information about our Real Estate Investors training seminars. You may be eligible for a free sponsorship into the program... Just ask how.
If you or someone you know is looking to sell their Commercial or Residential investment in Riverside, CAplease feel free to pass their name and information along to us and we will gladly follow up with the high customer service that we are known for.
West Covina, CA-Dockside Bar and Grill is hosting a Fantasy Football League. If you want to take your Fantasy Footbal to the next level this is definately the best way to do it. With a LIVE face-to-face draft, happy hour specials all season long and three catered meals throughout the season this is going to be one epic Fantasy Football League.
The Live Fantasy Football Draft will be September 3rd, so be sure to go by the Dockside Grill in West Covina, just off the Barranca exit in Restaurant Row (next to Hooters). The meal will be catered and there are three leagues forming: Beginner, intermediate, and advanced: so even first time fantasy players can relax, learn and enjoy.
With all sorts of awards, prizes, and even drawings your chances of winning something are only bested by the chance that you'll have fun. and all for only $75 YOU GET:
3 catered meals throughout the season (Drafting Party, Mid-Season Stretch, and Fantasy Superbowl Party).
Fantasy bar Specials for every game throughout the season
Prizes for the winners
Door prizes (a chance for everyone)
Free Wireless Internet so you can check your scores while you watch the game!
And much more
Come on out to the Dockside Grill to sign up for the Ultimate West Covina Fantasy Football League with Live draft. Enjoy the food, sport, meet some new friends, and bring a few old ones. Dockside Grill offers the most comprehensive NFL Ticket around, so you can enjoy the games with great food and awesome atmoshpere. Take your NFL experience to the next level with Dockside Grill West Covina.
Stop by before September 3rd to be sure to sign-up and researve your seat today (leagues look like they will fill up) $75 must be in to hold your spot.
Dockside Grill West Covina 3057 E Garvey Ave N West Covina, CA 91791-1707 (626) 915-3474 -Call for more information
We'll see you there :)... Send me your top ten choices for the draft below.
West Covina, CA- The West Covina Real Estate market is in for a crazy next two months. With a historically low number of homes available for sale, coupled with the incredibly high demand for housing is crazy enough. Now throw in the near end of the first time home buyer Government Supplemental Housing credit and... The West Covina Real Estate market is in for a roller coaster of a time these next two months.
Friday, August 21, 2009
Current Available West Covina Homes: 101 (33.7% are distressed properties) # of homes sold in the last 30 days: 75 (new jump in sold homes... Average fore the previous six months was 60) # of Months inventory on hand: 1.34 Months (A 'normal' market would have 5-7 months inventory on hand)
If you or someone you know is looking to sell their West Covina home; these next two months look to be a good time to do it. Prices have already slightly rose over the past three months, and with the credit coming to an end, and inventory so low I expect to see a spike in the price with buyers fighting to get into a home before the $8,000 credit opportunity is gone. This may be a rare opportunity to sell when the artificial demand for property is at its highest.
I call it an artificial demand because I believe there are still factors that may cause prices to come back down. One factor is what happens to buyer's demand after the incentive to buyers falls off? If the number of buyers dissappear when the credit does this may cause the available inventory to creep back up. The other factor is the banks efficiency to the foreclosure process. Their is a surplus inventory of 'bank owned' properties, also commonly referred to as REO properties, that the banks cannot foreclose on. The banks were already having a very hard time keeping up with all of the foreclosures, and when the Government stepped in with the 90-day moratorium this backed them up even further. Then the government decided to put the burden of proof on the lenders to show they tried to do a workout program with each and every property before foreclosing on it, and the process got slower.
Don't just hire anyone... Hire a Pro. Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier.
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West Covina, CA- Prices have been low and demand has been high ever since the Government introduced the first time home buyers credit. Anyone who passed High School economics with a C should be able to tell you the price is going to go up, and IT HAS already begun to rise over the past three months. The inventory has been steadily declining ever since the government implemented the 90-day moratorium on Foreclosures, and exacerbated the already slow foreclosure process by putting the burden of showing they offered a work-out option for the current owner.
The high demand was artificially created when the government stepped in and offered a bonus, which despite it having dramatic effects, they re-sweetened several times. The inventory is artificially low due to a lack of foreclosed properties being available that would otherwise be subsidizing our low inventory count. So we are in an artificial Real Estate Market, and the pain of this has been drug out longer than necessary.
The market is always changing, and there is constantly new information to contend with. So for all of your Real Estate needs; Don't just hire anyone... Hire a Pro! My Real Estate Pro West Covina.
Licensed REALTOR(s)® California: to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Duarte, Glendora, Hacienda Heights, La Habra, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, South Pasadena, Upland, Walnut, West Covina, Whittier. Don't see your city? Ask us about our National Referral Network.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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