Any buyer that has been looking for a starter home in Fullerton or in Orange County for the past few months knows exactly how fierce this market is!
If you are lucky enough to win the offer war as a buyer, then your next hurdle is with the appraisal.With values coming in so low because of out of area appraisers, short sales sold extremely below market value and everything else. We often bite our nails off hoping to get the "all clear" on the appraisal. I was having a conversation with another Realtor today and she had a perfect way to explain it to our poor buyers and sellers who are just exhausted by the whole situation!
Market Value - This is the price that the market will bear. When you have 40 buyers for a home, this will drive the market value up. If you end up with 10 buyers that are willing to pay $400,000 for a house, this becomes the "Market Value".
Appraised Value - This is the value that the appraiser will assign the property. Lately, I am hearing that lots of "appraised values" are coming in EXTREMELY low and it is hurting home owners that are trying to re-finance or sell their properties.
What it was worth in 2006 - Unfortunately this is the toughest. Every single seller (and I mean EVERY one) knows what their house WAS worth at the peak; yours truly included. No one is immune to this and it is really tough to sit down with a seller to talk about listing their home for hundreds of thousands less than it was worth then; especially if that is when they bought it. It can be heart breaking.
That market will go up, it will go down and right now, it is just darn crazy! The bottom line is that if you can make your mortgage, make it. At some point, it will go back up. It always has!
If you are a home owner and can't make your mortgage; there are resources available. I am one and it won't cost a thing to have a conversation about it and it is completely confidential!________________________________________________________________
Cristal Drake – Fullerton Realtor (R)...At Your Service for all your Fullerton area real estate needs! Prudential California Realty - 714-423-7525. DRE#: 01272061. All information in my blogs is believed to be accurate but is not guaranteed. Copyright 2009 all rights reserved.
REGULAR SALE! OPEN HOUSE October 3rd 1:00 to 4:00! This is a very nice starter home in a sought after neighborhood of Fullerton. This adorable home has been lovingly cared for and includes a large corner lot with additional parking and possible RV access, large back yard with a smooth cement area for basketball, newer roof, newer windows, brand new tank-less water heater, central air, upgraded electrical and plumbing, newer pull out windows, smooth ceilings, extra attic storage and is perfect for the buyer that just wants to 'move in' to a well cared for home! There is also plenty of room to add on! This one will go fast!
I love this time of year! Fall in Fullerton is so much fun! Our trees may not turn colors and lose their leaves but so many fun events come up in the fall and this weekend is probably my favorite.....Fullerton Uncorked!
Why do I love it so much? First, it is located at the beautiful Fullerton Arboretum. It is great opportunity to tour these beautiful grounds in the Cal State Fullerton parking lot.
Second - The food! Pretty much every great restaurant in town is there serving up tastes from their menu's! This year over 45 local restaurants will be there, along with numerous wineries and breweries.
And that brings me to three - Wineries and breweries! Your friends (and mine) from the South Fullerton Rotary will be there to pour! And pour they will!
Did I mention that it is a fundraiser and supports two great causes? Proceeds go to support the Fullerton Arboretum and the Fullerton Boys and Girls Club!
This is pretty much the best party in Fullerton and that is just what it feels like, a big party with all your friends! The venue is just the right size and I almost everyone in Fullerton will be there (or so it seems).
Tickets are $55 at the door or $45 in advance and include: All you can eat and drink, and live music, everything included in your price. Purchase in advance at:
The Complete Package- 1400 N. Harbor Blvd., Suite 130 - Fullerton, CA 92835 - (714) 446-0330
RE/MAX of North Orange County- 1441 Brea Blvd, Fullerton, CA 92835 - (714) 525-0900
I hope to see you Saturday at the Fullerton Arboretum! It starts at 5:00 and only lasts until 8:30 so don't be late!
Cristal Drake – Fullerton Realtor (R)...At Your Service for all your Fullerton area real estate needs! Prudential California Realty - 714-423-7525. DRE#: 01272061. All information in my blogs is believed to be accurate but is not guaranteed. Copyright 2009 all rights reserved.
Take a moment to write your Congressman about this important measure! You have heard local Realtors(r) talk about what a different the first time home buyer tax credit has made.
It is set to expire on November 30th, 2009 further fueling the local first timers frenzy to open and close escrow by November 30th. In Fullerton, there is NO INVENTORY in this price range and most first time home buyers are at a complete stand still watching the few homes that are on the market get bid up over what AN APPRAISAL WILL SUPPORT!
Congress, give our first timers a chance to keep fueling the economy and even more importantly; GIVE IT TO ALL BUYERS! The "move up" market continues to suffer locally and it may free up some that are on the fence about taking the leap to the move up home that they would like to get into!
Look at the numbers for Fullerton for the starter market (homes below $500,000):
Let's free up some starter homes by giving the incentive to the move up buyers too!
The other day I posted a blog and a graph about what is happening with inventory in Fullerton. Fullerton Real Estate - Supply and Demad - The Facts. The fact is; it has decreased. Someone asked a great question in response and it was, "What are the home prices doing in Fullerton?" Great question, here is the answer, in graph form. (Funny, I think I might be becoming a graph person after all.)
Fullerton Home Prices Per Square Foot (All Homes Sold)
I don't have the option to list the actually prices in my software (source is the So. Cal. MLS) but you can see that the per square foot price has started to increase in Fullerton. This is for all price points.
After pulling these stats, I was curious to see what the inventory was like in the super hot price point of below $500,000 in the city of Fullerton.
The numers are shocking!
This graph (source So. Cal. MLS) indicates the inventory in Fullerton for homes less than $500,000. This is what is hot right now and you can see that there is practically no inventory and that the pending escrows almost equal what was was for sale! Wow!
And the price range for these? Here is the per sq. ft. for this price range.
Prices have started inching up. April was really a turning point in the area. People really started looking in the early part of the year and this is when the demand started to increase.
If you would liketo see the numbers for something more specific, let me know. I am kind of getting into these graphs!
Cristal Drake – Fullerton Realtor (R)...At Your Service for all your Fullerton area real estate needs! Prudential California Realty - 714-423-7525. DRE#: 01272061. All information in my blogs is believed to be accurate but is not guaranteed. Copyright 2009 all rights reserved.
If you regularly read my blog, you have heard me say it time and time again, "Inventory is down and homes are in demand". Well, for you graphs people, here is what it really looks like in our very own Fullerton, CA.
DEMAND IS UP
Properties currently for sale, pending sale or sold in Fullerton, CA from Aug. 2008 to Aug. 2009
HOMES NEEDED!
Qualified Buyers- especially first time buyers are having a tough time finding a home to buy. They are nearing the deadline to receive their $8,000 tax incentive and need to close by November 30th to receiv it.
Multiple Offers - Entry level homes in good areas are receiving multiple offers because of low inventory.
I am not really much of a stats and graph girl. I mostly write things the way I see them but I have to tell you what I am seeing here.
August 2008:
611 properties for sale in Fullerton
99 were in escrow
81 closed escrow
August 2009:
269 properties for sale in Fullerton (THAT IS LESS THAN HALF!)
143 were in escrow (almost 50% more than last year)
87 closed escrow (we closed just 6 more with less than half the inventory!)
Right now banks are slow to foreclose and this is keeping new inventory from coming on the market. Meanwhile, buyers are frantically trying to open and close escrow before November 30th, 2009.
Most of the homes on the market are higher end homes. This makes it a great time to move up!
If you are thinking of selling, are just curious about what your house is worth or have questions about the market, give me a call. Even if you are behind on your mortgage, there are options!
Most Orange County cities are faring right about the same but if you have questions on any other city, let me know!
Cristal Drake – Fullerton Realtor (R)...At Your Service for all your Fullerton area real estate needs! Prudential California Realty - 714-423-7525. DRE#: 01272061. All information in my blogs is believed to be accurate but is not guaranteed. Copyright 2009 all rights reserved.
Bank Owned Home just fell out of escrow and has a new lower price! Here is your chance to live in the highly sought after town of Fullerton, CA! This is a great single story home in a desireble area of Fullerton, CA. This bank owned property is just off of Bastanchury in East Fullerton and just needs your finishing touches! It has an open floor plan with four bedrooms, two bathrooms and over 1500 Square Feet of living space. Priced to sell at $419,900! Call today to get your private tour and submit your offer right away. This large home in Troy High School district will not last long!
You have probably heard me talk about how tough it is for first time buyers to realize the dream of home ownership with a little piece of Fullerton Real Estate of their own. I have lots of buyers and with up to 30 offers (or more) coming in on starter homes in Fullerton (and all North Orange County for that matter) it is getting increasing difficult. So, I decided that I needed to get more aggressive for my buyers!
Dreading it or not, I figured I better start knocking on some doors and talk to the folks in the Downtown Fullerton area to see if they might be thinking of selling. So, last week, I started.
While walking the neighborhood, feeling bad about bothering people in their home, I was wondering how hot it was. It was around noon and I was sweating! Most people were pretty nice but not interested in selling. There was definitely a common theme; They loved Fullerton and their downtown neighborhood and were staying!
As I was nearing the end of my route, I spoke to a nice lady that is in the process of getting her loan modified. I was so relieved to hear that she did not spend thousands on a loan mod company! She was so sweet and her husband had been injured on the job. His disability was not enough to cover the bills and they were falling behind. Stories like this are heart breaking. There are options and I gave her a few and hopefully the mod will work for them.
Next door, a man was standing in his front yard so I gave him my information and had a little chat with him. He said he was a real estate broker and of course that meant he wouldn't be interested in listing his house with me. "But", he said as he looked me up and down, "You have something else I might be interested in"... and let me tell you that he wasn't offering me a position in his office....UGH. Creep.
All and all nothing has come out of it yet. Other than the creep and 100 degree plus weather, it really wasn't all that bad. Folks in Downtown Fullerton are pretty nice and if you are friendly and to the point, they are willing to talk to you.
I will be going at it again this week so if you see me coming, don't worry, I am not a pushy peddler, just a Fullerton Realtor doing everything she can think of to try to get her buyers into a home!
Cristal Drake – Fullerton Realtor (R)...At Your Service for all your Fullerton area real estate needs! Prudential California Realty - 714-423-7525. DRE#: 01272061. All information in my blogs is believed to be accurate but is not guaranteed. Copyright 2009 all rights reserved.
One of Southern California's best Nutcracker performances will be at Fullerton College on December 18th, 19th, 20th. This is a traditional production created by two ex-principle dancers from the Moscow Classical Ballet.
Many of you know of the Open House Wallet Snatchers. They have been striking in Fullerton (a few times) and as far away as Torrance and Corona! Please take a moment to look and see if you have seen these wallet snatchers!
If you need a better version of the flyer or have info, please contact Cristal Drake: 714-423-7525, cristaldrake@gmail.com
NOTE: We are thinking that by now the pregnant girl has given birth. The detective is taking this very seriously because they are hearing numerous reports and they are clearly professionals. Let's not let this happen to anyone else or turn into something worse! Thanks so much for your help!
Cristal Drake – Fullerton Realtor (R)...At Your Service for all your Fullerton area real estate needs! Prudential California Realty - 714-423-7525. DRE#: 01272061. All information in my blogs is believed to be accurate but is not guaranteed. Copyright 2009 all rights reserved.
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.
Second - The food! Pretty much every great restaurant in town is there serving up tastes from their menu's! This year over 45 local restaurants will be there, along with numerous wineries and breweries. 
While walking the neighborhood, feeling bad about bothering people in their home, I was wondering how hot it was. It was around noon and I was sweating! Most people were pretty nice but not interested in selling. There was definitely a common theme; They loved Fullerton and their downtown neighborhood and were staying!
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