Nov. 26 Chino Market Report

Thanksgiving and the shopping sprint that followed may have dampened the enthusiasm of some home shoppers, but those determined to change addresses before the end of the year continued to seek out "open house" signs and followed flags into new developments. Most new-construction models were closed for Thanksgiving, but open again on Friday morning.

In Chino, two homes closed escrow and two homes entered escrow during the week ending Nov. 25, the Inland Multi-Regional Multiple Listing Service reported. The MLS said 18 new listings were added for a total inventory of 466 homes on Nov. 26, including 302 single-family homes with no monthly fees and 164 condominiums, townhomes and single-family homes in associations.

  Thousands of home owners whose mortgages were scheduled to reset to high rates in the next 18 months have found an extra reason to celebrate. Gov. Arnold Swarzenegger and four of the state's biggest lenders have agreed to an initiative that would keep interest rates at the current level for homeowners who are current and living in the house, according to the Inland Daily Bulletin article on Nov. 26, which identified the lenders as Countrywide Financial, GMAC Financial Services, Litton Loan Servicing and HomeEq Servicing.

With escrow offices closed Thursday and Friday, the number of closed escrows was much lower in the week from Nov. 19 to Nov. 25, but sellers continued to add to an already bloated inventory.

Home shoppers who want to close escrow by year's end will find sellers who cannot wait for a shift to a more seller-friendly market are willing to negotiate terms and conditions in order to move on.

If you need to sell your house in the next few months, you should look for a Realtor who will provide top-quality service in this challenging market. My team always focuses on the needs of our clients. I talk with many sellers and give them a frank appraisal of the current real estate market and whether, working together, we can achieve their goals. Please call (909) 261-3541 for more information or an appointment.