I started reading the news reports this morning regarding the housing market. After about an hour and a half I found that I had read so many conflicting reports that my head was spinning. Real estate is my profession, and if I am confused then I cannot imagine how confused the average individual is on this housing bubble issue.
I read reports that the housing market has been declining and may continue to do so until the end of this year. I read another article that says, No Wait! we won't see the end of the decline and stabilization until sometime in 2010, or wait was that was 2009. Well anyway, I am not sure. Then I saw a report that the housing market has seen the largest decline in well I don't know how many years. However, this article forgot to say that before the decline was a large incline. So guess what, homeowner's who bought a while ago, before all this craziness, still had a gain. So I wondered how do I tell my readers, clients, family, and friends how to decide if now is the time to buy, sell, or stay where you are at, on the fence? So I did my homework on the MLS and came up with some information of my own for just Rancho Cucamonga.
Here is my disclaimer. I did take statistics in college. No I am not an expert statistician. I am giving you numbers I gathered off the MLS. I cannot guarantee that these numbers are accurate because each entry is done by a different individual. My information is strictly to give you a general idea of what is going on from my perspective. Ok, that being said, this is what I saw:
RANCHO CUCAMONGA
- Properties on the Market: 902
- Single Family Homes 704
- Townhomes/Condos 198
Let's break these down by price:
- 299,999 and under 8 1938 sq.ft.
- 300-399,999 192 2749 sq.ft.
- 400-499,999 178 3156 sq.ft.
- 500-599,999 109 4515 sq.ft.
- 600-699,999 62 4132 sq.ft.
- 700,000 to 2.5 million 116 7780 sq.ft.
Pending Sales (in escrow) 158
Sold Properties between 1/1/08 and 3/1/08 157
I could give you tons of details, like days on the market, average sale price, average list price, and on and on. But I don't think it is necessarily useful. Because, what I learned from statistics it that numbers can and 
do change from one minute to the next. You can only extract data based on a certain time frame, and data can be maniupulated to give you the outcome you want, and there is always a margin of error. Keep this in mind the next time you read a news article that uses statistics to back up their position (on anything). If you look closely at the news, their statistics are full of problems (I could write a book on what they are, but it would be boring). Anyway, reporters need to make a headline story that has a lasting impact on the general population to keep their ratings, and it can't be done unless they have something shocking to tell us. Right now it is doom and gloom.
All the information I gave you on real estate in Rancho Cucamonga tells me to use my common sense. About 305 homes have sold in Rancho Cucamonga or are in the process of selling (assuming they all close escrow). So someone is still buying. 902 are still on the market and available, sellers are still selling. Rancho Cucamonga is a great place to live, send your children to school, and shop. Many homes have beautiful views, quiet neighborhoods, friendly people, and offer a wide variety of entertainment nearby.
Is now the time to buy? I don't know. Surprised? Me too. I can give you all the statistics. I can reiterate that you cannot time the market, because by the time you realize the market has hit bottom it is already increasing. I can't tell you that your home purchase will give you great wealth. But here is what I can tell you: That real estate is a long term investment and statistically speaking it has had an average increase well above that of a savings account (there's that suspicious word again). You do not generally purchase a home primarily for investment purposes, that is just a perk. You should purchase a home to raise a family, have the freedom to express yourself in decor and landscaping, to place your kids in a better environment and have better control over your living conditions.
If you are thinking of purchasing a home to live in, talk to your Realtor. Your Realtor can discuss with you whether or not you are ready to own a home. Share your ideas and feelings with them. Tell him/her why you have been considering purchasing a home. Maybe you want to stop paying rent, you want a stable environment for your family, or you are thinking it would be good to have a home paid for before you retire.
If you and your Realtor feel your are ready, and it is the right time, then let your Realtor refer you to a trusted loan officer. Be honest with your Loan Officer, and tell them all the details of your finances. If you qualify for a mortgage, you want a home for your family, a place where your children can grow up and attend good schools, and you feel you can afford a home then I say go for it!
Rancho Cucamonga can offer you all this and more at with affordable prices and manageable payments. But if you are not ready, your Realtor and Loan Officer can show you the steps you need to take to get there. 
We also sell Bank Owned Properties and Short-Sales.
NEW HOME PICTURES OF FAIRHAVEN IN RANCHO CUCAMONGA
If you would like to discuss the possibility of purchasing a home, including any concerns you may have, please call me at 909/573-4267 or 626/374-1583 cell.
Our team represents buyers in their purchases of NEW and EXISTING homes and sellers in the Inland Empire.
FOR A FREE REPORT ON 5 THINGS YOU SHOULD KNOW BEFORE LOOKING FOR A "NEW HOME" JUST CALL THE 909/573-4267 AND LEAVE A MESSAGE. WE WILL GET IT OUT TO YOU AS SOON AS POSSIBLE.
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