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Stats for January

by The Barringer Team

The following information is from the local MLS database, as of February 2, 2015 and is compared to (January 1, 2015).  As we enter the second month of 2015 we are  seeing the lowest amount of homes on the market all year which is to be expected.  Prices are only reducing slightly with price reductions posted daily.   Interest rates are slightly improving with 30 yr fixed at 4.35% and FHA/VA at 3.75%. 15 yr is 3.125. New home construction projects are popping up more in the area and even though the prices are a little higher, there are still good deals out there in the new communities.  Don't forget...We can represent you with the new home builders too!  Don't go with out being represented!

   If you have been on the Fence about selling your home then NOW is the time to sell. There will be more homes coming on the market  and the buyers that are looking are SERIOUS buyers!  Don't wait till Spring like the rest of the sellers.  If you are curious to see how much equity you have in your house, give us a call for a market analysis! Or go to our new service for instant valuation of your home on the internet atwww.tracyhomevalue.com.  or  Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com.

Tracy, CA

ACTIVE STATUS

Total # of residential properties for sale in the city of Tracy: 102 (124)

# of REO (foreclosures): 5 (4)

# of Short Sales: 5 (0)

Average # of days on market: 34 (51)

The median price of all homes for sale in Tracy: $399,394 ($399,000)

 

PENDING STATUS

Number of properties currently under agreement: 113 (91)

# of REO: 6 (4)

# of Pending Short Lender Approval: 21 (20)

Median pending price: $365,000 ($364,400)

 

SOLD STATUS

Residential property sold over previous 30 days: 55 homes (60)

REO's sold in the last month: 2 (5)

Short sales sold in the last month: 2 (6)

Median sale price: $368,000 ($365,000)

Median # of days on the market:  37 (25)

 

 

Mountain House, CA

 

ACTIVE STATUS

 

Total # of residential properties for sale in the city of Mountain House: 35 (56)

# of REO (foreclosures): 1 (2)

# of Short Sales: 1 (3)

# of New Construction: 16 (31)

Average # of days on market: 44 (62)

The median price of all homes for sale in Mountain House: $535,950 ($531,591)

 

PENDING STATUS

 

Number of properties currently under agreement: 46 (33)

# of REO: 1 (1)

# of Pending Short Lender Approval: 5 (4)

# New Construction: 19

Median pending price: $464,000 ($479,079)

 

SOLD STATUS

 

Residential property sold over previous 30 days: 18 homes (20 homes)

REO's sold in the last month: 1 (0)

Short sales sold in the last month: 1 (0)

New Construction sold: 3

Median sale price: $467,040 ($492,568)

Median # of days on the Market: 45  (39)

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HOMES SOLD IN TRACY IN JANUARY

Take a look at this chart to see the SOLDS in Tracy for January.  Call us for a free Market Analysis on your home!  209-833-7777.

    Address    Beds Baths Sq FT List  Sell DOM  
1001   Windsong Dr 4 3 (2 1) 2243 398900 390000 212  
1331   FRUITWOOD Way 3 2 (2 0) 1166 310000 302000 162  
1638   Kyle Dayton Dr 4 4 (3 1) 2612 519900 520661 176  
1910   Alegre Dr 4 2 (2 0) 1422 299900 308000 89  
2915   Colony Dr 3 2 (2 0) 1230 297999 298000 92  
1888   Crater Pl 4 (5) 3 (2 1) 2643 399950 385000 126  
3976   Chateau Ln 5 3 (3 0) 2696 400000 400000 111  
1520   Monterey Ct 5 3 (3 0) 2684 429900 419000 105  
1695   Parkside Dr 5 3 (3 0) 2360 387850 387850 122  
2506   Ozark Dr 4 (5) 3 (3 0) 2384 429990 415000 32  
21761 S Corral Hollow Rd 4 1 (1 0) 982 319900 305000 87  
1981   Bridle Creek Cir 4 3 (3 0) 1980 379000 352000 78  
525   peerless Way 2 2 (2 0) 1118 165000 170000 24  
1072   Darby Dr 4 3 (3 0) 2223 450000 440000 37  
1880   Laurelgrove Ln 3 3 (2 1) 1654 319950 315000 51  
4034   Reids Way 5 3 (3 0) 2611 440000 440000 85  
2001   Superior Ct 5 (6) 3 (3 0) 3947 549000 549000 99  
1628   Kyle Dayton Dr 4 3 (3 0) 2486 489900 491919 10  
2004   Thelma Loop 5 3 (3 0) 2443 399950 405000 46  
1936   Bankston Dr 5 3 (3 0) 3101 470000 461900 53  
1845   Thelma Loop 5 3 (3 0) 3049 449900 437500 44  
1400   Divine Ln 4 3 (3 0) 2266 359000 350000 66  
1516   Parkside Ct 4 3 (2 1) 1817 335000 335000 51  
4622   Glenhaven Drive   4 3 (3 0) 2447 425950 415000 54  
750   Kings Canyon Ct 5 3 (3 0) 2360 389000 389000 46  
1341   bessie   3 1 (1 0) 986 249950 240000 22  
2666   Crystal Creek Ct 3 (4) 3 (2 1) 1565 374900 368000 37  
2113   Golden Gate Drive   4 3 (2 1) 2397 429950 425000 50  
2823   Ralston Way 3 2 (2 0) 1518 359950 355000 40  
1452   Whittingham   4 (5) 3 (3 0) 2223 398000 375000 38  
1871   Mello Ct 3 2 (2 0) 1245 280000 280000 5  
1812   Alcott Pl 3 3 (2 1) 1736 265000 265000 40  
65 S C St 3 3 (2 1) 1526 295000 290000 47  
88   Regina Way 3 2 (2 0) 1075 299990 300000 24  
27199 S Leeward Way 3 (4) 3 (3 0) 3345 819950 790000 61  
301   Hunter Trl 4 2 (2 0) 1639 350000 350000 20  
1547   Arrigotti Ln 4 3 (3 0) 2211 414000 408000 6  
14 W Eaton Ave 3 1 (1 0) 1338 279950 275000 36  
2202   Golden Gate Dr 4 3 (2 1) 2056 383000 383000 30  
4653   Monarch Ln 3 2 (2 0) 1588 364500 351000 24  
1828   Deborah St 3 1 (1 0) 956 224000 220000 12  
1675   Lahola Ct 4 2 (2 0) 2575 419800 368000 24  
1663   ray wise   4 3 (3 0) 2083 385000 379000 28  
1342   Windsong Dr 5 3 (3 0) 2900 450000 448000 4  
1260   Wilson Ave 3 1 (1 0) 1204 275000 270000 28  
1488   Michael Dr 4 3 (3 0) 2158 389950 377000 20  
1150   Vallerand Rd 3 1 (1 0) 1043 268999 270000 1  
1850   Duncan Dr 3 2 (2 0) 1245 297000 297000 8  
1562   Shadowood Ct 2 2 (2 0) 1068 285000 285000 11  
791   Cathedral Way 3 2 (2 0) 1699 435000 415000 0  
1288   Michael Dr 3 (4) 3 (3 0) 2226 415000 412000 8  
840   Teton   3 3 (2 1) 1436 315000 315000 5  
3280   Cheryl Ln 3 (4) 3 (2 1) 1724 315000 320000 10  
2466   Lighthouse Cir 4 3 (2 1) 3121 461900 470000 21  
1433   Ferngrove Ct 3 3 (2 1) 1594 338000 330500 8  
                     

THE CURSE OF THE FIRST OFFER

Home Sellers: The Curse Of The First Offer

Sometimes when everything goes right we have trouble accepting that fact. Perhaps nowhere is this phenomenon more clearly illustrated than in the case where a seller receives a good offer right away.

The annals of real estate are well stocked with stories of sellers who refused to take a good, but not perfect, first offer, and who then waited a long, long time before finally accepting something else at a considerably lower price. And most agents who have been around for a while know to shudder when a good strong offer is made almost at the outset of a listing; for the seller's reservations are almost inevitable. "Did we list it too low?" "If someone will offer this much so soon, maybe we should wait a while and see if we can get more." Etc.

When we read of Silicon Valley listings routinely selling at 15% above list price, and when we've just recently come through a period when multiple-offer situations were commonplace, it is understandable that such thoughts come to mind. Nonetheless, they are generally unfounded, especially if the market is anywhere near "normal", as ours is today.

As an antidote to the ill effects of the "curse of the first offer", a couple of observations might be kept in mind.

First, the fact that an offer is received early in the listing period -- even in the first few days -- doesn't mean that the property has been listed too low.

It is easy to overlook how very efficient the residential real estate marketplace has become. Modern multiple listing systems (MLS) provide agents, and thus their buyer clients, with virtually instant access to information about existing inventory and about what has newly come on the market. In the old, old days a buyer's agent did not become aware of new listings until "the book" (i.e. the compilation of MLS listings) was published. There might have been a lag time of ten days or more from the time the listing was taken.

Today, a good buyer's agent will have electronically entered a "profile" of his client's needs and price range into the system. Then, whenever he logs on to the MLS, he will be notified if a listing has been entered that matches that profile. In a low-inventory market such as we have had recently, buyers' agents will log on a half-dozen times a day, or more, to see if an appropriate new listing has been entered. Moreover, in most systems the buyer's agent is able to place the buyer himself on a similar notification.

The point is that potential buyers learn quickly of the existence of an appropriate new listing. Thus a flurry of activity at the outset of the listing does not necessarily imply a too-low price; rather, it reflects the efficiency of the system.

Secondly, an early first offer does not imply that the seller should hold out for full price.

We all know that there is typically a bit of a dance in the pricing and negotiating for a property. Sellers, with the concurrence of their agents, will usually list their property for an amount that is both higher than what they believe its value to be and higher than what they would be satisfied to receive. Why? Because they know that buyers almost always want and expect to pay less than the listed price

However, when an otherwise acceptable offer comes in near the outset of a listing period, sellers are frequently tempted to hold out for full price, or much closer to it than would normally be expected. Caution should be exercised in this regard.

For one thing, as we have noted, exposure of the property to buyers occurs pretty quickly nowadays, and sellers shouldn't assume that there are going to be more, much less higher, offers as the listing period progresses.

Secondly, there often can be a transactional benefit to "leaving something on the table." A real estate transaction is a process. These days, with inspections and disclosures, there are almost always "second negotiations" during the course of escrow. A buyer who feels ground down in the purchase negotiation may well be more difficult to deal with as other issues arise. 
 

BEWARE OF ZILLOW

Although the market remains very subdued (low volume of home exchanging hands) and pricing remains flat, much like 2014, the public seems to be receiving a very different message. It is easy to look for villains, and frankly we needn’tlook that far. (Hint: Zillow). Case in point, in speaking to a cable company technician the other day, he lamented that his home had dropped in value 60K in just the last few months. What?? The valley has had no major ups or downs in the last year and a half - how did his home drop 60K in just two months? We quickly assured him that short of a fire, his home did not drop 60K but asked the source of his information. As suspected, his source was Zillow. To their credit, they have done an amazing job at becoming the go to valuation site. Sadly they do a very poor job of deserving it. Zestimates are simply a fun tool but in no way are accurate for determining value nor the state of the market. The only accurate way to determine value is with a supply/demand analysis – and that takes a person to evaluate what is relevant and what isn’t. Automation is not a substitute for thinking. Don’t be fooled in to thinking otherwise.

CONTACT INFORMATION

 
The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-894-7282
Fax: 209-229-7426
Search Listings Now
 

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Contact Information

The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-984-7282
Fax: 209-229-7426
Search Listings Now

            

   
    

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