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The Barringer Team Market Trends Newsletter

Local Market Trends

 

The following information is from the local MLS database, as of June 1, 2017 and is compared to (May 1, 2017).   Prices are climbing again this month due to the lack of inventory! The amount of listings coming on are replacing the homes coming off. But demand is still strong and good homes get multiple offers especially homes priced under $400,000 and the higher priced homes are taking longer to sell.  We only have a 1.2 months supply of inventory.  A healthy market has 6 months supply. Prices are increasing as a result of this but appraisals are not keeping up. Be very careful if you or your buyer removes their appraisal contingency.  Buyers are still eager to buy and they are watching the new listings as they hit the market. And with fewer choices buyers are competing to get their offers accepted.   Interest rates are fluctuating up and down with 30 yr fixed at 4.25% and FHA/VA at 3.75-4.0%. 15 yr is 3.375. Still the lowest rates! 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. The largest one is the Ellis Community.  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 still the time to sell. We need more listings! We only have a 1.2 month supply of homes to sell.  This is a serious SELLER'S MARKET and buyer in these months are serious buyers.   If you are curious to see how much equity you have in your house, give us a call for a market analysis! 209-833-7777 e-mail is sales@tracyhomes.com. Or go to www.TracyHomeValue.com to get an automated market analysis. 

Tracy, CA

ACTIVE STATUS

Total # of residential properties for sale in the city of Tracy: 103 (100)

# of REO (foreclosures): 2 (1)

# of Short Sales: 3 (2)

Average # of days on market: 27 (19)

#New Construction:  14

The median price of all homes for sale in Tracy: $524,950 ($479,950)

PENDING STATUS

Number of properties currently under agreement: 145 (128)

# of REO: 3 (0)

# of Pending Short Lender Approval: 4 (6)

# of New Construction:  8

Median pending price: $450,000 ($432,450)

 

SOLD STATUS

Residential property sold over previous 30 days: 105 homes (78)

REO's sold in the last month: 3 (3)

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

Median sale price: $445,000 ($450,000)

# of New Construction:  6

Median # of days on the market:  9 (12)

 

 

Mountain House, CA

 

ACTIVE STATUS

 

Total # of residential properties for sale in the city of Mountain House: 12 (22)

# of REO (foreclosures): 0 (0)

# of Short Sales: 0 (0)

# of New Construction: 3 (3)

Average # of days on market: 14 (13)

The median price of all homes for sale in Mountain House: $617,450 ($614,500)

 

PENDING STATUS

 

Number of properties currently under agreement: 38 (45)

# of REO: 0 (0)

# of Pending Short Lender Approval: 0 (0)

# New Construction: 3

Median pending price: $577,444 ($579,900)

 

SOLD STATUS

 

Residential property sold over previous 30 days: 29 homes (24 homes)

REO's sold in the last month: 0 (0)

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

New Construction sold: 1

Median sale price: $640,000 ($547,500)

Median # of days on the Market: 45  (10)

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HOMES SOLD IN TRACY IN MAY

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

 

    Address    Beds Baths Sq Ft      List      Sell   DOM  
18555 S MacArthur Dr 2 (3) 1 (1 0) 1170 350000 350000 221  
28295   Jack Godwin Way 5 4 (3 1) 3017 615000 610000 232  
3942   Summit Dr 4 3 (3 0) 2809 555900 540000 197  
4080   Comstock Pl 4 4 (3 1) 3379 619900 594900 130  
1858   Ponderosa Dr 4 3 (3 0) 3235 579900 575066 152  
2516   Mia Way 4 4 (3 1) 3719 619790 702126 26  
1485 E Grant Line Rd 3 1 (1 0) 900 325000 325400 42  
4122   Flint Ln 5 4 (4 0) 3331 599000 600000 76  
2931   Ponte Mira Way 3 2 (2 0) 1416 385000 380000 25  
2556   Mia Way 4 4 (3 1) 3677 629900 615000 77  
2865   Georgia Dr 4 3 (2 1) 1778 415000 405000 37  
1480   Andrew St 3 3 (2 1) 1454 390000 395000 49  
341   Baldwin Ln 4 3 (3 0) 2389 460000 450000 34  
4574   Lindsey Ln 3 (4) 3 (3 0) 2588 540000 530000 50  
2012   East St 4 2 (2 0) 1157 369950 356000 44  
30773 S Tracy Blvd 3 (4) 2 (2 0) 1634 569000 585000 27  
1441   Kyle Ct 4 3 (3 0) 2158 440000 400000 4  
1813   Egret Dr 5 3 (3 0) 2961 539900 539900 14  
2515   Mia Way 3 2 (2 0) 2299 563900 549999 49  
3208   Hutton Pl 5 (6) 5 (4 1) 4633 949950 950000 68  
1822   Periwinkle Dr 5 3 (3 0) 2495 490000 471000 45  
1356   Eagle St 4 3 (3 0) 2582 530000 530000 37  
135 E 21st St 3 1 (1 0) 1272 339900 330000 35  
366   Darlene Lane   4 (5) 2 (2 0) 2049 445000 435000 34  
21 E 3rd St 1 (3) 1 (1 0) 1547 150000 183500 17  
1976   Calaveras Ct 4 3 (2 1) 2147 449900 432000 35  
21 E South St 3 2 (2 0) 1412 315000 295000 39  
2004   GIBSON Ct 4 4 (3 1) 3008 549999 550000 11  
818   Chestnut Ave 3 2 (2 0) 1168 333000 350000 35  
27660 S Fagin Dr 4 3 (3 0) 2904 849000 849000 37  
111   C St 3 2 (2 0) 1091 279000 255000 26  
362 W 22nd St 3 1 (1 0) 1334 315000 320000 7  
2506   Marie Antonette Ln 4 3 (3 0) 2199 498000 515000 7  
505 W 12th St 3 2 (2 0) 1952 339950 339950 29  
1401   Cypress Dr 3 2 (2 0) 1120 375000 360000 11  
718   Harold Smith Dr 4 3 (2 1) 2190 479950 475000 8  
4544   Lindsey Ln 5 3 (3 0) 3133 565000 565000 5  
1364   Pyrenees St 5 4 (4 0) 2928 600000 600000 25  
2970   Reyes Ln 3 2 (2 0) 1206 349950 360000 7  
739   Williams St 3 3 (2 1) 1664 394900 406000 12  
1714   Hudson Way 4 3 (2 1) 2080 444900 460000 7  
135 W Lowell Ave 1 1 (1 0) 576 249999 258000 15  
1351   Hepburn St 4 3 (2 1) 2152 459000 470000 5  
733   Glenpine Ct 4 3 (2 1) 1705 399950 415000 8  
1291   Riverview Ave 7 3 (3 0) 3712 535000 535000 12  
830   Amaretto Dr 4 2 (2 0) 1916 375000 375000 17  
2676   Green Haven Ct 4 4 (3 1) 3308 644000 644000 7  
176   Renown Dr 4 2 (2 0) 1785 425000 457000 7  
2995   Misty Meadow Dr 4 3 (2 1) 1441 399900 420000 11  
850   Sultana Dr 3 2 (2 0) 1167 353000 365000 6  
362   Roan Dr 3 2 (2 0) 1650 415590 430000 7  
62 W 7th St 3 1 (1 0) 1304 320000 320000 6  
2987   Young Ct 5 4 (4 0) 3251 535000 550000 9  
2551   Wyman Way 4 (5) 4 (3 1) 3140 530000 557500 9  
211   Portico Ln 3 (4) 3 (2 1) 2355 479950 479950 26  
2318   Ogden Sannazor   5 4 (4 0) 3468 520000 520000 8  
960   Peerless Ct 3 3 (2 1) 1382 355950 362950 7  
4750   Twin Oaks   4 3 (3 0) 2603 469000 465000 13  
1158   Atherton Dr 4 3 (2 1) 1902 405000 465000 4  
1505   Tahoe Cir 3 3 (2 1) 1733 435000 435000 6  
404 W 10th St 2 1 (1 0) 986 295000 295000 13  
2434   Spring Creek Ct 3 3 (2 1) 1609 430000 435000 21  
2581   Tennis Lane   3 (4) 3 (2 1) 2563 480000 496000 13  
311 W 10th St 2 1 (1 0) 1062 210000 210000 2  
2189   Gibralter Ct 4 3 (2 1) 2355 460000 465000 15  
10 E 20th   3 (4) 1 (1 0) 1206 315999 305000 14  
472   MONTCLAIR Ln 4 3 (2 1) 1868 445000 460000 7  
711 N Hickory Ave 4 3 (3 0) 1716 385000 392000 7  
912   Tarrogana Dr 3 (4) 2 (2 0) 1693 385000 385000 10  
1173   Pyrenees Ct 4 3 (3 0) 3078 599950 640000 9  
2 W Whittier Ave 2 1 (1 0) 1097 330000 345000 7  
1015   Winter Ct 3 (4) 3 (2 1) 1436 410000 408000 5  
2730   Oxford Ct 4 3 (3 0) 2452 471000 471000 5  
1965 W Kavanagh Ave 3 3 (2 1) 1373 385000 405000 5  
1327   Gwerder Ct 4 3 (3 0) 2158 439875 450000 7  
425 E 3rd St 3 2 (2 0) 1154 349900 375000 8  
27836   Gerhart Ln 5 4 (3 1) 3590 789126 760000 7  
1420   Kyle Ct 4 3 (3 0) 2443 442000 445000 17  
170   Cedar Mountain Dr 4 (5) 3 (3 0) 2373 449950 450000 17  
1570   Joseph Menusa Ln 4 2 (2 0) 1850 435000 460000 5  
670   Potsgrove Ct 3 3 (2 1) 1682 395000 395000 7  
925   Gotland Ct 3 2 (2 0) 1650 420000 425000 5  
402 W Emerson Ave 2 1 (1 0) 1214 355000 340000 4  
2433   Colby Ct 5 3 (3 0) 2420 507500 495000 34  
1660 W Kavanagh Ave 4 3 (3 0) 2420 464000 467000 9  
2115   Alfred George Ct 5 3 (3 0) 2421 495000 495000 7  
4685   Dandelion Loop   5 3 (3 0) 2720 485000 510000 8  
1863   Oswego Ct 4 3 (3 0) 2642 500000 500000 5  
1679   Dove Dr 5 5 (4 1) 3417 739000 750000 5  
675   Sequoia Blvd 3 2 (2 0) 1457 359950 377000 8  
485   Magnolia Ln 3 2 (2 0) 1306 325000 343000 8  
2994   Ray M Gutierrez Ln 4 3 (3 0) 1800 394900 430000 11  
2254   Gary Ln 4 2 (2 0) 1850 465000 472000 7  
139 W Carlton Way   3 2 (2 0) 1822 389000 389000 26  
222 W 21st   3 2 (2 0) 1047 339500 340000 5  
1821   Parkside Dr 4 (5) 3 (3 0) 2360 459000 465000 8  
3352   Pumpkin Ct 3 (4) 3 (2 1) 1441 424950 438000 5  
1930   Thomas Dehaven Ct 4 2 (2 0) 1475 400000 419000 11  
1755   Thicket Ct 3 3 (2 1) 1835 436000 436000 5  
28450   Jack Godwin Ct 5 4 (3 1) 3017 660000 660000 4  
1088   Roy Frerichs Ln 4 3 (3 0) 2199 488000 495000 5  
880   Bryce Way 5 3 (3 0) 2360 465000 465000 7  
1421   Teakwood Way 3 3 (2 1) 1461 389900 430000 7  
3381   Cabrillo Drive   3 2 (2 0) 1277 389000 400000 2  
1928   Pagoda Ct 4 3 (2 1) 2032 450000 435000 7  

How To Buy A House Without Going House Poor

How To Buy A House Without Going House Poor

http://img.realtytimes.com/rtimages/newsletter84/$file/moneyman.gifHow much house can you really afford? Is it the amount the bank tells you when preapproving your loan? That's what most people go by, oftentimes spending up to their max approval amount to get as much house as possible - or to be able to afford something at all in tight markets.

The debt-to-income (DTI) ratio, along with your credit score, is what is used by lenders to determine your loan approval and amount. The Consumer Financial Protection Bureau's (CFPB) efforts to keep this number low notwithstanding, it has been rising to levels that are concerning to industry insiders who fear a widespread wave of homebuyers overextending themselves and becoming unable to support their mortgage payment and other obligations.

The CFPB's Qualified Mortgage (QM) Rule went into effect in 2014, intended to curb overleveraging by capping a borrower's debt-to-income (DTI) ratio at 43 percent. "This means that a borrower's total debt expense (including total mortgage payment) does not exceed 43% of their gross income (before taxes are withheld)," said the National Association of REALTORS (NAR). The rub: Many loans Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), are exempt from the 43 percent DTI limit.

The impact higher DTIs are having on the market is clear; a new WalletHub report "analyzed data from 2,533 U.S. cities and ranked all of them on the basis of a ‘WalletHub Home Overleverage Score,'" said 24/7 Wall St, finding that, in many cities, overleveraging is becoming the norm. "The score was derived from a city's median mortgage debt, median house value, median income, mortgage debt-to-income ratio and mortgage debt-to-house value ratio." The top 10 are all well over the 43 percent threshold, with the top three - San Luis Obispo, California at 59.62; Williamsburg, Virginia at 58.76; and Brooksville, Florida at 57.44) pushing 60 percent.

Getting in over your head with a house, either from the get-go when first purchasing, or later on with a home equity line that increases your monthly payments, is a dangerous scenario for homeowners (and for the market in general). So how do you keep yourself in check to make sure the house you're buying is one you can actually afford and that you're not in danger of becoming house poor?

Do your own calculations

The bank may be telling you that a $350,000 house is within your means, but are you OK with the monthly payment attached to that price? No one is more familiar with your spending habits than you. Are you really going to be able to cut $500 a month in discretionary spending (eating out, movies, clothes shopping, morning lattes) to comfortably make your new house payment?

Don't forget about the extra expenses

If you're buying your first home, you may not be estimating your new monthly expenses accurately. Did you include the HOA fee, if the community in which you're looking to buy has one? What about any special assessments, if there are any? And private mortgage insurance (PMI) if you have an FHA loan and are putting less than 20 percent down on your home. That couple hundred dollars could put you over the top.

Have you also considered your utilities? You may not be accustomed to paying gas and electricity and water and trash if you've been living in an apartment. There could also be an increase in the cost of electricity if you have more square footage to heat and cool.

Watch out for HELOCS

A home equity line of credit (HELOC) can seem harmless. I mean, it's your money, right? And you're using it improve your home, which will only raise its value, right? But what seems like a great idea can also get you in trouble when you tap your home equity. You may be calculating the additional payment for now, but what happens later?

That's the conundrum thousands are facing right now, as "HELOCs are resetting higher rates and overleveraging homeowners," said Inman. "An analysis by Black Knight Financial shows that 1.5 million home equity lines of credit will see interest-only draw periods end this year with outstanding unpaid principal balances that average $62,500 per HELOC. The data reveals that average borrowers whose lines of credit reset will face an additional cost of $250 per month, more than double the current average payment."

Keep an open mind

Finding a house you can afford may be challenging - especially for first-time buyers and those in competitive markets that push the affordability index. If you have tight parameters for your house hunt that are making it hard to find something within your budget, consider:

  • Extending your area search. You may not be aware of (but your Realtor probably is!) adjacent cities or communities that offer a similar lifestyle at a lower price or up-and-coming areas that provide a great value because they're still slightly under the radar.
  • Buying a condo or townhome instead of a single-family home. Some buyers have an automatic aversion to condos and townhomes because they don't like the idea of living attached. But your real estate agent may know of properties that are end units, that have private yards, and that are two-story units with no one above or below you. It may be that this is your best bet for homeownership you can really afford at this point, and you may find you like it far more than you expected - especially because so many of these communities come with great amenities like a pool and gym, plus front-yard landscaping that is taken care of, saving you time and money.
  • Looking at fixer-uppers. A little-known loan called an FHA 203(k) mortgage may be your "in" to a home you can afford and make your own. The bonus is that it's also great for borrowers who may not have the credit and/or down payment to qualify for conventional loans. "The FHA requires a credit score of at least 580 if you want to make the minimum down payment; if you have 10% down, your score can be as low as 500," said Interest.com. "You can borrow more than the home is worth, as long as the repairs will increase its appraised value. The most you can borrow is 110% of what an appraiser estimates it will be worth after renovations, or the cost of the home plus the estimated renovation cost, whichever is less, minus your down payment. The minimum down payment on an FHA loan is 3.5%."

9 Reasons To Stop Paying Rent

 

Visit us online at www.TracyRealEstateExpert.com

 Hey Millennial, Go Buy a House! 9 Reasons to Stop Paying Rent Today

Still unsure about whether or not you should buy a house? It's a big commitment, obviously, and not just from a financial standpoint. But the rewards generally far outweigh any potential downsides for those who take the plunge. Need more convincing? How about the fact that:

You're already paying a mortgage

That money that comes out of your account every month? It's going right into someone else's account. Doesn't that make you just a little bit mad?

To be clear, that someone else is making money off you

How about now, when you think about the fact that real estate continues to appreciate and you're not getting to appreciate that appreciation. "The national median existing single-family home price in the first quarter was $232,100, which is up 6.9 percent from the first quarter of 2016 ($217,200) and the fastest growth since the second quarter of 2015 (8.2 percent)," said the National Association of REALTORS (NAR). Aren't you tired of watching someone else make money while you sit in the place they own and try to figure out how to get ahead?

You need to express yourself

Not being able to put a coat of paint on the walls or hang some wallpaper or enjoy the countertops, cabinets, or flooring you picked out because your landlord won't let you make any changes is not cool. Sure, there are some temporary solutions to make your place look better, but nothing compares to having the freedom to do what you want, when you want, with your space.

It doesn't cost as much as you think it does

In fact, you may be paying more in rent right now than you would be for a house payment. A new NerdWallet.com analysis "showed that a majority of millennials would prefer owning to renting, but they appear to be postponing homeownership because of real and perceived difficulties in affording it." But, a report from Investor's Business Daily shows that, "Paying a mortgage is cheaper than renting in 42 states." Is yours one of them?

Hardly anyone pays a 20 percent down payment anymore

Were you under the impression that you had to come up with a huge stack of cash to buy a house? Federal Housing Administration (FHA) loans are among the most popular options for all homebuyers, and for first-timers, they make a lot of sense. First, because the credit requirements are less stringent than other loans - in many cases, you can have as low as a 620 score. Also, you can qualify with as low as 3.5 percent down. On a $250,000 house, that's only $8,750.

"For home buyers, FHA mortgages require a 3.5 percent down payment with the fewest ‘strings' attached," said The Mortgage Reports. "This makes the FHA mortgage one of the most lenient mortgage types available nationwide. There are very few credit restrictions with the FHA loan and the agency allows your 3.5% down payment to comes as a gift from a family member, employer, charitable organization or government home-buyer program."

Rates are still ear their lowest point ever

Yes, they've gone up a bit recently and are currently sitting a bit above four percent. But when you think about the fact that a decade ago they were over six percent and in the 1980s they were almost 18 percent, four percent looks a lot better, no?

Dogs are cool

Living in an apartment that doesn't allow animals? That's pretty common. Trying to find a rental with a generous pet policy is near impossible. If you do find one, you can usually expect to pay a hefty pet deposit and monthly pet rent.

Your student loan debt isn't as much of a big deal as you think

Yeah, it stinks to have to be saddled with that debt just because you decided you should expand your education, get a degree, and make yourself more hirable. But jut because it's a reality doesn't mean you can't improve your standing.

If you have student debt, mortgage investor Fannie May's new rule changes "should make it easier for you to purchase a first home," said the Chicago Tribune. The rules include:

  • A change in how student loan affects debt-to-income (DTI) ratio calculations if you had payments reduced through an "income-based repayment" plan. "If your payments were originally supposed to be $500 a month but you've had them reduced to $100, only the $100 will be added to your monthly debts for DTI purposes," they said. "Previously lenders were required to factor in 1 percent of your student loan balance as your monthly payment on the student loan, even though you were actually paying a fraction of that. As a result, many borrowers' debt ratios were pushed beyond most lenders' underwriting limits."
  • Debt ratios can also improve if you have other outstanding debts that are being paid by someone else. "Say, your parents pay your monthly credit card balances - these no longer will be included in your DTI computation, provided the payments have been made steadily for 12 months. This should improve the debt ratios of young buyers who are still getting a little help on their cash flows from Mom and Dad."

Everyone's doing it

Are your millennial friends starting to buy houses? They're part of a sweeping national trend. "Get ready to see more first-time home buyer clients. In the first quarter of 2017, the number of new-owner households was double the number of new-renter households," said the National Association of Realtors (NAR) in the most recent edition of their Realtor magazine.

There were about 854,000 "new-owner households" during the first three months of this year, which is more than double the 365,000 "new-renter households in that period, according to U.S. Census Bureau data. What's more, it's the first time in a decade that new buyers outpaced new renters."

First-time buyers also account for 42 percent of homebuyers this year, up dramatically from 31 percent in 2011, which was the lowest point recorded by Fannie Mae. 

 

With Highest Regards,
Bill Barringer
Real Estate Broker
Team Leader
The Barringer Team
Century 21 M&M

Phone (209) 833-7777
Fax (209) 229-7406
E-mail sales@tracyhomes.com
Website www.tracyhomes.com

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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
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