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The Barringer Team Market Trends Newsletter

Local Market Trends

 

The following information is from the local MLS database, as of September 1, 2017 and is compared to (Aug. 1, 2017).   Prices are climbing again this month and more inventory is coming on the market! The amount of listings coming on are replacing the homes coming off but still only 133 homes for sale in Tracy. 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. Most smart buyers put in an offer with NO appraisal contingency.   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 with 11 models to choose from.  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: 133 (124)

# of REO (foreclosures): 2 (1)

# of Short Sales: 1 (1)

Average # of days on market: 28 (24)

#New Construction:  18

The median price of all homes for sale in Tracy: $529,000 ($509,000)

PENDING STATUS

Number of properties currently under agreement: 129 (121)

# of REO: 0 (1)

# of Pending Short Lender Approval: 5 (3)

# of New Construction:  5

Median pending price: $435,000 ($455,000)

 

SOLD STATUS

Residential property sold over previous 30 days: 95 homes (99)

REO's sold in the last month: 0 (1)

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

Median sale price: $465,000 ($440,000)

# of New Construction:  6

Median # of days on the market:  11 (9)

 

 

Mountain House, CA

 

ACTIVE STATUS

 

Total # of residential properties for sale in the city of Mountain House: 20 (25)

# of REO (foreclosures): 1 (0)

# of Short Sales: 0 (0)

# of New Construction: 3 (3)

Average # of days on market: 25 (15)

The median price of all homes for sale in Mountain House: $625,000 ($609,000)

 

PENDING STATUS

 

Number of properties currently under agreement: 28 (29)

# of REO: 0 (0)

# of Pending Short Lender Approval: 0 (0)

# New Construction: 4

Median pending price: $567,450 ($599,000)

 

SOLD STATUS

 

Residential property sold over previous 30 days: 28 homes (18 homes)

REO's sold in the last month: 0 (0)

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

New Construction sold: 1

Median sale price: $590,000 ($564,000)

Median # of days on the Market: 10  (7)

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HOMES SOLD IN TRACY IN AUGUST

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

 

    Address    Beds   Baths Sq Ft   List    Sell DOM  
2326   Memory Ln 4 (5)   3 (3 0) 3128 605900 595000 162  
2306   Memory Ln 4   3 (3 0) 3005 565900 555900 293  
3983   Summit Dr 4   3 (3 0) 3096 578900 567000 140  
766   Lourence Ct 3   2 (2 0) 1232 369000 370000 95  
22080 S Corral Hollow Rd 4   2 (2 0) 1872 499000 490000 101  
3064   Redbridge Rd 3   3 (2 1) 3546 765000 765000 73  
2070   Monique St 5   3 (3 0) 3471 589999 589999 60  
2283   Gary Ln 5   3 (3 0) 2418 499999 515000 91  
725   Independence Dr 3   3 (2 1) 2595 549950 550000 24  
4056   Long Ave 4   3 (3 0) 2607 552000 534000 108  
2557   Greystone Dr 4 (5)   4 (3 1) 3882 649950 640000 44  
2446   Mia Way 4   3 (3 0) 2907 603900 585000 62  
1550   Parker Ave 3   2 (2 0) 1712 399950 395000 52  
8924   Palmquist Rd 3   1 (1 0) 1038 345000 345000 14  
563   Castle Haven Dr 4   3 (2 1) 2226 499950 499950 41  
310 E Hawthorne Dr 3   2 (2 0) 1166 328000 335000 33  
1723   Egret Dr 5   3 (3 0) 2508 499000 500000 21  
2930   Atlanta Ct 4   3 (2 1) 2107 495000 460000 51  
860   Menay Dr 4   3 (2 1) 2272 455000 455000 9  
35   Lavender Ct 4   3 (2 1) 1726 430000 430000 36  
2285   Aragon Ct 4 (5)   3 (2 1) 2949 525000 530000 38  
2347   Babcock Ln 5   3 (2 1) 2994 525000 525000 49  
222 E Emerson Ave 3   1 (1 0) 988 339000 349900 20  
2440   Garrett   5   3 (3 0) 2738 519950 520000 34  
221 E Lowell Ave 3   2 (2 0) 1557 375000 365000 31  
2236   Melissa Way 4   5 (4 1) 3565 649900 639900 41  
2682   Pyramid Dr 3   3 (2 1) 1705 450000 465000 12  
4549   English Oaks Ave 5   3 (3 0) 3319 525000 535000 7  
269 W Emerson Ave 3   2 (2 0) 1947 425000 417500 27  
2605   Remy Javier Ct 5   3 (3 0) 3340 599000 580000 31  
2155   Holder Ln 4   3 (2 1) 2428 475000 468000 29  
462   Montclair Ln 3   2 (2 0) 1660 430000 435000 21  
1232   Cochran Dr 4   3 (2 1) 2045 469888 464888 28  
525   Glenbriar Cir 5   3 (3 0) 3133 595000 600000 5  
2347   Golden Leaf Ln 3   2 (2 0) 1604 420000 427000 6  
115   Country Ct 5   3 (3 0) 2144 459888 460000 14  
1815   Harvest Landing Ln 3   3 (2 1) 1902 445000 460000 7  
151   Renown Dr 3   3 (2 1) 1768 410000 440000 13  
882   Summer Ln 4   3 (2 1) 2285 470000 475000 12  
1294   Cardinal St 3 (4)   3 (3 0) 2484 489000 499000 8  
110 E Ferdinand St 4   3 (2 1) 2057 449900 455000 6  
2598   Blackstone Dr 4   3 (3 0) 2199 485000 498000 6  
808   Iberis Way 5   3 (3 0) 2772 540000 530000 19  
3344   Ernest Dr 4   3 (3 0) 1984 414900 424000 7  
1125   Bogart Ct 4   3 (3 0) 2294 499000 508000 15  
2417   Greystone Dr 5   3 (3 0) 3063 540000 540000 4  
1259   Mamie Anderson Ln 4   3 (3 0) 3324 569000 565000 6  
399   Burlington Dr 4 (5)   3 (3 0) 2389 474800 485500 12  
2873   Clover Hill Ct 4   2 (2 0) 2300 499000 499000 6  
223   Portola Way 3   2 (2 0) 1047 359000 360000 6  
2862   Meredith Ct 4   3 (3 0) 2334 499000 525000 7  
1412   Maple Ct 3   2 (2 0) 1040 349900 365000 6  
2250   Valencia Ct.   4   3 (3 0) 2608 519000 515000 26  
360   Rodeo Way 3   2 (2 0) 1650 419888 409000 10  
2060   Jenni Ln 4 (5)   3 (2 1) 2811 528000 528000 1  
2046   Isabel Virginia Dr 3 (4)   3 (2 1) 1739 455000 485000 9  
470   Altamont Dr 5   3 (3 0) 2375 479500 477500 13  
115   Victoria St 3   3 (2 1) 1812 465000 462000 11  
519 W 12th St 2   1 (1 0) 893 322500 345000 8  
2288   Carol Ann Dr 5   3 (3 0) 2590 525000 533000 6  
2352   Twain Ct 3 (4)   3 (2 1) 1858 445000 440000 13  
700   Rockport Ct 3   3 (3 0) 1300 375000 375000 4  
253 E 22nd   3 (4)   2 (2 0) 1660 369900 370000 11  
7926 W Cabe Rd 3   2 (2 0) 1188 349950 375000 13  
1688   Woodland Ct 3   3 (2 1) 1453 410000 410000 8  
2842   Dorset Ln 3   3 (2 1) 2048 475000 475000 6  
2930   Lincoln   3   2 (2 0) 1416 374500 390000 3  
3401   Castle Ct 3   2 (2 0) 1277 384500 405505 11  
1128   Atherton Dr 3   3 (2 1) 1705 430000 440000 5  
2271   Alexis Ln 4   2 (2 0) 1850 480000 486000 10  
1518   Woodland Ct 3   3 (2 1) 1453 440000 438000 1  
3461   Surrey Dr 2   2 (2 0) 1007 349900 363000 5  
1975   Foxtail Ct 3   3 (2 1) 1835 435000 445000 5  
1454   Dolores Lane   3   3 (2 1) 1372 398000 400000 6  
2377   Golden Leaf Ln 4   3 (2 1) 2120 424999 457250 2  
1100   Providence Ct 4   3 (2 1) 2272 480000 486550 4  
1486   Franklin Ave 4   3 (3 0) 1576 429900 433000 6  
1981   Woodcrest   3   3 (2 1) 1570 300000 300000 3  
2584   Redbridge Rd 4   2 (2 0) 2388 575000 585000 5  
1960   Knollcrest Ln 3   3 (2 1) 1461 435000 425000 14  
2800   Cabrillo Dr 3   2 (2 0) 1315 390000 385000 9  
380   Cecelio Way 3   3 (2 1) 2187 468000 450000 9  
323   Coronado Way 4   2 (2 0) 1510 379900 380000 10  
1253   Pyrenees St 4   3 (3 0) 2859 555000 555000 12  
3761   Norfolk Drive   5   3 (2 1) 2029 459950 480000 8  
2546   Marie Antonette Ln 3 (4)   2 (2 0) 1733 429888 440000 12  
2000   Blossomwood Ln 2   2 (2 0) 1070 328000 330000 4  
1816   Maplegrove Ln 4   3 (2 1) 2074 418000 442000 14  
1225 W Beverly Pl 3   2 (1 1) 1150 375000 375000 6  
2169   Yellowstone Ave 4   2 (2 0) 2039 475000 475000 5  
560   Palm Cir 4   2 (2 0) 1901 435000 435000 8  
1925   Tahoe Cir 4   3 (3 0) 2521 499500 495000 9  
3523   Eagle Rock Loop 5   3 (2 1) 2799 590000 580000 9  
1306   Mansfield St 4   3 (2 1) 2152 490000 495000 6  
2170   Tammi Ct 4   3 (2 1) 2428 475000 495000 5  

Easy Fixes For Deal Killers

Easy Fixes For Potential Deal Killers

You're ready to sell your home, you've got a buyer lined up, you're about to make an offer on that great home down the street, and then... everything falls apart.

"It's a problem that's more common than you'd think with home sales: a buyer has made an offer, the seller accepts, and it seems like the deal is done," said Fox News. "But then something comes along to ruin the sale and it's back to square one."

The good news is there are easy solutions that can help save even the biggest deal killers.

Bad Appraisals

"Industry professionals overwhelmingly named appraisals as the biggest obstacle they face in getting deals to the closing table," said The Real Deal.

The solution? Gather as much information as possible about your home.

Your agent should be providing comprehensive information about comparable home sales in your area. Anything you can add to that—details about homes that sold, updates you have done—can help.

Credit Mistakes

Boo boos on your credit report from years ago are one thing. Running out to make a big purchase on credit the week before you're set to close is another.

Your loan preapproval is based off your financial situation at the start of your escrow, and actual loan approval can be impeded by making large purchases (especially ones that cause more debt and monthly payments).

The solution: Wait until after your loan has recorded to make big purchases.

That way you don't have any chance of derailing your deal. The bonus is that once your mortgage shows up on your credit report, you might also be able to secure interest-free credit lines from retailers like Best Buy or Home Depot.

Bad Home Inspections

When the inspection turns up a few issues, your buyer will probably request you pay for them. Especially with big stuff like roofing problems or water damage. You can choose to say no, which may result in a cancelled contract. And, you'll have to disclose the issues that were uncovered, which may make it even harder to find another buyer.

The solution: negotiate.

There may be some wiggle room so you don't have to cover 100 percent of the costs of repairs. Or, do the necessary repairs with your vendors. You may know people who can get you a deal to save you money.

Unpaid Taxes

So, the inspections looked great (aside from the water damage in the closet, which the seller agreed to replace) and the loan is all set to go. But then it turns out there was something else in that closet. Five years of unpaid property tax bills! And you're just finding out by running title a few days before closing.

The solution: Do your due diligence to make sure you are protecting your interests. If this had been addressed early enough in the process, there might have been time for a negotiation to save the deal. Make sure you educate yourself to be able to ask the right questions in the escrow process to avoid this kind of tragedy.

Bank Delays

"One of the biggest killer of deals these days is time itself," said The Real Deal. "Many deals are falling through not because a buyer isn't qualified for a mortgage, but because it takes the bank too long to approve it."

The solution: Good ‘ole communication.

A nervous seller may pull the plug on a deal that's taking too long, especially if they have other options. Keeping the lines of communication open—between buyer's and seller's agents, and also between the buyer's agent and the lender—can help save it.

Tense Negotiations

You have a potential buyer—finally!—who loves your home. Now it's just a matter of agreeing on a price. But you're miles away and no one wants to budge. Even though your real estate agent told you from the beginning that your sales price was too high and is encouraging you come down, you just don't want to take less that what you think your house is worth.

The solution: Listen to your agent

A professional REALTOR® really does know best when it comes to home prices. If you refuse to negotiate, you'll probably lose your buyer. And when you find another, you'll be in the same negotiating situation. If you've already found another house and are paying for two mortgages, you're losing money by not selling, even if the price isn't exactly what you had in mind. 

Online Home Values And The Price Of Your Home

Online Home Values And The Price of Your Home

Plenty of sellers have visited online home valuation sites such as Zillow, Trulia, and others only to be shocked at the published value of their homes. Most sellers are pleased when the values appear higher than they expected, but many online valuations come in far lower. So should you use these values to price your home for sale?

Estimating a home's market value is far from an exact science. What these sites attempt to do is provide greater transparency to homebuyers and sellers by making data derived from public records more accessible. They publish what you paid for your home and how much you pay in taxes. Many have satellite views so accurate they can spot your cat laying on the front walk.

But few consumers realize that two homes right next door to each other could have been purchased at different times and have vastly different tax bases which in turn skews values. The property tax base resets for each home every time it's sold. Then the taxes can go higher every year, remain the same, or go down according to market conditions. Most communities impose ceilings so that your taxes don't escalate to an unaffordable level in a single year.

If you've only owned your home for five years, you are likely paying much more in property taxes than your retired neighbors who bought their home 30 years ago. Yet your home may not be "worth" more unless you've done some substantial updates and/or additions.

Then how do these sites come up with valuations? All property is registered with the city and county for property taxing purposes. Home valuation sites contract with major title companies such as First American to obtain county tax roll data. They also find ways to become members of local multiple listing services, which are either subsidiaries of real estate associations or owned by local real estate brokers. That way, they have access to current listing data and recent solds.

Between tax roll data and listing data, home valuation sites apply their own secret sauce, or algorithm to come up with "zestimates" or approximate values of what homes in a given area are worth. Sometimes the results are spot on, but they can also be inaccurate.

First, transaction data has to be recorded with the county, which could take weeks. But, what alters the algorithm most is that properties not currently on the market are included in the data. These homes have not been tested by the current marketplace and cannot possibly contribute to recent market values.

In addition, the algorithms may include whether or not a home has been updated, but there's no way to quantify subjective information such as how well the home is maintained, curb appeal, interior design, window and yard views, and neighborhood popularity. For these reasons, online valuations should be used only as one of many tools to estimate a home's value.

Your best approach to choosing a listing price is to ask your real estate professional for a comparative market analysis, or CMA. He or she can show you the most recent listing asking prices and sold comparables in your neighborhood. These results are accurate up to the hour in most cases. Realtor.com updates listings from MLSs every half hour.

If your home is estimated for far less on a home valuation site than current comparables, be prepared to argue pricing with buyers who take these numbers as gospel. If they have a real estate agent representing them, the agent can confirm the comparables you show them to help them understand the market a little better.

By the same token, don't expect to get more for your home if home valuation sites put your home in a higher price bracket. Recent comparables tell the true story of the current market as long as buyers and sellers are using the same search parameters.

Remember, a set of comparables is only a guide to pricing your home, so you can sell your home quickly and for the most money possible in the current market. 

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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