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The Barringer Team Market Trends Newsletter

Local Market Trends

 

The following information is from the local MLS database, as of December 5, 2017 and is compared to (November 5, 2017).   Prices are still declining as of the last couple of months and there are fewer homes coming on the market.  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. Listing prices are increasing as a result of this but we are seeing more price reductions as homes are on the market longer.  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. There are only serious buyers looking. Interest rates are fluctuating up and down with 30 yr fixed at 4.35% and FHA/VA at 3.75-4.0%. 15 yr is 3.375. Still the lowest rates! New home construction projects are in full speed 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: 109 (120)

# of REO (foreclosures): 1 (0)

# of Short Sales: 2 (2)

Average # of days on market: 43 (26)

#New Construction:  12

The median price of all homes for sale in Tracy: $529,000 ($515,000)

PENDING STATUS

Number of properties currently under agreement: 105 (115)

# of REO: 0 (0)

# of Pending Short Lender Approval: 4 (4)

# of New Construction:  12

Median pending price: $445,000 ($455,000)

 

SOLD STATUS

Residential property sold over previous 30 days: 74 homes (85)

REO's sold in the last month: 2 (1)

Short sales sold in the last month: 0 (2)

Median sale price: $446,000 ($445,000)

# of New Construction:  1

Median # of days on the market:  17 (13)

 

 

Mountain House, CA

 

ACTIVE STATUS

 

Total # of residential properties for sale in the city of Mountain House: 9 (23)

# of REO (foreclosures): 0 (1)

# of Short Sales: 0 (0)

# of New Construction: 1 (2)

Average # of days on market: 23 (14)

The median price of all homes for sale in Mountain House: $585,000 ($609,700)

 

PENDING STATUS

 

Number of properties currently under agreement: 36 (35)

# of REO: 1 (0)

# of Pending Short Lender Approval: 0 (0)

# New Construction: 5

Median pending price: $564,950 ($560,000)

 

SOLD STATUS

 

Residential property sold over previous 30 days: 25 homes (17 homes)

REO's sold in the last month: 0 (0)

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

New Construction sold: 3

Median sale price: $580,000 ($525,000)

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

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HOMES SOLD IN TRACY IN NOVEMBER

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

 

    Address    Beds Baths SqFt   List   Sell DOM  
2553   Merchant Dr 4 4 (3 1) 3882 569900 570000 170  
8503   Waterwell Way 4 4 (3 1) 4327 1249900 1125000 138  
4192   Memoir Ave 4 3 (2 1) 2147 455000 450000 17  
8750   Lisa Marie Ct 4 (5) 4 (4 0) 3614 999900 985000 48  
2757   Green Haven Dr 4 4 (3 1) 3308 619000 600000 72  
8825 W Etcheverry Dr 4 3 (3 0) 3154 898000 840000 88  
1425   Valerie Ln 3 3 (2 1) 1825 390000 390000 86  
2289   Starflower Dr 4 (5) 4 (3 1) 3417 739000 735000 68  
950   Belmont Ln 4 3 (3 0) 2927 599000 585000 85  
8871 W Etcheverry Dr 4 3 (2 1) 2545 869900 840000 36  
145   Eureka Way 4 3 (3 0) 2276 419950 410000 57  
2452   Augusta Ave 4 3 (3 0) 2619 563900 559900 60  
580   Belmont Ln 2 2 (2 0) 1235 424500 395000 40  
1591   Riverview Ave 5 4 (4 0) 3198 559950 537000 45  
452 W Highland Ave 2 1 (1 0) 1090 345000 345000 28  
1735   Scott St 3 3 (2 1) 2008 475000 495000 57  
1111   Michelle Ave 3 3 (3 0) 2751 449000 444000 18  
212   Derecho Way 4 2 (2 0) 1950 425950 436000 6  
2745   Redbridge Rd 3 3 (3 0) 2377 554950 565000 45  
2881   Rhett Ct 4 3 (2 1) 1796 439500 435000 47  
1146   Ballard Ct 4 2 (2 0) 1870 425000 418000 15  
530   Glenbriar Cir 6 3 (3 0) 3133 649000 639000 34  
2111   Robert Gabriel Dr 5 3 (3 0) 2590 559900 550000 30  
165   Loma Prieta Cir 4 3 (2 1) 2009 438000 435000 35  
24208 S Cabe   3 1 (1 0) 685 189900 190000 10  
18974   Nancy Amelia Ct 5 4 (4 0) 3830 904800 931001 23  
725 W Eaton Ave 2 1 (1 0) 1032 315000 315000 19  
222   Ramona Way 3 2 (2 0) 1931 430000 422000 0  
1861   Riverview Ave 5 3 (3 0) 2827 605000 605000 10  
1900   Columbia Ct 4 3 (3 0) 2813 520000 515000 31  
6955 S Roberts Rd 4 3 (3 0) 2261 675000 675000 13  
2041   Standridge Rd 3 1 (1 0) 1043 349900 345750 31  
1211   Valencia Dr 4 3 (3 0) 3076 530000 535000 27  
441 W 20th St 3 (4) 1 (1 0) 1256 349900 350000 17  
592   Charlemagne Ln 3 2 (2 0) 1250 399000 399000 12  
1965   Foxtail Ct 3 2 (2 0) 1628 435000 440000 29  
440 E 3rd St 4 3 (3 0) 1950 395000 383000 23  
8850 W Fairoaks Rd 4 4 (4 0) 3626 999000 975000 6  
1732   Peony Dr 3 2 (2 0) 1645 425000 425000 17  
1314   Crossroads Dr 4 3 (2 1) 1794 465000 457000 20  
1311   Schleiger Dr 4 3 (3 0) 1567 365000 365000 28  
2960   Cabrillo Dr 3 2 (2 0) 1250 377500 385500 31  
3227   Jeanette   3 3 (2 1) 1568 385000 384000 19  
135 W 21st St 3 2 (1 1) 1102 420000 420000 10  
1464   Dolores Ln 3 (4) 3 (2 1) 1892 449888 455000 15  
1618   Union Ln 4 3 (3 0) 2081 472000 467000 10  
2900   Compton Pl 5 4 (4 0) 3251 580000 585000 9  
1881   Mcpeak Ct 4 2 (2 0) 1559 415000 415000 7  
4736   Twin Oaks Drive   5 3 (3 0) 2603 539000 535000 9  
810   Amaretto Dr 4 3 (3 0) 1890 414999 410000 9  
1689   Dove Dr 4 3 (2 1) 2902 664000 650000 33  
811   Scarlett Pl 3 2 (2 0) 1220 380000 380000 4  
1857   Camellia Dr 3 3 (2 1) 1373 405000 403000 11  
834   Applegate Ct 2 3 (2 1) 1080 290000 285000 10  
2939   Perry Lane   4 3 (3 0) 2281 589500 598000 8  
343   Lasata Dr 4 3 (2 1) 2334 479900 479900 7  
1150 W Eaton Ave 3 2 (2 0) 1299 399000 451000 11  
1353   Ferngrove Ln.   3 3 (2 1) 1461 419000 419000 32  
1942   Pagoda Ct 4 3 (3 0) 2136 440000 445000 7  
120   Yosemite Dr 3 2 (2 0) 1167 359000 369000 14  
206 E 9th St 3 1 (1 0) 1112 315000 315000 10  
1420 W Beverly Place   2 1 (1 0) 942 344900 350000 6  
1805   Deborah St 3 2 (2 0) 1493 319950 310000 15  
1601   Annie Way 5 3 (3 0) 2440 525000 520000 11  
2782   Herford Ln 3 (4) 3 (2 1) 2142 479000 448000 27  
825   Lawn Ct 3 2 (2 0) 1718 449000 449000 7  
989   Palm Cir 2 1 (1 0) 800 200000 202199 19  
584   Cape Breton Ln 3 (4) 3 (2 1) 2056 485000 492000 5  
400   Mount Oso Ave 4 3 (2 1) 2744 499000 499000 12  
211 S Central Ave 3 2 (2 0) 1351 385000 190000 4  
2665   Reyes Ln 4 3 (3 0) 2420 525000 525000 17  
2739   Handstand Way 4 3 (2 1) 2627 579900 600000 0  
231   Ramona Way 4 2 (2 0) 1592 399990 390000 5  
530 W 9th St 3 1 (1 0) 876 345000 365000 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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