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The Barringer Team Market Trends Newsletter

Local Market Trends

 

The following information is from the local MLS database, as of April 5, 2018 and is compared to (March 1, 2018).   Prices are increasing as the inventory is increasing since we are entering Spring and more homes are 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.  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 now. 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 3.35. 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 THE time to sell. We need more listings! 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: 72 (63)

# of REO (foreclosures): 1 (0)

# of Short Sales: 1 (2)

Average # of days on market: 13 (9)

#New Construction:  2

The median price of all homes for sale in Tracy: $499,450 ($517,500)

PENDING STATUS

Number of properties currently under agreement: 105 (103)

# of REO: 1 (0)

# of Pending Short Lender Approval: 3 (3)

# of New Construction:  1

Median pending price: $490,000 ($499,900)

 

SOLD STATUS

Residential property sold over previous 30 days: 92 homes (56)

REO's sold in the last month: 0 (0)

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

Median sale price: $495,000 ($464,750)

# of New Construction:  0

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

 

 

Mountain House, CA

 

ACTIVE STATUS

 

Total # of residential properties for sale in the city of Mountain House: 21 (17)

# of REO (foreclosures): 0 (0)

# of Short Sales: 1 (1)

# of New Construction: 4 (2)

Average # of days on market: 21 (9)

The median price of all homes for sale in Mountain House: $675,000 ($665,000)

 

PENDING STATUS

 

Number of properties currently under agreement: 24 (26)

# of REO: 0 (0)

# of Pending Short Lender Approval: 0 (0)

# New Construction: 3

Median pending price: $639,000 ($607,450)

 

SOLD STATUS

 

Residential property sold over previous 30 days: 20 homes (9 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: $557,500 ($580,000)

Median # of days on the Market: 8  (15)

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HOMES SOLD IN TRACY IN MARCH

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

    Address    Beds Baths Sq Ft  List   Sell    DOM  
1325   POPPY HILLS Ln 4 4 (3 1) 2968 558850 565000 153  
7700   Hillview Ct 4 3 (2 1) 3015 1199000 1175000 137  
27263   Lillegard Ct 5 4 (3 1) 4155 1180950 1121250 101  
1106   Saint Clair Pl 4 3 (3 0) 3060 550000 542000 93  
382 E 21st St 3 2 (2 0) 1182 329900 329900 77  
1761   Cherry Blossom Ln 4 3 (2 1) 2996 570000 550000 82  
1801   Mcpeak Ct 3 2 (2 0) 1245 380000 340000 84  
472   Gordon Ave 3 2 (2 0) 1152 389000 380000 70  
685   Buckinghorse Ct 3 2 (2 0) 1693 435000 447000 8  
940   Windeler Ave 3 2 (2 0) 1006 379000 374000 74  
1660   Southbrook St 4 2 (2 0) 1639 399950 396000 10  
1816   Lincoln Blvd   4 2 (2 0) 1610 390000 370000 26  
2242   Basque Dr 4 3 (2 1) 2630 569000 580000 23  
11821 W Clover Rd 3 1 (1 0) 1008 395000 395000 19  
305 W 23rd St 3 1 (1 0) 1473 360000 360000 10  
1455   Cornucopia Pl 5 3 (3 0) 2687 528000 528000 31  
3482   Preston Way 4 3 (3 0) 2706 539000 540000 19  
1040   Saffron Dr 5 (6) 3 (3 0) 3060 570000 570000 10  
2397   Stalsburg Dr 4 3 (3 0) 2465 554900 555000 38  
388   Burlington Dr 4 (5) 3 (2 1) 2389 495000 495000 6  
7756   Zilli Dr 4 3 (2 1) 3076 739000 700000 38  
763   Willow Park Ct 3 3 (2 1) 1372 419000 455000 8  
1287   Remington Ct 5 4 (3 1) 3310 659900 660000 7  
1233   Annamarie Way 5 4 (3 1) 3049 560000 545000 10  
821   Grand Teton Dr 5 3 (3 0) 2906 569500 570000 17  
2645   Monroe St 5 3 (3 0) 2479 510000 531000 17  
384   Presidio Pl 4 4 (4 0) 3023 595000 600001 5  
2870   Pebblebrooke Ct 5 3 (3 0) 2869 575000 575000 19  
544   Glenbriar Cir 4 3 (3 0) 2588 624900 615000 21  
258   Hollywood Ave 2 (3) 1 (1 0) 1446 365000 380000 10  
165   Chanelle Ct 4 (5) 3 (3 0) 2383 599000 630000 9  
1901   Heather Ct 3 2 (2 0) 1664 409950 435000 7  
157   James W Smith Dr 3 2 (2 0) 1421 439000 445100 6  
4081   Maison Ln 3 3 (2 1) 1815 455000 485000 5  
376   Glenbriar Cir 5 3 (3 0) 2869 599950 600000 9  
2822   Dorset Lane   5 4 (4 0) 2481 539950 560000 0  
531   Magnolia Lane   3 2 (2 0) 1199 399950 416000 7  
245 E Emerson Ave 3 1 (1 0) 1253 349950 360000 7  
809 N Hickory Ave 3 2 (2 0) 1120 385000 392500 10  
1244   Crossroads Dr 4 3 (3 0) 1874 484999 490000 9  
2643 W Evelyn Ct 3 3 (2 1) 1565 429950 440000 5  
950   Windeler Ave 3 1 (1 0) 986 354950 354950 23  
580   Allisha Ln 3 3 (2 1) 1368 380000 408000 9  
1302   Cottage Grove Ct 4 (5) 4 (3 1) 3308 650000 650000 6  
470   Hawthorne Dr 3 2 (2 0) 1086 375000 377000 15  
1985   Birchwood Ct 5 3 (3 0) 2790 525000 540000 5  
1650   Antonia Ct 4 3 (2 1) 2262 499000 510000 4  
610   Forest Hills Dr 3 2 (2 0) 1574 460000 482000 4  
1401   Audrey Dr 3 2 (2 0) 1653 385000 385000 6  
1518   Madison Ave 4 (5) 2 (2 0) 2497 427000 405000 9  
2260   Chester Dr 3 2 (2 0) 1678 410000 410000 9  
1366   Mansfield St 4 3 (2 1) 2509 510000 515000 6  
1456   Promenade Cir 4 3 (2 1) 2074 494900 483000 13  
2817   Green Haven Dr 5 4 (3 1) 3308 650000 650000 16  
765   Mount Rushmore Ave 4 3 (3 0) 2791 520000 530000 8  
1854   Mount Pellier St 5 4 (3 1) 3682 725000 725000 7  
1850   Foxtail Way 3 2 (2 0) 1476 439900 450000 10  
1408   Michael Dr 3 2 (2 0) 1709 449000 487700 8  
1221   Valencia Dr 4 3 (3 0) 2828 550000 560000 20  
192   Cabana Ct 4 3 (2 1) 2396 519000 519000 2  
1120   Honeysuckle Ct 4 3 (2 1) 1830 468000 480000 6  
1205   Wall St 4 2 (2 0) 1950 455900 452000 12  
2213   Clemente Ln 4 (5) 3 (2 1) 2652 529950 565000 4  
1680   Stags Leap Ct 3 (4) 3 (2 1) 2261 515000 515000 17  
1940   Columbia Ct 4 (5) 3 (3 0) 2961 499000 501000 14  
4364   Lindsey Ln 4 3 (3 0) 2447 519900 520000 21  
330   Butte Way 3 2 (2 0) 1165 360000 380000 9  
2140   Cooper Rd 3 2 (2 0) 1245 419999 430000 7  
1580   Locust Dr 4 3 (3 0) 2261 485000 510000 7  
40   Yosemite Dr 3 2 (2 0) 1040 395000 395000 7  
2669   Handstand Way 4 3 (2 1) 2659 560000 580000 14  
3227   Cathleen Ln 5 3 (3 0) 2443 539900 545000 8  
1688   Springhill Ct 4 2 (2 0) 1639 440000 460000 6  
1677   Kyle Dayton   4 3 (3 0) 2486 552500 552500 5  
2100   Lincoln Blvd 3 2 (2 0) 1160 393000 393000 4  
2660   Golden Springs Dr 4 3 (3 0) 2077 475000 475000 13  
2789   Jackson Ave 4 3 (2 1) 2498 510000 526000 8  
4674   Monarch Ln 4 3 (2 1) 2126 494950 515000 7  
1890 S Willow Creek Dr 3 2 (2 0) 1306 455000 452000 5  
1356   Gentry Ln 4 3 (3 0) 1863 475000 490000 12  
1392   Whittingham Dr 5 3 (2 1) 2029 530000 520000 12  
1570   Griffith Pl 3 2 (2 0) 1245 349950 385000 8  
1413   Whittingham Dr 5 3 (2 1) 2029 512000 512000 7  
905   Gotland Ct 3 3 (2 1) 1717 465000 465000 5  
625   Buckinghorse Ct 3 3 (2 1) 1572 439000 455000 5  
1277   Gwerder St 4 3 (3 0) 2443 529900 560000 1  
980   Alden Glen Dr 3 2 (2 0) 1620 461000 461000 6  
2700   Lincoln Blvd 3 2 (2 0) 1408 440000 450000 7  
972   Darby Dr 3 2 (2 0) 1554 475000 496345 4  
2690   Atlanta Drive   3 2 (2 0) 1408 310000 425000 1  
156 E Grant Line Rd 2 2 (2 0) 1110 210000 216000 5  

Improve Your Chances

Improve Your Chances of Obtaining a Home Mortgage

Securing financing to purchase a new home is one of the most important, exciting, and nerve-wracking financial steps most people will ever take.

During the housing boom, mortgage requirements were relaxed to unsustainable levels, and it seemed just about anyone could approach a lender and walk away with financing. But in an effort to recover from a record increase in foreclosures and loan defaults, lenders became more stringent; loan applicants need to meet more demanding requirements to obtain a mortgage.

Does this mean that you won't be able to get the financing you need? In a word, no. Here are a few tips to follow for a smoother path to home ownership.

Shore up your credit!

If there is one thing you can do to increase your chance of obtaining a mortgage loan, it is to take careful stock of your credit situation and address any issues that are lowering your credit score. The first thing to do is to order a copy of your credit record from all three major credit reporting agencies: TransUnion, Equifax, and Experian. Look over this information carefully to make sure that all three agencies are aligned in their rating of your credit. If you see any errors, dispute them with the company in question. If your credit is too low to obtain an attractive interest rate on a mortgage (680 or higher is considered good; 720 will put your in very good position to secure financing), take a few months to increase it. One way to do this is to take out a credit card, use it to make regular purchases, and pay off the balance monthly.

Reduce your debt.

By paying down your debt, you will not only show a lender that you are a good risk for making regular payments, you will end up with fewer outstanding payments or accounts to factor into your debt-to-income ratio. Simply put, the fewer static payments you have on your financial record, the better. While it might not be feasible for you to pay off your car or student loans quickly, you should be sure that credit card and store balances are low or nonexistent.

Don't splurge.

If you can put off making any large purchases until after your home sale has closed, do so. This isn't the time to run out and buy a luxury car or take a lavish vacation. The rule of the day is to be conservative with your spending - meaning more cash in hand for that down payment and reserve cash in the bank to fall back on once you need to start making your monthly mortgage payments.

Save. Save more. And then save more.

The amount of money you have in the bank is going to be important when you need to prove to a lender that you can offer up a healthy down payment. While 20% down is the conventional rule of thumb, there are mortgages available that require less cash up front. Your loan officer can point you in the right direction to take advantage of any low- or no-cost down payment programs for which you might qualify. But wherever possible, add to your savings – more money in the bank can only help you qualify for a loan.

Stability is key.

Maintaining steady employment or income is an absolute must when you apply for a mortgage. This isn't the time to try a new career path on a lark or risk taking a new position without a lot of job security. Lenders are going to want to see that you have a proven, stable source of income, that you make regular payments on your rent or existing mortgage, and that you seem like a good risk for financing.

Obtaining a mortgage loan may seem like a challenge, but with a little diligence, a little financial restraint, and the aid of an experienced loan officer, you'll have all the tools you need to secure the financing you need. If you can prove your commitment to the cause, you'll be on the path to home ownership in no time. 

4 Ways Your Location Can Boost your Value Of Your Home

5 Smart Value Strategies to Win Sellers Over

Buyers who fixate on purchase price and mortgage size often overlook opportunities to save money on both.

Usually, the lower the purchase price, the smaller the mortgage a buyer must borrow. We're not suggesting that buyers buy less or resort to trickery or pressure to arrive at an attractive lower purchase price. Nor, are we suggesting a price chopped by tens of thousands. Instead, by adding value to the components of an offer, a lower purchase price may be acceptable to the seller.

Market value is not one price, but is represented by a price range. This means a property can sell at market value at any price across this range, especially when the offer is taken as a sum total of value for the seller, not just at its stated price.

By thinking ahead and being prepared, buyers can significantly improve their bargaining position with sellers. Here are five smart value strategies to ensure the entire offer to purchase has value to the seller beyond the purchase price.

5 Smart Value Strategies to Win Sellers Over

#1 Match Seller Closing Date

Prepare for home buying by becoming as flexible as possible about when the transaction closes. If you offer to match the seller's best closing date, you may be saving them from incurring significant cost. Even the difference between popular moving dates and lower-fee moving dates can represent value for sellers. This savings may be reflected in a lower selling price.

Check out your lease options if you're a tenant, so you know exactly how much it will cost you to close in 30 days, 6 months, or whenever suits seller needs. If you have a home to sell, consult your real estate salesperson to determine whether to sell or buy first. If the latter makes more sense in your market, get numbers on bridge financing, that is, the cost of owning two homes at once, so you know, in advance, exactly how much closing-date flexibility you have and what's at risk. Obviously, if family or friends can help with temporary housing, furniture storage, and/or financing, you may have an advantage over other buyers.

#2 No Conditions

When faced with the immediate equivalent to cash—a firm, no-conditions offer to purchase$mdash;a seller may be tempted to accept a lower purchase price than if the offer is full of "ifs" and "maybes." Conditions for financing, home inspection, and other significant concerns beyond buyer's control cannot always prudently be removed, but when they can, buyers benefit. Paying for a home inspection before making an offer or arranging lender commitment in advance can provide a buyer with bargaining leverage.

#3 Don't Ask for More

Avoid including appliances, light fixtures, furniture, or other items not automatically and legally considered part of the house, townhome, or condominium. Since appliances no longer last the decades they used to, its crazy to purchase them, or any other furnishings, second-hand through your offer. By including them in the purchase price, buyers may end up paying mortgage interest on these furnishings for decades. On the other hand, selling used appliances and furnishings online is easy for sellers who end up with cash in hand.

#4 Personalize the Offer

Sellers who love their home see value in buyers who "get" the property and who may even plan to realize a dream sellers had, but did not complete. Providing details in a letter, short video, or photos about why purchasing the seller's home is important can also add weight to your offer. Personalize the offer and emphasize why buyers can and will close as promised. Sometimes, sellers can be won over by offering something of value to them that is uniquely available to the buyer. For instance, one experienced restauranteur/buyer offered to cook and serve at a dinner party hosted by the seller. Your real estate professional may have suggestions about what would sway sellers and add value without overly complicating the real estate transaction. Which service, experience, or convenience do you have access to that would represent value and savings to a seller?

#5 Negotiation Prowess

Market value is represented by a price range, which means a property can sell at market value, and be sold at any price across this range. Further, when the offer is taken as a sum total of value for the seller, emphasis is taken off the purchase price. Explaining these concepts, calculating full offer value, and convincing the seller of the unique opportunity provided by the buyer employs the skills of the real estate professional representing the buyer. Take time to engage a strong professional negotiator who can convince sellers how the buyer's lower purchase price represents full value to the seller.

Prepare, in advance, to present multi-pronged value in your offer to purchase, and you may benefit with an accepted offer and perhaps a smaller mortgage which carries lower overall mortgage interest cost. 

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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DRE License #00959667