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The Barringer Team Market Trends Newsletter

Local Market Trends

 

The following information is from the local MLS database, as of January 2, 2018 and is compared to (December 1, 2017).   Prices are increasing as the inventory is declining since last month as 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 now. 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: 81 (109)

# of REO (foreclosures): 1 (1)

# of Short Sales: 1 (2)

Average # of days on market: 48 (43)

#New Construction:  14

The median price of all homes for sale in Tracy: $550,000 ($529,000)

PENDING STATUS

Number of properties currently under agreement: 97 (105)

# of REO: 0 (0)

# of Pending Short Lender Approval: 4 (4)

# of New Construction:  11

Median pending price: $469,000 ($445,000)

 

SOLD STATUS

Residential property sold over previous 30 days: 65 homes (74)

REO's sold in the last month: 0 (2)

Short sales sold in the last month: 4 (0)

Median sale price: $442,000 ($446,000)

# of New Construction:  2

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

 

 

Mountain House, CA

 

ACTIVE STATUS

 

Total # of residential properties for sale in the city of Mountain House: 7 (9)

# of REO (foreclosures): 0 (0)

# of Short Sales: 1 (0)

# of New Construction: 0 (1)

Average # of days on market: 18 (23)

The median price of all homes for sale in Mountain House: $660,000 ($585,000)

 

PENDING STATUS

 

Number of properties currently under agreement: 25 (36)

# of REO: 0 (1)

# of Pending Short Lender Approval: 0 (0)

# New Construction: 6

Median pending price: $585,000 ($564,950)

 

SOLD STATUS

 

Residential property sold over previous 30 days: 22 homes (25 homes)

REO's sold in the last month: 1 (0)

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

New Construction sold: 1

Median sale price: $571,000 ($580,000)

Median # of days on the Market: 10  (11)

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HOMES SOLD IN TRACY IN DECEMBER

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

 

    Address    Beds Baths Sq Ft    List    Sell   DOM  
2233   Gary Ln 4 (5) 3 (3 0) 2418 465000 410000 227  
4067   Long Ave 4 3 (3 0) 3328 605900 605900 151  
27258   Lillegard Ct 4 5 (4 1) 3531 970000 930000 165  
965   Amaretto Dr 4 2 (2 0) 1911 399000 380000 105  
2724   Redbridge Rd 3 3 (2 1) 2980 634500 634500 72  
1401   Chester Dr 3 2 (1 1) 1150 389900 389000 92  
511   Renaissance Dr 3 3 (2 1) 1348 375000 346000 52  
1300   Manley Dr 6 5 (4 1) 4298 635000 605000 84  
2081   Lincoln Blvd 4 2 (2 0) 1515 400000 385000 62  
222 W 21st St 3 2 (2 0) 1047 369900 369900 119  
1111   Michelle Ave 3 3 (3 0) 2751 449000 444000 18  
545   Pacheco Dr 3 3 (2 1) 1794 389900 367000 23  
192 E Grant Line Rd 2 1 (1 0) 852 219900 218000 10  
2406   Veneto Ln   5 3 (3 0) 2442 499900 499900 50  
1190   Whispering Wind Dr 5 3 (3 0) 3712 565000 559000 60  
1725   Wall St 2 1 (1 0) 987 319000 315000 72  
130 E Emerson Ave 3 2 (2 0) 1486 400000 397500 74  
2012   Holly Dr 4 (5) 3 (3 0) 2544 434000 424100 44  
515   Peerless Way   3 3 (2 1) 1298 319900 315000 37  
1841   Placid Dr 4 3 (2 1) 2479 489950 492000 38  
460   SCHULTE   4 3 (3 0) 3044 575000 565000 62  
235   Arroyo Hondo   4 (5) 3 (3 0) 2373 468888 465000 41  
1992   Bayberry Ct 4 3 (2 1) 2032 449999 450000 27  
2478   Flag Stop Way 4 4 (3 1) 3395 639900 629900 35  
101 E Highland Ave 5 4 (4 0) 3075 595000 595000 7  
218   Granada Way 5 3 (3 0) 2306 430000 430000 45  
2517   Marie Antonette Ln 3 2 (2 0) 1733 445000 442000 20  
631   TULARE Ct 4 3 (2 1) 2499 549950 530000 17  
1430   Busca Dr 3 2 (2 0) 1329 369000 374000 23  
939   Windeler Ave 4 3 (3 0) 1400 450000 425000 8  
1530   Autumn Meadow Ln 6 (7) 3 (2 1) 3009 489999 500000 23  
1336   Peppertree Way 4 3 (2 1) 1689 438000 441000 5  
1371   Fruitwood Way 4 3 (3 0) 1764 449000 470000 5  
2635   Reyes Ln 4 3 (2 1) 2262 529999 525000 18  
1550   Deer Run Ln 3 2 (2 0) 1620 440000 430000 20  
825   Lawn Ct 3 2 (2 0) 1718 449000 449000 7  
1920   Ashland Dr 3 2 (2 0) 1290 405000 405000 14  
2102   Betty Ln 4 3 (3 0) 2440 539000 539000 21  
3285   Ernest Dr 3 2 (2 0) 1345 380000 395000 6  
3224   Antonio Loop 4 3 (3 0) 2226 495000 495000 19  
400   Mount Oso Ave 4 3 (2 1) 2744 499000 499000 12  
125 E 21st St 3 1 (1 0) 936 325000 325000 17  
1910   Homer Henry Ct 4 3 (3 0) 1739 449900 450000 4  
2192   Wildflower Ct 3 3 (2 1) 1533 395000 395000 18  
1150   Joranollo Dr 3 1 (1 0) 1020 365100 358000 8  
3456   Mary Jean Ln 3 2 (2 0) 1337 375000 375000 6  
4214   Treana Ct 3 2 (2 0) 1588 439900 451000 8  
225   Orestimba Cir 4 (5) 3 (3 0) 2373 479950 495000 6  
165   Mount Hamilton Dr 4 3 (2 1) 2009 450000 450000 4  
2499   Gaines Ln 3 (4) 3 (3 0) 2051 415000 425000 7  
2239   Carol Ann Dr 5 3 (3 0) 2590 535000 527500 6  
945   Bordona Ln 3 3 (2 1) 1382 379900 379900 12  
37 W Emerson Ave 2 2 (1 1) 1188 340000 357500 8  
11637 W Larch Rd 3 2 (1 1) 1008 310000 338000 8  
1713   Woodland Ln 5 (7) 3 (2 1) 3009 514500 515000 4  
1831   Tennis Ln 3 2 (2 0) 1476 419995 444000 8  
225   Mount Oso Ave 4 2 (2 0) 1900 465000 470000 12  
2   charles   3 3 (2 1) 1454 425000 435000 4  
2662   Merchant Dr 3 2 (2 0) 1518 435000 450000 5  
120   Silkwood Ln 3 2 (2 0) 1444 419000 445000 6  
2833   Dorset Ln 3 2 (2 0) 1762 419900 425000 11  
2628   Handstand Way 3 (4) 4 (3 1) 3168 680000 690000 8  
53 W 9th St 3 1 (1 0) 1605 315000 323000 14  
2150   Jenni Ln 3 3 (2 1) 2008 399000 410000 10  
341 W 22nd St 3 1 (1 0) 998 359900 390000 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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