The image below was created by the California Association of Realtors (CAR) based on data they collect from buyers, sellers and agents. Even though it is a Statewide picture of the real estate market, we thought it was a very pertinent visual about what the Real Estate market is looking like in Riverside and the Inland Empire these days. The number we like the best is the one which states that 80% of buyers today have found their new home using a Real Estate Agent!
The internet is a fabulous tool for home buyers who want to know what is out there in the market place. However, in today’s market, the home you find on the internet has a likely chance of being sold by the time you see it online and try to get an appointment to see the property. It is not that sites such as Redfin, Realtor.com, and Zillow are slow to get the information. The fact is, those sites are directly linked to our MLS sites making them quite accurate. But the reality is that our inventory of homes to sell is very low right now. This means that homes that are priced right, and are ready to sell often have multiple offers only hours after being listed. (Sometimes even before they are showing up online.) As a home buyer, you’re going to be better off having an agent help you with the process of finding your new home. Not only will their knowledge and expertise be invaluable in negotiating you into a contract, but they will also be able to give you a heads up when potential homes come on the market.
We also found the fact that buyers are looking at fewer homes before they find their “dream house” these days to be an interesting statistic. Part of that is because it is easier to narrow down the prospects through internet searches which provide details and pictures of the listings available. But a greater factor is that there are not very many homes on the market right now. The good news in this scenario is that, thanks to the laws of supply and demand, home prices are going up. Market data from CAR shows that in June of 2012 our median sales price for existing homes was $219,850. This figure is 8.3% higher than June 2011’s median price of $202,910. Great news for sellers!
When we’re out and about in Riverside talking to friends, clients, and neighbors we’re finding that people are surprised to hear this information. That’s why we’re putting it out there. The real estate market in Riverside is busy right now! Give us a call if you would like more information, or send us a comment to keep the discussion going.
Homes ARE Selling!
We’re excited about where the real estate market is headed in Riverside. Over the past 6 months or so, we have seen activity in the marketplace soar. There is a sense of optimism that we are seeing from both our buyers and sellers.
With interest rates at an all time low, it is a fabulous time to buy. However, on the flip side, with inventory so low, it is also a great time to sell your home quickly. Check out this Wall Street Journal article which points out that “if you can buy a home today, you can save the difference it would cost you to rent even if you stay in the home just five years.”
Here in Riverside, well priced homes are experiencing multiple offers, and the sellers are feeling confident that their home will bring in a fair market value. Prices have been creeping up in many neighborhoods in town which is very exciting. Most of the business is in the mid 200 to high 300 thousand dollar range, but we’re also starting to see things move in the higher price ranges as well. Even jumbo loans have historically low interest rates! We’ve also had sales recently from homes that we listed which sold before ever being entered into the MLS!
If you have friends, family or work associates who are looking to make a change or need real estate advice, be sure to have them call the Ransom-McKenzie Team. We encourage you to post your questions right here on our blog for a fun, interactive conversation about our business. Let’s get the conversations started!