Market Update : ucr

CNN Says Housing Market may be Stabilizing!

Liane Thomas — Sun, 05 Jul 2009 21:20:00 GMT

CNN is searching for a bottom in the housing market

With consumer confidence rising in May to its highest level in eight months, housing starts increasing more than 17 percent in May compared with the previous month, and sales of existing homes climbing 2.9 percent in April nationwide, it appears that the housing market may be stabilizing.

So what does that mean to you?

Although sales of existing, single-family homes rose 35.2 percent in May in California, compared with a year ago, the median price declined 30.4 percent during that same year. Some industry analysts predict that as specialized adjustable-rate mortgages, known as option ARMS and Alt-A mortgages, reset over the next 18 to 24 months, prices could decline further before stabilizing.

"We are seeing strong buying activity, particularly in those boom and bust markets, where prices have declined significantly. Buyers are coming in and fighting over properties -- there is multiple bidding in California and Florida," says Lawrence Yun, chief economist with the NATIONAL ASSOCIATION OF REALTORS(R).

Sales of existing homes are soaring as many investors and first-time buyers purchase distressed properties. Yun estimates that about 50 percent of current sales involve distressed properties, and he expects the trend to continue as foreclosures rise in the months ahead.

Although some economists predict home prices will continue to decline in the coming months, California'ss median home price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May.

Some buyers are trying to time the bottom of the market and purchase once it appears that prices are consistently and steadily rising. Many housing forecasters advise against this approach as buyers should not view their homes solely as investment opportunities. Historically, the average annual rate of return on a home lived in for five years or more is nearly 12 percent, based on data C.A.R. has collected over the last 40 years.

If you are thinking of selling your home, now is an excellent time with low inventory and the seasonal spike we get this time of year. Even if you are underwater on your home, like so many families, we'd like to help you find a solution. Call for a free consultation. Thanks!

Liane Thomas, REALTOR(R), CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and Surrounding Communities
www.AllCoronaHomes.com
951 454-3805

Nearly New Two Story For Sale in Riverside

Liane Thomas — Mon, 20 Apr 2009 19:13:00 GMT

• 1,752 sq. ft., 3 bath, 3 bdrm single story - MLS® $189,000

Riverside, San Bernardino - Beautiful, nearly new Prestige home in gated community. Extra clean home with light and bright open floor plan, and over $40K in upgrades! The first thing you'll notice as you enter is the stunning natural hardwood floors. The large kitchen has granite counter tops, upgraded cabinets, and stainless steel appliances including built in microwave and dishwasher. Downstairs there is a bonus room which could be a formal living room or home office. Upstairs you'll find a grand master suite with a private bath including dual sinks, oval tub and separate shower. Spacious secondary bedrooms. Upgraded carpet, tile, ceiling fans, fixtures, and custom paint throughout. The community has a tot lot, and is commuter close to the 60, 91, 10, and 215 freeways. Great location near downtown and walk to Riverside Golf Club. Plan your visit today!

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Open House in Riverside on Sunday

Liane Thomas — Wed, 29 Oct 2008 13:08:00 GMT

University Heights, Riverside - We invite everyone to visit our open house at 11407 Eton Lane on November 2 from 12:00 PM to 3:00 PM. This 3 bedroom, 2 bath home sits high on a hill overlooking the valley. Just 1 mile from UCR, and commuter close to the 215/91/60 freeways. Save money with a low tax rate and no mello roos. Take advantage of the $7500 tax credit, and be in your home for the holidays!

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Price Reduced on 11407 Eton Lane in University Heights

Liane Thomas — Wed, 22 Oct 2008 18:18:00 GMT

University Heights, Riverside - Announcing a price reduction on 11407 Eton Lane, a 1,854 sq. ft., 2 bath, 3 bdrm single story "with forever views". Now MLS® $299,500 - Just Reduced!.

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