How’s the Market??? Snapshot for February 2016- Real Estate Market Trends

Here is this month’s How’s the Market??? Snapshot. If you saw last month’s Snapshot you will notice that our local real estate trends show median prices are still creeping up, its just taking a little longer for homes to sell! If Hows the market imageyou would like more detailed information about how much your home is now worth after the Real Estate Crash, send me an email, text, or call me. I’ll be more than happy to provide you with a Free, no obligation report of what its worth and things you can do to improve the value of your home.

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.
Housing Inventory Snapshot February 26, 2016
Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active 30 Days Trend Number of Listings
Los Angeles County, CA
Single Family under $1M $551,903 0.65% $529,000 0.76% 72 -6 6931
Single Family over $1M $3,634,805 -1.06% $2,089,000 -0.29% 93 -12 4344
Condo/Townhome under $600K $386,924 1.03% $388,000 3.47% 63 -5 1895
Condo/Townhome over $600K $1,283,823 -1.49% $898,888 -0.01% 64 -13 1159
Riverside County, CA
Single Family under $500K $330,082 0.47% $334,000 1.21% 85 -3 6022
Single Family over $500K $1,591,204 5.38% $920,000 3.95% 107 -6 5278
Condo/Townhome under $300K $206,576 -0.69% $214,500 -1.11% 108 4 1274
Condo/Townhome over $300K $537,464 2.61% $449,000 3.46% 90 -3 1398
San Bernardino County, CA
Single Family under $500K $286,502 0.48% $280,000 0.00% 98 -8 4520
Single Family over $500K $1,776,860 6.40% $965,000 7.46% 107 -15 2995
Condo/Townhome under $300K $199,155 1.72% $215,000 0.00% 82 -8 211
Condo/Townhome over $300K $648,741 4.65% $549,500 9.90% 47 -13 549
Orange County, CA
Single Family under $1M $731,269 2.53% $723,888 3.49% 68 -9 3806
Single Family over $1M $3,642,413 -3.40% $2,295,000 -2.34% 109 -20 2187
Condo/Townhome under $600K $404,906 0.18% $410,000 0.02% 60 -8 1203
Condo/Townhome over $600K $1,067,181 0.24% $824,900 -2.84% 59 -14 697
If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.
Sincerely,
Yesenia E. Ruvalcaba-Garcia, Broker
Realtor®/HUD REO & Listing Specialist
Direct (626) 252-0839
Office (626) 917-6200 ext. 14
Cell Phone (626) 252-0839
Fax (626) 209-8318
CalBRE License Number: 01293970
yeseniaruvalcaba@aol.com
newcenturybroker.com
New Century Realtors

5 Things Mortgage Lenders Like to See

Job Stability
The lender needs to see signs of stability. Don’t make any sudden changes in your employment if you’re planning to apply for a mortgage soon―stay at your job for well over two years.

Low Credit Card Debt
Your back-end debt-to-income ratio plays an important part in getting approved for a home loan. This ratio is the total amount of debt payments you make each month divided by your gross monthly income. It should ideally be under 36 percent, but to increase your chances of getting approved for a home loan, work on getting that percentage below 30 percent.

No Charge-Offs
A charge-off is the worst thing to have on your credit report because it means all the creditors attempts to come to an agreement regarding the debt has been ignored. Call all outstanding creditors and collectors in advance to come to a compromise regarding the debt as soon as possible―don’t wait until a potential mortgage lender is pulling your credit report to find the negative items.

A Home Within Your Budget
Along the same lines with minimizing your debt-to-income ratio, you should also minimize your potential monthly housing expense as a percentage of income (the front-end ratio). Your front-end ratio shouldn’t exceed 28 percent, so to improve your chances of getting approved, choose a home that puts you closer to 20 to 22 percent.

Money Saved Up
Loans with little money down are more difficult to get. Increase your chances of getting approved by saving up for at least 10 to 20 percent down.

Have you been wondering if you can qualify to purchase a home? Send me an text or email or give me a call and I would be more than happy to guide you through the process completely FREE of charge.

Email: Yesenia@NewCenturyBroker.com or Text/Call: (626) 252-0839

via Real Estate Update.