Short Sales - Important Info
I hope to provide you information to help you understand more about short sales and if you should consider doing one. Having knowledge that will help you make decisions is important to me. This is just a summary - short sales are complicated. Before deciding to do a short sale, you should consult with a tax accountant and/or attorney. If you're having financial troubles with paying your mortgage because you've experienced a major financial setback like losing your job, or you need to sell for whatever reason but your house is worth less than you owe, you may be able to avoid foreclosure through a short sale.
What is a short sale?
A short sale is when a homewner in financial distress sells his or her property for less than the amount due. Your bank has to approve a short and all proceeds from the sale go to the lender - you can't receive any money. The lender either forgives the difference or sometimes gets a deficiency judgment against the homeowner requiring him or her to pay all or part of the difference between the sale price and the original value of the mortgage.
Alternative to a Short Sale
Before deciding upon a short sale, talk to your lender about the possibility of getting a loan modification. Don’t go to the short sale option without doing everything you can to work with your bank on a loan modification. This option may allow you to stay in your home and get back on your feet.
What to Expect
If your bank won’t approve a loan modification, be prepared for a lot of work and a long wait to complete a short sale. Understand that lenders are not required to do short sales; but most lenders do approve some short sales and more and more short sales are being completed successfully lately. The reason for your financial trouble should be new -- such as unemployment or divorce. If the fact that you can’t afford your home anymore is due to something about your financial situation that you did not disclose when you originally applied for the loan, the lender will not be sympathetic to you.
If the lender thinks it can get more money from foreclosing on your home than from a short sale, the lender may not allow a short sale. Additionally, if anyone has co-signed on your loan, the lender may want to hold that person responsible for payment rather than doing a short sale.
Moving Forward with a Short Sale
If you think you may be a good candidate for a short sale, talk to your lender’s loss mitigation department. Once you determine that the bank is willing to consider a short sale, it is time to find a good Realtor who is experienced with short sales. And just as important, you should consult an attorney, and/or tax professional. You may be thinking that there is no way you can afford to pay for these high-priced professional services at this time in your life, but you don’t want to find yourself in even bigger financial trouble. There may be financial and/or tax consequences that you should know about before moving forward with a short sale.
What Information Will the Lender Need?
There are a number of documents that the lender will need from you to prove your financial hardship. These may include bank statements, medical bills, pay stubs, a termination notice from your former job or a divorce decree and a hardship letter. Your lender will carefully scrutinize the information you provide.
If you still have cash assets, the lender may expect you to use them to continue making mortgage payments or to make up some of the shortfall between the sales price and the mortgage amount. An attorney experienced in completing short sales can help you with this if you find yourself in this situation.
Don’t Hold Your Breath
Short sales almost always take longer than regular home sales -- considerably longer -- and sometimes the houses end up going through foreclosure anyway. Sometimes buyers find another property while waiting for an answer from the bank. Be prepared for this possibility Also, a short sale will damage your credit but it will be less damaging than a foreclosure.
Call Pedersen Real Estate at 951-840-5212 if you are in financial trouble and are thinking of doing a short sale. We can answer your questions and help you through all the many and often frustrating steps of a short sale. We are experienced short sale Realtors.
Posted at 09:55PM Mar 10, 2010 by The Pedersen Team in Real Estate | Comments[0]
Where Have All the Houses Gone? Riverside CA Homes for Sale
The number of houses for sale or sometimes referred to as "inventory" is a critical component of any real estate market. I did a blog on this topic several months ago and just updated the information on homes for sale in Riverside CA. Wow, it is pretty shocking to see how low the inventory has gone from where we were a little over a year ago.
The graph speaks for itself. With the considerable number of buyers house-hunting right now and and low numbers of houses available, no wonder buyers are having such a hard time getting a new home. But if you are a buyer or are thinking of buying soon, don't get so discouraged that you decide to throw in the towel. With the low prices of homes and the low interest rates, it is still a great time to buy. And no one knows how long the low interest rates will be around.
Call us to discuss buying or selling. If you have equity it could be a good time to sell as there are a lot of buyers right now.
Posted at 05:19PM Mar 09, 2010 by The Pedersen Team in Real Estate | Comments[0]
Homes for Sale Riverside CA - Market Report Feb 2010
Here are the numbers for the last quarter for Riveside CA homes for sale. The number of houses in escrow has gone up from January and it is mixed regarding the number of sold houses and the number of listings for sale. In all ZIP codes except two the prices went up over last month. These numbers are for single family houses and don't include condos.
With the continuing low housing prices and low interest rates, it remains a terrific time to buy a house in Riverside if you can afford it.
| 92501 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 |
| # of houses for sale | 65 | 74 | 61 | 58 |
| # of houses in escrow | 64 | 46 | 44 | 61 |
| # of sold houses | 10 | 23 | 26 | 17 |
| Average list price | $185,055 | $164,296 | $180,313 | $159,010 |
| Average sold price | $177,555 | $164,609 | $182,482 | $159,571 |
| 92503 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 |
| # of houses for sale | 218 | 209 | 231 | 223 |
| # of houses in escrow | 257 | 236 | 158 | 222 |
| # of sold houses | 75 | 65 | 101 | 79 |
| Average list price | $271,293 | $207,235 | $211,336 | $267,985 |
| Average sold price | $270,048 | $211,538 | $215,573 | $266,218 |
| 92504 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 |
| # of houses for sale | 145 | 150 |
150 | 143 |
| # of houses in escrow | 164 | 140 | 95 | 149 |
| # of sold houses | 44 | 35 | 65 | 51 |
| Average list price | $239,154 | $213,427 | $192,669 | $192,825 |
| Average sold price | $244,249 | $219,943 | $199,746 | $198,801 |
| 92505 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 |
| # of houses for sale | 60 | 60 | 62 | 64 |
| # of houses in escrow | 117 | 119 | 90 | 115 |
| # of sold houses | 38 | 28 | 44 | 32 |
| Average list price | $192,376 | $175,443 | $194,443 | $197,873 |
| Average sold price | $193,924 | $178,304 | $194,584 | $203,365 |
| 92506 | Feb 2010 | Jan 2010 | Nov 2009 | Nov 2009 |
| # of houses for sale | 158 | 153 | 135 | 118 |
| # of houses in escrow | 109 | 97 | 64 | 142 |
| #of sold houses | 33 | 25 | 50 | 35 |
| Average list price | $283,509 | $282,396 | $318,464 | $302,812 |
| Average sold price | $279,473 | $263,004 | $315,251 | $299,347 |
| 92507 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 |
| # of houses for sale | 86 | 81 | 77 | 76 |
| # of houses in escrow | 66 | 64 | 45 | 79 |
| # of sold houses | 23 | 24 | 38 | 14 |
| Average list price | $179,827 | $191,917 | $176,031 | $211,979 |
| Average sold price | $178,122 | $193,074 | $173,220 | $206,817 |
| 92508 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 |
| # of houses for sale | 91 | 88 | 86 | 81 |
| # of houses in escrow | 119 | 98 | 71 | 111 |
| # of sold houses | 32 | 37 | 47 | 29 |
| Average list price | $280,702 | $290,126 | $280,026 | $295,473 |
| Average sold price | $279,053 | $298,558 | $280,943 | $301,777 |
| 92509 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 |
| # of houses for sale | 183 | 195 | 182 | 158 |
| # of houses in escrow | 213 | 177 | 135 | 203 |
| # of sold houses | 43 | 50 | 77 | 54 |
| Average list price | $177,898 | $146,148 | $169,713 | $156,678 |
| Average sold price | $180,217 | $149,558 | $173,796 | $160,769 |
Call us if you are thinking about buying or selling a house. 951-840-5212
If you are having financial troubles and need to sell your home but it isn't worth what you owe, work with your lender to see if you can get a loan modification. If they won't approve one, then a short sale may be a good option. Call us to discuss short sales. Click here to read about short sales.
Posted at 07:40AM Mar 06, 2010 by The Pedersen Team in Real Estate | Comments[0]
Foreclosures and Short Sales in Riverside CA
Here is a breakdown of the single family homes for sale-Riverside CA. The graph shows the sale totals over the last few months. This shows the number of foreclosures, traditional sales and short sales. The number of Riverside CA foreclosures are dropping as it appears that the number of sales is dropping. Many buyers who are having trouble getting their offers accepted are hoping for more foreclosures to come on the market. I hear opinions on both sides; a)that we will see increases in foreclosures and b) that the number of foreclosures will decrease. I guess we will just have to wait and see what actually happens.
According to RealtyTrac there are 7634 homes in pre-foreclosure in Riverside as of March 5, 2010. There are currently 1028 homes (condos not included) for sale in Riverside (listed on the local multiple listing service). Of the 1028 homes, 143 are foreclosures (bank-owned or REO's) and 440 are short sales for sale.
Call us if you are having financial difficulties and are considering doing a short sale in Riverside or Corona or if you are looking to buy a foreclosure home or short sale. Click here for information about short sales.
Posted at 04:50PM Mar 05, 2010 by The Pedersen Team in Real Estate | Comments[0]
Don't forget to charge the camera battery. Duhhhh!
My husband and I went on a trip to northern California for a few days to visit family and friends. We took our camera, of course. We went to a beautiful place near to where my aunt and uncle live in Woodside CA called Filoli that I haven't seen in many years. I was really looking forward to taking photos of the gardens. Filoli is an incredible 654-acre country estate in Woodside about 20 miles south of San Francisco with 16 acres of the most stunning formal gardens. A number of movies were filmed there including Heaven Can Wait with Warren Beatty. At the front steps of the visitor center we were greeted by pots full of the most gorgeous spring flowers I think I had ever seen. Out came the camera and oh no!! The battery was dead. Boy was I disappointed. And to top it off, I didn't even think of using my Iphone to take photos until we were leaving. All I have is memories and these two photos I took with my IPhone.
Filoli, I'll be back - and with a fully charged battery.
In case you are wondering where the name Filoli comes from, it was from the first two letters in each of the three phrases of the original owner's credo. Fight for a just cause, Love your fellow man, Live a good life.
Posted at 02:14PM Mar 03, 2010 by The Pedersen Team in General | Comments[0]
Riverside CA - Andulka Park
Riverside CA Parks - Andulka Park
I drive by this new park quite frequently but since I didn't have any real estate appointments (I'm a Realtor) I decided I would stop and take some photos and walk around.
The park has two baseball fields, a tennis complex with pro-shop (nine regulation courts and one tournament court), two lighted basketball courts, restroom and concession facilities, 
children's playground, picnic facilities, open meadow areas, on site parking for approximately 200 vehicles, and a walking/jogging trail and native habitat area - something for just about everyone.
Andulka Park, a 36-acre park, is located at 5201 Chicago Avenue at Central Avenue and has been opened since May 2009. When I stopped there today, February 20, 2010, even though it was quite cold outside there was a lot going on at the park: people were playing tennis, a little league baseball game was going on, kids were playing in the playground, there was a party in one of the picnic areas and more. 
The Andulka Park tennis center offers programs for all levels and ages including, lessons, jr. tennis, instructional clinics, retail sales, camps, high school matches, tournaments, and scholarships. For more information please call 951-683-0667 or visit www.andulkatennis.com
Posted at 05:30PM Feb 20, 2010 by The Pedersen Team in General | Comments[0]
Riverside CA homes for sale - foreclosures and short sales
Boy, I just can't believe how I've been blogging up a storm this week. Here goes another one. This shows Riverside CA homes for sale over the last few months; more specifically, the total number of single family homes that sold by month and how many of those totals were foreclosures, short sales and traditional sales. The number of foreclosures in Riverside CA are dropping.
If you are facing a possible foreclosure, there are some alternatives to foreclosure:
Special forbearance
Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.
Loan Modification
You may be able to refinance the debt and/or extend the term of your mortgage loan through a mortgage modification. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.
Short Sale
Lenders are in the business of lending money not owning houses. A short sale is when you need to sell your home but you owe more than it is worth. The bank has to agree to accept far less than what you currently owe on the mortgage. This is also called a short payoff because the lender agrees to cancel the note and mortgage as a lien on the home. I suggest that you talk to your lender about a special forbearance or loan modification before you consider a short sale.
In a short sale the forgiven portion of the debt owed could be considered as taxable income and you should seek the advice of a tax attorney, or certified public accountant, or your professional tax adviser so that you understand any possible ramifications of a short sale.
Call us if you are thinking of doing a short sale or if you are looking to buy a Riverside CA foreclosure or short sale. Click here for information about short sales.
By TwitterButtons.com
Posted at 09:38PM Feb 18, 2010 by The Pedersen Team in Real Estate | Comments[0]
A part of me revealed
I'm a huge art-lover. My youngest son, a cadet a West Point, the United States Military Academy, recently asked why I haven't put any of my art on the internet. I asked him why he wanted my work on the internet and he replied, "So that I can show you off." I thought that was so sweet so I'm going to sta
rt sharing some of my work. This is hard for me to do and I'm a bit uncomfortable but here goes.
Erik, this is for you!
So I'll start with a portrait of did of my son, Erik, when he was about four or five. This piece is entitled "Poutin' Cowboy" and it was done in colored pencils. There is distortion from the reflections on the glass over the work.
Here is a painting of a cougar done in oils. 
.
This is a pencil/charcoal drawing of my husband and sweatheart called "After a Long Cattle Drive." This one also shows distortion from the reflections in the glass.
This is one of the things I love to do when I'm not working full time as a Realtor in Riverside California.
Posted at 10:25AM Feb 17, 2010 by The Pedersen Team in General | Comments[0]
Riverside California Foreclosures
Are you interested in finding out more about Riverside Ca foreclosures? This is a topic that impacts almost everyone in Riverside California. Realty Trac recently reported that foreclosures in the US are 15% higher than they were a year ago. They also say that there is likely to be an increase in foreclosure activity in the next several months. If this happens it will be driven by more unemployment and economic hardship. For 2009 the three states with the most foreclosures were: California - 632,573, Florida - 516,711 and Arizona - 163,210 (according to Realty Trac) but keep in mind that, particularly with California and Florida, these are high population states. The cities/areas in the US with the highest foreclosure filings in 2009 were:
- Las Vegas, NV
- Cape Coral- Fort Myers, FL
- Merced, CA
- Riverside-San Bernadino-Ontario, CA
The Inland Empire and Riverside have been rebounding a bit from the foreclosure activity – but another wave of foreclosures in the coming months will be extremely hard on our struggling housing market. Some experts believe that a new round of foreclosures could trigger a double-dip in housing prices. I hope we don't see that happen in Riverside or the Inland Empire.
As of February 16, 2010, there are 990 active listings on the multiple listing service for single family homes for sale in Riverside CA. Of those, 139 are shown as foreclosures and 462 are listed as short sales/pre-foclosure. 57 of these listings don’t show what type of sale they are. Foreclosures are dropping - the number of homes that people have bought that are foreclosures is declining. In August there were 231 sales, 172 in November and then compare that to the 139 currently.
Buying a Riverside CA foreclosure takes less time and patience than a short sale, but as you can see from these numbers, short sales are a big part of the market and I think we'll be seeing them for a quite a while yet. And for you buyers out there, the number of short sales actually closing successfully has increased.
If you are facing a possible foreclosure, there are alternatives: talk to your lender about a loan modification. If they deny a loan modification, than a short sale is an alternative that is better than foreclosure for many people. Call us if you are thinking of doing a short sale or if you are looking to buy a Riverside CA foreclosure or short sale house. My ActiveRain.com blog.
Click here to learn how to get your offer accepted on a foreclosure home.
Posted at 06:27PM Feb 16, 2010 by The Pedersen Team in Real Estate | Comments[0]
A wonderful day out on the ocean
Two of our wonderful friends own an amazing boat (actually it is a yacht), a new 45-foot coastal cruiser. They needed some help bringing it back to the Long Beach marina from San Diego. So they invited my husband and I to go with them and help. It was a beautiful day out on the ocean - but it was cold. I never warmed up the entire day. By the way, we were trying to be a bit conservative with the gas - only going a little above 12 miles an hour - and the trip took almost 8 hours. But the ocean was beautiful and the company even better.
San Diego is a beautiful city. Here are a few photos from our wonderful day yesterday.
A sun 
fish. 
Coming into the marina in Long Beach.
Our thanks to the Stringers for a wonderful day!
Copyright 2010 © by Vicki Pedersen, "A wonderful day out on the ocean."
Posted at 01:03PM Feb 13, 2010 by The Pedersen Team in General | Comments[0]
Riverside and Corona Short Sales - Are You A Good Candidate for One?
In Riverside and Corona real estate and throughout the Inland Empire, the biggest share of homes for sale is short sales. In fact today, Feb 5, 2010, there are 466 short sales in Riverside. Compare that to 361 standard sales and 147 bank-owned houses.
A short sale is one option for a seller who needs to sell but owes more on their house than it can be sold for. You should know up front that there is no guarantee that your short sale (should you choose to do one) will go through and there is a guarantee that it will hurt your credit report. Get all the information you can on short sales – do your research – and find a good Realtor with experiece doing short sales. So, how do you know if you are a good candidate for a short sale? Do you have a legitimate hardship?
In order for the bank to consider accepting less than what is owed for a home, there must be a real reason why you cannot afford your home anymore or must sell it, i.e. job loss/layoff/relocation, death in the family, sudden and large medical bills, divorce. You will be required to provide to your lender pay stubs, bank statements, tax returns, letters of hardship, etc. and they will actually carefully review and scrutinize these.
You will have to prove that there is a true financial hardship and that you are not one of the many homeowners who are simply tired of being upside down on your home. If you really are facing a hardship and have pursued other workout options with your lender to no avail, short selling your home may be the best way out of a very difficult situation.
In a short sale the forgiven portion of the debt owed could be considered as taxable income and you should seek the advice of a tax attorney, or certified public accountant, or your professional tax advisor so that you understand any possible ramifications of a short sale. According to FICO, the leading credit scoring system provider, there also may be some damage to your credit score. While a short sale aren’t as damaging as a foreclosure or bankruptcy, expect some negative impact.
Once you have explored all options, talked to your tax advisor and feel that you are ready to move forward with a short sale, call me and let’s get the short sale process moving. It is “short” in name only – shorts sales generally take a long time and patience on the part of the buyers and sellers is needed.
Posted at 02:21PM Feb 05, 2010 by The Pedersen Team in Real Estate | Comments[0]
Tips to Help You Get Your Home Sold - Part 1
If you are going to sell your home, it is important to look at your house through buyers eyes. Think about what will make your house more appealing to buyers.
Here are some tips to help you get your home sold:
1. Make the house appear more spacious. Clear out as much furniture and clutter as you can. Opening up your rooms with less furniture is a great start to getting your house ready to show. Make sure that there is no furniture in traffic areas around the house. Hallways and doorways, in particular, need to be clear and open.
2. Clear off counters. Go through your house and clear off all of the horizontal surfaces like kitchen and bathroom counters. Get rid of things that you don't really use and put away out of sight most of those items that you do use. Only keep one or two items on the counters in the kitchen, hide everything else away.
3. If you can smell it, you can't sell it. This is one suggestion that many people don't pay enough attention to. Your home should smell good with no pet odors, cooking odors or smoking odors. When we live with a pet or something else that causes odors oftentimes we get so used to the odors that we don't even notice them anymore. Have a friend whose sense of smell you trust give your home the sniff test. It is not good enough to go through your house just before a showing and spray with Lysol. You need to get rid of the smell by whatever means it takes.
4. Most buyers want a "move-in" ready house. If the property need to be taken care of, i.e. repairs, painting, replacing old carpet, take care of it before you put your house on the market. The more changes or repairs the buyers think they will have to make in your home, the less likely they are to buy it.
5. Your house should be spotless. Make sure that everything, including windows and inside cabinets are sparkling clean. Pay particular attention to the kitchen and bathrooms. I believe that this is the most important thing you can do to get your house ready to show. And keep it clean while it is on the market.
7. Update your home. It is much harder to sell a 40-year old home if it hasn't been updated at all than a 40-year old home that has been updated. Many people are attracted to older homes, but it will be a problem if the paint and appliances, etc. are also 40 years old.
Posted at 04:03PM Feb 03, 2010 by The Pedersen Team in Real Estate | Comments[0]
Are you thinking of selling your home?
Are you considering selling your home but not sure what to do? Here are some steps to follow. Depending on how much equity you have in your home, now may be a very good time to sell. In Riverside and Corona CA and throughout the Inland Empire, there are lots of buyers and investors anxious to purchase homes. The timing is right for many buyers because of low housing costs and low interest rates. The inventory of houses available currently is quite low which is great news for home sellers.
- Evaluate your situation first. Do you really need to sell? Or can you remodel your home to meet your needs? Can you afford to purchase another home, keep your existing home and rent it out until the prices of houses in your area go up?
- Find a good Realtor. Interview two or three agents in your area. Don't use your cousin Bob who lives outside of the area or your mom's best friend. I can't tell you how many times I've heard of sellers in bad situations that they can't seem to get out of because they are using a family friend or family member to sell their home - particularly when your area is not in that agent's regular area of expertise. Your Realtor will market your home and will walk you
through all of the steps in selling your home. That's only a small part of what a good Realtor will do for you - but that will suffice for this post.
3. Prepare your home to show. Your home should be spotless, have great curb appeal and evoke a warm welcoming feeling. A good Realtor will help you with home staging recommendations to make your home more appealing to buyers. People want to be able to picture their family in the home not yours so a home full of personal clutter will not show off the potential of the home.
4. Set a price to list your home. In selling your home, there is nothing more important than the price. The value of your home is based on your home's condition, market trends, and current competition. The market determines the value of your home - not you - what ready and able buyers are willing to pay for your home.
5. Make your house accessible to agents and potential buyers. It will be more difficult to sell your house if it is hard for people to get in to see it.
Selling your home can be a stressful time, but you can be successful in selling your home if you are patient, reasonable and flexible. There are lots of buyers out there and the key is to get them to fall in love with your home.
Call us if you have any questions about selling your home. 951-840-5212.
Posted at 04:49PM Feb 02, 2010 by The Pedersen Team in Real Estate | Comments[0]
Corona CA real estate market report - January 2010
This is a snap-shot of residential real estate in Corona, CA for January 2010. The number of houses for sale and that are in escrow is as of February 2, 2010. During December real estate activity dropped but it looks to be going back up. You can see this by looking at the number of houses in escrow. Some zip codes have lower and some have higher sold prices. One thing I think is interesting is that in all but one zip code the average sold prices were higher than the list prices. Let me know if you have any questions about these numbers.
| 92879 | Jan 2010 | Dec 2009 | Oct 2009 |
| Number of houses for sale | 83 | 86 | 96 |
| Number of houses in escrow | 115 | 86 | 132 |
| Number of sold houses | 42 | 42 | 37 |
| Average list price of sold houses | $263,179 | $257,204 | $262,251 |
| Average sold price of houses | $268,337 | $263,619 | $263,989 |
| 92880 | Jan 2010 | Dec 2009 | Oct 2009 |
| Number of houses for sale | 141 | 144 | 138 |
| Number of houses in escrow | 254 | 143 | 256 |
| Number of sold houses | 59 | 110 | 96 |
| Average list price of sold houses | $358,453 | $344,164 | $347,216 |
| Average sold price of houses | $367,552 | $355,305 | $355,133 |
| 92881 | Jan 2010 | Dec 2009 | Oct 2009 |
| Number of houses for sale | 68 | 69 | 70 |
| Number of houses in escrow | 100 | 61 | 110 |
| Number of sold houses | 20 | 45 | 31 |
| Average list price of sold houses | $379,412 | $413,635 | $393,342 |
| Average sold price of houses | $372,445 | $412,271 | $402,794 |
| 92882 | Jan 2010 | Oct 2009 | Oct 2009 |
| Number of houses for sale | 131 | 126 | 98 |
| Number of houses in escrow | 203 | 119 | 195 |
| Number of sold houses | 45 | 63 | 65 |
| Average list price of sold houses | $290,338 | $334,147 | $321,377 |
| Average sold price of houses | $293,356 | $324,201 | $330,994 |
| 92883 | Jan 2010 | Dec 2009 | Oct 2009 |
| Number of houses for sale | 111 | 110 | 131 |
| Number of houses in escrow | 203 | 108 | 201 |
| Number of sold houses | 50 | 55 | 61 |
| Average list price of sold houses | $341,290 | $338,957 | $349,607 |
| Average sold price of houses | $343,641 | $342,483 | $355,012 |
Posted at 10:57AM Feb 02, 2010 by The Pedersen Team in Real Estate | Comments[0]
Riverside CA real estate market report - January 2010
Riverside CA residential real estate is still moving up and down. The prices in five out of the eight zip codes are down from Dec 2009. I think that we see some larger variances in sold prices due to bank-owned houses. Increased numbers of bank- owned houses that go on the market in a particular zip code will drive the prices in that zip code down. Some good news that I see this month is that in all zip codes, number of houses in escrow is up, even significantly up in several zip codes from the lows in December. The number of active homes and homes in escrow listed here is as of February 2, 2010.
Real estate in Riverside continues to be ever-changing and ever-exciting - at least for me it is. It is still a great time to buy - with the low housing prices and very low interest rates. Depending on how much equity a person has, it can also be a good time to sell as there are more buyers right now and the inventory of available houses is pretty small.
| 92501 | Jan 2010 | Dec 2009 | Nov 2009 |
| Number of houses for sale | 74 | 61 | 58 |
| Number of houses in escrow | 46 | 44 | 61 |
| Number of sold houses | 23 | 26 | 17 |
| Average list price of solds | $164,296 | $180,313 | $159,010 |
| Average sold price of houses | $164,609 | $182,482 | $159,571 |
| 92503 | Jan 2010 | Dec 2009 | Nov 2009 |
| Number of houses for sale | 209 | 231 | 223 |
| Number of houses in escrow | 236 | 158 | 222 |
| Number of sold houses | 65 | 101 | 79 |
| Average list price of solds | $207,235 | $211,336 | $267,985 |
| Average sold price of houses | $211,538 | $215,573 | $266,218 |
| 92504 | Jan 2010 | Dec 2009 | Nov 2009 |
| Number of houses for sale | 150 |
150 | 143 |
| Number of houses in escrow | 140 | 95 | 149 |
| Number of sold houses | 35 | 65 | 51 |
| Average list price of solds | $213,427 | $192,669 | $192,825 |
| Average sold price of houses | $219,943 | $199,746 | $198,801 |
| 92505 | Jan 2010 | Dec 2009 | Nov 2009 |
| Number of houses for sale | 60 | 62 | 64 |
| Number of houses in escrow | 119 | 90 | 115 |
| Number of sold houses | 28 | 44 | 32 |
| Average list price of sold houses | $175,443 | $194,443 | $197,873 |
| Average sold price of houses | $178,304 | $194,584 | $203,365 |
| 92506 | Jan 2010 | Nov 2009 | Nov 2009 |
| Number of houses for sale | 153 | 135 | 118 |
| Number of houses in escrow | 97 | 64 | 142 |
| Number of sold houses | 25 | 50 | 35 |
| Average list price of solds | $282,396 | $318,464 | $302,812 |
| Average sold price of houses | $263,004 | $315,251 | $299,347 |
| 92507 | Jan 2010 | Dec 2009 | Nov 2009 |
| Number of houses for sale | 81 | 77 | 76 |
| Number of houses in escrow | 64 | 45 | 79 |
| Number of sold houses | 24 | 38 | 14 |
| Average list price of sold houses | $191,917 | $176,031 | $211,979 |
| Average sold price of houses | $193,074 | $173,220 | $206,817 |
| 92508 | Jan 2010 | Dec 2009 | Nov 2009 |
| Number of houses for sale | 88 | 86 | 81 |
| Number of houses in escrow | 98 | 71 | 111 |
| Number of sold houses | 37 | 47 | 29 |
| Average list price of sold houses | $290,126 | $280,026 | $295,473 |
| Average sold price of houses | $298,558 | $280,943 | $301,777 |
| 92509 | Jan 2010 | Dec 2009 | Nov 2009 |
| Number of houses for sale | 195 | 182 | 158 |
| Number of houses in escrow | 177 | 135 | 203 |
| Number of sold houses | 50 | 77 | 54 |
| Average list price of sold houses | $146,148 | $169,713 | $156,678 |
| Average sold price of houses | $149,558 | $173,796 | $160,769 |
Posted at 09:55AM Feb 02, 2010 by The Pedersen Team in Real Estate | Comments[0]
