Sept. 13, 2022

August 2022 Market Report

Real Estate Market Report

This market report covers an area in Southern California known as the inland Empire, which covers the western part of Riverside and San Bernardino Counties.  This information is from three sources, IVAR (Inland Valley Association of Realtors), CMRMLS (the Multiple Listing Service the covers Southern California), and Chicago Title.

 

New Listings from January to August:       New Listings

2021        36,001

2022        34.421   which is a decrease of -4.4 %.

 

 

 

 

 

Sold Listings from January to August:   Real estate - Sold Listings

2021        29,570

2022        25,876  which is a drop of -12.9 %.

 

 

 

 

Median Sales Price from January to August

2021        $523,000

2022        $595,386  which is an increase of 13.8 percent

Real Estate Market report - Median Sales Price

 

Even though prices have gone up overall, the factors such as higher interest rates, increasing inventory, and high housing prices, have caused a downward trend in prices as shown by the graph above.  Also note that overall there have been more listings going on the market than homes that have sold, thus increasing inventory and decreasing competition for buyers.  

Real Estate Sales Price Report

 

In fact, the sold prices vs. listing prices shows that most listings reduced their prices prior accepting an offer or they had to accept an offer lower than the list price. 

August 2021 homes sold on an average of 103.36% higher than the list price.

August 2022 homes sold on average 99.40% of the list price or  3.8% less than last year’s home sales prices.

 

IVAR Market Report:

According to Chicago Title’s local market analysis for Riverside:  Median prices are generally falling and the number of days on the market has increased to around 40 to 50 days. Real Estate Sold Price Report

47% of listed homes have decreased their original list price before accepting an offer.

Only 4% of the listings increased the original list price before accepting an offer.

 

 

 

 

 

 

 

A final bit of information for those that are looking to list their homes soon:

Real Estate Market Report for Sellers

If you have any questions or would like more information please contact us. 

Aug. 16, 2022

7 Ideads for Improving Your Home's Curb Appeal

Improving Your Home's Curb Appeal

 

With home improvement, a lot of homeowners only focus on interior design. Though the interior design is important because that is where you spend the majority of your time, your home’s curb appeal should also be at the top of your mind. Curb appeal is the act of improving the exterior of your home to make it more appealing from the curb, hence the name. Making the exterior of your home look nice can invite you home at the end of the day, welcome guests, and provide a preview of the interior to future buyers. Not sure where to start? Here are seven ideas for improving your home’s curb appeal.

1. Architectural Columns

Create some dimension and create focal points on the exterior of your home with architectural columns. Architectural columns make a statement. Whether you have a porch or just an entryway, adding columns brings more dimension and interest than simple wood supports. Best of all is that there are so many architectural columns to choose from. Synthetic stone columns come in a variety of integral colors and PVC columns come in a white color and do not need to be painted. Additionally, they can be sleek, detailed, round, square, and more. There are tons of styles to choose from so that you can ensure they will look great with your already existing home exterior elements.

2. Siding

The siding of a home has a large impact on the style and appeal because it covers the most area. Steel siding is a great upgrade for curb appeal because it is modern. Steel siding is also highly durable and requires little maintenance. Of course, there are plenty of steel siding colors to choose from so that you can add a pop of color or keep it neutral depending on your style. Another siding that people love to look at is stone. Including stone finishes in your home can provide a lot of interest and make it look more elegant. However, keep in mind that stone is harder to install and can be more expensive than some other siding types. 

3. Fiberglass Pergolas

Fiberglass pergolas are a superior exterior addition to provide structure to an outdoor area and an option for shade as well as creating a visually appealing element. Fiberglass is a superior material for pergolas because they hold up to the weather much better than wood. Wood fades and breaks down over time, but fiberglass remains unaffected making fiberglass pergolas last a lot longer. There are many things you can do with pergolas including lining them with vines, adding sun shades, adding lighting or fans, and even hanging curtains for privacy. Many people think that pergolas are only for the backyard. While they are a great backyard element, they can be used in the front of your home as well in the landscaping, over a porch area, or to add interest to the entryway. There are several designs and sizes which means that you are sure to find one that fits your needs. 

4. Windows

All windows do not look the same. Old windows can bring down the look of your home on the exterior and make the whole home look old. Switching out your current windows for historic storm windows will not only will improve the energy efficiency of your home but also looks great from the curb. You can also add a variety of shutter options to draw attention to the windows and add some color. 

5. Balustrades

Bring in the romance of vintage architecture with balustrade systems. Balustrade systems are something that many don’t think of adding when talking about the exterior style of their home. However, balustrades can take your home from basic to luxury. Balustrade systems add architecture detail that you’ll definitely notice from the curb. Add them to upper-story windows or around your front patio to take your curb appeal to the next level. You’ll feel like you have a royal home.

6. Garage Door

The garage door is an exterior element that most do not even consider aesthetically. Garage doors are often seen as a functional part of the home but that doesn’t mean that they can’t add to your curb appeal. With the cost of a garage door relatively low as far as home improvement projects go, skip the plain white and opt for a faux wood finish, one with windows, or even just a beautiful color. The addition of a beautiful garage door will do wonders for your home’s curb appeal. 

7. Cornice

A cornice is a great way to add some adornments that will improve your home’s curb appeal. Cornice comes in multiple materials such as fiberglass, polyurethane, synthetic stone, cellular PVC, and more which means that you can select which is best for your idea and budget. You can also select colors, design, and location so that your curb appeal is just how you envisioned it. Bring dimension and interest to your home’s exterior using cornice and improve your home’s curb appeal. 

 

Andrea Erickson is a contributor to Innovative Building Materials. She is a blogger and content writer. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.

 

Aug. 3, 2022

Where are real estate prices heading?

Where are real estate prices heading?

June 2, 2022

Are We in a Housing Bubble?

Selling  a house - are we in a housing bubble?

April 28, 2022

Inspiring Interior Design Ideas for Staging a Home on the Market

Inspiring Interior Design Ideas for Staging a Home on the Market

 

Staging is one of the most important things someone can do when selling their home. Not only does good staging allow you to sell your home faster (on average, within a week), but it also ensures you get more money for your home and more interest in it.

 

Whether you're considering putting your home on the market or it's been up for months with no bites, these are the most important things you can do to ensure your home sells quickly and for the money you want. 

Replacing Small Details En Masse

The best small thing you can do to refresh the feeling of your entire property is to replace all of the small details. This means doorknobs, handles on cabinets, light fixtures, switch plates, faucets, and more. Although none of these purchases alone will cost more than a hundred dollars, they can add up to thousands of dollars of perceived value. Because these details are small, the eyes will skim over them, and the value that people assume they have will come to the front.

Adding Moisture Resistant Paint

 

Water is one of the most damaging things on Earth. Not only can it erode rock, but even just hanging in the air can let it ruin paint and wood. If you want to protect your home from mold, and ensure buyers feel secure in their purchase, consider using moisture-resistant paint throughout your home! This is most important in areas like basements and bathrooms, where moisture hangs out more and can do more damage. Any fresh paint on walls will make a space feel fresh, but adding moisture-resistant paint can allow the entire area to feel new and clean.

Updating Wood Stains to Play Well Together

If your home has far too many furniture and wood stain colors playing against each other in every room: it'll start to clash. Instead, it's a good idea to try to stick to one or two main colors so that the rooms feel cohesive and purposeful. To do this, use a stain stripper, sand down the surface, stain, and then seal the surface. Doing this to multiple pieces of furniture will create rooms that feel like they're designed intelligently.

Adding Perks Like Heated Floors

Heated floors are a wonderful perk that can excite people into feeling like they’ve found a touch of luxury when looking at your home. Not only are heated floors great for keeping cozy on cool mornings, but they also help fight off moisture. Taking it further and adding a heated shower floor will ensure there’s no chilly morning that you can’t take on, and the buyers will appreciate it!

Allow More Light Into Your Home

 

We could all use more natural light in our lives. Not only is sunlight good for mental health, but it can also help you spend less every month on lighting instead of having to turn on a light switch every time you enter a room. Look into getting replacement window inserts that will let in far more sunlight, and consider arranging your furniture so that the sunlight splashes across it on sunny days. This will help get more buyers to feel attached to the rooms.

Deep Cleaning From Top to Bottom

 

Although you may have taken care of your property while you've lived there, a deep clean is still necessary. People want to picture their lives in these properties, and that's easier if they don't see the grime and dead skin cells of whoever lived there before them. The most important places to focus your cleaning efforts are in your kitchen and your bathrooms. These areas are the ones people want to be cleaned more than any other, and refreshing them will allow you to make the rooms look brand new.

Pull All Couches and Seating Away From Walls

Although this may sound strange: pulling furniture away from your walls is a vital part of staging. Having at least a foot of space between your seating and the walls creates the illusion of a larger and more spacious area. This will inspire buyers as they walk through and give them the chance to picture how all of their furniture will fit into a room.

Increase Your Entrance Appeal

When buyers first enter your home, what do they see? Why not create a space that invites them to look around and may even feel like home to them? To do this, add details like paintings, good lighting, a shoe and coat rack, and a welcome rug. Avoid adding things that feel personal to you or your family, and instead, make it as welcoming as possible to anyone who might walk through your door.

Every Home Can Be Staged to Sell Quickly

Staging may feel like a lot to take on, but anyone can do it if you take the time to study up and get to know what it means. Get to know your property and update it, so it sells quickly!

 

Andrea Erickson is a contributor to Innovative Building Materials. She is a blogger and content writer for the real estate industry. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes. 









 

Jan. 21, 2022

5 Trending and High-Value Remodeling Projects for Your Home

 

When remodeling, it's important to think about the future returns from the work and money you're putting into a property. Although there's no way to guarantee you'll make 100% of your money back plus profit, avoiding it altogether is just going to leave your home possibly tens of thousands of dollars lower in value.

 

These are the top trending high-value remodeling projects for the average homeowner: and how they can be an awesome addition to your property!

1. Gorgeous Kitchen Remodel

 

When's the last time your kitchen was updated? Are the tiles original? Although this might be a positive if your home was built in the last five years: any kitchen over fifteen needs a remodel.

 

A full kitchen remodel will win you a large return on investment: but you can gain an even larger percentage back by doing a partial or mini kitchen remodel. This means updating vinyl kitchen flooring, or replacing the counters and painting cabinets, instead of gutting the entire room.

 

Of course, if you think there’s no saving your kitchen, you can always go the drastic route, but going smaller can gain you a larger return.

2. Inspiring New Fun Floors

Floors are the part of our home that our body is in contact with the most. We walk from room to room, welcome guests in on them, and rest rugs, bookshelves, and furniture on them: why wouldn't you want anything but the best version of them?

 

Updating your floors to something like faux hardwood, or laminate can change the look of your entire home. Although carpet is expensive and fancy to some, it holds onto smells, stains, and animal fur and is hard to keep clean. 

 

Simple hard flooring with rugs on it for softness can bring across a look buyers will love that will also save you a lot of money and work.

3. Keeping Your Home Above Water

Fifteen million homes are at risk of flooding in the USA, which means it's important to keep up to date on your property and what it needs. For example, if you notice that your yard floods a little when it rains, it could be time to look into driveway drainage solutions to help get that water away from your property and vehicles and back into the soil or drains. 

 

This can be a large project to take on if you’ve never done anything like it before, so contact a contractor who has worked on something like this before.

 

A less drastic thing you can do to help divert some of the water is to build a rain garden. These gardens have deep roots that help hold the soil in place while absorbing as much water as possible. Although it can't stop all flooding, it's a beautiful way to help fight against water overflow.

4. Adding Attractive Detail

Detail is something that, if you add correctly, nobody will notice, but it will make your entire home feel fresh and new. An awesome way to add detail is by adding something like white trim wood doors, or even molding above your cabinets, to help make rooms feel more complete. These are inexpensive and small projects: but the results they give off are fantastic.

 

Other nice details you can add are things like heated towel racks, in-floor heating in bathrooms, smart light switches, and little details that make living there feel like a luxury.

5. Updating Your HVAC System

What's your HVAC system like? Do you notice you have a lot of allergy issues inside, or have you been watching your heating and cooling bills skyrocket in recent years? If so, it might be time to update your system.

 

While replacing your filters regularly can help to some degree, it’s also a good idea to have the system inspected at least once a year to ensure it’s running well.

 

Another awesome way to add value is to add a smart thermostat. These thermostats allow you to know the temperature regardless of where you are in the world and enable you to change it so that you don't have to worry about your heating and cooling constantly running while you're away. This can help lower heating and cooling bills and are a great selling point to buyers.

You Can Reimagine Your Home in No Time

 

Your home is something you can build value into if you know how to do it right. Take the time to create a space people will want to buy, and you can inspire a bidding war in no time!

 

Andrea Erickson is a contributor to Innovative Building Materials. She is a blogger and content writer for the real estate industry. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes. 




Jan. 5, 2022

New Higher Conventional Loan Limits

The MASSIVE jump in loan limits for conventional loans in 2022 puts buying a better home within reach for many homeowners looking to upgrade! We'd be happy to meet and show you how these changes affect your home buying or selling process!

Information about the new higher loan limits for buying a house

Jan. 4, 2022

Learn More About the True Costs of Buying a Home

Costs of buying a home - stacks of coins

Down Payment:  That is the percentage of the purchase price required by the lender (i.e.,3.5%, 5%, 10%, or more or zero down payment  for VA loans

Closing Costs: These are charges that the lender makes for lending a buyer the money to buy the home.  There are also other closing costs (i.e., escrow fees, notary fees, prepaid interest, property taxes, and homeowner’s insurance).  The closing costs average around 2% to 3.5%

 Deposit:  When an offer is accepted by the seller, the buyer generally needs to deposit money into escrow (usually between 1% to 2% of the purchase price).  The deposit is considered part of the buyer’s down payment.

 Appraisal:  If a buyer is obtaining financing, their lender requires an appraisal of the property.  It is the responsibility of the buyer to pay for this (average cost between $400 to $700.

Inspections:  When buying a house, it is important for the buyer to learn what they can about the condition. We always recommend that the buyer have a professional home inspection done during escrow.  There may be other inspections to consider, depending on the property.  The buyer pays for the home inspection.

 Supplemental property taxes: The buyer will usually receive a bill for supplemental taxes – which are separate from your regular property taxes.

Move in costs:  This can include things such as moving expenses, cleaning, painting, minor repair, etc.

Dec. 18, 2021

Staging Helps Sell Homes

Staging your home before putting it on the market is a very important and cost-effective part of the home selling process.

Basic Home Staging Recommendations:

1)   De-personalize – Buyers need to picture themselves in a house – not you.  Pictures of you and your family are a distraction to buyers.  De-personalizing your home will help buyers picture their family in the home.

2)     De-clutter -  You are moving anyways, so pack up a big share of the items in the home.  Fewer things in the house helps your house look larger and buyers will more readily pay close attention to the house itself and its architectural elements rather than looking at your “things.”   Consider renting an offsite storage unit to store furniture and boxes in while your house is on the market. 

3)     Clean – Clean – Clean – The cheapest and easiest way to stage your home is to clean it.   Buyers LOVE clean houses.  The extra elbow grease in cleaning floors, walls, baseboards, ceiling fans and window is well worth it.  Pay particular attention to the kitchen and bathrooms.

4)     Modernize  - There are simple, easy and cheap ways to update your house.  Swapping out outdated lighting, cabinet and drawer pulls and handles and fixtures for new ones is a great way to help update your home.

5)     Neutralize -  Color can make or break a buyer’s interest in your home.   Painting your home with neutral colors is the most inexpensive way to change the look of a home.  This is also another way to update a house.

Don and Vicki Pedersen provide a free staging consultation and recommendations to all our sellerecommendations to all our seller clients. 

Before Home Staging                                                        After Home Staging

Home staging - to sell your house        Home staging to help sell your house

Posted in Selling Your Home
Dec. 3, 2021

Buying a New Home? Features to Look for

6 Top Features to Look for When Buying a New Home

 

Buying a new home is a thrilling process that ensures you can make whatever life you want for yourself. Every home you look at, every area you visit, and each listing you read could be the difference between renting and finding your forever home.

 

Everything can be overwhelming when going through this process, so you must keep a clear image of the parts of a home that matter the most to you. These are the top features to seek out when you're lost and why they matter!

1. Gorgeous Roofing You'll Want to Show Off

 

Your roof is what keeps you safe and allows your belongings to stay dry and kept away from the weather: so it's a good idea to seek out a home with a good roof. If the roof is older, you'll have to pay tens of thousands of dollars to replace it, and that's not acceptable for most people. Instead, consider giving yourself the chance to get a roof that is both attractive and will last as long as possible.

 

An extremely popular choice is a terracotta roof, which will last anywhere from fifty to a hundred years, is weather-resistant, and looks gorgeous. Terracotta roof tiles are strong against the element, and because of their unique makeup, you can find them in a large range of colors, styles, and sizes, unlike most types of roof shingles. This is a must-seek item for any home buyers.

2. A Pool and Deck Combo for Lounging

 

With how scorching the summers have been lately, there's a large push for people to gain their pools. Therefore, it's important when shopping for homes that have pools that you know what you're looking at. A good pool should have a pool deck drain and the ability to fence it off for safety in many cities. 

 

Consider how often you'll be able to clean it, or if you'll want to hire a service and the amount of water it needs. If you're house shopping somewhere that is constantly in a drought, this may be a portion of the home that you'll want to skip since it might not be able to be used often enough to be worth it.

3. Updated Doors and Windows

The better your doors and windows are, the better chance that your heating and cooling bills will stay low. This means all windows and doors. If you visit a property and the garage door looks older or dented: you'll want to start looking up garage door replacement costs

 

Good garage doors help keep the garage at a comfortable temperature, which protects the door that leads into the home through it and ensures that anything you own in your garage is safe and not being damaged from heat or water.

4. A Location Near Most Things You Want and Need

Location matters! Where you live affects what items you have nearby and what matters most to you. Although it can be expensive if you want to live downtown in a city or close to higher-paying jobs, it's a good idea to consider the distance you'll have to drive to get where you need to go.

 

This includes schools since students will have to make that trip 180 days a year. So if you have kids, or are planning on having them soon, consider what school system you want them in and how far they'll have to travel to get to class every day.

5. Siding that Makes You Proud of Your Property

What siding you have will change everything. Not only because of the attractiveness of your home, like how steel siding catches everyone’s eyes- but also because of your insulation and how well it blocks out moisture, insects, and weather. The outside of your home should be gorgeous and should make you proud to call it your home when you move in, but it should also protect everything that’s indoors the way steel siding does.

6. An HVAC System That’s Safe and Comfortable

How old is the HVAC system of the properties you're looking at? An older HVAC system will take time to heat or cool your home, and it might not even keep it at the temperatures you want: which means it will run longer and cost more money. So it's important to consider if you can afford to replace or update it and whether that makes a property worth it.

 

Also, keep an eye out for smart products like a smart home thermostat that will allow you to control the temperature even when you’re not home.

Your New Home Can Be a Dream Come True

 

Buying a home allows you to set yourself up for a possible future that can be hard to avoid getting excited about! This is a huge step towards the next part of your life, so it's important to consider everything you want that step to include. Then, find a home that suits you: and you'll never regret it!

 

Andrea Erickson is a contributor to Innovative Building Materials. She is a blogger and content writer for the real estate industry. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.