Top 5 hottest markets in the Inland Empire in 2021, by Kamesha Keesee.

By Kamesha Keesee

Top 5 hottest markets in Inland Empire 2021

The housing market in the Inland Empire heated up after the Federal Reserve decided to cut interest rates. So hot is the market that it ranked fourth in February as the hottest real estate market out of twenty-five metropolitan areas. The reduced interest rates greatly motivated first-time homeowners and millennials to get into the housing market, leaving their renting days behind. These favorable factors created an environment that saw the demand for homes go up, and so did prices.

Unfortunately, the inventory available is not much for the available supply. The construction of new single-family homes has gone up in the Inland Empire, playing in favor of the housing market by sating to some extent the housing market. Unfortunately, the construction of multi-family homes has dropped, posing yet another challenge. But with the vaccine rollout, the economy is recovering, and the housing market in the Inland Empire continues to simmer on. Some of the hottest real estate markets in Inland Empire include the following:

1. MORENO VALLEY.

Moreno Valley has probably the most competitive housing market in all of the Inland

Empire with an 83 out of 100 score on Redfin’s

Competitive Score. Houses on the market only spend at least 11 days on the market and 5 days for the hot homes. People buying homes in Moreno Valley have to pay approximately 5% over the list price and 9% for very hot homes.

Homes in the valley have a median list price of $460K, a 27.8 % increase from last year. Sales $/ Sq. Ft. have also gone up 29.8% to $266.

2. CORONA.

Homes in Corona have a median listing price

of $630K, the median listing home price/Sq. Ft. $323 and median sold price of $637K. Those looking for homes in Corona should brace themselves to have a bidding war and pay 4.3% over the listing price. And if they are bidding on the very hot homes, they should expect to pay 9% more than the listing price. Inventory in Corona is moving pretty fast, as regular homes spend at least 18 days on the market and around six days for the very hot homes.

3. RANCHO CUCAMONGA.

This market has one of the best neighborhoods in California. Its competitive score on the Redfin

Competitive Score is 80 out of 100. Homes here have a high median listing home price of $678K, increasing 26.4% from last year. The sale price/ sq. Ft. has a median price of 364, which has gone up 20.3% from 2020. Houses in Rancho are selling very fast as they barely spend 16 days on the market in cooler neighborhoods but only 6 days in the hotter neighborhoods.

People are paying 3% over the listing price and 7% for the hotter homes for the great neighborhoods.

4. RIVERSIDE.

The housing market in Riverside is not only very competitive in the California region but also nationally. In a Zillow Survey, it ranked first as the most likely city to outperform the national average. Homes in Riverside are only spending 15 days on the market. As for very hot homes, they are spending at least six days. The market is so competitive that people pay 3% over the listing price and 7% over the listing price for homes. The median listing price is up 25.3% from last year at $552K. The median sale price/ sq. Ft. has also gone up 24.0% from last year and is $315.

5. SAN BERNARDINO.

Of the five, San Bernardino has the lowest median listing price of $405K, a 24.6% increase from last year. Median sales /Sq. Ft. has gone up by a whopping 24.4% from 2020 and is now at $280. Homes are moving off the market relatively quickly, 19 days for most homes and only 6 days for hot homes. People looking to buy there should keep in mind that they will probably pay 3% above the list price and 8% above the listing price for the very hot homes.

The Inland Empire boasts of having great cities and great neighborhoods. These neighborhoods, however, have a hefty price tag attached to them. Investing in either town will require patience and savviness as the competition for the tight inventory is stiff. But as the economy recovers, it should prove to be a good decision.

Sources: https://www.redfin.com/city/16659/CA/San-Bernardino/housing-market https://www.realtor.com/realestateandhomes-search/San-Bernardino_CA/ overview https://www.redfin.com/city/4249/CA/Corona/housing-market https://www.realtor.com/realestateandhomes-search/Corona_CA/overview https://www.redfin.com/city/15935/CA/Riverside/housing-market https://www.realtor.com/realestateandhomes-search/Riverside_CA/overview https://www.redfin.com/city/12621/CA/Moreno-Valley/housing-market https://www.realtor.com/realestateandhomes-search/Moreno-Valley_CA/ overview https://www.redfin.com/city/15390/CA/Rancho-Cucamonga/housing-market https://www.realtor.com/realestateandhomes-search/Rancho-Cucamonga_CA/ overview

By Ameer Elahee

JUST HOW SAFE IS THE FONTANA HOUSING MARKET

2021is witnessing a lot of hyperactive buyers as the low-interest rates have made it possible for them to join the market. The sudden rush in the market has driven the overall home sales up. However, the flush of entry has been met with shrinking inventory and price appreciation of double digits. The current unprecedented high prices might cause concerns of whether the market will crash as it did in the great recession. Begging the question of whether this would be an ideal time to enter the housing market. Going by May and June’s real estate data, the good news is that the hot market is beginning to cool off. It is currently very hard to observe this as the market is still primarily a sellers’ market, but a normal, healthier market balance will be restored in the months to come.

HIGHER LENDING STANDARDS.

In 2007 and 2008, mortgages were very accessible through subprime lending. Lenders were willing to grant loans to anyone without carefully assessing their applicants’ credit history. So, when the housing crisis hit, lenders were brought to their knees as people were unable to make good on their debt. Since then, mortgage requirements are a lot more stringent. Applicants have to pay a down payment and private mortgage insurance if they put down less than 20% of the loan amount. On top of that, applicants go through a rigorous asset and income check. They must prove that they can afford the loan they are