Real Estate Market update with Jenny Gonzalez: Corona CA Edition, by Jenny Gonzalez.

By Jenny Gonzalez

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Real Estate Market Update with Jenny Gonzalez: Corona CA Edition

The Corona market, like in many parts of the country, is very hot. The limited housing supply and high demand have characterized the Corona housing market. Prices for homes have appreciated, and buying a home is now very affordable with the historically low mortgage rates. The available inventory is flying off the market- something that makes you wonder if it is at all possible to buy a home in the current housing Corona Market. Is buying or renting wise? Before making any decision, you must first look at the current trends.

SELLERS’ VS. BUYERS’ MARKET.

The Corona housing market is a strong seller’s market, and according to real-time data from Michael Lewis Marketing Suite, the market is moving from 97 to 95 on the Richter scale: a drop that might be attributed to more homes being listed on the market. The Corona market, as of June 30th, has seen an increase in the active listing. The housing market has 133 active listings—the highest seen since we started COVID.

INVENTORY.

There has been an increase in the inventory coming onto the market. The increase has had an across-board impact on real estate trends in Corona. The median

list price in Corona was at $675K and is currently at $650K. The number of days a listing stayed on the market has significantly improved. The current days on the market were previously down to zero and are now averaging seven days on the market. A doubling of inventory from March, which saw 60-80 homes come onto the market.

The increase in inventory is still not enough to sate the demand. In fact, the market is currently at 40% from where we should be.

PRICES. Prices as well have begun going down, perhaps because of the increase in inventory. According to data from Michael Lewis Marketing Suite, prices in Corona have dropped by 11%. Additionally, rent prices have decreased—something that can be attributed to buyer fatigue due to the market’s competitive nature. People are, therefore, finding alternative places to live or are staying. The rental price might have also gone down because people are sizing up the market and are waiting for more inventory to enter the market.

SALES PRICE VS. LIST PRICE.

The average median list prices Vs. the median sales price is currently at 104.5%. Meaning, homebuyers are paying 4.5% over the list price. When a seller lists a property on average on the entire MLS, the average sales price vs. list price is 103.2%. That’s up 4% in one month. Corona is at 104.5% and 4.5% from last month. The bottom-line being that homes in Corona are selling above listing prices. It would be a waste of both your time and that of your real estate agent if you went offering low prices. My advice to clients is, if you are looking at 540, you look at 500 and under. If you are looking for 580, you look at 500 and over.

HOMES FOR FIRST-TIME BUYERS.

It isn’t easy to find entry homes in Corona without knowing someone or being an outstanding agent. But there are homes 1400 Square feet, three bedrooms, and two baths that are going for and are spending zero to five days on the market. Homebuyers have an option of buying a home with 500 more square feet for $635K with a seven-day average on the market. The next level of homes is going for $750K, 2,800 square feet and spending just three days on the market . This indicates that more people are buying seven hundred thousand homes than six hundred homes.

However, homes worth $1M are staying on the market for a more extended period on the market. The million-dollar homes, which were pretty much seven days on the market, are now waiting on the market for 21 days on the market. This trend shifts from the previous trends, where high-value homes were selling faster and were a lot more on the market.

IS NOW A GOOD TIME TO BUY?

With the prices bouncing up and down in Corona, is it a good time to buy? It is an excellent time to buy whether we are in a price bubble or not; prices and property values even before the pandemic tend to fluctuate. Moreover, it may be impossible to see a period such as this where the mortgage rates are this low. When buying a home during this period, it is essential to focus on the interest rates, home prices, and monthly payments. It will help if you compare what you are making now and what it is comfortable with you.

The housing market is currently very hot in Corona. The market is still as competitive even with more houses being listed. The prices are fluctuating now, perhaps because of more inventory or buyer fatigue. It would be advisable to buy now while interest rates are lower than weight for more homes to enter the market and for the prices to drop. Price drops are not set in stone and are not worth gambling on.

Sources

https://www.youtube.com/watch?v=bRw8MufNawU.

By Danon Burnside

San Bernardino Real estate market update: Housing Market Trends, Prices and looking beyond.

The competitive nature of the San Bernardino housing market and the low supply have blended and formed a perfect cocktail that has seen the market boom and the prices soar. The prices witnessed there have set records. The market is a sellers’ market, and as such, you would expect more homes to be listed. Unfortunately, inventory in San Bernardino is tight. Despite this, months like May have experienced record-high home sales. But as the bidding wars peak in the county and price appreciation continues to rise, buyers are opting to leave the market, pushing the sales down. Is this drop permanent? Will prices drop?

Market trends

INVENTORY.

The San Bernardino housing market is largely made of single-family homes, which make up 60.5% of the entire market. These are closely followed by apartment complexes making up 21.7% of the market. It, therefore, goes without saying that the majority of people in San Bernardino are renters. In fact, 55.0% of them are renters; homeowners make up just 45.0%. Unfortunately, with the current high demand, fewer newer homes are making it into the