Riverside Real Estate Market overview

RIVERSIDE REAL ESTATE MARKET OVERVIEW AND FORECAST FOR 2021

Ruby Frazier

This year, Riverside’s housing market has been primarily influenced by two factors; supply and demand. But not in the whole of Riverside. In the San Bernardino area, these two factors tell a story of extremes. This is a housing market with very low inventory levels and strong demand resulting from the steadily growing population in the area. These trends have created an imbalanced supply-demand equation, which puts pressure on home prices.

According to Zillow, the home price median in Riverside rose by about 2.5 percent compared to the same time last year as of July 2020. As we advance, Zillow analysts predicted a somewhat negative projection for the Riverside housing market going into 2021. From their predictions, home values are likely to dip over the next year in the Southern California city. According to Zillow, “Riverside home values have gone up 2.5% over the past year and Zillow predicts they will fall -2.3% within the next year.”

Currently, few home buyers are shopping for homes across the Riverside-San Bernardino metro area. Despite that, there is no enough housing inventory available to meet that low demand. The imbalance in the Riverside market could help sustain home values through 2020 and into 2021.

LOW INVENTORY IN SUMMER 2020

Riverside had less than a two-month supply of homes for sale in the market as of June 2020. This means that the housing inventory available at that time would only take two months to sell completely if no new homes were added to the listings in the meantime. This is an indication of significantly low inventory in the market.

In July, the California Association of Realtors in a report singled out Riverside and San Bernardino as having recorded a significant decline in housing listings. The report stated, “Southern California had the biggest drop in [housing] supply, with for-sale properties plunging 47.3% yearover-year. While all counties in the region dropped at least 40 percent from a year ago, both Riverside and San Bernardino plummeted more than 50 percent in active listings.”

STEADY POPULATION GROWTH.

Riverside’s housing demand is currently being driven by two factors; steady population growth and the historically low mortgage rates in the market.

According to the U.S Census Bureau, the population in Riverside, CA, grew by 9% between 2010 and 2019. The growth represents a higher rate than the national average for the same period. Consequently, the growth in population results in increased demand for more for-sale and rental housing.

In mid-July, the average rate for a 30-year fixed mortgage loan fell below 3% for the first time in history. Elsewhere, according to the Mortgage Bankers Association, purchase loan volume inclined 19% during the week of July 17, 2020, compared to the same time last year.

RECOVERY

A report published in July by Realtors.com indicates that homebuying demand has inclined a bit in the Riverside area. The report also cited the Riverside-San Bernardino metro area among the “most recovered markets.” The report stated, “In the ‘housing demand’ component … The most recovered markets for home-buying interest include New York, Sacramento, Riverside-San Bernardino, Seattle and Buffalo, with a housing demand growth index between 133.3 and 138.5.”

Work cited.

https://www.bpfund.com/riverside-california-housing-outlook-2021/

Do you know Peppermint Ridge?

We provide a community of loving homes and empowering support services for individuals with intellectual and developmental disabilities.

support and encourage our residents to live their We lives and fulfill their dreams by fully embracing their indvidual abilities and interests. With 24-hour specialized care and staff ing, we provide comfortable, secure homes and recognize that everyone feels a sense of belonging when they have familiar places in which to spend time with family and friends. is a true sense of family at Peppermint Ridge. Of the 94 adults who There live at The Ridge, 38 have lived here for more than 20 years, with 10 of those calling The Ridge home for 40 years or more. Residents have the opportunity to flex their muscles of independence while developing rich lives of their own away from their loved ones. About 30% of our residents have no family, so other Ridgers and our staff have become their family.

Many caring companies, organizations and individuals in the community enjoy getting to know The Ridge by helping on small projects, hosting fundraisers, lending a hand at events, volunteering in our office, and assisting residents in activities such as arts and crafts, pool days, horseback riding, music and piano lessons, and exercise classes.

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THE POWER IS NOW MEDIA INC. NOW IN THE WEST, EAST AND CENTRAL To Make Sure You Never Miss Out On Anything!

For the past ten years, The Power Is Now Media has impacted millions of Americans and changed people’s view of homeownership for good. Through active advocacy of homeownership, people are now finding it easy to move out of rental homes to becoming owners of even four-unit properties.

The wave of influence that we have created around homeownership has been so profound that we are now attracting new real estate agents daily. With the growth, new opportunities, new renters becoming homeowners, and skeptics are becoming believers. Today, through our invite-only membership program, we have over 20 listing agents from various parts across the country.

The company’s various ways of advocating and promoting homeownership are through our T.V. network, aired almost every day by the company’s President and founder, Eric Lawrence Frazier. The Power is now T.V. brings you inside scoop from the real estate industry to educate, inform, and inspire. The company has also been producing monthly national magazine and weekly real estate magazines filled with industry insights and important information to help you buy or sell real estate, from first-time homebuyers to seasoned real estate professionals. Lastly, through the company’s radio platform, which was created to empower consumers and educate real estate professionals in Orange County, California, the news about it soon spread worldwide. The Radio Talk Show is supported by National and State real estate associations and minority real estate trade associations throughout the United States. We’ve grown to one million listeners and counting!

Over the years, Eric has been interviewing industry leaders to bring you the highest quality information, not to forget that he is a 38-year professional in the real estate industry. And now, we are proud to bring you The Power Is Now East Coast Edition; The Power Is Now West Coast Edition, and The Power Is Now Central Edition. These are an addition to everything that we do and believe in here at The Power Is Now Media Inc. That means each of these editions will be independent sub editions of The Power Is Now Media. Yvonne McFadden will lead the West Coast Edition, and Emerick A. Peace will lead the East Coast edition. Lastly, the Central Edition will be led by Steve Peterson, a powerful triad to ensure that you do not miss out on anything!

Known for her professionalism and her real estate prowess, Yvonne McFadden, is a realtor at DeLex Luxury Realty and a committed V.I.P. Agent with The Power Is Now representing Arizona. Yvonne, a veteran in the real estate industry, has a business that has been extensive for more than 30 years. For the time she has been in the real estate business, Yvonne has served clients a diversified client base constituting clients from all walks of life. Most recently, Yvonne has extended her presence in the foreign market by getting licensed in Dubai.

Yvonne’s enthusiasm is evident with every client she meets or transacts with. She loves what she does and always makes the process fun for her clients while helping them make some of the most important decisions of their lives. Working with Yvonne is always satisfactory as she takes time to explain the process involved. You can be sure that Yvonne will guide you through it all and help you make the tough decisions where need be.

Going into the future, Yvonne will be the host of The Power Is Now Homebuyer TownHall West Coast Edition on The

Power Is Now T.V. and Radio Network, and the Editor in chief of The Power Is Now Magazine West Coast edition. Yvonne brings a mix of experience and professionalism, given that she has been in the industry long enough, which means she understands the industry’s dynamics. Catch up with Yvonne every first and third Tuesday of the month as she unwraps and brings you the latest real estate developments on the West Coast.

WEST COAST EDITION WITH EMERICK A. PEACE

Emerick has a signature to his life-a certain style with which he lives. It is to make the most of every chance he gets and help others do the same. It’s a lesson he learned from his mother, and part of the reason his blessings continue to flow. The bottom line for Emerick is the difference he makes with the chance he’s given-and if he’s given the opportunity to be your agent of choice, he’ll work long and hard to make sure your dream happens precisely the way it should happen. When you are in the middle of something as crucial as a real estate transaction, you want professional services every step of the way. For your next real estate venture, “Give Peace a Chance.”

LIFE AS AN AGENT

Emerick began his real estate career in 1992. He is a certified R.E.O. representative, relocation specialist and received numerous sales awards, including; Rookie of the Year, New Home Sales Life Time Achievement, Prudential Leading-Edge Society, Coldwell Banker Chairman’s Circle, multiple ReMax and Local Board Platinum awards, Keller Williams Realty Quadruple Gold and 100% Plus Club. Emerick is the President of the Prince Georges County Chapter of the National Association of Real Estate Brokers. He has served on the Board of Directors and Vice President of the 5,000-member Prince George’s County Association of Realtors. Currently, he is a member of the Board of Directors for Housing Options Planning Enterprise, Inc. (HOPE), a local 501(c) (3) H.U.D. Approved housing counseling agency. Additionally, Emerick is one of only 68 real estate professionals ever to be inducted into the Prince George’s County Association of Realtors Hall of Fame.

SUCCESS IS THE ONLY OPTION

Boasting a background in the real estate industry that stretches more than seventeen years, Emerick understands the value of communicating with and educating the public. “In order to make good decisions, people must be knowledgeable about the process and their options.” Whether people are buying or selling, Emerick remains committed to keeping the communication lines open at all times. His regional expertise and strong customer service orientation allow people to receive the quality service they want and deserve. Emerick’s work ethic and fundamental business principles can be attributed to his 21-year career in the U.S. Air Force and his niche market mastery.

Given Emerick’s success in the industry, you’ll agree that he is the right person on the driver’s seat of The Power Is Now Media East Coast Edition. And just like Yvonne McFadden, he will be the host of The Power Is Now Homebuyer TownHall West Coast Edition on The Power Is Now T.V. and Radio Network and the Editor in chief of The Power Is Now Magazine East Coast Edition. Catch up with Emerick every first and third Tuesday of the month as he brings you exciting news updates, interviews, and interesting real estate developments on the East Coast.

CENTRAL EDITION WITH STEVE PETERSEN

Like the West and East Coast editions, Steve Peterson will be in charge of the Central Edition, mainly overseeing both central related shows and magazines’ production efforts. However, the Central Edition will be different in that much of the shows will focus on Commercial real estate, given Steve’s extensive background in commercial real estate.

Steve is the Broker/Owner of Infinity Investments, a commercial real estate brokerage and investment firm based in Oakland, California. His focus and expertise are in apartment buildings, but he has experience in office and retail property and works as both a broker and principal. Steve has been in the commercial real estate business for 15 years, both as an investor and a broker/agent. He started his company Infinity Investments in November 2009 amidst one of the worst real estate & economic downturns in history; however, the company has turned a profit each year.

HOW HE STARTED OUT

He started in commercial real estate working for an investment firm raising capital towards acquiring large apartment buildings and small N.N.N. leased retail property. Steve has raised over 10 Million dollars of equity capital for projects such as a 336-Unit Luxury apartment building in Houston; TX purchased for $24,000,000, a 248-Unit apartment building in Fort Worth, TX purchased for $5,000,000, a 4,000 square foot Lyon’s restaurant building in Turlock, CA purchased for $1 million, a $500,000 renovation of a tri-plex in San Jose, CA, a 24-unit building in Columbus, Ohio that required $500,000 towards the acquisition & rehab, a 58-Unit apartment complex being acquired for $1,050,000 in Columbus, Ohio and the acquisition of a Promissory Note from JP Morgan Chase on a 5-Unit building in Oakland, Ca. Steve has also sold several large R.E.O. properties in Oakland, such as an 81-Unit apartment complex from Chase, a 61- Unit apartment complex from Chase, a 31-Unit condominium project from Cathay Bank.

THE JOURNEY SO FAR

Steve has done so primarily by finding quality deals that are usually not listed on the public market and then identifying investors with an appetite for the existing deal. Born and raised in Oakland, CA, and attended San Jose State University from 2000-2004 majoring in Finance, Steve is a Bay Area native who has clients, colleagues, and associates from the Silicon Valley to the Peninsula, and throughout the East Bay. Steve has earned the CCIM (Certified Commercial Investment Member) designation, which is the highest designation in the commercial real estate field, and served as the President of the NorCal CCIM Chapter in 2018. Steve also became President of the Associated Real Property Brokers (ARPB) from 2015 to 2016, the Oakland REALIST Chapter of NAREB (National Association of Real Estate Brokers), the oldest Minority Trade Association any kind in the United States. Finally, he was also the President of the California Association of Real Estate Brokers (CAREB) in 2017 & 2018.

With the addition of these three editions, you can be sure that The Power Is Now is your real estate powerhouse. Stay tuned to find out more and also to be updated about these and many more developments.

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