June 2017 Eastvale Market Update



    Hey, you guys, this is Nazar again with Provident Real Estate, here in Eastvale, California — the best city in the world — ready to give you another monthly update of what is happening in our wonderful city of Eastvale. So, I want to give you some stats of what happened this last month and also just kind of a breakdown of what has happened last five or six months in the city of Eastvale. So as far as last month is concerned, there is total of 71 homes that sold. The average list price was 529. Average sale price was 533. Average days on market was 38 days. Again, what that means is that when a home goes on the market, on the average it is taking 38 days before a seller has accepted an offer on the property. And of course you’ve got an additional 30 to 45 days of escrow. Twenty-three percent of all buyers that bought last month were cash buyers. And about 76% of those were conventional buyers. About 1% was VA and FHA buyer. Seventy-one homes sold, you guys. There is a total of 15,500 homes in Eastvale. Seventy-one of those sold. Right now there’s around 85 houses on the market. That has actually gone up a little bit from last month. And what I’ve seen in the last five or six months is this. Home prices continue to go up little by little. If you notice that the average list price now is actually lower than average sold price. So homes are selling for a little bit higher than what they’ve listed for, which is not normally the case. When it comes to the last five months are concerned, I want to give you an idea of why someone chooses to work with Provident Real Estate versus someone that chooses to work with somebody else. Now, most of what I’m about to say is for agents that are out of the area. Right? People that just don’t have a clue, don’t work our marketplace, are from LA County, Orange County, Chino Hills. Just not from here — that don’t know how to properly market our areas, don’t know the difference between a Standard Pacific home and a KB home, don’t know the difference between, you know, this particular street or that particular street or, you know, the size of a house, the square footage of a home, the lot size and how that makes a huge impact on the desirability and the overall value of the home and, ultimately, the different neighborhoods. All those play a role in the overall value of a home and it is absolutely critical that you use a hyperlocal expert, like myself, in helping you get top dollar for your home. And that comes with knowing how to properly market your property, knowing how to properly price your property, get it sold — get it sold for top dollar. Now, that being said, average days on market for all other agents — aside from myself — were 42.5 days. So almost 43 days in the last — if you average out the last five months — from January of this year to now. Average days on market with people that listed and sold with me was 30 days. Okay? That might not seem huge to you, but that’s almost two weeks. Okay? But here’s the cool part. Average sold price for the homes of other agents that have sold in our community, $532,191. So, 532,191. Average homeowner that listed and sold with me got $557,815. Okay? Do you guys see a big difference there between list and sold price? That’s the sold price, you guys. So those homeowners that list with us not only sell home — not only get their homes sold faster, but they get more money for their home. There’s a lot of variables that play a role in how we do that. A couple things I’ve already explained, as far as knowledge. Right? Those buyers or those agents that work out of the area that don’t know our marketplace don’t know our marketplace, don’t know about the schools, don’t know about the parks, don’t know about, you know, why a home sells for top dollar. And therefore, either they price a home too high and it sits on the market and ends up selling for less than market value or they price their home too low and don’t know how to properly negotiate to get the price up or they just overall don’t market properly and therefore don’t get enough eyeballs. We still have agents that are out of the area. When they list a house for sale in Eastvale, use the city name Corona, instead of Eastvale. When you put your house on the market and you mark your property as a city of Corona and someone is looking for a property in Eastvale, your house doesn’t come up in any one of their searches for sale, you guys. So it is absolutely critical that you use a local expert, like myself, to get your home sold if you are looking to make a move. Especially if you’ve got a complicated transaction where you are trying to sell your house, trying to buy another home, either trying to stay local or move out of the area — whatever it may be, you need a local expert that knows what they are doing that can properly help you get your home sold. That being said, what do I see happening with the future? Okay, I see pricing continue to creep up little by little. Now, mind you, we’re not going to have that huge increase in appreciation as we did back in 2012 and 2013, and the main reason is, one, we don’t have those hedge funds that we’re buying like crazy like they were back in the day, and we also are kind of itching up to the point of affordability. Okay, the good news is that we are a lot more affordable here than we are — than homes in Orange County and LA County. That’s why people are coming out this way. They have always done that and they will continue to do that or always going to be better homes at better pricing. And because we’ve got great schools, it just makes it a sweet spot for people to come and enjoy the space here. But that being said, it’s still not going to be as favorable as living in Orange County if you work out that way. So we need to have — you need to have an agent, and when you’re looking to sell your house, know how to properly market your property in such a way that is going to attract those buyers to come on by and buy here. As far as continuing to have increase in appreciation, I still see that things are going to appreciate little by little. I don’t think it’s going to appreciate significantly, like I said before. At the end of the day, we are getting close to a point where pricing may come down again. Okay? I’m not predicting a bubble, as I’ve said before, but I know that when it comes to affordability, when you have the average price of a home that sold is $533,000, you have to make a significant amount of money to be able to qualify for that. And therefore, as that number continues to go up, guess what happens. The demand for those homes continues to go down because people just can’t afford it. So if you are looking to make a move, right now is the best time to put your home on the market. The summer is here. High School is out. People are going to be starting to make the move. And so, right now, if you want to get top dollar and make that move and buy that house before that home goes up in value, now is the time to do it. Now is the time to give us a call at 951-444-8020 and find out today how we can get you top dollar for your home. Talk to you soon. Have a good day.

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