WatchingandW…, Home Buyer in Los Angeles, CA

I'm looking the in Claremont area and I see some potential houses that meet my general criteria. How close to the listing prices are houses?

Asked by WatchingandWaiting, Los Angeles, CA Mon Oct 26, 2009

going for? I'm looking the in Claremont area and I see some potential houses that meet my general criteria. How close to the listing prices are houses going for?
95%? 98%? 85%? I don't wish to overpay, but I don't want to be rejected outright as a low-ball.

I was playing around on Zip Realty and their offer evaluator stated that accepted prices were within 98% of the asking price.

I was told that some areas of Whittier are routinely going for 10-15% above the listing price.

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Answers

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Real estate is a highly localized business and markets will vary from city to city. But Claremont has been selling for around 99% of the list price as of late. Markets will vary from city to city but overall the best homes are selling for at or above list price in less than a week.

The smartest thing you can do is work with a good agent who will act fast when the newest listings hit the market.

For me info get in touch with me.
Web Reference: http://www.victor4homes.com
2 votes Thank Flag Link Mon Oct 26, 2009
Hello Watching:

Home sales in Claremont and LaVerne are unique in the area. These are both communities with limited new development and a very high rate of homeowner retention, so they do not experience high turnover and lots of available inventory as compared to nearby cities like Rancho Cucamonga. They also tend to have far fewer foreclosures and short sales as a result of the generally long tenure of their resident base.

That said, what you offer will always depend on the particular house and the specific facts known to you and your agent regarding the active competition for the home.

Of course, there's also a discrepancy in the numbers depending on if you consider last known listing price against sale price as opposed to original list price to sale price. The longer a property sits on the market (days on market), the better the chance it is overpriced and will have a price reduction soon. Once a property's list price comes within market range, you'll then see the variances about which you're asking.

In the last 30 days, 9 single family homes closed in Claremont, CA 91711. Four sold at less than their last published list price (-1.37%, -3.16%, -5.07% and -7.57% respectively), two at their list price and three over list price (+1%, +2.68% and +4.78% respectively).

You also want to take into account not just a city as a whole but the price band within which you are purchasing. There can be large variances in 'list price to sales price' numbers depending on the price point of the inventory.

I hope you find this information helpful. Should you have other questions or want to talk through your thoughts, feel free to contact me at 909.248.4224.
Web Reference: http://acgrealestate.com
1 vote Thank Flag Link Mon Oct 26, 2009
Keep in mind that a good Realtor will keep your appraisal contingency in place so that you will not pay a penny more than the Certified Appraisers value regardless of the list price or what you actually offer the seller on paper.

If the appraised value comes in lower than the offer price then you will have to renegotiate with the seller to match the appraised value or pay the difference in cash.

Good luck out there!
Web Reference: http://www.victor4homes.com
0 votes Thank Flag Link Tue Nov 2, 2010
Based on your criteria: Claremont, CA, 3/2, 1,300sqft, $500K or less. Time Warner Cable provides cable service for the Claremont community.

Check this out: http://tinyurl.com/WatchingandWaiting-InClaremont

Let me know if you have any question.
0 votes Thank Flag Link Wed Oct 28, 2009
Hi Watching and waiting,

Claremont and Whittier are two completely different areas so using the same strategy would likely be unsuccessful. Lower priced homes below $300,000 are generating multiple offers in many areas. Multiple offer situations can drive prices up well over the list price. A good range would be from 4% under initial list price to about 5 % over list price for Claremont in the $500,000 range. I am beginning to see a change in the trends for standard sale properties. Owners may not be as inclined to counter back multiple offers. They seem to be selecting the best 2-3 offers and countering them back.
0 votes Thank Flag Link Wed Oct 28, 2009
Hi WatchingandW...,

Several homes come to mind in the City of Claremont that fall within your parameters. One of the homes is a Short Sale, and the second home is a Standard Sale. I would welcome the opportunity to discuss with you further both of the properties mentioned. You may email at mbartlettrealestate1@earthlink.net or feel free to give me a call at (626)221-8252. Thank you!

Matt
0 votes Thank Flag Link Tue Oct 27, 2009
I am looking at properties that are 3 bedroom 2 bath and in the area of 1300+ square feet.
I like larger lot sizes and homes that aren't looking directly into the neighbors windows.
Sales price at 500K or less, so I can keep it out of the jumbo category.
I have 20% to put down to avoid PMI.
A home with a view makes me more flexible on lot size.
The home should be in an area that I can get high speed Internet without resorting to satellite..
0 votes Thank Flag Link Tue Oct 27, 2009
Hi!

Thank you for stopping by and asking this question. Here in Claremont where I live and work, home prices and pricing tend to fall pretty darn close to market value. Meaning, that since this is a desirable community to live in, folks are willing to pay to live here. And, generally speaking, the prices homes are listed at, especially if they are represented by an agent that knows the area, will be pretty close to what they will sell for. Usually they will sell at or above list price, sometimes significantly so.

Also, even with the market fluctuating the number of homes that are available for sale in this community tends to remain pretty constant year to year. Currently, (as of October 9th, 2009) there were 75 homes (including condos/town homes which we don't have that many of to begin with :-) available for sale. In September 2009 19 homes sold while in September 2008 17 homes sold. Currently our months of inventory available is 4.5 which indicates a seller's market (which is really what we are in right now) and we are only down 6% from the average price of all homes sold in 09/08 ($487,186) to the average price in 09/09 ($445,064).

All that being said, what you need to remember is that there aren't very many homes available to choose from in this community and the ones that are in better condition, are in the even more desirable areas (like those located within the Claremont Village - near the colleges, those in Padua Hills and those located above Baseline or in the Claraboya area) still go pretty fast and are pretty hotly contested, receiving multiple offers.

My advice to my client's is that when you find the home you want (after looking at the comps, etc.) make the best offer that you would be OK with paying but also OK with losing if something higher comes in. Basically, I personally am not fond of generating a whole lot of paper flying back and forth and generally speaking, when you find a home that is receiving multiple offers (as most here do) you won't get the chance to make more than one before you either get in or out of the game. So, make your personal highest and best offer and then see where things go. Terms for a sale are just as important (sometimes even more so) than price so if you are looking to get a "deal" you might consider offering the seller very favorable terms in lieu of more money.

Good luck with your home search and if you have any other questions please don't hesitate to ask!

Take care and have a great day!

Tisza Major-Posner, Realtor, DRE#01784679, IVPG Realty (909) 837-8922
Web Reference: http://Route66Living.com
0 votes Thank Flag Link Mon Oct 26, 2009
Note, the below is very generic. For more accurate information, your "general criteria" is needed.

Here is a CMA for "very generic" criteria - at least 2 - 3 bedrooms, at least 1bath, at least 1,000 sqft interior living area, SINGLE FAMILY HOMES: http://tinyurl.com/Claremont-SFH-CMA

Here is a CMA for "very generic" criteria - at least 2 - 3 bedrooms, at least 1bath, at least 1,000 sqft interior living area, CONDOS: http://tinyurl.com/Claremont-Condos-CMA

Scroll to the bottom of the report in the "sold" section and refer to the SP/LP column for the average "recorded" sold price vs. list price
0 votes Thank Flag Link Mon Oct 26, 2009
You should use a CMA produce by the SoCal MLS to provide the average numbers for you to compare and make decision.

Data obtain from the internet is not current. The realtors have access to the SoCal MLS and its data is updated at least hourly.

I can provide the CMA for you but I would need more detail information about your "general criteria".

Email: ContactActus@Gmail.com
Phone: (626) 529.3072
0 votes Thank Flag Link Mon Oct 26, 2009
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