Jonathon Zit…, Home Buyer in Rancho Cucamonga, CA

It seems that the sales prices in rancho cucamonga are going up. Do you think that this is a result of low inventory, or just general upswing?

Asked by Jonathon Zitney, Rancho Cucamonga, CA Sun Jul 29, 2012

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In my opinion, the general upswing. I believe buyers understand that the bottom in prices has occurred, rates are low, and now is a good time to purchase. For example, in the 91739 zip code of Rancho Cucamonga, according to my data provider, the inventory has increased over the past 8 months and for last month homes sold for approx 99% of list price. Another data provider showed this month the market is now barely a neutral market (compared to a sellers' market previously) and they show the average sold price to be about $3,964 below list price.
0 votes Thank Flag Link Fri Aug 8, 2014
Home values are going up in Rancho as a combination of both, the inventory is low and there is a general upswing happening. When you look back at May 2013 the average sales price was $425,896 and the average sales price for May 2014 is $537,021!! That's up $111,126 over last year or 26%!! Now is a great time to sell your home!

Brian Edwards
Edwards Home Block | Keller Williams Realty
http://www.edwardshomeblock.com
0 votes Thank Flag Link Mon Jun 16, 2014
Prices in rancho Cucamonga are also rising, approximately 12.5% over the last year not only because of the economic theory of supply and demand, as I supply of inventory is low but because of international cash buyers coming into the country and purchasing all cash. this has decreased somewhat from 35% to 33% over the last year.
0 votes Thank Flag Link Fri Apr 25, 2014
Home prices are being driven up due to lack of inventory. It appears to me that as soon as a home is listed, it receives so many offers that it is not even funny (if it is priced correctly of course). I had a listing recently that another buyer offered $20,000 more than the one we just accepted the offer on. Of course, we did not change out mind as we had a legally binding contract already. It is just crazy out there!

Joan Patterson, License #01431647
Keller Williams Realty
951-204-1864
0 votes Thank Flag Link Sat Nov 24, 2012
Hello Jonathon, Yes home prices are on the rise and with record low rates it is time to buy. You have a lot more buying power with record low rates so inquire today on rates and terms you may qualify for?

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0 votes Thank Flag Link Sat Nov 17, 2012
Dear Jonathon,

There is a severe lack of inventory on the market today. Which leads to multiple offers at list price and above once property hits the MLS --AND-- sometimes the properties are listed as pending sales right from the start.

With this kind of frenzy, buyers who are desperate for a home will offer above the list price to be as competitive as possible. The flip side of this is that financed properties are appraised by licensed, neutral appraisers. Many times the accepted purchase price is amended in escrow to a lower purchase price determined by the appraised value.

If it is determined that the market is on an upward trend, then appraisals will lean towards higher resale values. The basic supply and demand aspect of economics is an absolute recipe for a rise in property values.

Hope that helps! Good luck to you.

Diane Wheatley, Broker
diane@moveupproperties.com
0 votes Thank Flag Link Sun Jul 29, 2012
Hi Jonathon,

I'm a Realtor and a Certified appraiser. We definately look at supply and demand. What's available on the market. When we look at comps, we not only look at what was sold, but what is pending/backups and selling and what is for sale and prices set for active listings. You can check an area by looking at these timelines and seeing how many where available then and now, and what where the prices then and now. Don't forget to make appropriate adjustments for shortsales...especially if they were listed a year and a half ago and just closed... You are looking at a value that was a year and a half ago, not necessarily todays.
0 votes Thank Flag Link Sun Jul 29, 2012
Jonathon,

It is both factors for sure. The statistics just came out and prices as a whole are increasing. Last month it was a 5% jump. However in some areas it can also be attributed to low inventory and bidding wars that result because of this. In Rancho Cucamonga, with the newer homes and more upscale shopping, it is a much-desired place to be. This can make an even larger price increase in some neighborhoods.

The trick is to get an agent who #1 knows the area, knows how to get an offer accepted and can swim through any obstacles that may arise in your deal. And like every other agent, I'd be remiss in not saying that if you truly want to get a deal completed and own your dream home, give me a call. I will be more than happy to help you achieve your dream.

Linda K. Mayer
(626) 824-8927
Web Reference: http://www.LindaKay.biz
0 votes Thank Flag Link Sun Jul 29, 2012
Probably both. This is, and has been for some time, a perfect storm for home buyers. Prices and interest rates are at lowest point in many years. We have many buyers for every listing -- and most listings are put into escrow very shortly after being listed -- at prices that are substantially above list price -- if a property is in good condition. Even properties that are undesirable, have been trashed, and need to be re-habbed, are also going like "hot cakes" to cash investors. If a home buyer is serious about getting a property, they have to come in with an offer quickly after the property is listed, and a fair amount above list price. Competition is unbelievable. If you're interested in buying, call us. That's what we do -- we represent buyers and help them get properties.

Bob

Bob Miller
The Buyers Group
Keller Williams Realty
909-945-0659
thebuyersgroup@gmail.com
0 votes Thank Flag Link Sun Jul 29, 2012
Supply and demand is definitely a factor. With fewer houses on the market, buyers compete by bidding up the price.
0 votes Thank Flag Link Sun Jul 29, 2012
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