Want to buy our first dream home in Corona (92882), but not many available; what should we do?

Asked by PENNY, Corona, CA Wed Nov 21, 2012

My husband and i have been looking to buy our dream home in corona 92882 (south of foothill- builder tract---- sky ranch estates) for the past 4 months but are not able to find a decent home. If we do find one, its status changes to pending very quickly and we dont get a chance to view it to put a offer on it . Early to mid 2012 there were plenty of homes for sale in that area with no activity but now there is none. people are chasing the prices up for no apparent reason; what is going on in that part of corona? We want to be able to purchase a home in the next 3 months or sooner but our chances look pretty slim!

Help the community by answering this question:

+ web reference
Web reference:

Answers

20
Cameron Novak, Agent, Corona, CA
Thu Feb 14, 2013
You'll need to work with an expert in the Sky Ranch neighborhood (you'll be my neighbor if you're successful in purchasing here before prices rise too much). Price increases are with good reason... buyers (home owners and investors) see that the market had bottomed out and everyone is now fighting to get in as the prices are on the rise.

Don't wait long. You can get in touch with an expert who can help you with SR at The Homefinding Center.

Good luck!
0 votes
Kari Brandler, Agent, Rancho Cucamonga, CA
Tue Feb 12, 2013
Hello Penny, One of the biggest reasons you are experiencing this problem is that there are far more buyers than there are homes on the market right now. Biggest reason being the low interest rates. You need an agent who will know what you are looking for and get you to the property as soon as it hits the MLS. I will be more than happy to help you or just to answer any questions you may have. Feel free to email or call me any time. My information is below.

Regards,


Kari Brandler
1 Advanced Realty & Appraisal
R.E. License 01751970
Cell: (909) 292-6142
Email: kari.brandler@yahoo.com
Website: http://www.karibrandler.com
0 votes
Mark & Heath…, Agent, Corona, CA
Thu Feb 7, 2013
Hi Penny -- What you are experiencing is very normal for this market right now. Having an aggressive agent represent you is key, and one who has inventory. I represent a large investor client who buys and sells property. If you are interested in being put on a VIP list of clients for when the properties come to market before going out to the MLS, please let me know. You can reach me at (951) 818-7583.

Having representation - whether its me or anyone else - is important for you. It can make a difference not only of what home you get but IF you get a home. As a buyer you never pay a fee to the agent, all fees are paid for by the seller so it makes sense to be represented!

Take care and best of luck to you and your search!! Keep the faith!!
Best Regards,
Heather Stevenson
Associate Broker and Team Leader
The Stevenson Team, a proud part of Prudential California Realty
Corona, CA 92881
DRE 01478413
0 votes
Grace Yocky, Agent, CORONA, CA
Thu Feb 7, 2013
Hi Penny, I hope you and your family are doing well. I would like to know if you are available this Friday so we can set up an appointment. I would like to start working on your case as soon as possible. Please let me know today so I can plan it on my schedule. Thank you and have a good rest of the day
Best Regards
Keller Williams
Grace Yocky
Cell# 951-532-5129
Note: Visit my website at http://www.gracehomeforyou@kwrealty.com
0 votes
Hena Martin, Agent, Hot Springs, CA
Tue Jan 22, 2013
We can keep an eye out until we find your dream home ,do you have a realtor .HENA MARTIN
760-251-2868
0 votes
Cameron Novak, Agent, Corona, CA
Tue Jan 22, 2013
Hi Penny,
If you were looking for several homes, I might think you've got a problem. Fortunately for you, you only need one... the right one.

If you're working with an expert buyer's agent, you're in good hands and will be in your house before you know it. If you still need a buyer's agent, you can find many great agents at The Homefinding Center in Corona.

Good luck.
0 votes
Jose C Guerr…, , Santa Ana, CA
Mon Jan 21, 2013
Hi Penny, I still have this beautiful home available, let me know if you are interested.

http://www.prucarealty.com/Home/P834481/CRT/27269-Echo-Canyo…
0 votes
Cameron Novak, Agent, Corona, CA
Fri Jan 4, 2013
There are plenty of homes available and many more are becoming available each day. You need to be working with a Realtor who knows the market area in which you're buying and has the know how to get an offer accepted on your behalf. You can get such representation from The Homefinding Center (link below) if you're looking in Corona.

Good luck and congratulations on choosing Corona. It is a terrific city in which to live and raise a family.
0 votes
Gladys ColÃ…, , Riverside County, CA
Mon Dec 17, 2012
it's also good to work with Agents that work with investors..

Many investors don't want their homes on the MLS and prefer to use an Agent that has Buyers Ready to by instead of going through the whole marketing process.

I work with investors myself and this is why I tell you -- there's a lot of home selling out there and lately they don't even make it to the MLS..
0 votes
Mark & Heath…, Agent, Corona, CA
Thu Dec 13, 2012
Hi Penny,
You are noticing what the rest of us are feeling, the supply of homes tightening. However, having an aggressive agent who specializes in Corona can help you find the home of your dreams. I work with several investors who will be having homes come on the market soon that would be great potential properties for you! However, trying to search on your own is extremely difficult and can be discouraging. Taking 3 minutes of your time with me can save you hours of searching on your own and becoming frustrated.

Keep in mind it is a wonderful time to buy, and the market is improving which is a great thing! With the reduced supply prices are forecast to increase in 2013 so it would be great to find your dream home sooner than later! I am confident that you will be able to buy your dream home, just have the right person represent you - and remember as a buyers agent my fee costs you nothing (as it is paid for 100% by the seller)! Isn't that great??

Good luck and have a happy holiday season!
Heather Stevenson
(951) 818-7583
DRE 01478413
0 votes
Elise Timpe, Agent, Corona, CA
Tue Dec 4, 2012
Penny,
Prices are going up in varying degrees all over the country right now. All the good homes are getting multiple offers and are sometimes selling over the appraised value. It really is a bidding war similar to the ones we saw several years ago. The only difference now is that it's much more difficult to get a loan and appraisers are under a lot more pressure not to "over appraise" or value properties higher than recent (last 3 months) closed sale comparable properties.

The current lack of supply has now led to situations where the successful buyers are foregoing the appraisal contingency and paying the difference between appraised value and their (higher) offer just to obtain the property.

If you like, I can automatically email you properties the second they come on the market that fit your criteria. Just let me know.

You can also access the public version of the MLS we all use by clicking here:http://elisetimpe.com/Find_A_Home.htm

Here is a list of all the market activity in the Sky Ranch Estates area in the last 90 days: http://www.mrmlsmatrix.com/DE.asp?k=1541918XKNXQ&p=DE-12… If you study this, you can see how many days the properties have been on the market (CDOM), the active listings, the pending sales (in escrow) and the closed sales asking and final sale prices. Contact me if you would like furthur information.
Web Reference:  http://CoronasBestHomes.com
0 votes
Diane Lynette…, Agent, Norco, CA
Thu Nov 22, 2012
Give me a call 714 386 8426. I'll find it. I just helped a buyer 1 month ago and we bought on Rural. Great house. The month before there was another one on Rural. They do go fast and you do need to have a good stratigy. Preferabvly one that works fast
0 votes
, ,
Wed Nov 21, 2012
Are you asking seller to pay your closing costs? That will often get an offer placed at the bottom of the pile in this market due to so many other buyers offering similar price and not asking for closing costs....that's one hurdle many buyers face....not sure if that is your situation.

If it is, you can increase your odds of getting an offer accepted four different ways:

1. Ask/beg a family member for a gift to pay closing costs

2. Receive a lender credit form me to pay your closing costs (on a $300K purchase I can get you a $7,125 credit to pay you closing cost)

2. Cash out a 401K/IRA or other investment and get nailed with penalties (speak to CPA first)

3. Use a closing cost assistance program that we offer and qualify borrowers for

4. Use the USDA no down payment 100% financing program and use your money to pay closing costs.

I assume your lender has at a minimum, at least discussed or suggested all of these options to help make your buying experience go smoother, if not, call me.

I have also noticed that some real estate agents are better at getting offers accepted for reasons we can discuss....not enough room in this box to explain it all.

If you want a referral of a local agent who I think is the best at getting an offer accepted, just ask.
Web Reference:  http://homeloanartist.com
0 votes
Carlene Blair, Agent, Corona, CA
Wed Nov 21, 2012
Penny,
As long as you have your preapproved loan in place, a knowledgeable & experienced realtor helping you, and the access to a computer or ipad, there is no reason not to get a home that you desire. Like the others have stated, our real estate market has changed. Corona is a hot spot due to price and location. With California's prices at rock bottom and interest rates at all time lows, now more than ever, the buyers are out and are your competition. It is brutal now to get your offer accepted. It must be presented properly, immediately and be the best offer out there. Not asking for a lot but willing to go higher than market value puts you in the category to win! Sellers tend to work with cash offers first, then conventional loans and FHA & VA typically are last, however, every circumstance is different. You and your agent need to be patience, efficient and on top of the game.
Let me know if I can be there for you! With 10 years experience in Corona, I know the market here.
Good Luck!
Carlene Blair
0 votes
Lydia Kray, Agent, Corona, CA
Wed Nov 21, 2012
Hi Penny,
Yes the reality is there are hundreds & hundreds of buyers in Corona with a small inventory of homes to choose from. If you want to purchase a home in Corona find a great agent that is highly recommended from a friend or family then prepare to be extra patient. If you are an FHA buyer you'll need to be extra extra patient.


Lydia Kray
Tarbell Realtors
cell 951-733-1058
http://www.LydiaKray.com
0 votes
Ameerah Bold…, Agent, Rancho Cucamonga, CA
Wed Nov 21, 2012
Hello Penny,

The Real Estate market is picking up and the market has become competitive. Inventory comes available everyday and to assist you with making sure the listing gets in front of you the day it hits the market your agent should have you on a drip campaign. This will allow the MLS to send you an instant email the minute a property hits the market.

It is great to work with someone that is local to the area and a full time Realtor. This will help with effective time management and it can position your agent to immediately make an appointment if necessary to view the home the minute it comes on the market. Especially if you and your husband schedule is busy that day. Your agent can report back to you, based on your likes and dislikes on whether or not this house was what you were looking for. That can sometimes give you that one foot in the door. I would love to meet you and your husband to discuss an action plan. I am from Corona, DRE LIC 01776879. It would be a pleasure to assist you and your family with finding a home. Feel free to call me at 909-957-4363 or send me an email at ameerah.bolden@apreus.com.
0 votes
Walter 'Skip'…, Agent, Brea, CA
Wed Nov 21, 2012
Hi Penny,
What you described is not unique to Corona. It is happening all over So. Cal. Homes are receiving multiple offers often within a day of being on the market. If you wait until you see the property on sites like Trulia it will be too late. It is best to find an agent to help you . Looks like there are a number who are already interested in helping you.
Good luck,
0 votes
Juan Rodrigu…, Agent, Riverside, CA
Wed Nov 21, 2012
Hi Penny, I get offers accepted typically withing 30 days of working with clients. I ask for listings coming up in the area from my office in Corona that has lots of agents and finally I also door knock the area you want to generate listings and or to find out of future listings. Call me if you want to work with me. Juan 562-230-4845
0 votes
Debra Chubb, Agent, Temecula, CA
Wed Nov 21, 2012
Hello Penny,

I just did an MLS search for you and there are currently 14 homes available not pending in this zip code just this month of November "Standard Sale!", a number of homes are also available for the later months, October, September, etc.

Regarding your question, it appears your working with an Agent to assist you in locating and negotiating sales price, contracts, etc. for that perfect home? If this is the case your agent should be able to assist you with showings, although you do have to be somewhat flexible when these homes hit the market, as cash investors are on the rampage to create rental properties and inventory does go fast. I would think you are probably searching for a "Standard Sale" to avoid the lengthy wait of a short-sale or multiple offers on an REO property?

Even though there are 14 homes on the market for the month of November showing "Available" this doesn't mean they fit your particular criteria, i.e. Price, Size, #bdrms, #bath, lot size? as I'm not aware of what particular type of property your searching for, so your Agent may be limited within his/her search for you.

Hopefully you've been instructed to get Pre-Qualified on a loan (unless you're a cash buyer) so you can jump in when the home hits the market and submit an offer along with your pre-qualified loan letter The majority of offers will not be considered or even reviewed without a copy of your Lender Pre-Qualification Letter and Good Faith Deposit.

In all due respect to another answer you received, I would never offer 10% over the asking price, 5% maybe, without compiling a CMA for you (comparable market analysis). My suggestion would be that your Agent run a Comparable Market Analysis on the homes recently sold in the area, this will determine a fair market value, which your agent then can show you the facts and help and advise you on how much the home may or may not be appraised for (Appraisals are so important as they will be based on the actual condition, upgrades and features of the home) as the bank won't lend on a home for more than it's worth, so who's going to come up with the difference? You or the Seller.

If you offer more than the home is worth (say 10% of the asking price) be prepared that the appraisal may come in lower, if this is the case then your Agent would then renegotiate for you asking the sellers to reduce their asking price based on the actual appraisal and/or repairs needed. If the sellers won't drop the price, then it's your option to either come up with the difference or walk-away within your contingency period (appraisal contingency gives you a specified time within your contract to walk away from the deal). Say Seller wants 300k, home appraises at $290k, the lender will loan up to $290k, but who pays the additional $10k? Buyer or Seller? At this point it's wise to ask the Seller to decrease their asking price to meet the $10k difference. Remember everything is always negotiable in real estate.

If your not working with a Buyer's Agent, please feel comfortable to contact me anytime. I'm always here to help.

Debra Chubb, Realtor - Direct #951-313-3414
http://www.chubbestates.com
0 votes
Danny Chen +…, Agent, CORONA, CA
Wed Nov 21, 2012
Hello PENNY,

How are you? my name is Danny Chen with Tarbell Realtors DRE# 01906909.
Due to the low inventory of homes, for the last 6 month+. Buyers are having a hard time purchasing the homes.

Factors that might affect your offer being accepted:
How are you planning to finance the new home purchase?
FHA, Conventional or Cash?
Are you Offering the right price for the homes?
Etc...

If you already have a good agent, you should just stick with him/her.
If Not please give me call, I would like to know your family and situation better so that I can do my best to assist you in finding your dream home, thank you.

Sincerely,
Danny Chen
Direct: (909) 343-8838
Email: DCHENPRO@GMAIL.COM
Web Reference:  http://dannychen.tarbell.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more