Happy Halloween

October 31, 2008

Well, here we are at the end of October and it certainly was a memorable month. The good news is that real estate IS selling. In spite of all the negative news about the credit crunch, lenders are still making loans and buyers are still buying property. It has certainly been a Trick or Treat month. On Monday, I post the listing and pending numbers and we'll all know whether it was Trick or Treat.

If rainbows are a sign that the deluge is over, this morning was spectacular!. A wide rainbow in the the southwest sky and a wide rainbow rising behind the San Bernardino Mountains. Hallelujah!!!!

For the weekend, enjoy your costume parties and visit the Diamonds & Dice Casino Party raising money for The Unforgettables at 6:30 p.m. in the Mitten building in Redlands on Saturday evening; http://www.theunforgettables/. Since Sunday will be the first Sunday of the month, the San Bernardino County Museum will be free admission for all visitors.

And, don't forget, Sunday at 2 in the morning we "Fall Back". Most of us will reset our clocks before we go to bed and have that extra hour of sleep. If you forget, you may be early, but you won't miss out by being late for that important Sunday morning date. Of course, if you are just working around your house and garden and don't watch TV, you might be unaware that times have changed. In this day and age, such an unawareness probably never happens. Especially since this is the last weekend before the national elections. (Maybe it would be a good time to not watch the TV.)

The Best Strategy in a Business Transaction

October 30, 2008

Buying ad Selling real estate in the state of California is accomplished with written documents. My last two postings, stressed that issue. In know that many times when faced with a lengthy and unfamiliar document, the temptation is to initial and sign where the agent tells you. My husband, who is an engineer and reads every word in anything he signs can be a tad annoying. However, many disputes and mistakes could be avoided if folks read the documents that they are asked to sign. (I must confess that when I am purchasing a large item, if I trust the salesperson, I rarely read all the clauses.)

One document in a real estate transaction that MUST always be read - and probably is read the least - is the Preliminary Title Report.

The escrow that is processing your transaction has never seen the property. They examine the title report for the legal and vesting and for liens against the property that will have to be paid in order for an escrow to close. Other than the Assessor's parcel number on the map, they do not know if the property shown on the map is the one the sellers thought they were selling and the buyers thought that they were buying. If liens show up on the property neither the agents nor the escrow officer know whether these numbers are correct or not. They will order demands from the lien holders and should discover the status of these liens.

A buyer should receive a copy of this preliminary report within a week of opening an escrow. Don't wait to read it, read it immediately. If there are issues to correct it is better to know them early in the transaction so that they do not hold up or stop a closing. If you do not understand the report, have your agent sit down with you and go over it. It will always be time well spent.

Will your Seller take "X"?

October 29, 2008


Listing agents, representing Sellers, have been getting emails and phone calls from agents representing prospective Buyers. The conversation goes something like this:


"Hi, I'm representing a Buyer who looked at your listing. My Buyer is interested in making and offer. Is the property still available? Have you had any offers?"


Seller's agent: "No, but there have been quite a few showings recently."


Buyer's agent: " My Buyer wants me to ask if your Seller will take "X". ("X" is considerably under the listing price.)


Seller's agent: Just write it up and I will present it."


Buyer's agent: My Buyer wants to know if the Seller will take"X". Will the Seller?


Seller's agent: "Write it up and we will find out. All I know is that I have a serious Seller who ants to sell his property. Write up your Buyer's offer and we will see whether the Seller will accept it. Obvious "X" is much lower than the listed price.


Buyer's agent: I'll talk to my Buyer."


First: Real Estate in California is sold when the Buyer and Seller agree to the same terms and price in a written contract. There are a great many clauses in the C.A.R. Residential Purchase Agreement than just a price.


Secondly: To be a valid offer and contract it must be in writing.


Thirdly, A Seller's agent is duty bound to represent the Seller and that includes representing the price in the Listing Contract.


So why these phone or e mail proposals (At least e mail is in writing though just asking about a price does not present a true picture of what a Buyer ants in a contract.)


Two reasons for the verbal proposals: The agent does not want to "waste his/her time writing a contract that has no hope of success. (Somewhat understandable, but not very businesslike.)


The second reason is that the Buyer does not want to put the offer in writing for fear that the Seller might actually accept the offer and he could offer less. Perhaps it was just the Buyer's agent wanting to prove that the agent is indeed working for the Buyer.



In any event, if you are a Buyer or a Buyer's agent reading this post, put your offer - no matter how low it is- on paper with all the terms and conditions that that are necessary to complete a purchase.

Just So You Know - Multiple Offers are Occuring

October 28, 2008


Believe it or not, this market is not just about sellers waiting for a buyer to make an offer, any offer. Counter offers and multiple offers are again part of the buying and selling process. Many agents and the buyers that they represent are experiencing frustration as they submit offers only to find that they are in a multiple offer situation. Seemingly there are buyers waiting for the latest bank owned property to come on the market. Banks, wanting to unload their non-performing assets, are putting properties on the market at seriously reduced prices. In the end, this seems to get the bank the highest possible price as potential buyers offer overbids.


A serious buyer needs to be willing to negotiate if given the opportunity by the seller.


Suppose you submit an offer for less than the asking price and the seller makes you a counter offer. While you may think that there may not be another offer, it is wisest to act as though another buyer will also be making an offer. Acting in a timely fashion may allow you to purchase at the best possible price. If you wait and that other buyer makes an offer, until you have signed the counter offer and your agent has returned it to the seller or the seller's agent, the seller can accept another offer and you have lost the opportunity to purchase the property. Counter offer forms published by the California Association of Realtors contain a clause that is clear about the sellers right to accept other offers until the seller has received back the counter offer unchanged and signed by the buyer.


Some bank owned properties are coming on the market at prices considerably below current market value for similar properties. Buyers who act promptly and who recognize value will benefit from acting quickly and reasonably. Selecting an agent who is available and who knows how negotiations work will also be an advantage in obtaining the best possible purchase price.

Another Incentive to Purchase a Home Now

October 27,2008

The Housing and Recovery Act of 2008 seems to be filled with incentives to restart the housing markets. One of the provisions is a tax credit for first time home buyers in an amount up to $7500. Since the passage of the act, there have many many questions concerning who is eligible?; what is the credit?;, how exactly will it be processed?

Here is a brief outline:

A "first time homebuyer" is defined as a buyer who has not owned a principal residence during the 3 year period prior to the purchase. First time homebuyers purchasing any kind of home - new or resale- may be eligible.

There are income limits that purchasers must meet: for a single purchaser $95,000 in modified adjusted gross income; For a married couple filing joint, $170,000 adjusted gross income.

The amount of the tax credit cannot exceed 10% of the purchase price of the residence. )Probably not an issue in our real estate market as $7500 is 10% of a $75000 purchase price.

This tax credit is, in fact, a loan from the U.S. government. It does have to be paid back, but there is no interest rate charged on the loan.

The payback will be $500 per year for 15 years. or the balance when the home is sold. The homeowner does not have to begin making payments for 2 years.

As you can see, the terms of the tax credit provision are a bit complex. There is a fairly detailed "Frequently Asked Questions on http://www.federalhousingtaxcredit.com/.

You can also call one of our loan reps at 909-748-7110 and he/she will be happy to assist you about the process.

This credit is to be available for purchasers who make a home purchase between April 9, 2008 and before July 1, 2009. The applicable date is the date the purchase closes and is recorded.

There"s Variety on This Weekend

October 24, 2008

As we head into the last weekend of October, here is a sampling of activities.

Yucaipa will hold a fall cleanup day from 8a.m. to 5p.m. on Saturday. Residents can take excess trash and bulky items to a drop-off area at California and Avenue G. Larger loads must be taken to the San Timeteo Landfill, which will be open for free from 8a.m. to 5p.m. for residential customers.

Saturday afternoon there will be a free organ concert at the University of Redlands' Memorial Chapel. Frederick Swann, university organist and teacher, will play on the refurbished Casavant Opus 1230 organ. He will be assisted by narrator Kathie Freeman, artistic personnel and production manager for the Los Angeles Master Chorale.

Saturday evening at 8p.m. and Sunday afternoon at 3 p.m. one can attend the Inland Master Chorale program held at the First United Methodist Church in Redlands. Adults $16.

Saturday evening Kimberly Crest House and Gardens are hosting an evening of Art, Mystique and Merriment with one of a kind masks that will be auctioned . The evening begins at 6 p.m. and will continue until 10 p.m. with the live auction at 8 p.m. Tickets are $25.

Lastly, for sports fans, tonight the Los Angeles Lakers will be playing the Oklahoma Thunder at the new Citizens Bank Arena in Ontario. Game time is 7:30p.m.

Feel free to post events that you know are happening and open to the public.

Words From the Past

October 23, 2008
I have been reading a biography of Franklin Delano Roosevelt entitled "The Defining Moment" by Jonathan Alter. It is a description of the election of 1932 and FDR"s first 100 days as President of the United States. From the first Inaugural address came the famous and oft quoted phrase: "the only thing we need to fear is fear itself. - nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance." The previous paragraph stated:" This is preeminently a time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great nation will endure as it has endured, will revive , and will prosper."

In the chapter discussing the first Fireside Chat that FDR gave on March 12, 1933, I came across this quote from the middle of his talk:
"Confidence and courage are the essentials in carrying out our plan. Let us unite in banishing fear...We have provided the machinery to restore our financial system; it is up to you to make it work. It is your problem no less than it is mine. Together we cannot fail."

These words resonated with me this morning as media commentators were discussing that "fear" was in the marketplace. As real estate agents we, too, have heard the "fear" word, "I fear that if I buy now, the value of my property will continue to decrease. I am waiting for "the bottom". A "home" is a place to live. Because of the decline in value and the relative stability of mortgage interest rates, opportunity maybe knocking as long as one does not "fear" opening the door.

Guess What? The Mortgage Marketplace is Alive and Well

October 22, 2008

On Monday, I posted a bit about the FHA loans becoming the loans of choice. The FHA insures loans up to $362,790 with a 3% down payment. The interest rate may be a tad higher than the rate on a conventional loan and the borrower must pay an insurance premium, but it is typically a 30 year fixed rate loan. Yesterday, I received an e mail with some interesting statistics that I will share with you.

In fiscal year 2008, FHA received 2,008,157 single family loan applications. According to the information from Bill Carlile of Lender License, Inc.,that is up 161.2% over the 768,770 applications received in fiscal 2007.

977,550 borrowers applied to purchase homes.

886,972 borrowers applied to refinance.

FHA approved 1,199,624 mortgage applications.

To receive more information or to apply for an FHA loan, you need to contact an approved FHA lender. You do not apply directly to the Federal Housing Administration. FHA has approved qualified lenders who take the applications, gather the appropriate documentation and submit the loan package to FHA underwriters for approval.

Until December 31, 2008, it is possible in the Inland Empire to secure an FHA loan up to an amount of $500,000, but you will pay a higher interest rate than for the $362,790 loan. After December 31, 2008, the maximum loan amount will be reevaluated. At that time, the down payment is also scheduled to increase to 3.5%.

With 60% of individual wage earners in the Inland Empire earning enough to qualify for a median priced house (approximately $285,000 sales price), it is understandable that FHA loan applications are rising at record levels.

Join Century21 Lois Lauer Realty for "Operation Gratitude

October 21, 2008

For the third year, Century 21 Lois Lauer Realty will be collecting comfort items and letters of appreciation for U.S. service members serving overseas. Operation Gratitude is a 501C3 organization that collects and ships donations to brighten the holiday season for the Armed Forces. Our offices are a drop-off site for community members who wish to participate in this project of thankfulness to the men and women who will be spending the holidays away from their families. The drive for items will continue from now until December 5, 2009.

Items that are appropriate include:

DVDs, CDs, Batteries of all sizes

Head sets, Disposable Cameras

Prepaid Phone Cards

Travel size Board Games (Hand-held)

Mini-Battery Operated Fans

Commercially wrapped individual packets of Trail mix, Beef Jerky, Nuts, Energy Bars, Candy

(your leftover Halloween Candy is great)

Commercially sealed Lip Balm, roll-on deodorant, toothpaste, toothbrushes

Individual packets of towelettes

Screen Printed T-shirts

Baseball style caps, Blank Holiday Greeting Cards



I think that the list gives one the idea of items that are both useful and fun.

Our offices are located at 1998 Orange Tree Lane, Redlands - 909-748-7000

33699 Yucaipa Blvd. Suite 1-B, Yucaipa - 909-570-6000

24021 Alessandro Blvd. Suite #B - Moreno Valley - 951-571-4400

Are All the Credit Markets Frozen?

October 20. 2008
As I left home this morning Federal Reserve Chairman Ben Bernanke was speaking to a congressional committee. The subject concerned the credit crisis and whether another stimulus would be needed to put the bailout monies into the U.S. economy. Apparently lenders are reluctant to extend credit even though the infusion of government funds has increased their ability to lend and to write down "toxic assets".
Interestingly, the home mortgage market has not seen the same freeze of credit. With loan terms and credit underwriting standards tightened, lenders are willing to lend to prospective homeowners. While all this credit problem was growing, almost no lenders were writing FHA loans. Today the FHA loan is the loan of choice for most home buyers. The lenders benefit from the FHA mortgage insurance which gives the lender a level of confidence should the loan go into default. One article that I read stated that 90% of new home loans are being made through the Federal Housing Administration insurance program, plus Freddie Mae and Fannie Mac. FHA is owned by the federal government and Fannie and Freddie are now operating under federal conservatorship. All three are guaranteed by the U.S. Treasury. Properties that fit into the mortgage limit guidelines of these loans are selling and are helping to turn our Inland Empire real estate market back into positive territory.

If its October, Its Time for Arts and Crafts

October 17, 2008

Throughout the Inland Empire venues for arts and crafts show are becoming plentiful. With our spectacular Fall weather, out door art shows are great weekend events. One of the more established shows is that sponsored by the Redlands United Church of Christ. It is now in its 29th year and has grown from 5 artists to approximately 65. It was begun as a fund raiser for the many activity and outreach programs of the church.

Each year the committee selects a "Featured Artist" whose work is used in the promotional pieces for the show. This year's artist is Darlene Katz. She is a resident of Carlsbad. Her work in microbiology brought her to California, but her love of art changed her career to that of a successful artist. If you are interested in seeing examples of her work you can visit http://www.studiokatz.com/. Of course, to see the actual paintings you can come to the church during the weekend show.

There will be a variety of crafts and of wall art and garden art. The show has also attracted some quality jewelry artists. It is a great event for selecting unique gifts for the holidays.

The hours for the show are 7 p.m. - 10 p.m. Friday (today)

10 a.m. - 5 p.m. Saturday

11a.m. -5 p.m. Sunday

Admission is free and there will be musical entertainment as well.

Property Tax Bills Can Be Confusing

October 16, 2008

Property tax bills have been mailed and can be a surprise to some new homeowners - or even to some old homeowners. There are several taxpayer initiatives that have regulated property tax assessments in California since 1978. It was in 1978 that Proposition 13 was passed and the rules for the assessment of real property were radically changed. At that time, property values for existing homeowners were based on the 1975 assessed value of the property. Thereafter, on the January 1st lien date, the assessed value could be raised by an inflationary rate not to exceed 2% per year. If you have not done remodeling requiring a permit and have remained in your property, that is the formula for arriving at the assessed value.

However, Proposition 13 also requires the Assessor to appraise real property as of the date of change-in-ownership or as of the date of any new construction. When a change of ownership occurs, the Assessor receives a copy of the deed and determines if an appraisal is required under state law. If an appraisal is required, it is completed and the homeowner is notified of the new assessment and may receive a Supplemental Tax Bill for the difference between the new valuation and the January 1st valuation. Over the years the new assessed value has been based on the purchase price.

This year with houses frequently selling at prices substantially below the existing assessed value, purchasers did not expect a supplemental tax bill, but from what we are hearing, they have received one. This assessment is based on the existing assessed value as on January 1st of this year. Do you owe this bill? According to our best information, the answer is "yes". An appeal can be made and adjustments may occur, but for the present, the decline in market value is causing a bit of confusion for Assessor's offices and for homeowners. A word of advice: don't ignore the supplemental bill. If you receive a regular bill and a supplemental, avoid the penalties and accruing interest by paying.

We are clearly experiencing a case of "unintended consequences".

What's In it for Me?

October 15, 2008

The current credit crisis has been the main topic of the U.S. media. Even the presidential race seems no longer to be front page news. While the current emergency measures are designed to stabilize the banking and brokerage industries, it hopefully will be successful which down the road will be a benefit to the main street home owners. Unfortunately, or fortunately, the availability of credit is a necessity for both businesses and individuals.

Somewhere in all the frenzy to save the credit markets, the earlier "Housing and Recovery Act of 2008" lost its front page status. However, this loan guarantee program became law on October 1, 2008. In the Inland Empire, until January 1, 2009, if your property is now appraised at approximately $515,000, you might be eligible for assistance from the Housing Rescue Program.

In order to qualify for assistance, borrowers must meet the following criteria:

1) The borrower must live in the home on which the mortgage was taken out;

2) The loan must have been issued between January 2005 and June 2007;

3) The borrower must be spending 31% of their gross monthly income on their mortgage as of March 1, 2008;

4) The borrower(s) do not need to be in default, but they must be able to prove that they will not be able to sustain timely payments;

5) The borrower(s) must attest that they are not in deliberately defaulting in order to obtain lower payments.

In addition:

a) Borrowers may not take out another home equity loan for at least five years unless the purpose is to pay for needed home maintenance or repairs;

b)The total debt on the home can not be more than 95% of the home's appraised value;

The borrower must get approval from the FHA.

The cost to the borrower will be 1.5% of the principal annually paid to the FHA as an insurance premium guaranteeing the loan. Borrowers will share any future profits with FHA in the form of a 3% "exit" fee. If they sell or refinance within a year, they will pay 100% of the profits to the FHA. After one year, borrowers will share 90% of the profits. The percentage keeps dropping in 10% increments to 50% after the fifth year and then will stay at 50%.

If you think that this program can be helpful to you, contact your real estate agent who can put you in touch fit a mortgage professional. It is possible that you could lower your present indebtedness by as much as 40%. If you truly want to stay in your home, this program could seriously improve your present mortgage payment.

Cosmetic Repairs

October 14, 2008

No, I am not posting about my facial makeup. It may need help, but my subject is real estate.

In our Inland Empire real estate market, there are many older homes. The homes that were built in the late 1920s, 1970s often had colored bathroom fixtures. You know, dusty rose, banana yellow, mint green, etc. Often a homeowner or home buyer likes the retro look, but over time these fixtures lose these polish and may even have a chip or two.

Last week, one of our agents asked me if I knew the name of a "ceramic refinisher" as she could not find one in the Yellow Pages of the local phone book. Actually, they can be found under "bathtub Repair" or "porcelain repair". However, I had also happened to save an article from the L.A. Times newspaper that answered a reader's question about repairing a chip in a mint-green bathtub. As a search junkie on the Internet, I checked out the web site that the writer suggested: http://www.porc-a-fix,net/. This site from KIT Industries, offers many products for porcelain, laminate and fiberglass repair.

For a homeowner who does not want to spend the monies to remodel the bathroom and who really likes the colored fixtures, it seems to me that this is a great resource.

Another Grand Opening

October 13, 2008

Mark your calendars for Saturday, October 18, 2008. The just completed Citizens Business Bank Arena in Ontario will be holding an open house. Located just north of Interstate 10 between Milliken and Haven Avenues at 4000 Ontario Center Parkway. Visitors will get a sneak peek at this new entertainment center in the Inland Empire. There will be live music, concessions and the opportunity to purchase tickets for the upcoming events.

The arena is owned by the City of Ontario and AEG, a subsidiary of the Anshultz Company will be the operator. (AEG presently operates such facilities as Staples Center in L.A. and the Home Depot Center in Carson. The cost of constructing the facility was $150 million. It is 225,000 square feet under roof and fixed seats of 9,500 with portable risers upping that number to a capacity 11,089 for concerts, 8,736 for hockey and 10,832 for basketball. The arena will be the home of the Ontario Reign Ice Hockey team. Ice hockey lovers in the Inland Empire will no longer have to travel to L.A., but will be able to attend professional ice hockey games in this spectacular new venue. Their season begins October 25, 2008.

Other events for October and November include a Lakers basketball game on October 24, a TNA Wrestling event on October 31, a poncho Sanchez concert on November 5 and a Carrie Underwood concert on November 9. To learn more and to see this amazing new arena, the free community open house needs to be on your weekend schedule. For more information go to http://www.cbbankarena.com/.

Looking for Something

October 10, 2008

This weekend there are several opportuniites for an invigorating 5K or 10K walk in Redlands or finish your weekend with a 5K walk in Ontario. Both walks are on Sunday for the purpose of raising charity dollars. The Redlands walk is a first time event with Stater Bros. generously backing the organizer of the "Believe and Walk for the Cure". The purpose of the walk is to raise both awareness and monies to assist cancer patients in the Inland Empire with their co-payments and to provide funds for cancer research here in the Inland Empire. The monies raised will stay in the Inland Empire. Stater Bros. Charities is the lead sponsor, but more than 60 companies are sponsoring this first time effort. Registration begins at 7a.m. at Fifth and State Street (Ed Hales Park) with the walks beginning at 9 a.m. At the finish site, the Redlands Bowl, there will be a "Believe Bash" with food and giveaways. The cost is $35 per person or $75 for a family. http://www.believeinlandempire.com/



The 25 annual "Walk for the Hungry" sponsored by the Inland Valley Hope Partners will be registering participants on Sunday at noon with the 5K walk to begin at 1p.m. For additional information call 909-622-3806, EXT 231.



On Sunday afternoon at 3p.m., the Redlands Symphony will be presenting a concert entitled "The Music Lincoln Loved". The concert will be held at the University of Redlands Memorial Chapel. If you are a subscriber to the Symphony's Sunday Series, the concert will be free. All other attendees will need to purchase a ticket. For more information call 909-748-8018.



Have a great weekend!

The Internet and Real Estate Data

October 9, 2008

As real estate professionals, we are well aware of the use of the Internet by potential buyers and sellers and just by those curious about real estate. There are so many sites nowadays that offer information about houses presently on the market, houses recently sold, houses in the foreclosure process and just what a particular house might be worth. Many of these sites are very easy to use and quite frankly, I check them often. Why? Because I know that my present and future clients are also checking them.

The challenge for the site managers and site designers is to be certain that the data is accurate and up to date. The challenge for real estate agents is to know their own market place well enough that when a consumer calls, the agent can provide additional updates to the information posted on the Internet.

I just checked out the new feature on the Realtor.com site, Find Home Values. It is a quick look at values in the entire U.S. By a simple click on a state. you can obtain the average price of homes, the number of homes on the market, etc. By inputting an address or a city you can get this information plus some detail on the specific property. Unfortunately, the information, for the several properties I selected, was not quite accurate. This is why a consumer who wants specific information on a specific area or property should call a licensed real estate agent. A conversation with a live human being will allow consumer to receive the best and most up-to-date information available.

I personally love using the Internet, but I rely more heavily on my own research.

Just Some Observations

October 8, 2008

I certainly would not deny that the economic news is a bit scary - perhaps appropriate for the month of Halloween and "Trick or Treat". However, as I reflect on the housing data that I have just compiled from the IMRMLS, I see a trend toward "stability or "bottoming out". I do not want to draw too many conclusions from my data sampling, but here are few observations.

1) In most of the communities that I track, the number of "sold" properties in August was greater than in July. The number of "sold" properties in September was greater than in August.

2) The median price of the "sold" properties was less in August than in July, but remained much the same in September as it was in August.

3) The number of pending sales versus number of active listing was a higher percentage.

4) In the three communities that I checked out on the Southland Title web site, the number of Notices of Default (NOD) and the number of Notices of Trustee (NOT) sales declined fairly dramatically in September as compared to the numbers reported in August.

Moreno Valley.............September NOD/198.......August NOD/575

Redlands......................September NOD/19..........August NOD/40

Yucaipa........................September NOD/20..........August NOD/64



Moreno Valley............September NOT/275.........August NOT/437

Redlands.....................September NOT/55............August NOT/26

Yucaipa.......................September NOT/29............August NOT/67



Stay tuned for how the bailout and the stock market declines effect the October numbers. In the meantime, there are some fabulous properties for sale at prices not seen since early in this 21st century.

Tracking the Median Price

October 7, 2008


It seems to me that a check of the median selling price of properties in the 14 communities that I have been watching gives a reason why the the number of units selling has increased as dramatically as it has. Judge for yourself. (I am rounding the prices to the nearest $1000. Also add three zeros to the posted number.)


Banning/Beaumont.....2008/196.....2007/290.....2006/330.....2005/320.....2004/225.....2003/164


Bloomington.................2008/190.....2007/360.....2006/385.....2005/344.....2004/270.....2003/185


Colton............................2008/159.....2007/326.....2006/339.....2005/325.....2004/215.....2003/170


Fontana.........................2008/257.....2007/400.....2006/412.....2005/406....2004/325.....2003/235


Grand Terrace.........................2008/238.....2007/340.....2006/390.....2005/250....2004/295.....2003/240


Highland.......................2008/210.....2007/345.....2006/369.....2005/346.....2004/281.....2003/195


Loma Linda............................2008/310.....2007/369.....2006/426.....2005/447.....2004/322.....2003/251


Mentone......................2008/210.....2007/350.....2006/250.....2005/358.....2004/210.....2003/149


Moreno Valley..........................2008/173.....2007/320.....2006/380.....2005/360.....2004/280.....2003/200


Redlands.....................2008/325.....2007/360.....2006/385.....2005/398.....2004/320.....2003/256


Rialto...........................2008/195.....2007/322.....2006/385.....2005/360.....2004/285.....2003/195


Riverside....................2008/231.....2007/360.....2006/425.....2005/400.....2004/325.....2003/240


San Bernardino.................2008/125.....2007/280.....2006/329.....2005/300.....2004/222.....2003/149


Yucaipa/Calimesa.....2008/264.....2007/300.....2006/388.....2005/375.....2004/315.....2003/215





The data is indicating that value has returned to the real estate market!

Resale Solds - September 2008

October 6, 2008

September 2008 actually proved to be a month in which real estate activity increased as reported through the IMRMLS. In some communities the number of units reported sold exceeded the number of units reported sold in the peak year of 2005. A caution when making the comparisons is that the data does not include new construction or for-sale-by owners.

Banning/Beaumont.......2008/116.....2007/42.....2006/81.....2005/106.....2004/94.....2003/76

Bloomington...................2008/23.......2007/10.....2006/16.....2005/27........2004/24.....2003/18

Colton..............................2008/37.......2007/11.....2006/40....2005/51.........2004/54.....2003/51

Fontana...........................2008/302....2007/59....2006/171...2005/271.......2004/269...2003/225

Grand Terrace...............2008/10.......2007/4......2006/13.....2005/26........2004/12......2003/10

Highland.........................2008/52........2007/13....2006/46....2005/86........2004/49......2003/60

Loma Linda....................2008/14........2007/1......2006/12.....2005/13........2004/8........2003/16

Mentone.........................2008/7..........2007/3......2006/8.......2005/3..........2004/7........2003/5

Moreno Valley...............2008/358.....2007/73....2006/167...2005/327......2004/244...2003/267

Redlands........................2008/52........2007/41....2006/44.....2005/81.......2004/87......2003/90

Rialto..............................2008/124......2007/34....2006/77.....2005/130.....2004/107....2003/119

Riverside.......................2008/424......2007/122..2006/334...2005/457.....2004/404...2003/393

San Bernardino............2008/251.......2007/69....2006/176...2005/225.....2004/255...2003/244

Yucaipa/Calimesa.......2008/46.........2007/29....2006/53.....2005/67.......2004/79......2003/64



In the next few days I will also be posting the median prices and the unit numbers for the third quarter of 2008. I have been charting these numbers since January in the expectation that they will indicate when the sales in these 14 communities of the Inland Empire will have turned a corner. I believe that unit sales need to increase prior to any chance of a leveling of prices. We shall see!

Home Show at Ontario Mills

October 2, 2008


Beginning tomorrow, Friday, October 3, 2008, the Ontario Mills Mall will be host to the Inland Empire Home Show at the Mills. There will be vendors offering products and services for all types of home improvement, including, renovation, remodeling, decorating and landscaping. It will be a great opportunity to see what products can be purchased for your home.


The booths will be located in the north east section of the Ontario Mills parking facility. The hours will be Friday and Saturday from 10 a.m. to 7 p.m.; Sunday from 10 a.m. to 6 p.m. The price of admission is $6 for adults, $5 for Seniors (62+) and under 18 the admission is free. If you go to http://www.thorschproductions.com/ you can find a coupon for $1 off the price of admission to download.


Some of the highlights will be:


Continuous "How-To seminars by The Home Depot


Russell Hemmis of HGTV's "24 Hour Design" and Design on a Dime"


Beautiful landscaping displays


Gardening advice from Master Gardeners



Holiday decorating and gift ideas


A chance to win an $11,500 Home Improvement Prize Package


and fun activities for kids and adults.


For anyone interested in home improvement this is a great local opportunity.

September 2008 - Listing and Pending Numbers

October 3, 2008

In my ongoing effort to follow the Inland Empire real estate market, I am posting the number of listings and pendings reported through the IMRMLS for the month of September. These numbers do seem to indicate that buyers are buying. The ratio of pendings to listing is improving. In some communities the number of active listings has decreased. Next week when I post the number of closed transactions and the median selling price should also indicate that when the price is attractive, sales do occur.

Banning/Beaumont..........Listings/781..........Pendings/219...........Ratio/28%

Bloomington......................Listings/174..........Pendings/50.............Ratio/29%

Colton.................................Listings/340.........Pendings/90.............Ratio/26%

Fontana..............................Listings/1681.......Pendings/600...........Ratio/36%

Grand Terrace..................Listings/57...........Pendings/13...............Ratio/23%

Highland.............................Listings/337........Pendings/117.............Ratio/35%

Loma Linda........................Listings/95..........Pendings/20..............Ratio/21%

Mentone.............................Listings/42..........Pendings/15...............Ratio/36%

Moreno Valley...................Listings/1793......Pendings/895............Ratio/50%

Redlands.............................Listings/366.......Pendings/75...............Ratio/20%

Rialto...................................Listings/718........Pendings/287............Ratio/40%

Riverside............................Listings/2373......Pendings/771.............Ratio/32.5%

San Bernardino..................Listings/1924......Pendings/486...........Ratio/25%

Yucaipa/Calimesa.............Listings/401........Pendings/97..............Ratio/24%



Total...................................Listings/11082.....Pendings 3735..........Ratio/33.7%

Moreno Valley and Rialto really have active markets. Bbank-owned properties are a large percentage of the inventory and with banks agressively pricing these properties, buyers find them attractive values.

Home Are Selling - Make Your Home Stand Out

October 1, 2008

The first impression that a serious buyer has of a property is often made as the buyers drive through an area where they would like to live. Although many buyers now use the Internet to as their primary search tool, those photos of the property can influence the decision to drive by or call for an appointment.

Sooooooooooooooooo:

Take a look at the exterior of your property. (Even if you are not thinking of selling these are good items to put on your "fix-it" list)

1. Driveway. It is amazing to me to see some great properties with pretty awful driveway surfaces. If your driveway is concrete, check out concrete cleaners that will get rid of stains. There are also concrete crack repair kits available. If the driveway is asphalt, a seal coat will return it to a clean black look. Of course, looking in to replacing the entire driveway and replacing it with new material does make a substantial improvement to the look of the property.

(Often a prospective buyer walks up a distressed driveway and has already mentally eliminated the property from the A-list.)

2. As with driveways, walkways are also important first impressions. Is your walkway clean and well maintained? Is it safe or are there raised portions? Check it out.

3. Landscaping. Is your mature? or just overgrown? If the landscaping hides the front facade of your house, it is probably time to trim or remove some of the greenery. Buyers are seldom attracted to something they can not view as they drive by. As the winter season approaches, you may want to over seed your lawn with a winter grass that will make the lawn a gorgeous shade of green. (If you are into water conservation, you may even want to transform your green lawn into an attractive, low maintenance xeriscape.) Weeding planters is easy, but shows the prospective buyer that you, the homeowner, have pride in your property. Finally, garden shops have lots of plants available for adding color to the landscape. These plants can really brighten up the look of your property for a minimal investment.

4.Exterior Paint. Maybe just scraping and painting the trim will transform a dull looking house into an attractive house. Since many of the Inland Empire homes have a stuccoed exterior, usually just the trim is all that needs to be painted. There are also contractors who will power wash the exterior of a house and give it a fresh clean look for much less cost that a painting job.

5. Entry. The buyer arrives at your door and sees a door that has truly seen better days. Our hot sun can ruin the varnished surface of a door. Home centers offer a large variety of replacement doors and those new doors can really update a 10-20-30+ year old house. Perhaps just paint and some new hardware will provide the fresh look.

6. Cleaning. At least weekly, maybe daily, cut off dead blossoms, rake up fallen leaves and pick up other small debris. If you have exterior lighting, check it to be certain that it is operating properly. Gopher mounds need to be smoothed out and the grass replaced. A lawn with all those little piles of dirt may really turn off a prospective buyer.

Many of these suggestions are not costly. Doing them will make you feel better about your property and they will most certainly improve your "curb appeal".