Sometimes Sellers Need to Rearrange Their Decor

April 30, 2009

Perhaps one of the pitfalls of a real estate market that has been largely price driven is that agents and sellers become somewhat lax in take a hard look at a property's first impression.

When the bulk of sales are foreclosures which characteristically are less than neat and clean, sellers become less open to suggestions about "staging" their homes. However, "staging" in its broadest sense may be the best way to attract the attention of serious buyers and to obtain the highest possible price.

Rooms overcrowded with furniture, walls covered in wallpaper and kitchens with old cupboards and appliances are all negatives for buyers. So what is a seller to do?

If the house is already on the market and there is little or no activity or lots of "hits" from viewers on the Internet, but no appointments to show, the seller should take a look at what the buyers are seeing. What is seen in a photo may give a different impression than actually walking through the home. I tested this theory by taking some pictures of my guest bedroom that has wonderful bright floral draperies and a matching bedspread. It was a revelation! I knew immediately that the spread and drapes would have to go, should I ever put my house on the market. This makeover would cost almost nothing and would neutralize the room.

If a room is too neutral, purchasing some bright pillows can often give it more appeal. If a carpet is very worn or very dated (shag, for instances) pulling it up if there are hardwood floors under it can be inexpensive. New carpeting may cost, but again may make a sale occur. Carpet allowances just do not create the same ambiance. Wallpapers almost always should be removed and walls painted a neutral color. Right at the moment taupe is popular, but some of the slightly off-whites are also good backgrounds for staging a room.

With the help of a real estate agent or a professional stager, minor changes costing less than $1,000 can increase the home's appeal and attract buyers to make offers.

A seller who has enjoyed the home and finds it comfortable and appealing needs to look at the home through the eyes of buyers who may have different concepts of comfortable and appealing.

Solid Surface Countertops -

April 29, 2009

For approximately the past 7 to 10 years, "granite" has been the magic word for describing a kitchen. Real estate agents would be quick to point out that the subject property had granite kitchen counter tops. Any remodeled kitchen, even in older homes, would almost require a granite counter top.

Prior to the rush to granite, the luxury material for kitchen counter tops was Corian, a registered trademark for a manufactured solid surface counter top. Both granite and Corian have the distinct advantage over tile and laminates in that they can be installed with no seams. Corian has a slight advantage over granite in that cracks, burns and scratches can be repaired and removed and the counter top made to look brand new. (I know this for a fact as we have Corian counter tops that are 20 years old and had a crack repaired and there is absolutely no evidence that a crack ever existed.)

Along with fabrication and installation by a certified contractor, proper care is always important to maintain the counter top, especially the granite. It is a natural stone material that has a surface that has been polished to be glossy and shiny. Granite can usually be cleaned with just water and a mild soap. It is important to clean spills as quickly as possible as they could cause discoloration. Sliding pots and pans across the surface can cause scratches. Very hot objects should be set on hot pads or trivets as the surface will absorb the heat and might cause a burn or crack.

What is especially valuable about these solid state surfaces is that they are renewable. There are professionals who are trained to make repairs or just to come in and re polish. This renewing work does not require removal of the material and can usually be done in a normal working day.

It is less expensive than replacing entire counter tops. According to many vendors, these counter tops will last a lifetime.

While trends often have a huge influence on the choice of materials for kitchens, solid state counter tops are probably one item that will continue to find favor with home buyers. This is a good thing as they are a major expense of a kitchen. It is nice to know that while appliances may wear out, these counter tops can continue to look like new.

Even the Economic News Is Starting to Bloom

April 28, 2009

As I drove to the office this morning I was struck by the flowers that have burst into bloom since the past week. The warm weather brought out the rose blossoms. Those snap dragons that folks plant in March present a wonderful array of color. The Iris are blooming, the hawthorns are blooming and the somewhat gloomy morning was definitely brightened for me by these signs of Spring.

Also brightening up is the outlook for housing and perhaps for the economy in general. The second page of the Wall Street Journal had a headlined article citing the 64% increase in housing sales from March of 2008. According to the California Association of Realtors, we are down to a five month supply of unsold housing inventory. An interviewee on Bloomberg News TV was optimistic the housing, even in prices, may be stabilizing. Also, the report stated that the consumer confidence index had risen, which is a further sign that we may be coming out of the doom and gloom of the past 18 months.

With income tax filings now behind us and spring breaks over, traditionally this is the time that Californians refocus on their homes. We in the real estate industry are feeling this new breath of Spring!

Closets, pantries and Where Do I Store My Stuff?

April 27, 2009
If you look at houses built indifferent eras, you could almost write a history of civilization. First there were armoires, no built-in closets. Then there were smallish closets that you could walk into, but barely. Then there were the closets with folding or sliding doors that allowed you to look at what was inside, but not walk inside. And then there were walk-in closets, some of which were and are larger than many bedrooms in contemporary houses.
Grandma must have had only a few changes of clothes and one or two pairs of shoes. Now we have shoes in every color, high heels, low hells and exercise shoes. Even some very large closets seem overflowing with stuff.
Traditionally Spring is the season to clean house. Closets are a great place to begin. Best procedure is to totally empty the closet and then put back the clothes and items without which you would be lost. Hopefully that is not everything you took out of the closet.
I once saw a home that was on the market that had matching hangers, every item of clothing arrange by color and lots of free space between each item. It truly made an average sized closet look spacious. If you have small closets, organizing them is a good way to reduce the likelihood that a potential buyer will remark on their inadequacy.
It may seem silly, but buyers looking for a home are conscious of the storage space. The word to the wise seller, is empty and dispose and create visual space. It will amaze you to find out how much stuff you can live without. Cleaning out your stuff will even make you feel as though you have more space.

A Truly Rare Event - Sunday April 26, 2009

April 24, 2009


On Sunday, April 26, 2009 at 2 p.m. in the afternoon at the First Congregational Church of Redlands, the Redlands Historical Museum Association will be presenting "Redlands, A Literary View.


Narrated by Dr. Larry Burgess, 10 actors will be reading from books about or by Redlanders.


Participating will be Mel Chadwick, Elaine Brubacher, Wayne Scott, Douglas Bowman, Carey Smith, Katherine Thomerson, David Critchlow, Dick McCarty, Deborah McFatter and Karen Cabanilla.


If you haven't already become a supporter of the Redlands Historical Museum Association, I feel certain they will welcome your membership.


In the fast paced world in which we live, preserving our past and our present is an important goal.

Getting a Loan Ain't What it Used to Be

April 23, 2009


Gone are the days when it seemed as though just being a human being made you eligible for the loan you wanted. As was the common joke, as long as you could fog a mirror, you could obtain a loan.


Not so today. Lenders want documentation. You will need to bring in your last pay stub before the loan can be funded. You will need to explain why your income has changed. Lenders seem to wish that all of us had government jobs and just one W-2 that confirmed our income. It is particularly difficult to obtain a loan if you are self employed. (We real estate agents see all these marvelous bargain priced properties, but, alas, we are self-employed.


If you have income from investments, you will have to provide documentation about which investments, how long have you held them and what is there current market value.


If you have other real estate holdings, be prepared to provide your last 3 years of tax returns documenting income and expenses from them. Also, how much equity you have and how many loans do you have. If you already have four or more loans, be prepared to have lenders decline giving you another one.


FICO scores matter and 700+ is almost mandatory. No more paying a higher interest rate for a low FICO. You are just declined. Credit matters. You are better qualified for some mysterious reason if you have a bunch of credit cards that are all paid current with no late charges, One credit card may raise a flag to the underwriter and it may be necessary to obtain a second card and use it before you will be able to obtain a real estate loan. Crazy? Yes, but lenders are really scared. If the market should continue its downward trend, they want borrowers who are conscientious about paying their bills and paying them on time. Without a track record, they would just as soon hold onto their monies.


The government wants the lenders to make loans, and the lenders want to make loans, they just want to only make them to the folks who almost don't really need them. However, to purchase a home, most folks need a loan.

It's Spring - Is it Time to Reduce My Price?

April 22, 2009


There are a number of properties that have been listed for sale for well over half a year and some for almost two years. There are also many properties that sell in 30 days or less. What is the reason for this different marketing time?


Location. Condition and Price.


Sort of similar to Gertrude Stein's famous quotation "A rose is a rose is a rose." A location is a location is a location. In real estate, a location is what it is. A house is located in a particular lace and where it is located is fixed, probably forever, ( Of course, some historic houses have been moved in order to preserve them.) In a rising, frantic market such as we experienced in 2004-2006, location became less important as buyers frantically wanted to purchase a property before they would never be able to own a house. As a market declines, the Location, Location, Location mantra has become alive and well - except when prices fall to unimaginable lows such as we have seen in some local markets of the Inland Empire. Did you ever think you would see a decent home, maybe only 5 years old, for less than $100,000?


Lets talk condition. Professional "Stagers" came to prominence in the boom years. All sellers wanted their property to look model-home perfect. Obviously a good thing if the staging also including updating and some basic system maintenance. With home inspectors examining the minutest detail, it was believed that the condition of a property listed for sale needed to be perfect. The present market with its glut of foreclosed properties belies the belief that the condition need to be perfect. For any agent or buyer who has looked at many of the bank-owned properties, they are disasters. No appliances, soiled and damaged carpeting. dead or dying lawns, etc.,etc. Yet these properties are the ones that are selling almost the day they hit the MLS.


That brings us to price. The data indicates that condition and location are taking a back seat to price. Houses that sold 2-3 years ago for $400,000 to $500,000 that are now being brought to market by banks at $200,000 to $300,000 are selling.


So what is a poor, traditional seller to do, If a seller today wants to sell and the property has been on the market for 150 days or more, the seller is not going to be able to reduce the price by


a few thousand dollars. The price reduction will need to be substantial enough to get buyers and agents attention. Case in point: a house was listed for the better part of a year at $600,000. A few weeks ago it was reduced to $450,000. Within two weeks the property had a buyer and is now in escrow. Sellers who need to sell in this market, may have to follow this example. If you reduce at all, make it BIG.

Buyer's Query to Their Agent

April 21, 2009


How much off the asking price should I offer? The correct answer will probably be somewhat unsatisfactory to the buyer, "it depends".


O.K., so upon what does a perfect offer depend?


First, it will depend on the condition of the marketplace in which you are planning to buy. If there are many similar properties on the market and a glut of bank-owned properties listed at rock bottom prices, maybe a ridiculously low offer may be appropriate. However, you need to consider the location, the condition and bottom line, how much you really would like to make the subject property your home. So, it depends.


Ask your agent to provide a market analysis for you so you will know what other properties are selling for. Most data in the MLS will provide the original listing price as well as the final selling price. How close are those two numbers? You will then have a factual basis for the discounts that sellers are willing to accept. Markets are local and although the news media may say that prices have decline 30%-50% in California, California is a very large geographic area. In your community, prices may have declined far less.


I post median prices over the last five or six years, check them out. Ask yourself, is this a median house or is it better that half the houses being offered for sale?


I had a buyer rely heavily on price-per square foot. Unfortunately, the average price-per-square foot will not fit every property. As always has been the case, location and condition will make a difference. Uniqueness will, too.


If you are a wise buyer, you will have been pre approved by a reputable lender and you will know exactly what you can afford. Sure, you have looked at houses that are beyond your financial capability, but don't believe that the market is so bad that prices will be where you want them.


What should you offer? It depends!

Ready, Willing and Stable

April 20, 2009


I saw the words "Ready, Willing and Stable" on an advertisement in the Wall Street Journal last week. It captured my attention and my imagination. I, of course, immediately transferred it as a slogan for CENTURY 21 Lois Lauer Realty.


We have been in the business 33 years this year. First as Lois Lauer Realty and then in 1999 as CENTURY 21 Lois Lauer Realty. Check it out. How many other real estate companies in the Inland Empire have been in business for 33 years under the same family ownership. Lois still is involved and is the heart and soul of the business. Always inspiring the agents to provide the best service and to be active in their communities.


We have over 20 some agents who have been with Lois for over 20 years. How stable is that?


We have attracted the best of the best and have a new crop of licensees who are learning what it means to be a professional real estate agent. Even much of our support staff have been with the company over 10 years.


The company's leadership is committed to providing clients with the most up-to-date service as well as a one-stop shopping experience.


We are definitely "Ready, Willing. and "ABLE" to meet buyers' and sellers' needs. We intend to be around for generations to come.

Homeowner's Insusrance - An Important Piece of a Purchase Transaction

April 16, 2009


Since I posted yesterday about the CHILD ID day and the issuing of identification cards to protect children, I thought I might focus today on how a homeowner or a renter can protect a home, the possessions and oneself from liability.


When you purchase a home, if there is a lender involved, one of the necessary purchases you will have to make is homeowner's insurance.


It is important to contact an insurance agent as soon as you have an accepted contract and are opening an escrow. It is a good idea to shop around as not all insurers offer the same coverage or the same rates. It is also possible that some insurers no longer will take on new customers in California. If you have car insurance with a particular insurer, they may also offer homeowner policies. If you sell a house that is insured by a particular company, chances are they will insure your new house. You need to determine from whom you will be obtaining your homeowner's insurance so that you do not arrive at the date to close and find yourself unable to obtain the necessary insurance. Companies keep claim records and if there were numerous claims, or even one claim, they may decline to issue new insurance. If you had two or more claims in the last three years, an insurer might refuse to issue you new coverage. Obtaining proper insurance can be a big deal!


If you are one of the homeowners who sold and then rented, be sure to obtain a renter's policy so that you have a continuous record of being insured. If you can't sell your house and decide to rent it, make sure that you notify your insurance carrier and get a landlord policy.


Ask whether the company will pay 100% of the coverage amount in the event of a total loss. Some might pay as much as 120%-200%. Find out what is excluded from the coverage.. With older homes, it is wise to pay for a code upgrade rider. Also consider increasing the deductible as it is risky to make numerous claims and a higher deductible will cover the big losses, but you will cover the lesser ones. A higher deductible also reduces the premium cost. However, you must check with your lender as some will insist on a low deductible.


If you don't know where to start in your search for insurance, you can call CENTURY 21 Lois Lauer Realty as we have an insurance agent on site. 909-748-8272.

Good Grief, Charlie Brown. There's so much to do!

April 17, 2009



Some times it seems as though there are so many fun opportunities that it becomes difficult to experience all of them. This weekend in Redlands and in the Inland Empire is certainly filled with ways to enjoy oneself.



The annual Redlands Horticultural and Improvement Society will be holding their 97th annual Flower Show. Entitled "Redlands Treasures" it will feature beautiful gardens around the city. If you see a Flower sign at a property on Saturday or Sunday, April 18 and 19, you can stop and purchase tickets for the remainder of the tour. Of course, a great place to begin is the ESRI Cafe at 370 New York Street. There will be a variety of plants as well as floral arrangements submitted for judging. The entrance cost for the exhibits and the garden tours is $8.00.



Kimberly Crest is also participating with garden tours both Saturday and Sunday..



If you get hungry, you might stop by Plymouth Village and sample their wonderful orange muffins.



Downtown at 215 State Street, you can stop by the Redlands Art Association to view floral paintings and floral arrangements designed after the paintings.



Then early Sunday morning, April 19 the 26 annual "Run Through Redlands" will be held with participant s starting off at the Redlands Mall.



You might also want to check out the 3500 tons of sand that is dumped on Market Street in Riverside. They are holding a Pro Volleyball Tournament at Market and Third Street. April 17 9:30 a.m. to 9:20 p.m. April 18 9 a.m. to 5:30 p.m. and 7:30 p.m. to 10:30 p.m.; April 19, 9:30 a.m. to 5 p.m. Tickets are $10-$40 daily or $60 to $120 for all sessions.

CENTURY 21 Lois Lauer Realty Sponsors Chils I.D. Day

April 15, 2009

On Saturday, April 18, 2009, from 9 a.m. to 2 p.m., CENTURY 21 Lois Lauer Realty will be hosting a Child I.D. day at the office located at 1998 Orange Tree Lane in Redlands. The office is just to the est of the San Bernardino County Museum.

This is an opportunity for families to receive a free, laminated I.D. card for their children. The profile card will include a picture, the height and weight of the child, a DNA hair sample, eye color, date of birth and the child's fingerprints.

We are working in conjunction with Redlands Police Department who will be doing the actual fingerprinting.

In addition to the Redlands Police Department Citizen's Volunteer Patrol, the children will also have an opportunity to see a Redlands Fire Truck and meet some of Redlands firefighters. The CHP will also have some motorcycles and officers to answer questions. We believe that there will also be a K-9 officer on hand with the K-9 dog.

Fiesta Village is sending their mascots in the morning to entertain the children.

Century 21 Lois Lauer Realty is appreciative of the following business and organizations that have contributed to make this a fun day as well as a very valuable service.

Jump Zone........................Panera Bread........................Bakers Burgers...................CHP

Redlands Police Department..........................................Redlands Fire Department

Arrowhead Credit Union................Children's Fund......................Aliso Electirc

Craig & Sons.....................Cliff's Pest Control................WIN Home Inspections.....BJ Subs

Advantage Motors..........................Stater Brothers...............Financial 2000

Niko Niko Sushi...............Fiesta Village..............Canton Bistro............St. Bernardine's

Old Republic Home Warranty.........................................KOLA 99.9

and of course all the dedicated agents at CENTURY 21 Lois Lauer Realty.

Here's a Thought - Build Your Dream House

April 14, 2009

It is not just the price of existing homes that has declined, the price of vacant lots has not escaped the downturn. Added to the possibility that you might be able to acquire a lot in a location that is desirable, is the fact that the building trades have become very competitive in their bids for construction work.

Here are some of the challenges you might face in considering whether building your own home is an option for you. First, and probably most basic, do you already own a vacant lot or will you need to purchase one? If the latter is your situation, and for most folks it is, you will need to find a seller who is willing to carry back a note and trust deed, or you will need to pay all cash. Vacant land loans are very rare if not impossible to obtain. The selling point for a lot seller could be that it will be paid off with the first "draw" of the construction loan that you will obtain to build your dream house.

You will want to sit down with a contractor to determine what the average cost to build a home might be. The contractor might have home plans already in his inventory that he could show you and if they meet your needs, you would be a good step ahead in the process of building your home. A good idea might be to look though the various home plan magazines and see if there are plans that you could order. Or you can hire a draftsman or an architect and work out your own plans. Obviously using an architect will be the most costly way to proceed. However, it may be the case that they are also looking for work.

If you have always wanted to build your own home, this economic downturn may be a real opportunity for you to realize this dream. It is certainly worth considering .

Water Conservatin is Becoming a Mantra

April 13, 2009



Over this past weekend as I watched TV, I saw the same ad for water conservation run approximately once every hour. Of later, the media have been featuring articles concerning a potential shortage of water resources in California. Suggestions abound for ways to cut back on your water usage.
As trees and gardens begin to grow after the winter hiatus, it is a good time to check out your home irrigation system. Many of us have automatic sprinkler systems and over time they can need a tune up.
Here are some symptoms of a system needing a tune up:
1. Soil erosion or water runoff
2.Swampy area that never seem to dry out
3. Plants obstructing the spray pattern
4. Dying plants
5. Water spraying on the driveway, sidewalks or street
Needing a tune-up:
1. Leaking valves
2. Clogged sprinkler heads
3. Broken or leaking heads
4. Rotating heads not rotating
5. Heads spraying in the wrong direction
Water pressure to low for proper function of system:
1. Pop up heads not fully extending
2. Spray does not reach the intended area
3. Doughnut shaped dry areas in lawn
Water pressure to high:
1. Pipes are continually breaking
2. Sprinkler nozzles blow off
3. Spray is overshooting the desired areas
This entire check up will not take a very long time and should be done with some frequency as system do go awry.
If you want to spend some money to save some money, you can have a separate meter installed for your yard. It wil cost a few hundred dollars, but folks who do say that their bill is almost half of what it was, because water used for exterior purposes is charged at a lower rate. It would be wise before you to check with your water provider to see if they have a rate differential. Some communities have installed the "purple pipe" that has unpotable water that can be used for yards.
As we all become "greener" and more into conservation, there will probably be more inovations that will be available to assist us in being more "green".

Easter Greetings

April 10, 2009

The above photos were taken at the CENTURY 21 Lois Lauer Realty Easter Egg hunt last Saturday. The Easter Bunny was so cute and fuzzy, the weather was lovely and the children were adorable. Thanks so much to the families that took the time to bring their children to participate. 2100 plastic candy filled eggs were picked up in no time at all. Hopefully most of the families were able to have a photo taken with the cute fuzzy Easter Bunny.

For a change of subject. I noticed in the Sun Newspaper this morning that there will be a parade tomorrow, Saturday the 11th in Rialto. No, it is not an Easter Parade - it is even better if you care about the success of Inland Empire young people.

The parade is in honor of the Eisenhower High School boys basketball team. In March, the team won the California Interscholastic Federation Division II title.

The parade starts at 11 a.m. at the corner of Sycamore Avenue and Base Line abd ends at Eisenhower High School Gymnasium at Willow Avenue and Base Line. The event will be hosted by Jeff Pope, on-air personality from 99.1 FM-KGGI. For more information on the parade, you can contact (909) 820-7700, ext 2123.

If you are reading this today, April 10, make sure that your second half property taxes are paid.

Have a wonderful weekend from all of us at CENTURY 21 Lois Lauer Realty.

What's in the Future

April 9, 2009

I attended the Business Press' Economic Forecast event yesterday at the Ontario Convention Center in Ontario, California. Dr. John Husing, the expert on the Inland Empire economy and Dr. Stuart Dorsey, President of the University of Redlands were principal presenters. Also included in the program was a case study of the Reno/Tahoe Economic Development Project. The added attraction was the grand finale of some remarks by Governor Arnold Schwarzenegger. I must say that the governor was a great closer for the event as he was upbeat on the future,

I could cite some of the forecasts, but I shall not as those of you who follow my blog have seen the numbers for housing in the Inland Empire and can track them over time to draw your own conclusions as to where we are in this particular real estate or economic cycle.

A point was made that the Inland Empire is a "blue collar worker" region. Our economy is driven by manufacturing, distribution and construction. "Blue Collar" is usually used synonymously with less educated or uneducated workforce; brawn versus the professional. However, one statistic that was put forth was that we are also a region with over 30 colleges and universities. There has been a growth in our region for higher education beyond a high school diploma and private for-profit colleges are locating here to fill that need. Institutions such as National University and University of Phoenix have located in the Inland Empire and their enrollments are increasing.

Schwarzenegger's message: "Good things are happening. There are lots of uncertainties, but we always come back."

For folks contemplating a home purchase, it may be time to become serious about finding a home.

Don't Let the Data Get You Down

April 8, 2009

The numbers just posted in the past week for real estate sales in the Inland Empire may look to the pessimist as if the glass is half empty, but to the optimist, the glass is looking half full. It seems that there is an increased number of folks ready, willing and able to purchase a home. The ratio of sales to listing is indicative of an upward trend in volume.

Admittedly, buyers are looking for "value"; i.e. a perceived "real deal". However, list prices seems to be stabilizing and even showing some increases over similar properties that transacted a month ago. Like all transitional markets, a catch in either the upward or downward trends in a real estate market is the need to find comparable sales in order to obtain an appraisal. In a downward market, the appraisals tend to be higher than the agreed on selling price. In an upward moving market, the opposite is true; appraisals seem to come in below that agreed on selling price. This appraisal gap causes an upward moving market to change more slowly than a downward moving market.

Anyone who looked at the data just posted will see that affordability is at a seven year high. Rather than having the data discourage a buyer, it should encourage buyers to check out the inventory and take advantage of the opportunities that abound. Those who are fearful that prices will decline further, could still be checking out the inventory. Making a lower than asking price offer could work, but even if it doesn't get accepted, you will learn what the house might really be worth to you.
Added to the great inventory is the government stimulus that is keeping interest rates around 5%. At some point in time, these opportunities will change. My mantra continues Coulda, Shouda, Woulda.

Inland Empire March Median Prices 2009

April 7, 2009

I just completed my search of the IMRMLS to determine the median price of homes selling in the fourteen Inland Empire communities that I have been tracking for the past year. Clearly the median price data forms a bell curve for 2003-2009. It will be interesting to track the next several months to see how prices are affected by the stimulus packages.

This data is presented FYI and reflects where the bulk of the real estate market has been focused. Half of the properties sold were at these prices or less and half were higher. The volume of transactions that we are experiencing is the result of these attractive values.

Banning Beaumont.......2009/160.....2008/238.....2007/285.....2006/305.....2005/255.....2004/185.....2003/135

Bloomington...2009/190.....2008/250.....2007/391.....2006/365.....2005/285.....2004/216.....2003/168

Colton..............2009/128.....2008/220.....2007/275.....2006/333.....2005/264.....2004/180.....2003/132

Fontana...........2009/190.....2008/319.....2007/420.....2006/413.....2005/350.....2004/265.....2003/189

Gr.Terrace......2009/193.....2008/280.....2007/425.....2006/405.....2005/350.....2004/290....2003/194

Highland..........2009/120.....2008/335.....2007/380.....2006/365.....2005/309.....2004/195.....2003/171

Loma.Linda.....2009/215.....2008/350.....2007/435.....2006/465.....2005/305.....2004/238.....2003/213

Mentone..........2009/55......2008/330......2007/419.....2006/315......2005/220.....2004/159.....2003/179

Moreno Valley...............2009/135....2008/237......2007/364.....2006/375......2005/305.....2004/237.....2003/172

Redlands..........2009/218....2008/310.....2007/412......2006/409.....2005/342.....2004/314.....2003/238

Rialto................2009/145....2008/225.....2007/375......2006/375......2005/302....2004/229.....2003/181

Riverside.........2009/178.....2008/293.....2007/405.....2006/420......2005/364....2004/294.....2003/200

San
Bernardino......2009/82.....2008/190......2007/310......2006/303.....2005/245.....2004/165.....2003/125

Yucaipa
Calimesa..........2009/205...2008/289.....2007/350......2006/375.....2005/315.....2004/245......2003/190

These number all need the 000 after them.

Closed Sales in Inland Empire Communities - March 2009

April 6, 2009

If the volume of closed transactions are any indicator, the real estate market in the Inland Empire is improving. Here are the numbers for March 2003 through March 2009 as reported in the IMRMLS.

Banning/Beaumont......2009/125.....2008/89.....2007/58.....2006/96.....2005/99.....2004/89

........................................2003/72

Bloomington..................2009/23.....2008/6.....2007/6.....2006/22.....2005/23.....2004/23

........................................2003/21

Colton.............................2009/61.....2008/20.....2007/19.....2006/59.....2005/52.....2004/48

........................................2003/36

Fontana.........................2009/323.....2008/97.....2007/130.....2006/232.....2005/301.....2004/238

.......................................2003/229

Grand.Terrace.............2009/7.........2008/6........2007/2.........2006/7.........2005/13........2004/10

.......................................2003/10

Highland.......................2009/80......2008/27.......2007/37.......2006/62......2005/75........2004/69

.......................................2003/67

Loma.Linda..................2009/12......2008.9..........2007.14........2006/17.......2005/7.........2004/11

.......................................2003/16

Mentone.......................2009/8......2008/8...........2007/4.........2006/9.........2005/6........2004/10

.......................................2009/2

Moreno.Valley.............2009/485.....2008/174.....2007/101....2006/282....2005/340.....2004/279

.......................................2003/229

Redlands.......................2009/54......2008/48......2007/60.......2006/74......2005/100......2004/85

.......................................2003/75

Rialto.............................2009/122....2008/47......2007/44......2006/101.....2005/127.......2004/102

.......................................2003/89

Riverside......................2009/504....2008/209....2007/225...2006/411.....2005/427......2004/371

.......................................2003/359

San.Bernardino............2009/311....2008/95.......2007/128.....2006/238.....2005/241....2004/241

.......................................2003/224

Yucaipa/Calimesa.......2009/58......2008/40......2007/44.......2006/67........2005/79......2004/81

.......................................2003/60

These numbers do not reflect any for-sale-by owner or new construction transactions. No matter what, it does look like buyers are taking advantage of the attractive mortgage rates and the attractive pricing of homes listed for sale.

The Annual Easter Egg Hunt

April 3, 2009

The picture may be a tad blurry, you can can see the fun the CENTURY 21 Lois Lauer Realty agents and staff were having stuffing 3100 plastic eggs with candy. On Saturday morning, April 4, 2009, the Easter Bunny will be arriving in a blue 1957 Carmen Ghia at the lower baseball field on the East High Ranch. The Bunny is scheduled to arrive at approximately 9:50 a.m. The field is located at Clubview and Greenspot Road. The hunt is scheduled to begin at 10 a.m. The Easter Bunny is looking forward to having its picture taken with as many youngster as possible.

This annual event is one more gift that CENTURY 21 Lois Lauer Realty gives to the citizens of the communities that they serve. There is no charge for the event. Just come and have fun!

A Word to the Wise:(Realtors with REO Properties)

April 2, 2009

I was just alerted by two of our agents that municipalities are cracking down on vacant properties. Most cities have ordinances, or have recently enacted ordinances, that levy fines on properties that have become a blight in a neighborhood, i.e. "eyesores". A code enforcement officer will cite the homeowner if the officer determines that the property constitutes an "eyesore" in the neighborhood. The fines can be upward of $100 per day or even $1000 per day.

In the case of bank-owned properties, the owner, the bank, will be sent a notice to correct the problem: dead grass, trash, broken windows, graffiti, etc. Unfortunately, the notice seems to get lost in a bank's routing system and often fines build up into the thousands of dollars. (I heard of one that was $8000 for a dead lawn.)

The word to the wise real estate agent is: if you list a property that is not crisp and clean to the passer-by, you should immediately notify your contact at the bank and request authorization to repair and replant as necessary. It seems that part of becoming a bank's agent now includes alerting the bank to their responsibility to maintain the property. You, the agent, are the bank's eyes as the bank has probably never seen the property. (I might add that it seems that lenders list their REOs with agents who are not local and therefore are not on top of dying grass and graffiti.)

Today's real estate market is a challenging one. A wise agent will do the best job in keeping his/her listings in tip-top shape. Good communication with the lender's asset manager is vital!

Real Estate Activity is Up (No Fooling)

April 1, 2009

On this First Day of April known as April Fools Day, I am happy to post the data on active listings and properties that have entered escrow. In most of the 14 communities that I have been tracking, the number of pending sales is at least 50% greater than the first of April 2008.

Much of this activity is the attractiveness of the bank owned properties that are at least 54% of the pending sales and in half the communities bank owned account for 70-80% of the pending sales.

Here is the data for the number of active listings and sales in escrow as reported through the IMRMLS on April 1, 2009.

Banning/Beaumont..........Listings/696......Pendings/219......Percentage/31.5.....REO%/67.1

Bloomington......................Listings/148......Pendings/68........Percentage/45.9.....REO%/88.2

Colton.................................Listings/232.....Pendings/153......Percentage/65.9.....REO%/78.4

Fontana..............................Listings/1178...Pendings/763......Percentage/64.8.....REO%/72.3

Grand Terrace..................Listings/34.......Pendings/20........Percentage/58.8.....REO%/55

Highland............................Listings/256.....Pendings/118.......Percentage/46.1.....REO%/74.6

Loma Linda.......................Listings/89.......Pendings/23........Percentage/28,8.....REO%/60.9

Mentone............................Listings/49.......Pendings/12........Percentage/24.5.....REO%/75

Moreno Valley..................Listings/1219...Pendings/861......Pecentage/70.6......REO%/74

Redlands...........................Listings/329.....Pendings/98.......Percentage/29.8.....REO%/54.1

Rialto.................................Listings/545.....Pendings/346.....Percentage/63.5.....REO%/76.3

Riverside..........................Listings/1878....Pendings/918.....Percentage/48.9.....REO%/67.5

San Bernardino................Listings/1394...Pendings/648.....Percentage/46.5.....REO%/79

Yucaipa/Calimesa...........Listings/304.....Pendings/101.....Percentage/33.2.....REO%/55.4



While the number of bank owned properties (REO) is significant, it is contributing to the reduction of "toxic assets" in a lender's portfolio. While these REO properties have contributed to the serious decline in home prices as lenders put them on the market at greatly reduced prices, we can hope that the volume of sales will lead to a stabilization of home prices.
If you want to compare the data with last year you can go to my April 2, 3008 post. For last month, you can go to the February 2, 2009 post.

No fooling, the real estate market in the Inland Empire is improving!

begin to stabilize home prices