Homeowners still overvalue homes

Many homeowners are out of touch with the changing housing market, a new survey shows.

Almost half of homeowners think their houses should be priced 10% to 20%higher than their sales agents have recommended, according to a nationwide survey by California -based HomeGain.

No wonder fewer than 20% of agents nationwide are reporting that home buyers are telling them that homes on the market are priced fairly.

Almost 60% of agents say potential buyers are telling them that home asking prices are too high.

"Our survey shows that the market and Realtors are telling homeowners their homes are worth considerably less than homeowners think they are," HomeGain said in the report..

Only 11% of real estate agents surveyed predicted that home prices will rise. Most agents think the stimulus plan will not help home prices. About one in five agents said that home foreclosures now account for 30% of the home sales in their market.

The survey included more than 700 real estate agents across the country, but did not break out information in individual cities.

Sun City Stats--April

There are 175 active listings from $212,900 for A California Casual to $939,000 for a Provence on the golf course.
Since April 4, there were 15 pending sales (look back at previous months's stats) from $178,000 for A California Casual to $$699,000 for an expanded Monaco on the Golf Course.
There were 26 (wow!) closed escrows from $190,000 for a California Casual to a great room Portofino for $575,000.
Of the pending sales, 14 out of 15 were under $400,000.
Of the closed sales 10 were under $300,000, 10 were between $300,000-$400,000, 5 were between $400,000 and $500,000 and one was over $500,000.
I am assuming the numbers are a result of lenders making loans up to $500,000 at rates of 5% or less.

Real estate figures indicate recovery

The median price range in Southern CA. has remained steady for 3 month while sales have been increasing, a real estate tracking firm said on Wednesday.

The Coachella Valley median sales price on single family homes has been holding at $180,000. Cities that helped keep the median at an even keel included Cathedral City, 92240 zip of Desert Hot Springs, the 92241 zip of Indio and the 92211 zip of Palm Desert

Choose your agent wisely. There is plenty of inventory

Weeding through the field of Realtors vying for the job of selling your home can be daunting. Sure, you can pick the one who id a "Neighborhood Specialist" if you believe benches, shopping carts and leaflets or the one with the best glamour shot, but you need to be more selective. Here is an agent checklist to help you select

I. Give a pop spelling test such as the name of your community or " refrigerator".
II. Test the writing skills. For example all homes are " upgraded" See if your agent can come up with synonyms.
III. Ask who is taking pictures. Suggest she have a professional take the pics.
IV. Do not hire the agent who gives you the highest price opinion
V. Ask for references-from clients who the agent has worked with , not necessarily those who closed escrow.
VI. Select the best agent first; negotiate fees second.

After the interview:

Google your agent and see what you find.
Check your agent's website and blog.
Does your agent have several ways to contact her.?
Go to an open house your agent is holding and observe his/her way of doing business Is she enthusiastic, professional and informed?
Be a secret shopper : if you call, does she return your call promptly? Does she answer an email in a timely manner? Is she/he interested in YOU?
You have choices. It doesn't have to me me that you choose to represent you, but please choose wisely.

Good stuff

.I just got back from Carlsbad, CA.

My daughter, a Realtor, was showing property all weekend and wrote two offers. What the newspapers are saying , in that area, is that the lower priced properties are going at or above asking price. The higher priced properties (800,000 - 999,999) are being sold at record rates. We went to one gated community of all new homes-- all SOLD out!!!
Maybe that trend will move to our area.

Sun City Stats as of 4/5/09

There are 177 active listings from $187,500 for a Ca. Casual (1110') to a Provence at $939,000 (3232')
There were 14 pending sales since March 5, 2009
from $205,000for 1283' to $650,000 for a Portofino on the golf course.
There wee 11 closed escrows from $228,000 for al Lanai(1213
to a Monaco at $419,900 (2367')

As you probably notice 9 of the 14 pending sales are under $400,000. 9 of the 11 solds are under $400,000

The average price per sq. ' if $185.46

There seems to be more activity that will probably result in more sales. And, the inventory has dropped giving buyers fewer choices.

If you have questions or comments, please let me know at 760-285-7676 or elmorinpd@aol.com

Sun City Stats

Well, I think we finally hit bottom and are on our way up

The statistics are from Feb. 13 until Mar. 13, 2009

197 active listings, from $199,900 for a Ca. Casual (Pasadena Model) to $1,025,000 for a Marseille on the golf course (2938')

Here is the real exciting part:
There were 16 pending sales this month, from $239,900 for a Lanai model (1213') to $519,000for a Baccarat on the golf course.

There were 9 homes that closed escrow this last month, from $236,400 for an Orrefors to a Marseille on a privacy lot for $655,000.

Very encouraging, even thought prices are down.