Well...the facts don't lie, so let's look at the facts. Let's compare apples to apples...to apples.
First...let's take a quick look at the 2nd quarter of 2014 as compared to the 2nd quarter 2015.
Q2 - 2014: 144 homes sold with an average sale price of $313,723
Q2 - 2015: 154 homes sold with an average sale price of $319,116
That is a modest 2% increase in home prices.
Now, consider Q2 - 2013 when we saw 168 homes sold with an average price of just $278,623 and we'll see that from 2013 to 2014 Yucaipa showed nearly 13% growth in home values.
Why does this matter?
Most of the public is still expecting huge growth, but that's not happening right now. Modest, real, sustainable growth is happening. However, as a result of the prior year's exaggerated growth rate, many home sellers and their agents (who probably don't 'geek out' on market data like I do) believe that their homes are worth more than they actually are. As a result homes are often listed above market pricing and sell at market pricing, but below the original asking price. Over the past 30 days alone, 65% of the homes sold in Yucaipa sold at a price lower than the original asking price. That's 38 of the 58 homes sold actually sold for less than the asking price compared to only 10 which sold at asking and 10 which sold above asking.
And what do I want you to take from this? Whether you're looking to buyer or sell, don't put so much weight into the asking price of a home. Trust a real estate professional to run comps on a home you may be interested in. Make sure that they're putting much more weight into "Sold" data than they are into Active or Pending prices. The "Sold" price is a fact. The "Asking" price is a wish.
As always, if you know someone who may be looking to buy or sell real estate, I'd love the opportunity to provide them with the very best service. If you know folks in a area I don't personally serve, let me find an agent in their area of interest. I'll ask that agent some really tough questions in order to improve the chance that you're exclusively and meticulously represented by an ethical and professional Realtor.
Thanks in advance for remembering my name when the topic of Real Estate comes up in conversation. If you're local , just remember Andy@LoisLauer.Com I'm always here to help.
My business thrives by word of mouth. If you appreciate the information provided on my blog, please share this post on your favorite social media sites, and with anyone you feel could use my service.
Until next time.
Andy Blasquez Cell ~ 909.539.3292
BRE#01826135
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E-mail me on Andy.Blasquez@gmail.com
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