Ridgecrest, CA

To date there are presently 141 site built homes on the market, and 158 homes that have sold in the past six months. Statistic-wise, this calculates into a solid seller’s market with an overall ratio of 5.35 months of inventory of homes. The absorption of homes sold below $300K shifted from 4.80 months in December 2011 to 5.12 months in January 2012. Rewind back twelve months and Ridgecrest found many buyers sitting on the fence in a wait-and-see mode, hoping for better days. It was a solid buyers market back then.

The national news of a recovering economy, record low interest rates, and warm winter weather has seemed to thaw the freeze. Local buyer activity began to pick up just after Thanksgiving. The new wave of buyers since late November, as well as homes leaving the market at the end of the year through expired listings, has resulted in a reduced “for sale” inventory. Thus, the market activity pendulum has to swing into a seller’s market.

However, this does not instantly translate into “seller-receive-all” transactions. Buyers for the most part are still requesting closing costs be paid by the seller. For FHA or VA loans this usually amounts to about 4.2% of the purchase price. Sellers are typically going along with this request providing their full asking price is received. At present, the past 90 day average price mark- down stands at 4.23%. Only 25% of sold homes in January received their full asking price or more.

Also, in a seller’s market there are fewer available homes to choose from. A buyer may receive a very favorable pre-approval letter from a great lender. Yet, when it comes to finding that dream home, some buyers will experience mixed emotions. They may go from an elated search mode to days of disappointment when just the right home cannot be found. Waiting for just the right home to appear on the market can be a test of patience. If a buyer has the will power to wait, a very suitable home at a very reasonable price eventually will appear on the market.

Despite it being a seller’s market, some sellers are actually experiencing a painful awakening when they find themselves upside-down in the value of their homes. Unfortunately, if there is a need to sell, it will not result in favorable terms for the seller. Sellers must keep in mind that values in some local areas have dropped 35% from 2005. If a home was purchased from 2005 to 2008, the seller may have to consider a short sale in order to eventually sell their home.

For more info about the housing market in Ridgecrest, California give me a call, Clint Freeman at (760) 382-1082, and let's continue the conversation. Go to this link to search all homes for sale in Ridgecrest, California!

Homes on the Multiple Listing Service (MLS) of Ridgecrest, California are very easy to find and navigate. The MLS will display all homes on the market with all real estate offices, and all realtors, who are MLS members of the Ridgecrest Area Association of Realtors (RAAR).

Click for RAAR MLS: http://ridgecrestcahomes.com/Search_20_for_20_Homes2.html

1. At Property Types select ‘Residential’, ‘Land & Acreage’, or ‘Commercial’.
2. Then select the desired Property Subtypes you wish to view.
3. Select a price range, and any other areas listed in order to narrow down your focus.
4. Click ‘Submit’ in the middle-right of the page.
5. Properties that are presently for sale will state 'Active' or 'Active-Contingent' in blue. Properties that already have a purchase offer placed on them will state ‘Pending’ or ‘Pending w/Backups’ in green.
6. At least three areas of search criteria must be filled in. Otherwise, you will receive an “Error Message Display”.

The local MLS will not display sold properties. In order to view sold properties click this link. In a few instances some local properties may not appear in the RAAR MLS. In these cases the seller has not given the listing agent the authority to place the property in the MLS, or the property may be listed with an out-of-town agent that is not a member of RAAR.

Call me, Clint Freeman at (760) 382-1082, and let’s talk further about homes for sale in Ridgecrest, California!

Buyers are back and a wave of home seeking and purchasing activity has returned to Ridgecrest this winter. With interest rates at historic lows there are some very nice homes appearing on the market at very attractive prices. Snatching a great deal is now the goal of many buyers. However, some end up a bit confused after viewing what is available in their particular price range. They expect “the deal” to be out there in their very first round of viewings, but when it’s not disappointment and frustration can set in.

Some of the disappointment lies in the inability to objectively understand what type of home would be most suitable. For instance, is it really a single family home that I am looking for? Or will a condo with less yard work be more fitting? How many bedrooms do we actually need? Where does our particular family lifestyle have us spend the majority of our time? Gathered around a TV? Studying at a desk in a den? Privately conversing in a cozy family room? Relaxing out back on the open patio? Understanding how you spend time at home and which part of the house is going to receive a particular use is a very important first step in selecting the right home.

Also, buyers can sometimes get caught up in the emotional rush, or may even experience mild disgust, while viewing and honing in on a suitable home. They walk into a house and instantly comment on the bright orange wall, but fail to see the flow of the home. The window coverings may be outdated, but the home may be located in a terrific neighborhood. Remember, the layout and location will likely never change. However, individual interior decorating touches to a home can be greatly altered. Don’t underestimate the ability to create your own personal wow factor with a so-so home.

Finally, if one is having difficulty ranking the homes based on their amenities try this simple rating system. Decided what five items you just cannot live without in a home. Give those items five points each. With the other items you like assign just one point. When you go to view homes note which homes have the “I-just-cannot-live-without-it” feature. Note also other likeable items. Now add up the points to see which home receives the highest ranking. This simple method should allow you to select a home a bit more objectively.

Purchasing a home is a highly emotional experience. However, basing a home purchase entirely on emotions can often result in regrets six months down the road. Visualize yourself living in the home. Will this home truly fill my needs, not instantly, but for many years to come?

Need assistance with finding just the right home? Give me a call, Clint Freeman, at (760) 382-1082 and let's talk further about finding a home for you in Ridgecrest, or anywhere in California.

As interest rates hover at historically record lows and local housing prices in Ridgecrest California continue to remain extremely attractive, more renters are beginning to weigh the advantages of owning their own home. Why pay rent to a landlord when I can build up equity in my own house? Many renters are realizing that now is the perfect time to purchase.

For instance, if a renter is paying a monthly rent of around $1,200 they may very well be able to afford a home priced at $200,000. Over the past six months homes purchased in this price range are four bedrooms, and are an average of 1839 square feet in size. The majority of them have had extensive upgrades completed on them, or they are new construction. Homes presently for sale in the $200,000 price range share these same general characteristics, although this month’s choice of “for sale” homes is slightly smaller at an average of 1700 square feet. If your $1,200 monthly rent is not allowing you to live in such a home, it may be the first signal that it is time to buy.

Also, if a monthly payment is $1200 for a $200,000 home, keep in mind that $209 per month will go toward property taxes, and approximately $50 per month will go toward fire insurance. At the end of the tax year these items will add up as property taxes and insurance, and even mortgage interest, are tax deductions. Herein lies a huge tax benefit to home owners, and something renters are not able to take advantage of. Unfortunately, for renters it’s “poof!” Rent money over the years vanishes with the landlord!

If a buyer has a credit score of 640 – 680 they may well be able to qualify for an FHA loan. This type of loan is the most popular with first-time home buyers, and requires a 3.5% down payment. An FHA down payment can be gifted from a family member as long as the buyers can show a past- three-month paper trial of bank statements verifying that the money was from a family source. And remember, purchasing a home with a VA loan requires no down payment at all!

Buyers also need to know that they will have closing costs to pay as well when purchasing. These costs can vary depending upon the buyer’s income and credit, and more importantly upon mortgage lender charges and escrow fees. For the most part, closing costs can vary from 4.2% of the purchase price, and can be as high as 6%. However, keep in mind that it is possible for the seller to pay the buyer’s closing costs. This can be negotiated with the seller. Most often, in the present market, sellers are willing to go along with the request providing a full price offer is submitted.

For more info about the about the rent vs. buy discussion give me a call, Clint Freeman, at (760) 382-1082, and let’s talk further about it. Find out if you are able to move up to the advantages of home ownership.

A typical question that arises with home buyers is: should I purchase a new construction, or opt for an existing one? What are the advantages and disadvantages of each? On the one hand, it does feel wonderful driving up and walking into a brand new home. There is something about the scent of brand new carpet and fresh paint that seems to spark a unique sense of accomplishment within. Yet for other buyers, an already existing home just fits the bill. Here are some top items to consider when deciding between the two:

1. New construction will be more energy efficient. Stringent building codes are being constantly introduced that require all new homes in California to be built with the highest of energy efficiency ratings. From windows, appliances, lighting, insulation, air conditioning and heating, stricter standards are now set in place that will over the years save new home owners thousands of dollars in energy bills. However…

2. New construction will typically be more expensive. As the result of higher energy standards, builders must construct homes with specific materials or by codes that will inevitably drive up the cost of construction. For instance, starting in 2011 all single family residences are required to have a fire sprinkler system. This alone is estimated to raise the cost of a new California home an average of $4000 per unit. Yet on the other hand…

3. Resale homes may allow for faster appreciation. Purchasing a resale home with the idea to remodel or to fix-it-up does have significant advantages if one has the vision, time, and funds to see the project through. The number one motive for buying and fixing up a home is to maximize one’s investment. Buying low and renovating a house may bring in an immediate profit, or an even more significant payoff once the market turns around. And did you know?

4. Resale homes will be found in more developed neighborhoods. Homes 10 years or older will typically be in neighborhoods where large infill has taken place. The landscaping and trees will be more mature, and retail development will have already sprung up close by. For our local area, Ridgecrest Heights is an exception to this rule.

Call me, Clint Freeman at (760) 382-1082, if you need more information about new homes or a great resale that will be able to fit your specific needs in Ridgecrest, California.