Ed Bailey,MS,GRI,Teacher, SCORE Counselor

If You're Thinking of Buying or Selling a Home in our mountain area, there is a valuable free report that can be useful. It tracks all sales through our local MLS for the most recent 1, 3, and 6 months periods, plus year-to-date data. The report is updated on the first of each month. It shows monthly sales figures compared to the same months last year. It also tracks month to month sales showing the trends. Whether considering an asking price or an offering price, get it right by using the most up to date local market research available. For more information call me or send an e-mail request to edbailey@sti.net. www.EdBaileyRealty.com Lic. No. 01479711

(This is a mythical story about mythical people -- but it happens in the real world)

Homer Hockputh is a “Do it yourself” kind of guy. So, to sell his house he ran a local ad under the FSBO (For Sale by Owner) heading, and put a sign on his lawn. He got some offers right away and decided, “hey, this is easy! I can do it!” And he did! He sold his house, but was disappointed because he had to settle for a lot lower price than he wanted.

What Homer didn’t know is that savvy investors watch those FSBO ads carefully, looking to pick up properties at below market value. Most buyers of our mountain area property, come from outside the local area, and never knew that Homer had a house for sale.

Homer’s neighbor sold his similar house, of about equal value, but he got a much better price. He listed it with Ed Bailey, Owner Broker of Ed Bailey Realty. Ed featured it on his very active web site, www.EdBaileyRealtor.com. He also featured it in his monthly NEWSLETTER, “Yosemite Gateway Properties and Lifestyles” which is published at: www.EdBaileyRealty.com/news.php

Homer is smiling because he didn’t pay a real estate commission, and Homer’s neighbor is smiling even more because he did pay a real estate commission, and still came out with more money than Homer did. Sometimes saving money is just too costly.

The median purchase price of single family homes sold through the Yosemite Gateway MLS has increased every month since July 09. For a complete market report spanning the past six months compared to the same periods last year send an e-mail request to edbailey@sti.net.

by Beverly Scott,

President YOSEMITE GATEWAY ASSOCIATION OF REALTORS®

I attended the California Association of REALTORS® (C.A.R.) business meeting this past week in San Jose. Prior to the business meeting, C.A.R. held a conference and expo where they released the housing market forecast for 2010. “California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said C.A.R. President James Liptak. “This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace.” Liptak added that after experiencing its sharpest decline in history, C.A.R. expects the median price to rise modestly next year with 2010 marking the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation. The median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to the forecast. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009. “Housing in California has become a tale of two markets,” Liptak said. “The low end continues to attract first-time buyers and investors, with a resulting shortage in the number of homes for sale. Sellers at the high end, however, continue to be challenged by the ability of home buyers to secure financing as well as their concerns about where prices are headed. While demand from first-time buyers for low-end properties will continue throughout next year, sales could be impacted if discretionary sellers do not return to the market by the second half of 2010.” This year marked a unique opportunity for first-time home buyers. Liptak said homes were more affordable than they have been in years, interest rates hovered near historic lows, and the federal tax credit helped more than 1 million people become homeowners nationwide. He added, “Now is the time for Congress to extend the federal tax credit and to expand it to all buyers, not just first-timers.” “With distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under 6 months during the off-season months, and a roughly 4-month supply during the peak season,” said C.A.R. Vice President Leslie Appleton-Young. “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer. For the year as a whole, home prices are forecast to reach $280,000.” “Although it appears at this time that lenders are closely monitoring the flow of distressed properties onto the market, there could be an exertion of downward pressure on home prices should a heavier than expected wave of foreclosures come to market next year,” she said.

Four Bedrooms, two full baths and two half baths, 2650 sq. ft. Home at 57233 Thunder Way (off rd. 274), North Fork, Saturday, May 2, from 11 until 2. EdBaileyRealtor.com 559-676-2424