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Summer 2010 Market Update
Market Commentary Provided byChristopher R. Cochran GRI If you can qualify, now is an exceptional time to buy a home in Norco. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 909-957-4994 |
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| Average Home Price | $350,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 5-10% |
| Average Time on Market | 60-90 days |
| Best Selling Price Range | $250,000 - $299,000 |
| Worst Selling Price Range | $600,000 - $649,000 |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | No Change |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Buyer Activity for the past 90 days in Norco is | Decreasing |
| Seller Activity for the past 90 days in Norco is? | Decreasing |
| Multiple Offers? | Yes |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | More than 50% |
| Is Financing Available For Qualified Buyers? | Yes |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | Short Sale Listing make up the largest portion of the inventory. Then REO's. Then Investor Owned Flips followed by Traditional Sales. |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Norco! |
| Nearest Metro Area | Riverside |
| Housing Hot Spots | Most cities within the Riverside County area are considered 'Housing Hotspots' |
| Average Sold Price | $350,000 - View Graph Trend |
Norco Local News
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
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30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Christopher R. Cochran GRI
Cochran Real Estate Professionals, Inc. |
909-957-4994 |
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