Rancho Cucamonga Real Estate Market Stats

When deciding if now is a good time to sell.  It's very important to have conversation with a professional Real Estate Agent that can present facts to you about market trends and where the market is heading.  Below you'll find charts for the Average Days on Market in Rancho Cucamonga Year over Year, Average Sales Price to Days on Market Year over Year, and Original List Price compared to Actual Sales Price Year over Year.  The last chart is very telling.  Experience has shown me that the farther you're off on your initial List Price, the longer your home will take to sell.  As you can see, a home is only worth what a buyer is willing to pay.  

Call me today for a FREE Market Evaluation of your home.  Find out what your home would sell for on the market today.  Why wait?  If you could get top dollar for your home today, why not put it on the market?

Omar Rodriguez
Realtor
BRE # 01778166
Prudential California Realty
Omar4homes@gmail.com
909-201-3093 mobile
www.OmarRodriguezRealEstate.com
www.SellwithOmar.com

3 Nasty Neighbors Who Can Block Your Home Sale-and How to Deal

Written by Jamie Wiebe via Reator.com

In a dream world, nothing external will affect the value of your home. As long as you’ve kept the place in tip-top condition and the market’s on your side, you should have no problem selling at or above the listing price—right?

Just don’t forget about the neighbors.

One bad apple can make selling your home a struggle. Whether their yard looks like something out of “Hoarders,” their home is classified as a biohazard zone by the EPA, or they’re just plain rude, lousy neighbors can throw off a sale. They can even drag down the value of your home by as much as 10%, according to the Appraisal Institute.

Most neighborly disputes don’t have a legal remedy. Your best option: a diplomatic conversation, a smile, and crossed fingers. Sometimes the solution, sadly, is dropping your asking price and getting the hell out of Dodge.

And once in a while, the law does have your back.

Here are three common types of abysmal neighbors—and advice for handling them when your house is on the market.

The neighbor who wants your home

If your neighbors are dreaming of expanding, they might have an eye on your house and no qualms about shooing off competitors. A Realtor® and attorney in Atlanta, GA, Bruce Ailion has dealt with his share of bad neighbors—including a vindictive neighbor desperate to buy.

“Every time someone would pull in to see the home, he would conveniently make himself available to answer questions and eagerly share his story about how the former owners were crack or meth addicts,” he says. “He’d say they dealt drugs from the home, that there were people coming and going at all hours.”

From all the evidence, the neighbor’s story was untrue—but it sure served to scare people away.

How to deal? You could sell the home to your neighbors, but if they expect a neighborly discount (or have turned you off with their poor behavior), you need to sit them down for a frank conversation: They aren’t getting the house. If they continue to frighten potential buyers, consult a lawyer. You may have a case to sue them for slander—but expect the road to success to be bumpy.

The neighbor with a bad attitude

Maybe your neighbor’s just a miserable dude, eager to make you (and the whole block) equally miserable. Ailion recalls one particularly messy dispute over a neighbor who installed a peephole in his side door to spy on another neighbor’s wife. More? He kept animals in the backyard and tossed them trash to eat. Oh, and he also shot his gun in the air while walking down the street.

These less-than-savory attributes made the home a nightmare to sell. Ultimately, Ailion says the owners sold their house to an out-of-state buyer who “did not ask about the neighborhood or why we were selling,” and never bothered to speak with anyone else on the street. Eight months later, the buyer called to request help.

“My advice was to tell him it’s his problem, and to try to get along with his neighbor,” Ailion says.

But hoping your buyer doesn’t do due diligence may not be an option. Lawrence J. Buckfire, a lawyer in Southfield, MI, recommends working with other neighborhood residents to solve the issue—they might be willing to band together to approach them.

Whatever you do, make sure to consult with your agent and attorney about what you need to disclose, especially if you’re dealing with potentially criminal elements, says Edward Smith of NewPoint Law Group in Roseville, CA. This depends on your state, and your Realtor will have more information.

“If the sale goes through, and the neighbor continues to do terrible things to the new owner, they might sue you for failure to disclose a defect,” Smith says.

The neighbor who trashes the neighborhood

Not everyone keeps their property perfectly clean, and you’d be a fool to expect as much—even from good neighbors. But when unkempt becomes unmitigated disaster, selling your home can be a nightmare.

Ailion recalls a property he represented that shared a long driveway with a neighbor and made no effort to make the path look acceptable. Offenses included a border of halved tires; a white painted line denoting the property division; dead, rusting cars; and a flag pole with “one of the largest Confederate flags I have seen.”

Plus, a no trespassing sign “stating: This home is protected by Smith & Wesson.”

But there’s nothing legally objectionable here. You might have a case with the cars or other junk on the property—take photos, document the situation, and get in touch with the municipal or local authorities. But everything else is just bad manners.

“Unfortunately, most neighbor disputes are very difficult to remedy in our legal system,” Smith says. “Most lawsuits involve payment of money damages for tangible harm. Most neighbor disputes are not about money, but trying to correct behavior.”

If you’re dealing with a true problem home—like a house filled with frat bros who like to party 24/7, or worse, a drug den—your first step should be talking with the neighbors and the homeowners association, if possible.

“The association can offer to mow the lawn, clean up debris, or take other necessary action under their by-laws,” Buckfire says.

Unfortunately, sometimes the only answer to a bad neighbor is to drop the price. It’s certainly not fair, but who told you life was fair? At least you won’t have to see a huge Confederate flag every morning when you leave for work.

_________________________________________________________________

Omar Rodriguez

Realtor

Prudential California Realty

Lic. 01778166

Omar4homes@gmail.com

www.OmarRodriguezRealEstate.com

www.SellwithOmar.com 

Realtor.com: If you're buying a home this year, whip your taxes into shape now...

Compliments of Realtor.com

Ah, tax time—that magical time when all your accomplishments of the previous year can be used against you. After all, the more you made, the more you owe! No wonder there’s so much advice out there about finding (perfectly legal) ways to whittle down your adjusted gross income.

But if you’re looking to buy a home, you’ll want to try a different tack—the higher your reported income, the bigger the home loan you’ll qualify for. So if you’re planning to buy a house in the next year or two, you may want to be less aggressive about claiming write-offs.

As Brian Decker, a loan originator with Guaranteed Rate, puts it: “Is paying an extra few thousand dollars in state and federal taxes for the year worth it to become a homeowner?”

We’ll leave that up to you and your financial adviser to decide. But if you want to look worthy in the eyes of a mortgage lender, you’ll need to do some legwork on your taxes, starting now. Here’s what you need to know, no matter what your situation.

If you’re self-employed

Pay attention to large deductions, such as those for a home office or business vehicle that can significantly reduce your reported income. For big, one-time deductions, be sure to save your documentation (you’ll need it for the IRS anyway), and explain to your lender the circumstance that reduced your income in that year. You can also assuage their concerns by having a larger cash cushion or by putting down a bigger down payment.

If you’ve just recently gone freelance, you may also run into issues getting approved for amortgage if you don’t have a track record to demonstrate your earning potential.

“It doesn’t matter how much experience you have in a field, once you strike it out on your own, we need to see two years of self-employed income,” says Mike Lyon, vice president of operations at Quicken Loans.

If you’re on staff

Workers with W-2s typically have an easier time getting approved than those who are self-employed, but keep this in mind: Any write-offs on your Form 2106 for unreimbursed business expenses will be deducted from your salary.

If you got a new job that doesn’t appear on your tax returns, ask your employer to provide a verification of employment letter, which can reassure the lender that you’re good for the income stated on your application.

“As long as you’re in the same field and your earnings are roughly the same, we’re comfortable with job changes,” says Dave Norris, an executive vice president with loanDepot.

Workers whose tax returns show that they were unemployed for a significant period of time in the past two years may also run into trouble, since lenders want to see a consistent two-year work history. Be ready to explain any long employment gaps.

If you’re claiming rental income

Just as your business expenses will be deducted from your salary, any write-offs you take on a rental property will be deducted from your rental income.

Lenders will look at your Schedule E to verify the amount of rent you collect (showing them a lease won’t cut it), and determine how much you spend on the property. Deductions for depreciation don’t count against you.

We know—forgoing some of those tax deductions might make you cringe a little. But just think of the tax breaks you can get once you’re a homeowner, and it’ll all be better soon.

_________________________________________________________________

Omar Rodriguez

Realtor

Prudential California Realty

Lic# 01778166

Omar4homes@gmail.com

www.OmarRodriguezRealEstate.com 

From Realtor.com: Sluggish Wages Hamper Buyer Optimism

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 09, 2016

Stagnant wages and increasing home prices are causing some home buyers to have the winter blahs.

Fannie Mae’s monthly Home Purchase Sentiment Index shows that fewer Americans think it’s a good time to buy a home now, with last month seeing a 1.7-point drop in consumer optimism toward owning a home.

Read more: Making the Most of Circumstantial Urgency

“People need to see bigger wage increases to be able to afford a home and collect the down payment,” says Steve Deggendorf, director of strategic research at Fannie Mae.

Thirty-one percent of the 1,000 Americans polled by Fannie Mae said it was a good time to buy a home in January.

Only 12 percent of respondents said their household income was “significantly higher” than it was a year ago, down from 3 percent in December, according to Fannie Mae’s report, which was released Monday.

“Housing affordability is being constrained because the pace of growth in real income has not kept up with gains in real home prices as demand has grown faster than supply,” says Doug Duncan, Fannie Mae’s chief economist. “On the bright side, consumers have been increasingly positive about their ability to get a mortgage, suggesting that credit tightness is not the main issue limiting housing market activity today. … We expect further progress in the [Fannie Mae housing index] to be limited until income growth picks up or supply, particularly in lower-priced homes, expands more rapidly.”

Low mortgage rates also may help. The 30-year fixed-rate mortgage averaged 3.72 percent last week, marking its fifth consecutive drop, according to Freddie Mac.

Lower mortgage rates help make buying a home more affordable, says Jonathan Smoke, realtor.com®’s chief economist.

“The alternative to buying a home isn’t more attractive—especially for the longer term,” Smoke says about the skyrocketing costs of renting. “Rents already in most places [exceed] what it costs to buy a home with a mortgage.”

Omar Rodriguez Real Estate

Realtor

01778166

909-201-3093 mobile

www.OmarRodriguezRealEstate.com

Omar4homes@gmail.com

Are homeowners confident that home values will continue to increase?

Homeowners are once again taking cash out:

Home values are rising and homeowners are taking advantage of that, finally tapping into that equity again in the form of cash-out mortgage refinances. They are doing so, however, by pulling the most conservative amounts in history.

Prior to the historic housing crash of the last decade, homeowners used their homes like ATMs, pulling out as much cash as the bank would allow, which at the time was essentially all of it and more. This led to millions of borrowers falling underwater on their home loans as home prices fell, and leading to 7.1 million homes so far ending up in foreclosure, according to Black Knight Financial Services.

Lending standards have tightened significantly since then, but borrowers are clearly much more risk averse. They are taking cash out again; 42 percent of mortgage refinances last fall involved borrowers taking cash out of their homes, not just lowering their interest rates. That is the highest share since 2008, according to Black Knight.

The average cash-out amount was over $60,000, but the average loan-to-value ratio after the refinance was 67 percent, the lowest level on record. Borrowers left 33 percent equity still in the home which is still a very healthy level.

With rents rising, many are taking out cash to purchase rental properties or make some upgrades to their current homes as there is simply not enough quality inventory available. So, many are not selling..they are staying put and improving instead.

As always, if you or know someone that is thinking about buying or selling a home, please call us today!  We'd love the opportunity to earn your business and show you what true customer services is all about.

Omar Rodriguez Real Estate-pround member of the Prudential California Realty family

Omar Rodriguez

Realtor

01778166

12335 Baseline Rd., Suite 101

Rancho Cucamonga, CA 91739

909-201-3093 direct

www.OmarRodriguezRealEstate.com 

Renovation Dilemma

Renovation Dilemma: What to fix if you're selling.

written by:Deborah Kearns

It’s always a Sisyphean task to set a budget for a renovation—or at the very least an ever-moving target—but if you’re planning to put your home on the market, you’ll have a way different set of calculations than a starry-eyed new homeowner.
Before you embark on a gut of your circa-1990 kitchen, consult with a Realtor® and a general contractor about which renovations will yield the biggest return on investment. How much work you’ll need depends on your home’s value, your market, and the comps in your neighborhood.

“In competitive markets where prices are through the roof, like San Francisco or New York City, you don’t really need to do renovations before selling,” says Mike Aubrey, a Realtor with Long & Foster Real Estate in Gaithersburg, MD. “But in other places where inventory is going up, your house needs to measure up to the other listings on the market.”

Committed to doing some work? Start by thinking small. Minor cosmetic upgrades go a long way in getting more buyers through the door for a quicker sale—and time on market is key to determining what you’ll net at closing.
Where to start? Here are some suggested upgrades (and some to avoid):

Walls and floors

Replacing or refinishing your flooring and painting the walls are the quickest and least expensive ways to give a house new life, Aubrey says. With these enhancements, you can expect roughly a 15% uptick in asking price.
Paint color matters. Shades of gray are in with buyers right now; stay away from tan and beige hues—they scream the era of Bill Clinton and Seattle grunge, Aubrey says. While you can certainly go the DIY route with paint, hiring a pro will get the best results. Expect to spend $2,000 to $3,000 for whole-house interior painting, Aubrey says.
The same goes for new carpet. A sturdy, builder-grade fiber in a neutral color that doesn’t compete with your wall color is the way to go. While most buyers prefer hardwood floors, they’re pricey to install. If you have existing hardwood floors, refinishing them will bring back the luster.
If you live in an area where ceramic tile is the standard (hey, we’re looking at you, Florida), a less expensive and durable option is DuraCeramic, an engineered tile that mimics the look of ceramic without the high cost, Aubrey says. You can find it for less than $3 per square foot.

Doors

According to Remodeling magazine’s 2015 Cost vs. Value Report, replacing your existing front door with a new steel door will net you a 101.8% return on resale for a minimal replacement cost of about $1,230. Who knew? But think about it: It’s the first and last thing you’ll touch on your home visit. It makes an impression.
Installing a new garage door has an impact on buyers, too. Even better: It offers an 88% return at resale and costs an average of about $1,600 to replace, according to the Remodeling report.

Roof and siding

Adding a new roof and replacing your home’s unsightly vinyl siding will also yield a high ROI, Aubrey says. His assertion is backed by the Cost vs. Value Report, which found that homeowners recouped 72% and 80% of the cost, respectively, for those upgrades. Another benefit: When it comes time for inspection and appraisal, having those repairs done will not only increase the value of your home but also reduce the likelihood of being forced to make fixes or adjust pricing later in the process.

Kitchens

A modern kitchen is a top draw for buyers—but don’t try to overhaul a dated one, which could cost mucho dinero. Buying new cabinet drawer pulls, painting or refacing old cabinets (white is in right now), and installing sleek light fixtures are all low-cost upgrades that will make your kitchen sparkle.
New appliances, which can run about $10,000 for a whole-kitchen replacement, are an easy way to add value. While the upfront cost might be hard to swallow, new stainless appliances make your kitchen more attractive to a wider range of buyers, says Ashley Oakes-Lazosky, a Realtor with Vegas Homes and Fine Estates in Las Vegas.
Granite or quartz countertops are also hot, but they can be pricey, depending on your kitchen layout.
“You need bids from professional remodelers to figure out how much new countertops will cost—and if it fits your budget and timetable for selling,” says Robert Criner, chairman of the National Association of Home Builders Remodelers and owner of Criner Remodeling in Newport News, VA.
A less pricey alternative is simply adding a clean, white ceramic tile backsplash to create visual appeal, Criner adds.

Upgrades to skip

Thinking about finishing an attic or basement? Adding a deck? Well, don’t. Those upgrades tend to be pricey, and buyers will likely prefer to remodel those areas to their own tastes.
Other areas to avoid doing a major renovation: bathrooms, bedrooms, and home offices, according the Remodeling report.
In other words, if it ain’t broke, don’t renovate it!


Whether you are thinking of buying a home or selling, Omar Rodriguez Real Estate is here to help you reach your goals.

Contact us today and you'll experience the difference with our professional service catered to your needs and goals.

We look forward to hearing from you.

Omar Rodriguez Real Estate-Prudential California Realty
909-201-3093 Direct
omar4homes@gmail.com
www.OmarRodriguezRealEstate.com

Five City Market Update November 11-18, 2015

Five City Market Update for the week of 11/11/-11/18/2015.

Here is what is currently happening in the following cities:

Rancho Cucamonga
Total Listings: 382
New Listings:41
Escrow: 108
Closed:21

Fontana
Total Listings:370
New Listings:27
Escrow:125
Closed:26

Rialto
Total Listings:152
New Listings:11
Escrow:42
Closed:9

Upland
Total Listings:197
New Listings:11
Escrow:51
Closed:14

Ontario
Total Listings:245
New Listings:25
Escrow:94
Closed:16

Looking to Upsize? Downsize?  Or purchase your first home? Give me a call and I will be happy to sit down with you and explain the entire process.
Whether you are thinking of buying a home or selling, Omar Rodriguez Real Estate is here to help you reach your goals.

Contact me today and you'll experience the difference with our professional service catered to your needs and goals.

We look forward to hearing from you.

Omar Rodriguez Real Estate
909-201-3093 Direct
omar4homes@gmail.com
www.OmarRodriguezRealEstate.com