5 Questions Sellers Have about the Market during the Coronavirus Outbreak Answered

5 Questions Sellers Have about the Market during the Coronavirus Outbreak Answered

5 Questions Sellers Have about the Market during the #Coronavirus Outbreak Answered
There are so many questions and concerns amid the #Covid-19 coronavirus outbreak. The real estate market is especially hard hit and sellers are concerned. Real estate at its core is a people business. It relies on person-to-person interaction and the coronavirus necessarily limits this contact. As the spring #selling season gets started, home sellers will have questions and it’s important to acknowledge concerns and offer practical advice and concrete information to help sellers make the best decision for themselves and their families.
1. Should I still try and sell my home?–Of Of course, there are many aspects to this question. First and foremost, the health concerns of the sellers’ family have to be taken into consideration. Unless absolutely necessary, the elderly and those with underlying health issues should not allow unnecessary people into their homes; including #buyers and agents.
If the household is essentially healthy and not considered high-risk, then this could be a great time to sell. Consider the advantages of lower inventory coupled with low-interest rates; as listings become rarer, the remaining inventory will get more attention which could create better offers.
2. Is it safe to have people through my home?–This is certainly a concern, but there are practical steps you can take to ensure safer home showings.
3. What can I do to protect my family during showings?-Protect the home, family and visitors alike by taking the following precautions.

1. Keep hand sanitizer at the front door to offer buyers and their agents when they enter the home.
   
2. If there is a guest bathroom, keep disposable hand towels and soap for guests to use and make the request known to the showing agent.
   
3. Offer disposable gloves for use with a receptacle for used gloves.

4. Limit the showing days and hours so you can properly clean between showings.
   
5. Have cleaning wipes handy. Request agents to wipe surfaces, door handles, and banisters that are touched during the showing.
   
6. Ask your agent to offer virtual showings or host virtual open houses
   

4. What happens if my buyer loses their job?–Most real estate contracts include a contingency for the buyer loan approval and funding. Now more than ever, it’s critical to keep that contingency in place. In the unfortunate event the buyer loses their job or can no longer qualify for the loan during the contingency deadline, the parties cancel typically cancel the contract.
5. Will I get a higher price if I wait to list my home?–The truth is no one knows. We don’t know how long or short the crisis will be and we don’t know how the financial market will weather the outbreak. While this is a question the seller will ultimately need to decide, the old adage about a “bird in the hand” is important to remember.

This spring selling season has proven to have unique circumstances – please contact your real estate agent to learn more about the current outlook and opportunities in your local market

Looking to buy, sell or just curious about the value of your home? Give us a call at 909-697-0823 or just contact us at www.celinavazquezrealtor.com.

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Your Tax Return: Bring it Home

Your Tax Return: Bring it Home

Your Tax Return: Bring it Home - This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question - “What do you plan on doing with your tax refund?”

The results of the survey were interesting. Here is what they plan to do with their money:

• 41% - Put it into savings
• 38% - Pay off debt
• 11% - Go on a vacation
• 5% - Make a major purchase (car, home, etc.)
• 5% - Splurge on a purchase

Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment.

In a recent post in NAR’s Economists’ Outlook Blog, they explained:

“With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”

They went on to add:

“[A]pproximately 5 percent of all respondents indicated they would make a major purchase which does not seem like a lot. However, there is a bigger group 41 percent who see saving the tax return is best and that group could be potential homebuyers if they are not already.”

In other words, putting that money toward purchasing a home is a form of savings.

Bottom Line

When one considers that first-time home buyers in 2016 had an average down payment of 6%, a decent tax return could go a long way toward the necessary funds needed for a down payment on a house. Or perhaps, the down payment needed by a son or daughter to make their homeownership dream a reality. How are you going to spend your return?

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The Foreclosure Crisis: 10 Years Later

The Foreclosure Crisis: 10 Years Later

The Foreclosure Crisis: 10 Years Later - CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.

With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.

Dr. Frank Nothaft, Chief Economist for CoreLogic, had this to say,

“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010. As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.”

Since the peak, foreclosures have been steadily on the decline by nearly 100,000 per year all the way through the end of 2016, as seen in the chart below.

If this trend continues, the country will be back to 2005 levels by the end of 2017.

Bottom Line

As the economy continues to improve, and employment numbers increase, the number of completed foreclosures should continue to decrease.

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Homes For Sale in Jurupa Valley, Sky Country Horse Properties

Jurupa Valley Homes For Sale Sky Country Horse Properties

Jurupa Valley Homes For Sale Sky Country Horse Properties -

Sky Country is a small neighborhood located in the semi-urban community that is Mira

Loma. It became part of the city of Jurupa Valley when it was voted to be incorporated into the

city in 2011. Since it is part of Jurupa Valley, it rests between Eastvale and Riverside County, and

it is bordered by Norco in the south, and Ontario is to the north. Portions of the Santa Ana River

loop through the southern area of Mira Loma. The outskirts of Sky Country have some

agricultural activities, as well as various commercial activities.

Sky Country is particularly known for having large lot homes. The amount of property

tends to range from 1,000 square feet of land up to about 3,000 square feet. The houses vary

from having multiple floors to being one storied, but they all have very spacious backyards. This

is due to the fact that all homes in Sky Country are horse property. A neighborhood of horse

property would not be complete without the addition of horse trails, which Sky Country

provides, and they make the area very suitable for taking horses out for a ride. These trails are

all over the neighborhood, since they replace sidewalks. There is even an equestrian park for

horses in the middle of Sky Country. Laramore Park is complete with an arena for horse owners

to use, and plenty of open space. In addition to the park, attractions for horse owners lie just

outside Sky Country at the Santa Ana River Trail, where many people go to ride their horses,

have a picnic, or just to enjoy a splash in the water. The neighborhood is very supportive to the

needs of horses and their owners as seen by these features, but it is not exclusively a horse-

owning neighborhood. Many current residents don’t own any horses or animals, but simply

enjoy the large amounts of space and the neighborhood itself.

Not just suitable for horse owners, Sky Country is also a wonderful place to raise a

family, with and assortment of schools and parks. Sky Country Elementary School is located

right in the heart of the neighborhood. The school opened in 1894 and is part of the Jurupa

Unified School District. It is a K-6 th grade school that was honored as a California Distinguished

School in 2010 with an 831 API, and the school has integrated the GATE Program (Gifted and

Talented Education). Mira Loma Middle School, the local intermediate school, does lie a bit

outside the neighborhood, but it is still very close. Jurupa Valley High School is just outside of

Sky Country. The public high school offers various sports and activities. It was founded in 1989

as part of the Jurupa Unified School District. Apart from the schools, Sky Country has a family

friendly atmosphere due to several small parks throughout the neighborhood. This includes the

previously mentioned Laramore Park, which aside from being a park for horses includes an area

for families complete with a playground for children. Another is Wineville Park, which is the

smallest of the three but contains gathering areas, an open field, and a playground. The newest

and most modern of the parks is Vernola Family Park, which is shaped specifically to

accommodate a baseball field apart from other fields, and a running/walking trail that loops

around the park. Other features include an extensive playground, large canopies for gatherings,

and open fields for public use.

Apart from this, Sky Country hosts community activities. The most popular of these is

Sky Country’s yearly yard sale day, usually hosted the Saturday of the third week of May. It is an

informal event where anyone who wants to can set up their yard sales, some people even sell

food, and customers go around the neighborhood to the different yard sales. Another special

event in Sky Country is the annual Christmas parade in December. It is organized and run by the

city, with the help of policemen and firemen. They escort the parade floats around Sky Country,

spreading around the holiday cheer that embraces the season. Jurupa Valley also has an annual

#Food Fest and Auction, and even though it is out of the neighborhood, it is just up Limonite at a

nearby shopping center, the Jurupa Spectrum. It is a charity event that allows participants to

sample food from local restaurants, and provides live entertainment as well as raffles.

Outstandingly, Mira Loma even has its own historical landmark. The Galleano Winery is

a family founded and owned winery that is small, but produces a variety of wines. They offer

wine tasting in their Tasting Room for inexpensive rates, and have lovely picnic grounds for

their visitors. The history of the attraction goes way back to the year 1927, to when the land

was purchased by Italian immigrant Domenico Galleano. The winery began production in 1933,

and the legacy has been allowed to continue through today because of the birth of Donald

Domenic Galleano in 1952. The winery is still recognized around the region for its fine

assortment of wines. The history of Mira Loma actually goes back to hundreds of years ago, to

when it was inhabited by the Native Americans of the Gabrielino and Serrano Tribes. The area

also had a small part during the time of Mexican rule over California, when the Mexican

government gave a land grant to Señor Don Juan Bandini in 1838. His 7 leagues of land (31,000

acres) became known as Rancho Jurupa, which includes the areas of today’s Jurupa Valley.

After the annexation of California into the U.S. in 1846, the land went through a series of

purchases including Louis Rubidoux.

Just across the street from the western side of Sky Country, there are a series of new

homes being built into their own complex. The new community of Harvest Villages, from Lennar

homes, offers single-family homes with built in amenities. These include solar panels, kitchens

with granite countertops, and even the Everything’s Included package. The community is tuning

out to be very modern and family-orientated. Therefore, they have potential to increase the

value of Sky Country homes. There is also another group of houses being built just to the north

of Sky Country, made by William Lyon homes. The Crossing at Turnleaf is already established,

and the Coventry at Turnleaf, directly above Sky Country, has recently begun construction.

These benefit Sky Country because some of the new construction includes the extension of

horse trails, and improvements in the roads.

Sky Country can be described as being a perfect balance between modernizations and

being traditional. Due to the new houses, and specifically the construction of the several

neighborhoods in Eastvale, there are two enormous shopping centers just across the 15

freeway from Sky Country. The centers have stores that provide necessities to the

neighborhood, such as Target, Home Depot, Vons, cell phone stores, and gas stations. The

shopping center also provides department-like stores that one might find in a mall, like TJ Maxx,

Home Goods, Tilly’s, Sport Chalet, Famous Footwear, and even beauty stores like Ulta. The

shopping center is also very popular because it provides entertainment. Edwards Eastvale

Gateway Stadium 14 is located in the center, providing a variety of new movies in large

theaters. Just outside the theatre lies a courtyard, where people like to relax, and enjoy a

dessert of frozen yogurt or from the Nestle Tollhouse. The shopping center would definitely not

be complete without a variation of restaurants, with many to choose for every occasion and

everyone’s different tastes and interests. The Food Court section part of the center has

common and delicious foods like the Habit for burgers, and Dickey’s for barbeque. There are

also more formal restaurants such as Johnny Carino's and Applebee’s. There is even a more

offbeat collection of restaurants in the corner of the shopping center: Zip Fusion Sushi, Thai

Bamboo Café, and Pho Viet. These varieties of Asian cuisines demonstrate some of the cultural

diversity in the area, and give people the opportunity to experiment and try something new.

But Mira Loma even has its own sets of restaurants and stores on the east side of the 15

freeway. It has small restaurants like Steer n Stein, and has a few authentic Mexican shops that

are popular for the meat and chicken that they sell. Nearby there are also establishments such

as the Glen Avon Library.

Over the past years, Mira Loma has become an ideal place to live. With expansion and

progress in Southern California moving South and coming our way, that can only mean

improvements and development for Sky Country and Jurupa Valley. But even the way that the

area is, it is a reasonable distance from both Los Angeles and San Diego, but it provides and

escape from the metropolitan life, by maintaining a balance between urban and rural. If

contemplating on moving into the Sky Country community, it is important to consider the

assets for horse owners, schools, entertainment, the community itself, and development. And

while development is spreading towards the area, Sky Country will maintain its spirit that is

central to the community.

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It's a Seller's Market! Should I Downsize Now?

It's a Seller's Market! Should I Downsize Now? - A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.
3. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in an article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

Comments: Many homeowners are taking the profits from the sales of their current homes and splitting it in order to put down payments on smaller homes in their current locations, as well as on vacation/retirement homes where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today’s values which makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 78.9% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about.

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, let's meet up to help guide you through the process.

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