The local housing market in Ridgecrest continues to remain brisk, upbeat and unseasonably hot; somewhat a reflection of what we are experiencing in the warm summer skies around us.  Rates remain historically low which in turn has given buyers the stimulus to vigorously shop.  A shifting market also has seen some sellers needing to quickly return multiple counter offers.  And, when homes are correctly priced, buoyant interest is the result.  Here are some further highlights of the present market: 1)    Inventory-wise Ridgecrest remains in a sellers market.  There are presently about 126 homes for sale. This is an uptick from last week when only 115 were offered.  The absorption rate in July was 3.75 months and is expected that the ratio of homes selling will continue to outpace... 08/16/2012

          Many buyers are often unaware of the process of working with and selecting a realtor when buying or selling a home in Ridgecrest, California. A potential buyer has the ability to select and work with any agent they choose. A survey from the National Association of Realtors concludes that buyers usually end up working with the first realtor they meet, either in person or on-line. Once a comfortable relationship has been established that one agent can work with a buyer through the entire home selection and purchase process.            Some buyers believe that the agent whose name is listed on a ‘for sale’ sign is the only agent they can contact concerning that particular home or property. In reality, the listing agent may have a bit more information about the home and the seller... 07/18/2012

The inventory of site built homes slipped further in May to only 4.22 months supply which means that Ridgecrest is truly experiencing a seller’s market when it comes to available homes.  For the time being, gone are the days when buyers had an overabundance of choices to select from, and plenty of time to make that choice.  With “for sale” inventory at its lowest since September 2009, sales are now seeing an average price markdown of around 2%.  The present market also dictates that if a home is priced correctly it will more than likely receive an offer, or possibly multiple offers, within the first 120 days on the market.  Buyers and sellers might take note of the following in order to successfully steer a course through our present local market. For buyers, getting pre-approved for a ... 06/12/2012

           Unless you have the ability to purchase a home with cold cash, it will be absolutely necessary to utilize a lender to finance a home purchase.  A lender can greatly influence how smoothly the purchasing process will flow during escrow, and more importantly, will directly affect how much a buyer will ultimately pay for the home many years after escrow is closed.                   Here are five items to consider when choosing a great lender in our rapidly changing housing market in Ridgecrest, California: If you feel comfortable sitting face-to-face with someone, selecting a local mortgage lender will be the safest option.  However, many buyers do not mind distance and commonly use lenders across the country.  As long as there is direct, quick, and constant communication durin... 05/15/2012

     After a cooling of sales late last summer and early fall, a very robust set of buyers have turned the heat up.  As a result, the inventory of available homes continues to slowly drop with only 129 homes on the market.  This is a significant market shift compared to 2011 when an average of 155 to 165 site-built homes were commonly available.  At present, there are now 55 site built homes in escrow.  This too represents a significant upward swing of the market.         In the first quarter of 2012 the following trends were to be discovered when digging a little deeper into the market statistics: Cheap home prices are one of the main drivers of the local and national housing markets.  Locally, 20 site-built homes have sold for under $100,000.  The majority of these sales were foreclos... 04/09/2012

Ridgecrest’s market has been active and moving this winter. The tide is up and buyers are back taking advantage of some screaming deals. With interest rates hovering at record lows of 3.89%, now is the time to jump in, shop, and ride the wave to a successful closing before rates and fees increase. An FHA loan is a very popular way to purchase a home at this time. It allows for a down payment of 3.5% compared to 20% down payment with a conventional loan. There are fewer stringent credit requirements. And, it is possible to borrow money for the down payment from a family member as long as a paper trail of bank statements can verify the gift’s source. However, starting April 1, FHA will increase its annual mortgage insurance premium from its present 1.15% to 1.25%. Then on June 1, larger l... 03/07/2012

           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 home... 02/11/2012

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 At Property Types select ‘Residential’, ‘Land & Acreage’, or ‘Commercial’. Then select the desired Property Subtypes you wish to view.  Select a price range, and any other areas listed in order to narrow down your focus.  Click ‘Submit’ in the middle-right of the page.  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 ‘Pendi... 01/21/2012

             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 ... 01/10/2012

           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 ran... 12/14/2011

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, appliance... 11/12/2011

With the cooler fall weather settling in, and school back in session, savvy buyers are back seeking great buys and serious bargains.  Sellers seem more aware of the direction their particular neighborhood is heading.  Interest rates are at an all-time historic low.  Here is the latest rundown of what is happening in the local housing market. The market has shifted to a balanced market.  After an eight-month run of a buyer’s market, where buyers have a clear advantage in negotiations, the overall absorption rate has now evened up to 6.6 months of inventory.  This means that about the same proportion of homes are being sold that are entering the market.  However, the absorption rate for homes priced above $300,000 still remains high at 11.32 months. The most popular selling price range i... 10/19/2011

Despite the news of doom and gloom in the national media concerning the housing market, a new ray of hope has risen to assist California buyers with a new home purchase. The CHF Platinum Program is an assistance program designed to increase homeownership opportunities for low to moderate income borrowers. The funds are provided in the form of a grant. The grant awards up to 3% of the purchase price of a home which can be used toward the buyer’s down payment or closing costs. For a home priced at $267,000 this could mean a buyer could receive up to $8000 in assistance! The grant money is utilized in coordination with FHA and VA loans.  FHA loan guidelines presently require 3.5% down payment from buyers at the close of escrow.  For instance, if purchasing a $267,000 home, as previously me... 09/08/2011

                                   There are many advantages and disadvantages with purchasing a foreclosed home in Ridgecrest, California.  Many first-time home buyers rave on the fact that they can get a great deal and fix it up.  The results can be very satisfying providing one has the available funds, time, and energy.  Many foreclosure buyers are paying with good old cold cash.  The banks love it!  On the other hand, a mortgage down payment can be a stretch for a first-time home buyer.  Add on closing costs and when the figures are all summed up there could be very little left over for renovations.  Remember also, rebuilding a home’s interior or exterior takes time and areas of the home may be in disarray for many months to come.                  There is a loan available for fix-u... 08/10/2011

Ridgecrest continues to march along in a strong buyer’s market as mid-summer approaches.  With 178 site built homes now on the market, and 127 homes sold in the past six months, the local market continues to hold steady with an absorption rate of 8.3 months of inventory.  An average of 21 homes per month have sold thus far in 2011.  This continues to be a relatively low number when compared to the past few years where the average has been 27 – 29 homes per month.  When comparing last year’s site-built home units sold to 2011, the market activity fire has simmered down about 22%.    Sales of foreclosures saw a rise last month as 31% of homes sold were bank owned.  For the past six months, foreclosures have made up about 31% of the sold inventory.  In short, foreclosures continue to spark... 07/21/2011

Heritage Village is a planned unit subdivision (PUD) located in the northwest area of Ridgecrest, California.   Many buyers are attracted to Heritage Village because it offers a refreshing "green belt" and an architectural uniformity unlike any other subdivision within the city.  Red tile roofs, curvilinear streets, and many private cul-de-sacs are the mainstay of life here.        Residences of Heritage Village are also very proud that Heritage Park is undoubtedly the most meticulously maintained park in Ridgecrest.  The association clubhouse, pool, tennis courts, and basketball courts are often the scene of playful gatherings with family and friends, or of someone just out for a healthy stroll.       Heritage Village consists of 237 single family homes, 32 Montefino townhomes, and 35 ... 06/21/2011

          News of the S&P/Case Shiller Home Price Index recently delivered some disheartening news with it comes to home prices.  It was reported the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011, after having fallen 3.6% in the fourth quarter of 2010.  The National Index, which tracts a 20-city and 10-city composite in order to derive a national average, found that the U.S. housing market hit a new recession low in the first quarter of 2011.  There was a decline of 5.1% when compared to the first quarter of 2010.  In short what it means is that nationally home prices are back to their mid-2002 levels.           Ridgecrest has also seen a drop in values over time since the bubble years of 2005 and 2006 that is reflective of the Case Shiller Index.  Yet, on... 06/14/2011

  Back in 2005 housing prices in Ridgecrest were moving up, however, not as quickly as other areas of California.  Ridgecrest moved from a median home price of $173,500 in January of 2005 to $257,000 in April of 2007.  This marks a 46.2% rise in the median home price over a period of 27 months.  In comparison, other areas of California moved up 46% in only 12 months, and shot up even higher as time went on.  Most areas of California ending up experiencing over- inflated values over a relative quick period of time during the bubble.   Our area was lucky in that values did not rapidly increase as sharply and as quickly.            I was able to report to everyone back in 2004 - 2007 that Ridgecrest is the least expensive real estate market in the state of California.  At the peak of the b... 06/14/2011

Still Waking Up From A Cool Winter                    The local market continues to move along at a moderately slow pace as only 22 site- built homes sold and closed escrow in April.  This pace is a repeat of the 2009 market, as only 77 homes sold in the first four months of that year as well.  It also marks a 29% decrease in the number of homes sold when compared to the overall first-four-months of home sales activity from the past seven years.  Despite a sense of gloom perceived by some, there is still a viable market to be had, and especially to those who understand the present market and can allow it to work for them.           For instance, buyers can find some extremely great buys at this time now, as historically low mortgage interest rates still hover around 4.8%.  2011 has brou... 05/10/2011

Climb Owens Peak, Ridgecrest California!Don’t tell me there ain’t nothin’ to do in Ridgecrest!Owens Peak is a mountain Ridgecrestites have always marveled at, and will even pay a prime price to have it forever in their sights.  Yet, the emotional rush is completely overwhelming when one is able to view Ridgecrest, California from the opposite vantage point, that is, from the top of OwensPeak.  Not only can one catch an eagle’s eye of the entire Indian Wells Valley, but the Searles and Panamint Valleys can be clearly viewed to the east, Olancha Peak and Mt. Whitney to the north, and Lake Isabella and Onyx Valley to the southwest.  Wow! The panoramic perspective at the top of Owens Peak is absolutely breathtaking!                If you are thinking of tackling Owens Peak do not imagine it... 05/09/2011