Eva Bradley's Blog

   Real Estate Updates – Newsletter for January, 2010

Market conditions for 2009

Looking at the year end statistics for Tracy, including the surrounding country area, 2009 wasn’t a bad year for the local real estate market at all, considering the status of real estate market nationally.

Following are the statistics for the month of December, 2009:

•  Actively listed properties: 208 -  This slightly higher than it was in November (182)
•   Homes with “Pending” status for the last week of December:25  - This is just a bit lower than it was for the same period in November (27) and mostly do to the holidays.
•  Number of homes “Sold” in the month of December: 148  – This is a 25% increase compared to the previous month!!! (111) Huge increase! … . Maybe do to the $8,000 Home Buyers’ Tax credit extension? ….
•  The Average Days on the market of the Sold Properties: 62  - This is an increase from the previous month (34)…almost doubled!

 The charts below reflecting these numbers as well:

The statistical report for the year of 2009 is also showing some stabilization: it looks much better in comparison to the past few years. Inventory of available homes was much lower, barely enough to satisfy the huge demand. Sales prices are showing a slight improvement as well. An average, 59% of all homes sold in 2009, where actively marketed for less than 30 days.

•  In 2009 the number of homes sold: 1958
•  Average Sales price: $225,260
•  Average days on the market before selling: 48
•  Listing Price v. sales Price : 101% (homes were sold 1% higher than the asking price)

The average sales prices of Sold homes have increased slightly towards the end of 2009.

If you would like to have more detailed statistics or for other areas of the Central Valley real estate market, please feel free to call or email me – I would be glad to provide it for you.

A prosperous, happy, healthy New Year to you all!

 
At closing time, the last thing you want is a dispute over what goes with the house and what doesn’t. But it isn’t all that unusual for a buyer to think a particular item is included in the sales price, while the seller never had any intention of including the same item! Classic examples include window coverings, lighting fixtures and chandeliers. But just about anything which might be construed by a buyer as being “part of the house” has the potential for misunderstanding and disagreement.  

Generally, the law says that anything which is part of the land or attached to the house and is immovable, or can’t be removed without damage, or anything which is incidental or appurtenant to the land is real property. Personal property is basically everything else – the possessions you take with you when you move.  

The law recognizes the intent and manner with which an item is attached in determining whether an article or fixture is real or personal property.  Built-in appliances are usually considered real property, while free standing ones are usually personal property. If removing the item requires pulling nails, it’s probably real property. If it can be unscrewed and removed without leaving any damage, it might be an item ready to cause some disagreement!  

To avoid problems, both buyers and sellers should make detailed lists of any items to be included in the sale before closing.  As a seller, give your list of items to be included to the closing agent. If there is something you want to take with you, and it requires removing a screw or nail, put it in the contract.  

Remember, as with everything else in real estate, it’s all negotiable. If there is a unique item you want included in your purchase, you may be able to get it included at a reasonable price.  Especially if the item won’t fit in with the new home the seller is moving to.

Real estate in Tracy is moving along; we have a shortage on available homes.  Demand is high, many buyers need homes, not enough to choose from.  Interest rates remain very low. We are seeing multiple offers on all reasonably priced homes. Home prices are slightly higher. This is a good indicator that we are in need for new listings.

Take a look at the statistics:

As of October 7, we have a 192 active listings.

From September 27th to October 3rd, the number of homes changed status to “Sale Pending” was 48.

Since October 1st we have 18 homes Sold in and around Tracy.  See chart below.