Real Estate Blog - Tracy, Ca

The following info is from the local MLS database, as of January 31st 2008 as compared to December 28, 2007. If you are interested in a little more market infomation feel free to give me a call, I am always happy to talk about the market.

ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 902 (902)
# of REO (foreclosures): 328 313
# of Short Sales: 221 200
Average # of days on market: 88 91

The Median price of all Homes for sale in Tracy: $369,975 $380,000
The Average price of all Homes for sale in Tracy: $398,734 $406,552
Lowest priced home: 1bd/1.00ba/502 sq.ft/$119,000
Highest priced home: 7bd/6ba/6500 sq.ft/$1,699,000


PENDING Status:
Number of properties currently under agreement: 111 104

# of REO: 76 69
# of Short Sales: 12 16
Average pending price: $386,227 ($408,632) (($408,775))
Avr. pending home is 4bd, 3ba, 2238 sq.ft at a price $396,450 and 64 days on the market.


SOLD Status:
Residential property sold over previous 30 days: 46 Transactions or $16,666,252 in sales. (35 transactions or $16,107,700 in sales.)
REO's Sold in last month: 33
Average sale price: $362,310 $395, 159
Median sale price: $356,557 $362,500
High: 599K (5/5bd 3882 sq.ft home).
Low: 150K (440 sq.ft home)

Summary: Busy! (But not too busy to help all of my clients.)The market is picking up because homes are affordable. The banks are giving great deals. Out of the 46 closed transactions last month, 33 were bank owned foreclosure's. A majority of pending homes are also bank owned. This shows the banks have fingered out the price that buyers are willing to pay for a home..... And its catching on, people who are renting are finding out that it would be the same if not cheaper to actually own a home......Now is the time that inventory( vacant foreclosed homes) from the sub prime lending crisis will change hands. In a few months I think we will see more competition between buyers for listings once this affordability idea really catches on. I have already had 3 multiple offer situations in the last two weeks alone. The truth is if its priced the best its going to get all the activity.

I also think that we have seen the majority of the price correction for this market cycle.

Brian Barringer

(My wife and I at Texas Roadhouse W/the in-laws last month)

This bank owned home just had a price reduction. Located in North Stockton near Wilson Way.

Details: 2 bd 1 ba
1031 sq.ft
0.110 acre lot
Built in 1943

Financing thoughts:

Based on current interest rates:
30-Year Mortgage
5.31

Purchase price					$89,000
Down Payment		10	%		8,900
Loan Amount					$80,100
Interest Only					$354.44
Private Mortgage insurance					$34.71
Estimated Taxes+ Mello Roos (if applicable)					92.71
Estimated Insurance					13.35
Total PITI					$495.21

So with $9,000 down you could own this place for about $500.00 a month. But wait, what about closing costs? In this market we ask the seller to pay them in our offer. Below is an estimate of what closing costs might be in this transaction:

Points					890.00
Appraisal Fee					300.00
Credit Report					16.00
Doc Prep/Processing					750.00
CLTA Title Ins	50	%	Buyer		650.00
Recording					100.00
Tax Service, Flood Service, Wire					140.00
Escrow Fee	50	%	Buyer		187.00
ALTA	100	%	Buyer		295.85
Prorated Interest		15	days		194.22
Home and/or Roof Inspection, Home Warranty (optional)					360.00
Estimated Insurance (1 yr policy)					400.00
Down payment					0.00
TOTAL DOWN + CLOSING COSTS					$4,283.07

But how much would this investment rent for?

Craigslist.com will have up to the minute current rent rates posted by actual landloards.. I got a few rental comps:

Jan 13 - $850 / 2br - house for rent (stockton)

Jan 18 - $1000 / 2br - 2 Bd/1 Ba One Block From Miracle Mile!!! (Stockton )

Jan 22 - $1050 / 2br - Charming Spanish-style home for rent (Victory Park)

I could not find too many good examples but lets say you can rent the home for more then a condo. I would say try for $950 and go down if you dont rent it out to $850. Shouldn't go for any lower with condos usually $650-$800.

Final Thoughts:

At the end of the year considering $850 for problems and rent loss, $600 for maintainace you will be $3,350 a head of the game. Pretty good to cash flow in California. You will have your down payment back in three years. Take the profit from the rental to pay down the mortgage then sell when the market is UP!

Budget For Year 1:PITI -$6000.00
Landscaping -$600.00
Rent Loss -$850.00
Rent $10,800.00

Total Positive Cash at the end of the year is $3,350. Taking into consideration $850 for problems and $600 for landscaping upkeep.

With warm regards,BrianBrian W. BarringerYour Personal Real Estate consultant for LifeBrian@tracyhomes.com

21 UP America

I would guess these places usually are sold by word-of-mouth.

~Brian



Pictures from Prospector Metrolist MLS:

$416,900
3bd 2bd
2162 sq.ft
0.16 ac
built in 1993

Picture of the course from the website:

Map:

Interested. Give me a call I would be happy to arrange a showing and represent your best interests!

Brian Barringer

209-613-8945

I am not an agent for the seller. This home is listed on the MLS by Curran R.E./GMAC

Tags:
Tracy Golf and Country Club, golf, Altamont hills, luxury homes, Real Estate, For Sale
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The following information is from the local MLS database, as of January 14th, 2008 as compared to (December 28, 2007) & ((December 1st)). If you are interested in a little more market infomation feel free to give me a call, I am always happy to talk about the market. This report is mid-month because I have to run the stats for our newsletter. Just thought I might as well post them for you also....

Below is pie chart indicating the total number of active, pending and homes that have sold in the last month only:



ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 879 (902) ((918))
# of REO (foreclosures): 313
# of Short Sales: 200
Average # of days on market: 89 (90) ((81))

The Median price of all Homes for sale in Tracy: $380,000 ($399,999) (($419,444))
The Average price of all Homes for sale in Tracy: $406,552 ($423,925) (($445,886))

Lowest priced home: 1bd/1.00ba/502 sq.ft/$119,000
Highest priced home: 7bd/6ba/6500 sq.ft/$1,699,000


PENDING Status:
Number of properties currently under agreement: 104 (89) ((75))
# of REO: 69
# of Short Sales: 16
Average pending price: $386,227 ($408,632) (($408,775))
Avr. pending home is 4bd, 3ba, 2238 sq.ft at a price $396,450 and 64 days on the market.


SOLD Status:
Residential property sold over previous 30 days: 32 transactions or $12,642,103 in sales.
(35 transactions or $16,107,700 in sales.)
((35 transactions, $14,881,199))

Average sale price: $395, 159 ($417,443) (($425,177))
Median sale price: $362,500 ($399,000) (($419,900))

High: 649K (5/5bd 3899 sq.ft home).
Low: 248K (1047 sq.ft home)

brian@tracyhomes.com

800.894.7282

Market Report for Lathrop, Ca.
The following information is from the local MLS database, as of January 11, 2008.

ACTIVE Status:
Total # of Residential properties for sale: 263
Average # of days on market: 94
The Median price of all Homes for sale: $340,000
The Average price of all Homes for sale: $261,063

Lowest priced home: 2bd/2ba/923 sq.ft /$169,900
Highest priced home: 6bd/5ba/3,900 sq.ft/$650,800

PENDING Status:
Number of properties currently under agreement: 21
Average pending price: $381,562
Avr. pending home is 4bd, 3ba, 2200 sq.ft at a price and 85 days on the market.


SOLD Status(for previous 30 days):
Residential property sold over previous 30 days: 6 units or $1,878,900 in sales volume.
Average sale price: $318,100
High: $$465,000(6bd/4ba 3400 sq.ft home).
Low: $220,000 (3bd/2ba 1372 sq.ft home)

Summery: There are still at least 4 or 5 builders still competing for buyers in this small boom town of 10,000 people. Its hard to tell what all of the builders out there are doing because some post there sales to the MLS, some don't. I am guessing that the builders do have more sales then what is repersented. The majority of all homes pending and sold are Bank owned properties. These sellers are the only ones who can compete on the same cooperate level some builders such as KB and Pulte.


Its like a heavy weight boxing match. BANKS vs. BUILDERS, with good odds on the bank!



Brian

Market Report for Weston Ranch, Stockton

The following information is from the local MLS database, as of January 11, 2008.



ACTIVE Status:
Total # of Residential properties for sale in Weston Ranch: 331

Average # of days on market: 86
The Median price of all Homes for sale: $275,000
The Average price of all Homes for sale: $291,431

Lowest priced home: 3bd/2ba/1,023 sq.ft /$179,900
Highest priced home: 6bd/4ba/3,376/$519,800

PENDING Status:
Number of properties currently under agreement: 43

Average pending price: $243,562

Avr. pending home is 4bd, 3ba, 1908 sq.ft at a price $239,000 and 36 days on the market.


SOLD Status:
Residential property sold over previous 30 days: 10 units or $2,401,000 in sales volume.
Average sale price: $240,100
Median sale price: $241,500

High: $270,000 (4bd/3ba 2300 sq.ft home).
Low: $259,000 (2bd/2ba 1372 sq.ft home)

Summery: There is actually more pending activity then I expected to see. Since this is the first report on Weston Ranch its hard to analyze the numbers without looking at past reports. The average sold price($240,000) which is similar to the avr. pending($243,000) is $60,000 lower than the average price of a home active on the market($291,000) which suggests that prices are still a little high for buyers and that sellers of homes in this area are still hopeful of higher prices..... I must also type that 40 pendings compared to 10 sold is positive.