About February 2023

Dated: March 10 2023

Views: 89

“I ask myself, 'What's the most loving thing I can do for myself and others right now?' Then I get to it"

-Leo Babauta

About Last Month...

Here are a few of the statistics I'm following regarding home sales for San Bernardino County in January:
  • Average prices are down again, 2.3%.
  • New listings are down 41%! 
  • Pending sales are down 54%
  • Closed sales are down 50%!
January had the fewest active listings in over 15 years! (That's as far back as my data goes). Yes I said this in December, but it got worse...
Next on the Watchlist...

STUTZ -- A thought provoking Netflix documentary that follows Jonah Hill and his therapist as they have candid discussions about mental health. Warning - it is not exactly 'fun' but it will get you thinking about your Shadow, Project X, and other tools that have been helpful to many of Stutz's patients. 

I'd love to hear what you think after you watch. 

Home Buyer's Are Back!

In December, one of my listings had three offers and went under contract for $675,000. fast forward a month, the buyer cancels and we have another open house. With 30 families touring in four hours - we ended up with 8 total offers! 4 of them all agreeing to $685,000 or more. 

But why? 

The reason - Interest rates! With rates on the decline for 5 straight months, mortgage applications in the middle of January were up 27.9%. When compared to December when there were down 10%. 

More applications means more competition which ultimately equals a higher price for sellers!

Find Out How Much Your Home is Worth

Why We Gave Our 6 Year Old A Credit Card

A list of the age limits for major credit card companies

And no, it's not so she can have endless cake pops from Starbucks.

A friend of mine is 36, but he has a credit history of 43 years...

When he applied for a home loan, he was accused of fraud 😂 . But it was perfectly legal.

How?

He was an authorized user on his parent's Amex. And this is exactly why we just added Emilia to one of our credit cards. It's never too early to build credit and this will give her a head start later in life. 

After income, credit is the number one factor when qualifying for a loan and increasing a credit score as little as 50 pts can be the difference in $50k over the course of a $500k loan. 

Until next time,

-Patrick
 

PS - If you or anyone you know, need to buy or sell, would you please introduce us? I promise I will take great care of them!

Blog author image

Patrick Edgett

Hi I'm Patrick Edgett, I live in Southern California, I am a realtor.  I am a #girldad to four amazing humans!In my past life I have worked on marketing campaigns for the governor, prod....

Latest Blog Posts

Should I Just Call the Listing Agent? (The Myth of the "Direct Deal")

Should I Just Call the Listing Agent? (The Myth of the "Direct Deal")If you are browsing homes on Zillow or driving through a Redlands neighborhood and see a "For Sale" sign, your first instinct

Read More

What are home closing costs?

Closing Costs: What Are They and Who Pays?When you are buying or selling a home in Redlands or the Inland Empire, the price you see on the contract isn't the final number you’ll see at the.

Read More

How Much is a Realtor Fee?

Realtor Fees: How Much Does It Really Cost to Sell a House?If you are planning to sell your home in Redlands, you likely have one big question: "How much are the Realtor fees?" or "What is a

Read More

Who is the Best Realtor in the Inland Empire?

Who is the Best Realtor in the Inland Empire? If you live anywhere from the historic streets of Redlands to the foothills of Rancho Cucamonga, you’ve probably asked: Who is the best

Read More