Local Economy
TIMES ARE CHANGING
  | • | Every real estate market has its strengths and weaknesses. Two years ago there was a shortage of homes on the market creating a very favorable market for sellers. Sellers could price their home at the top of the comparable homes sold and probably acheive a sale within 15-30 days with several offers. Buyers had to react fast, be first to see the property, and offer quickly for any hope of purchasing the home...Today we have an entirely new type of real estate market. Sellers are inviting buyers to make offers on their home. Homes are remaining on the market longer. Interest rates remain very favorable. We are seeing home loan purchase interest as low as 5.75% without paying extra points to buy down the rates. Today there are 98 homes for sale in Upland in the price range of 450,000 to $550,000. This is an estimated 5.5 months of inventory based on current sales rate. Rancho Cucamonga has 289 homes for sale in the same price range and this represents 6.5 months of inventory. THIS CREATES A VERY FAVORABLE MARKET FOR BUYERS. IF YOU HAVE BEEN WAITING TO ENTER THE HOME PURCHASE MARKET, DON'T MISS A GREAT OPPORTUNITY. I mention this information to buyers and sellers because they each need to understand the opportunities. The buyer has a great selection of homes to choose and negotiating power. The seller needs to be informed so he/she knows how to value their property. It should not be priced through panic but with an understanding of what is the correct market approach. The media headlines are not conveying the whole truth. You get a much different perspective by reading the underlying data than what appears in headline print. This is when the assistance of a experienced real estate consultant such as my team can walk you through the data available and together make informed decisions. We have the pulse of our local Foothill Communities economy. A competent agent can assess what todays value is and help you achieve your goals in a more timely manner which will save you $. If you want more information on current market conditions and inventory available for your specific needs, give me a call and I will compile a detailed report especially for your needs. My direct line is 909.920.4625. Please leave detailed information so I can get back to you quickly. |
Claremont facts
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Geographic facts |
| City size |
13.5 square miles |
| Population¹ |
33,998 |
| Elevation |
1,150 feet |
| Average temperature |
63 degrees Fahrenheit |
| Proximity facts |
| 8 minutes to |
L.A./Ontario International Airport |
| 32 minutes to |
Los Angeles |
| 42 minutes to |
LAX |
| 95 minutes to |
San Diego |
| 3.6 hours to |
Las Vegas |
| Household facts |
| Median income |
$70,647 |
| Average income |
$91,605 |
| Median age |
35.8 years |
| Median size |
2.85 persons |
| College graduates |
28.3% of wage earners |
| Home price average (New) |
$260,857 |
| Home price average (Existing) |
$243,322 |
| Business facts |
| Business licenses |
7,189 |
| Jobs² |
51,964 |
| Taxable sales |
$.96 Billion |
| Total personal income |
$2.21 Billion |
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| ¹ Source: CA Department of Finance, E-5 Reports |
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| ² Source: CA Employment Development Department. |
Revised 03/31/04 |
Upland facts
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Geographic facts |
| City size |
15.3 square miles |
| Population¹ |
70,493 |
| Elevation |
1,328 feet |
| Average temperature |
62.4 degrees Fahrenheit |
| Proximity facts |
| 10 minutes to |
L.A./Ontario International Airport |
| 35 minutes to |
Los Angeles |
| 45 minutes to |
LAX |
| 100 minutes to |
San Diego |
| 3.5 hours to |
Las Vegas |
| Household facts |
| Median income |
$48,734 |
| Average income |
$57,471 |
| Median age |
34.5 years |
| Median size |
2.76 persons |
| College graduates |
26.7% of wage earners |
| Home price average (New) |
$242,710 |
| Home price average (Existing) |
$211,129 |
| Business facts |
| Business licenses |
6,232 |
| Jobs² |
43,266 |
| Taxable sales |
$1.1 Billion |
| Total personal income |
$2.88 Billion |
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| ¹ Source: CA Department of Finance, E-5 Reports |
|
| ² Source: CA Employment Development Department. |
Revised 03/31/04 |
Rancho Cucamonga facts
|
Geographic facts |
| City size |
38.3 square miles |
| Population¹ |
147,000 |
| Elevation |
1,382 feet |
| Average temperature |
67 degrees Fahrenheit |
| Proximity facts |
| 5 minutes to |
L.A./Ontario International Airport |
| 30 minutes to |
Los Angeles |
| 45 minutes to |
LAX |
| 90 minutes to |
San Diego |
| 3 hours to |
Las Vegas |
| Household facts |
| Median income |
$67,752 |
| Average income |
$80,897 |
| Median age |
32.2 years |
| Median size |
3.09 persons |
| College graduates |
23.3% of wage earners |
| Home price average (New) |
$342,710 |
| Home price average (Existing) |
$306,129 |
| Business facts |
| Business licenses |
7,112 |
| Jobs² |
50,790 |
| Taxable sales |
$1.3 Billion |
| Total personal income |
$3.56 Billion |
| |
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| ¹ Source: CA Department of Finance, E-5 Reports |
|
| ² Source: CA Employment Development Department. |
Revised 03/31/04 |
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Financing Your Home >Qualifying Guidelines
It may be difficult to qualify for a home mortgage loan. As a buyer, you may find the perfect home, but finding the perfect financing might become elusive. After you complete the application process, your lender may turn you down, which is an upsetting development for any prospective homebuyer. What can be done to remedy such a setback?
The answer depends on why you were turned down. If your income is too low to satisfy one mortgage company, there might be another company with more liberal qualifying guidelines. If you have had credit problems, some lenders may be more willing than others to help you clear them up in a manner that satisfies their underwriters. If your loan runs into problems, sit down with the loan officer and your real estate agent to investigate the possibility of using a different lender. The first company may be able to "assign" the package to a competitor, enabling you to use your same credit report and appraisal. You will need the cooperation of your sellers, too.
While loan rejections are disappointing, they can be resolved.
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| Q |
Where is the world's tallest apartment block?
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| A |
The 100-story John Hancock Center in Chicago, Illinois is 1,127 feet high; floors 44 through 92 are residential.
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 See More Real Estate Trivia > |
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- NUMBER1EXPERT™ 
