David Dodson

Here is the weekly numbers report for Verdemont Heights.

Most aspects of life have been anything but normal in 2020. That includes buying and selling real estate. High demand coupled with restricted supply has caused home prices to appreciate above historic levels. With the end of the health crisis insight, we will see price appreciation return to more normal levels next year.

Lights, phone, action!

As I lived in Erie, PA at the time of this mass shooting 5 years ago I can still remember how my stomach sank when I could recognize the streets and knowing my grandparents lived blocks away ... #Repost @sanbernardino_pd Thinking about the victims and survivors of the IRC Incident. Sending our thoughts and prayers to their loved ones. #SanBernardinoPoliceDepartment

Buyers continue to shift from city centers to the suburbs, the homebuilder’s trade group says. http://ow.ly/rrin50CyIiw

Message me. I'm dedicated to helping you navigate the home buying & selling process.

Safety first when transporting thanksgiving pies from @mrbakercafe Happy Thanksgiving eve everyone

November Market snapshot for Ontario, Pomona & Claremont

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. Click to read the full post.

If you need a custom ornaments this crazy holiday season ... visit Courtney’s Etsy page! She nailed my realtor logo

What happens when forbearance programs expire? Find out below.

Custom real estate reviews going out today! Get yours free by signing up on www.dodson.realtor

Zoom to Lift 40-Minute Free Call Limit on Thanksgiving Day! Zoom is making it easier to connect with friends and family for the holidays with a temporary lift on free video-calling limits. #ZoomTogether Zoom is lifting its 40-minute restriction on free video chats for Thanksgiving Day in a bid to make it easier for families and friends to connect. Zoom has long offered a free, Basic plan that cuts off at 40 minutes as an incentive to get users to upgrade. While you can just r...estart a call with a new group after 40 minutes, it's not the most ideal setup for multiple callers to remain connected during a virtual gathering. Zoom isn't the only platform to impose this type of limit. Google Meet requires that users restart calls after 60 minutes, and most providers charge for removing these restrictions. The no-limits Thanksgiving Day offer is a special case for the company's #ZoomTogether initiative as a "thank you" to customers. The removal is temporary and only available from midnight ET on Nov. 26 to 6 a.m. ET on Nov. 27. While this is a short-lived change, it will likely be welcome for those who have had to cancel Thanksgiving travel plans amid a recent explosion in coronavirus cases. Brittany Vincent November 14, 2020 PCMAG.com

November market snapshot for Redlands, Highland, & Grand Terrace.

One way to to get your home FSR (Forsale ready) is to repaint rooms with neutral whites. It gives potential buyers a blank canvas to dream up room ideas! https://apple.news/A5-8NxPTmSVyRqMBu_os3eg

Greater interest in multigenerational homes, the desire to upsize, and buying a home with the plan to stay fewer years are among the trends driving real estate purchases since the COVID-19 outbreak.

If you’re looking to buy a homeexpect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded. --> https://www.bankrate.com/mortgages/mortgage-rate-forecast/

VA Home Loans provide unique opportunities for Veterans, active-duty personnel, and their families in recognition of their service to our Nation. For eligible individuals, options associated with VA Loans can help make the dream of homeownership a reality. If you or someone you know may benefit from a VA Loan, DM me to answer your questions today.

Good news for average Joe’s looking to buy a not so turn-key home!! https://apple.news/APxZII0aOTmOq7ybfVV-Bsg

Over 9 million homeowners and renters do not expect to be able to make their housing payments for November, according to the latest survey by the U.S. Census Bureau. Read on to see where your state stands. https://apple.news/Aw9QX2hNrTt69ul_JbhiVeA

#Repost @kellerwilliamsrealty There’s a lot going on right now. Be sure to take some time to recharge, whatever that looks like for you

If you ever wanted to relocate and sell, now is the time! values demand is and multiple offers coming in on the first day

Awesome to help out @wearethechangesanbernardino and clean up a vacant lot in town! 25+ volunteers to achieve one goal!!

1yr anniversary for the local barbershop!! Tacos haircut

Yet another reason why owning outweighs renting in the long run!

September was the strongest housing market month of 2020! With new listings 5.7%, pending listings 31.2% and sold listings 13.3%!

looks like home values have weathered the storm of the pandemic.

Timing AND Pricing are everything!

According to the National Association of Realtors (NAR), right now, unsold inventory sits at a 3.1-month supply at the current sales pace. To have a balanced market where there are enough homes for sale to meet buyer demand, the market needs inventory for 6 months.

You’ve got to be in it to win it!

And now some good news on the job numbers!

Consumer Reports: 7 Yard and Garden Improvements That Boost Your Home’s Resale Value - After a slump in the spring, the real estate market is hot. These tips can help you sell your home faster, and for more money. The real-estate website Zillow reports that the pace of home sales is the fastest it’s been in more than two years. Inventory is low and prices are rising. Pandemic-weary city-dwellers seeking more space account for part of the surge in demand, real estate agents s...Continue reading

Welcome news for sellers looking for a quick transaction and buyers look for a move or in home size.

Any home improvements planed for the weekend? *remember* homes with updated kitchens and bathrooms sell quicker and have a higher ROI (return on investment).

The Latest Unemployment Report: Slow and Steady Improvement Last Friday, the Bureau of Labor Statistics (BLS) released its latest Employment Situation Summary. Going into the release, the expert consensus was for 1.58 million jobs to be added in July, and for the unemployment rate to fall to 10.5%. When the official report came out, it revealed that 1.8 million jobs were added, and the unemployment rate fell to 10.2% (from 11.1% last month). Once again, this is excellent news... as this was the third consecutive month the unemployment rate decreased. There is, however, still a long way to go before the job market fully recovers. The Wall Street Journal (WSJ) put a potential date on that recovery: July’s payroll growth, at 1.8 million, still leaves total payrolls 12.9 million lower than in February. And yet if job gains continued at July’s pace, that deficit will be erased by March 2021. If payrolls reclaim their last peak in 13 months, that would be remarkably fast. It took more than six years after the last recession. Permanent vs. Temporary Unemployment During a pandemic, it’s important to differentiate those who have lost their jobs on a temporary basis from those who have lost them on a permanent basis. Morgan Stanley economists noted in the same WSJ article: The rate of churn in the labor market remains incredibly high, but a notable positive detail in this month’s report was the downtick in the rate of new permanent layoffs. To address this, the core unemployment rate becomes increasingly important. It identifies the number of people who have permanently lost their jobs. This measure subtracts temporary layoffs and adds unemployed who did not search for a job recently. Jed Kolko, Chief Economist at Indeed and the founder of the index reported: Core unemployment fell in July for the first time in the pandemic. That’s the good news I was hoping for. What about the housing market? The housing market has continued to show tremendous resilience during the pandemic. Commenting on the labor report, Robert Dietz, Chief Economist for the National Association of Home Builders (NAHB), tweeted: Housing continues to rebound in another positive labor market report. Homebuilder and remodeler job gains of 24K for July. Residential construction employment down just 56.4K compared to a year ago. Total residential construction employment at 2.85 million. --- We should remain cautious in our optimism, as the recovery is ultimately tied to our future success in mitigating the ongoing health crisis. However, as Mike Fratantoni, Chief Economist for the Mortgage Bankers Association reminds us: The pace of job growth slowed in July, but the gains over the past three months represent an impressive rebound during the ongoing economic challenges brought forth by the pandemic.

Worked with Brandon on several deals. knowledgeable, Fast, & Determined to reach the close date!

The housing market is forecasted to finish the year with growing strength. Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise. If you’re thinking of buying or selling a home this year, DM me to schedule a FaceTime meeting!

Why Homeowners Have Great Selling Power Today ... We’re sitting in an optimal moment in time for homeowners who are ready to sell their houses and make a move this year. Today’s homeowners are, on average, staying in their homes longer than they used to, and this is one factor driving increased homeowner equity. When equity grows, selling a house becomes increasingly desirable. Here’s a breakdown of why it’s a great time to capitalize on equity gain in today’s market.... As average homeowner tenure lengthens and home prices rise, equity, a form of forced savings, can be applied forward to the purchase of a new home. CoreLogic explains: Over the past 10 years, the equity position of homeowners has positively changed as a result of more than eight years of rising home prices. As the economy climbed out of the recession in the first quarter of 2010, 25.9% or 12.1 million homes were still underwater, compared to the first quarter of 2020 when the negative equity share was at 3.4%, or 1.8 million properties. Borrowers have seen an aggregate increase of $6.2 trillion in home equity since the first quarter of 2010 and the average homeowner has gained about $106,100 in equity. Increasing equity is enabling many homeowners who are ready to sell their current houses today to sell for an increased profit, and then reinvest their earnings in a new home. According to the Q2 2020 U.S. Home Sales Report from ATTOM Data Solutions, in the second quarter of 2020: Home sellers nationwide realized a gain of $75,971 on the typical sale, up from the $66,500 in the first quarter of 2020 and from $65,250 in the second quarter of last year. The latest figure, based on median purchase and resale prices, marked yet another peak level of raw profits in the United States since the housing market began recovering from the Great Recession in 2012. If you’ve been taking a closer look at your house recently and are thinking it might be time for you to make a move, determining your equity position is a great place to start. Understanding how much equity you’ve earned over time can be a key factor in helping you realize the potential profits in your real estate investment and move toward your next homeownership goal.

Best Time to Sell? When Competition Is at an All-Time Low In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are seriously worried. That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American fami...lies have experienced this year. The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year. While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history. Bidding Wars Heating Up Again With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed: On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers). Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Whether you’re thinking of buying a home or selling your house, know that home prices will not change dramatically this year, even with all of the uncertainty we’ve faced in 2020. -- What Are the Experts Saying About Future Home Prices?... -- A worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that reason, forecasting home prices has become extremely difficult. Normally, there’s a simple formula to determine the future price of any item: calculate the supply of that item in ratio to the demand for that item. In housing right now, demand far exceeds supply. Mortgage applications to buy a home just rose to the highest level in 11 years while inventory of homes for sale is at (or near) an all-time low. That would usually indicate strong appreciation for home values as we move throughout the year. Some experts, however, are not convinced the current rush of purchasers is sustainable. Ralph McLaughlin, Chief Economist at Haus, explained in their June 2020 Hausing Market Forecast why there is concern: The upswing that we’ll see this summer is a result of pent-up demand from homebuyers and supply-in-progress from homebuilders that has simply been pushed off a few months. However, after this pent-up demand goes away, the true economic scarring due to the pandemic will begin to affect the housing market as the tide of pent-up demand goes out. The virus and other challenges currently impacting the industry have created a wide range of thoughts regarding the future of home prices. Here’s a list of analysts and their projections, from the lowest depreciation to the highest appreciation: CoreLogic: Year-Over-Year decline of -1.5% Haus: Year-Over-Year decline of -1% Zillow: Year-Over-Year change is forecasted to bottom out at -0.7%. Home Price Expectation Survey: Decline of -0.3% in 2020 Fannie Mae: Increase of 0.4% in 2020 Freddie Mac: Increase of 2.3% in 2020 Zelman & Associates: Increase of 3.0% in 2020 National Association of Realtors: Increase of 3.8% in 2020 Mortgage Bankers Association: Increase of 4.0% in 2020 -- We can garner two important points from this list: There is no real consensus among the experts. No one projects prices to crash like they did in 2008.

According to experts, the economy will begin to recover in the second half of this year. With real estate as a driver, that recovery may start sooner than we think.

We all live on one planet, we all pay taxes, and we all pass away ... don't take the time here for granted - make the best of it!

WARNING Coronavirus scams are on the rise. Keep yourself safe and informed with these four tips from the FTC. 1. Consult licensed medical professionals for all of your testing and treatment needs, and ignore offers for vaccines, cures, and at-home test kits that aren’t FDA cleared or approved.... 2. Screen your calls, emails, and texts. Avoid corresponding with sources you don’t know or trust, and never provide sensitive information like Social Security or account numbers via phone or email. 3. Double-check charities before making a donation. Search their websites for credentials and only submit gifts through secure payment portals using a credit or debit card with fraud protection. 4. Stay informed. Follow the FTC and the CDC for updates on scam risks, prevention guidelines, and drug developments. And, as always, I’m only a phone call away if you have any other questions.

Inventory in 92408 is dropping, which means fewer houses to choose from and fewer days on market

With the housing market staggered to some degree by the health crisis the country is currently facing, some potential purchasers are questioning whether home values will be impacted. The price of any item is determined by supply as well as the market’s demand for that item. Each month the National Association of Realtors (NAR) surveys over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions for the REALTORS Confidence Index.... Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand) during this pandemic. --- Looking at these maps and listening to the experts, it seems that prices will remain stable throughout 2020. If you’re thinking about listing your home, let’s connect to discuss how you can capitalize on the somewhat surprising demand in the market now!

Keys to Selling Your House Virtually In a new era of life, things are shifting quickly, and virtual strategies for sellers may be a great option. Opening your doors up to digital approaches may be game-changing when it comes to selling your house. Let’s connect and explore the possibilities!

Buying a Home Right Now: Easy? No. Smart? Yes. Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed: The March ShowingTime Showing Index recorded the first nationwide drop in showing traffic in eight months as co...mmunities responded to COVID-19. Early April data show signs of an upswing, however. Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country? Here are three reasons for this uptick in activity: 1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible. 2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually: View homes Meet with mortgage professionals Consult with their agent throughout the process All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves. 3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan. Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last December and purchasing one now

Supply and demand still stets the prices.

https://www.instagram.com/p/B_XXkpdAyRs/

While the world has hit the pause button right now, maybe you've been thinking about selling - now you have the time to get your home ready for a virtual showing! the infographic below has some good tips.

MARCH Market Report The first quarter housing market of 2020 was shaping up to be one of the strongest first quarters in years. With COVID-19 having the stock market seeing red, and the unemployment rate rise there will be drop-in new listings, and likely sold listings as housing inventory shrinks, but it's not all doom and gloom. As people return to work, school, and life ... people will move, downsize or upsize and the housing market will return better than ever! Look up your city and see what the Year-Over-Year (YOY) number is. If you'd like more localized housing marketing info. just send me a message!

Words we really need now! Stay positive, and stay healthy!

As you all know #covid-19 has affected many if not all industries in the world right now. With all the different people involved in a real estate transaction it was difficult to decide who was essential and who wasn’t. Here is what we know so far. The most recent real estate updates: If you haven’t heard yet, home inspections (done by contractors) such as home inspectors, appraisals, termite roof etc, are now deemed essential and no longer need to done behind the scenes.... There are some protocols that must be followed: They cannot meet with the consumer (buyer/seller) directly. They must be alone or keep their distance from the consumer. They cannot give the results to the consumer in person. Delivery must be digital. They must wear appropriate safety gear Mask, booties and gloves. California Association of Realtors (CAR) has been lobbying the governor to deem us essential as well and progress is being made. But we are not there yet. We must still meet virtually and showings must be digital. To that end, CRMLS is now allowing links to unbranded virtual showings in the public comments. If you need to put your property on hold, the 30 day restriction does not apply at this time. These are all steps in the right direction. I hope that this helps. Keller Williams Riverside Frank Spencer DRE 01155964

California residents ... Shelter at home cheat sheet: You can: Go to the grocery store Go to the pharmacy ... Go to medical appointments Go to restaurants for take-out/drive thru Go to care or support friend or family member (but try and stay 6ft away) Go for a walk outside, ride your bike, or walk your pet. You cant: Go to work unless defined by order Visit friends/family for no urgent need Visit loved ones in hospital/nursing homes You can’t be less than 6ft of distance away from others The duration of this order is for 1 month, but expected to last 2 months. Stay safe and healthy my friends #coronavirus