At Home in Upland

Need LOCAL Stats On Which to Make A Home Buying Decision?

The National or California State wide statistics can be misleading if you are considering communities around Upland or Rancho Cucamonga, CA. You will want to consider the following:

AFFORDABILITY INDEX

For First Time Buyers, this is expressed as a percentage of the households that are able to afford entry level homes based on the Median Prices in those areas. Note the differences between the State wide, Los Angeles and San Bernardino/Riverside County percentages. More households can afford to buy than in any time in past memory in my little corner of the world.

Average Home Prices

In the ten communities that I track - Purely LOCAL - The Average selling prices are trending upward. Does this signal the bottom has been hit? I can't say because we don't know what will happen with the foreclosures in the future, BUT these Single Family Residence prices would indicate that homes purchased at the beginning of this year have increased in value in the past ten months.

Interest Rates - 30 Yr FRM

Regrettably, I do not have a good source for local rates that would be meaningful. The following are from Freddie Mac and are National numbers that they survey and automatically display on their web page... but one thing we do know.... These are very respectable. You should contact your lender as your numbers will vary depending on your creditworthiness, the loan package best suited for you and timing.

Home Inventory

This is how many months it would take for all Realtor(R)s to sell the available homes if there were no new properties listed. The caution is that this number is for ALL properties in the area and inventory is known to vary by price range.

Need LOCAL Stats On Which To Make A Home Buying Decision?

With the exception of the upward trending prices, many of the indicators would seem to be favorable to buy a home. Yes, you do have to have good credit and high FICO scores. You need to have the income level to qualify in order to get a loan.

WHAT ARE YOUR CONCERNS? Curious Minds Want to know.