Market Report for Murrieta - East Side, August 2010
Here are my market reports for the east side neighborhood of Murrieta, giving a moving snap-shot of what is happening in this neighborhood since May 2010:
Since the Federal Tax Credit ran out (buyers needed to be in contract by April 2010 to qualify), there was more buying activity (Pendings and Solds) than is happening now. There is some rumor that the Fed Tax Credit will be started again, but it is not a done deal.
The Active, Pending and Sold statistics for for the whole market in Murrieta's east side, east of the 215 freeway, don't tell you what local experience in this market does: this market is still in a multiple-offer situation. This is especially true for REO Bank-Owned and also Standard Sale homes, because in those two situations, the seller sets (on the seller's side) the terms of how quickly the deal can close.
Contrast that to Short Sales, where the buyer must wait for the process to happen: 2 to 6 months for the bank that holds the Seller's note to process the sale. In Short Sales, for the buyer's agent as well as the buyer, it is a matter of timing, as most do not want to put an offer in and wait for six months. Like in this Market report for Murrieta's east side, with access to all the amenities of Murrieta and Temecula's restaurants and shopping, and of course the Great school districts. The east side of Murrieta, too, has prices that are typically lower than the rest of Murrieta and Temecula for comparable homes, due to the drive required to get to these homes, an extra 10 minutes or so if coming up from the Marine Corps base or San Diego.
A buyer in this market, knowing that Murrieta and Temecula have reasonable home prices and proximity to the jobs of the earners in the household, typically would prefer to buy the home and get their children started at the local schools as soon as possible.
Timing short sales to be the offer in front of the bank in that last month that it is about to get approved is an art form these days. We work hard at it continually in Murrieta and Temecula and all throughout our local Murrieta and Temecula markets, and we would be happy to help.
Lisa Delzompo (951-704-4559)
"May your home always be too small ... to hold all your friends!"
CA Dept of Real Estate, Real Estate Broker License #01379811;
NMLS Identifer #331744
REAL ESTATE: www.SandToSeaProperties.com. Covering northern San Diego, Oceanside, Temecula, Murrieta, Riverside County and desert areas of Yucca Valley, Joshua Tree and Twentynine Palms, CA.
LOANS: PRW Lending, Inc. Call direct 951-704-4559, or email me at lisa(@)sand2sea.us
Information is deemed reliable but is not guaranteed. Information is general and may not address your particular situation. Do not rely solely on this or any information you find on the internet. You should consult relevant professionals directly about your real estate, financial, etc., situation.