This market report for homes for sale in Temecula's Paseo Del Sol as of August 2011 reflects the current short sale market. That is, sellers are selling for "short" of what they owe on the loan they took out on the home. This short sale process can take 4 to 6 months, for the owner's bank to agree to take less than what is owed on the home. The owner's bank, in fact, typically requires a real hardship such as loss of job, divorce or move due to military orders.
The result is that a home goes on the market for sale, a buyer makes an offer that can be put in front of the owner's bank for analysis: is the offer within the current market price range for the home? Is the seller in a hardship, based on full income and asset documentation? This process takes time, so while the parties wait for the owner's bank to go through the process, the home stays "pending."
Meanwhile, the original buyer - whose offer is in front of the owner's bank - frequently gets tired of waiting and moves on to purchase another home after the deadline for the owner's bank's decision (stated in his/her Short Sale Addendum) has expired. This leaves a window of opportunity for another buyer to come along right toward the end of the short sale process, make an offer and get the home without the six month wait.
Here's a link to search Paseo del Sol area homes:
BACK IN 2010...
Market Report for Homes for Sale in Temecula, CA - Paseo Del Sol
Let's look today at two moments in time in the Paseo Del Sol market, in Temecula:
This appears to support that buyers in the market for homes in Paseo Del Sol, Temecula, were rushing be be in escrow (April 30th contract was the deadline, with close to be on or before June 30), which they achieved by having more homes Pending sale in May than were Actively for sale.
I can give you anectdotal evidence, however, that our buyer clients continue to look for homes, and we continue to have buyer clients starting the buying process, because:
1. They can own a home for almost the same or lower monthly payment as renting,
2. They can be in the home for the typical 2 to 5 years, then move and put a tenant in to mostly cover the PITI.
Temecula's Paseo Del Sol market is particularly desirable for location and amenities:
- Community HOA that applies rules across the community to maintain a relatively "kept" look and feel,
- Community pool and clubhouse (photo below),
- Walking trails,
- Tot lots and parks,
- Lots of master-planned open spaces,
- South Temecula, so has proximity to the 15 freeway for commuters to San Diego or Camp Pendleton Marine Base,
- Centrally located to the many restaurants and shopping opportunities throughout Temecula and Murrieta, from Home Depot, Starbucks and "all the usual suspects" for chain restaurants, to the Promenade Mall under 10 minutes away on Margarita,
- Local elementary school, Abbe Reinke Elementary, ranks 10 on California's scale of 10,
- Local Middle School, Temecula Middle School, ranks 9 on California's scale of 10,
- Local High School, Temecula Valley High School, ranks 9 on California's scale of 10.
The market is composed of, as of 9/4/2010, the following types of Active listings:
Right now, in September 2010, we are still finding multiple buyer offers on homes for sale in the market for Paseo Del Sol in Temecula. For Bank-owned and Standard Sales, there is even more demand, because the seller on title is the one determining (for seller's side) when the deal can close.
In contrast, the Short Sales are those where the bank that holds the seller's note is having to go through its procedures to decide whether to take a lot less than the seller owes the bank ($100,000 to $200,000+ in some cases). That means that the first buyer to get accepted as the top offer on a Short Sale can be looking at a 2 to 6 month wait for that seller's short sale bank to approve the sale. It gets frustrating, with a lot of "no news" reports from the agent to the buyer. As buyers get acquainted with this market, they soon realize that with a savvy agent, it is better to be the buyer who is at the front of the line of offers near in time to when the seller's bank is about to approve the short sale, or has just approved the short sale. This cuts down on the buyer's wait time. It is a bit of science, art and timing, and, yes, luck, to get the buyer into a home relatively fast.
If you have found that Paseo Del Sol in Temecula meets your home-buying needs, we would be happy to help you navigate through this multiple-offer market. Please feel free to contact us.
As usual, I like to include pictures of the community we're talking about, in this case the Paseo Del Sol market for homes in Temecula, CA. Enjoy!
You can search Paseo Del Sol homes by searching Temecula on our website without signing in or sharing any personal information. If you would like a search tailored specifically to a neighborhood such as Paseo Del Sol in Temecula, you can have us find homes.
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.