San Jacinto, CA Real Estate News

By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
San Jacinto, CA - Market Action Index per Quartile  September 28, 2009San Jacinto Ca real estate market has definitely shifted from being a buyers market to a sellers market.  On the home page of my website, JohnOcchi.Com I have added a new feature available through AltosResearch that updates weekly.Viewers have the opportunity to subscribe and receive a detailed report sent directly to their email box, once a week.  The data is amazing.  It allows anyone who is interested the ability to accurately track the local San Jacinto, CA market conditions to include pricing, levels of supply and demand as was a number of different value metrics.The current report is available right now for the week ending September 28,th 2009.MARKET OVERVIEW The "Market Action Index " is the result of an autom...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Looking ahead to a strong close for my Real Estate Team we have to look back to see where we have been to see where we are headed.With only a few days left in the 3rd quarter of 2009 my team and I still have three escrows we expect to close before the end of the quarter.  The numbers I am looking at now, do not include these last few transactions.DAYS ON MARKET (DOM)I have changed the way I post sales to the MLS.  In 2008 I was motivated to record the lowest possible number of days on market, as possible.  I did pretty good averaging just over 7 days for the entire year with close to 100 closed transactions.This year I decided to forgo the bragging rights of a low DOM and maximize the marketing exposure my listings receive on the Internet by not reporting them as PENDING until the prope...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
The Quest Begins - A First Time Homebuyers Entry into the Hemet - San Jacinto Real Estate MarketI suppose it happens everyday.  A nice family, or even an individual decides that now is the time for them to get involved in the real estate market and buy their first home and quit paying rent forever.  It happens in every market, everyday.Today it happened right here in San Jacinto CA when a I received a phone call from Megan who told me she and her husband, Ryan, had been reading my ActiveRain blog, along with several others, and decided they liked my personality and thought that what I had to say was legitimate.  Megan said she knew that if anyone could help them, I could.OK, I was a bit flattered.  I guess we all like to hear nice things being said about us and receive praise for our wo...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Home Systems and Appliance MaintenanceAs the local Hemet - San Jacinto CA local area expert in all things residential real estate I am always on a quest to find useful information to share with the readers of my blog.In this short article I came across a web page hosted by Home Warranty of America (HWA).  Let me start by saying that these guys are one of the biggest players in the home warranty field that separates themselves from the competition, on the surface, by offering a 13 month warranty instead of the typical 12.  Once you dive deeper into their business you realize that they are committed to educating their clients in many aspects of home ownership while striving to provide a quality service.I wanted to bring this resource to homebuyers - particularly first time home buyers who...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
I have been on the abuse side or REO Listing Agent Bashing for a couple of days now after my blog post, Do Buyers Think They are Getting Slick? Was featured on ActiveRain.  OK, there are a lot of good points there and some great conversation to help make things better.  By the way, I have had several of my asset managers read through the blog and subsequent conversation that followed and the best I can get out of them at this point is something along the line of "interesting".  We'll see what comes of that.I also wrote another blog article that surprisingly tome did not receive very much attention, "REO LISTING AGENT OFFERS INSIDE SCOOP ON "HOW TO WRITE AN OFFER FOR A HEMET - SAN JACINTO CA BANK OWNED HOME FOR SALE"".Well this article addresses both issues.Lets talk about the CASH BUYER...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Let me start with full disclosure and identify myself as a listing agent that is in his third year of working exclusively with banks to list, market and sell their REO inventory of bank owned homes.  My San Jacinto, CA office is located on the border of Hemet and San Jacinto, next to Starbucks at the intersection of Esplanade and Sanderson.  I am a local area expert when it comes to the Hemet - San Jacinto Valley and the surrounding communities of the South West Riverside County in the Inland Empire region of Southern California.As an REO Listing agent I have the opportunity to see and process many offers from agents across the state of California.  My own personal preference is to work with a local agent because I strongly believe that all Real Estate is local and that the REALTORS inv...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Real Estate in the Southern California bedroom communities of the Hemet - San Jacinto Valley has been red hot all year long.  The community in South West Riverside County region of the Inland Empire have been dominated by Short Sale Listings and Bank Owned Sales  for the entire year.  It is not uncommon that once a home for sale is listed on the MLS that offers start to come in within 24 hours.  Although the exception and not the rule, as an REO Listing Agent I am no longer surprised when I see offers come in on my listings in less than an hour after I publish them to the MLS.  OK, maybe not surprised - but it does continue to amaze me.With the decrease in inventory there is definitely an increase in competition for properties in the Hemet - San Jacinto, CA Valley.  When we have a good ...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
The long hot days of summer are coming to an end.  Already the days seem shorter and a bit cooler than they did just before Labor Day.  The kids are back to school and everyone at work is back from their vacations.  Seems like life has returned to normal.The fall season is the best time of the year to work on your yard and get it ready for the upcoming year.  This is especially true if you are hoping on selling next year and you need to capitalize on your homes curb appeal.FERTALIZERHere in the Hemet - San Jacinto Valley in Southern California we don't have to worry too much about snow and ice - let alone frost.  However, for those readers with real estate in a less arid region this is the best time of the entire year to fertilize with a good nitrogen and potassium combination fertilize...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
The current real estate market in San Jacinto CA has many investors constantly on the look out for good real estate deals.  Many of our investors are now seasoned, however there are still a number of Johnny-come-lately's who want in on the action.  Not saying that they can't play in this market, but they best know what they are doing or be in the hands of a seasoned REALTOR® that knows the ins and outs.Here are a few tips on what you should avoid - for both seasoned and new investors...First, Investors should never be ‘herd' animals.  Yes, there may be safety in numbers - but just because everyone else is doing it is no reason for you to do it.  I can hear my mom now, "If everyone was jumping off the Brooklyn Bridge, would you do it too?"So please, decide which real estate investment ni...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
In the previous article in this series we took a general look at the AVERAGE HOME that sold In San Jacinto, CA during the period of July 21st, 2009 through August 20th, 2009.  We learned that there were a total of 110 homes that were sold and closed escrow for an average sale price of $130,834.In this section of the Market Report for both the combined 92582 and 92583 zip codes we will look at the data as it relates to the type of financing used to buy the properties that were for sale.This information is to be considered useful, but please do not rely on it for any financial decisions without verifying the data for yourself.  There are, of course, no guarantees to its accuracy.FHA LOANSHomes purchased with Government Guaranteed FHA Loans continue to be the story for 2009 with 58 transac...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
During the period between July 21st, 2009 and August 20th, 2009 there were 126 Single Family Residential Homes that closed escrow.  This is up from the 110 homes that closed escrow during the proceeding 30-day period of 6/21/09 thru 7/20/09.This information is to be considered useful, but please do not rely on it for any financial decisions without verifying the data for yourself.  There are, of course, no guarantees to its accuracy.This report covers both the 92582 and 92583 zip code - the only two zip codes in San Jacinto, CA which is located in the South West Riverside County area of the Inland Empire region of Southern California.In the proceeding month, the Average Home that Sold in San Jacinto was 2,156 square feet with 3.78 bedrooms and 2.31 baths for an average Sold Price of $13...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
John Occhi and his Excellence in Real Estate team at Allison James Estates and Homes recently held a brain storming session with staff members, buyers agents and on of our preferred lenders.We have laid the ground work for a brand new markeitng concept - one that we hope will stimulate the local Hemet - San Jacinto CA real estate market.We don't want to talk to much about it right now.  We can say that there are a few moving parts and some serious coordination will be needed to pull this off.  What we do know is that when all is sid and done we believe the community, as a whole, will be a better place becaue of the actions that were put into motion the end of this last week.Stay tuned  - there will be more to come.
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
The last segment of the market that we will look at for this report on the homes sold in San Jacinto, CA during the period of 6/21/2009 - 7/20/2009 are for the homes that were financed with a loan for our veterans - either VA or CalVet.  These loans are unique in that the Veteran is not suppose to use any of their own money to buy the home - and that includes closing costs.VA Loans are a very small section of the market - the 5 VA Loans that closed escrow during this period in San Jacinto only amount to 4.5% of the overall sales activity.  4 of the 5 closed sales were for bank owned REO Sales - the 5th was a Standard Sale.What can be said for VA Loans is they will typically but the biggest, newest and most expensive homes on the market.  While the average home in the market that closed ...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
In San Jacinto CA, as throughout the rest of South West Riverside County and the Inland Empire region of Southern California the most popular way to finance a home purchase today is with an FHA Loan that only requires a 3.5% down payment and must be owner occupied.Homes purchased with FHA Loans represent 44.5% of the Total residential homes sold in San Jacinto with 49 of the 110 residential real estate transactions during the period of June 21st, 2009 through July 20th, 2009.There are several differences between the homes purchased with the popular FHA Loans and other types of financing.First off, the homes were slightly larger that than the average home sold in the area, during the period at 2,174 square feet compared to the Average of all homes at 2,135 sq ft.  The Bedroom count was a...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Conventional loans typically require the borrower to have a larger down payment that government type of loans, such as FHA or VA.  Conventional loan down payments in San Jacinto CA from the period of June 21st, 2009 through July 20th, 2009 accounted for  22.7%, or 25 residential homes for sale, closed escrow.Aside from the amount of down payment a borrower must put down on a Conventional Loan, there is not a requirement for the borrower to live in the home.  Therefore a conventional loan is a common way for an investor to finance their real estate investment property in San Jacinto, CA.   Down payments typically range in value from 10% of the purchase price up to 25%.  The greater the down payment the better the interest rate of the loan for the investment property.The Conventional Loan...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
CASH SALES & THE MARKETIn the next 4 sections of the San Jacinto Real Estate Market Report for the period covering 6/21/2009 through 7/20/2009 we are going to look at how each type of financing affects the market and compare to the AVERAGE SOLD HOME in San Jacinto during this same period.  In this section, we will be looking as CASH SALES.   From our Earlier Report we learned that the AVERAGE SOLD HOME in San Jacinto had 2,135 square feet of living space and 3.76 bedrooms with 2.3 bathrooms and that it was built in 1979.The Cash Sales of San Jacinto, CA homes were built 10 years later on average in 1989 and were only 91 square feet smaller at an average of 2,044 and had, on average 3.7 bedrooms and 2.2 bathrooms.Lot Sizes for Cash sales were also larger than the average of 8,051 square ...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
FINANCING by TYPE of SALEIn this segment to the San Jacinto Real Estate Market Report of SOLD Activity between the dates of June 21st, 2009 and July 20th, 2009 I will take a look at the various types of financing and see what effect, if any, they have on each type of Special Condition that exists in the current real estate market.Of the 110 Closed Escrows in San Jacinto, CA during this period there was one property that has a red flag on it when I examine the public records.  It was listed as a "Standard Sale" and the financing type is an "All Inclusive Trust Deed". As per the data entered by the listing agent into the MLS.  Further exploration of the County records are a bit confusing but it appears as if the property was transferred between family members - the County has the new owne...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
This report is part of the series of articles published as the San Jacinto CA Real Estate Market Report for Sold properties between June 21st, 2009 and July 20th, 2009.This information is to be considered useful, but please do not rely on it for any financial decisions without verifying the data for yourself.  There are, of course, no guarantees to its accuracy. (As an afterthought, I added my own numbers to this San Jacinto Market Report for the same period with the 4 homes I sold in the same San Jacinto Market, during this same period.  My personal differences will be published in italics to help separate it from the main focus of this report.  All 4 of my listings were Bank Owned REO Listings.)While the AVERAGE SOLD HOME is 2,156 sq ft the Average REO home that sold was 2,180 sq ft. ...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
This is a follow up series of article to the series I previously published analyzing the San Jacinto Real Estate Market from May 20th, 2009 through June 20th, 2009.  This market report covers the next 30 days from June 21st through July 20thm 2009; looking at all of the Residential Homes that SOLD in San Jacinto during the period.  Data was gathered from the SoCalMLS, downloaded and analyzed in Microsoft Excel.This information is to be considered useful, but please do not rely on it for any financial decisions without verifying the data for yourself.  There are, of course, no guarantees to its accuracy. During the period covering the end of June and most of July, 2009 there were 110 Single Family Residential homes that sold after eliminating multi-family homes, mobile homes (regardless ...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
I truly have been blessed as a real estate agent living and working in my local market - the Hemet - San Jacinto Valley in South West Riverside County region of the Inland Empire in Southern California.  For over 2 solid years know I have earned my entire income as a direct result of listing and selling bank owned homes (REO as referred to in real estate circles), here in the Hemet San Jacinto Valley.Because of my good fortune, I have had the opportunity to meet and work with some really great investors that I have been able to learn from as well as teach to.  Together, we have all expanded our horizons and increased our net worth.In this article I'd like to discuss what I have learned about flipping real estate.  Until recently it was difficult for the last couple of years, as we were ...
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