San Jacinto, CA Real Estate News

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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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Currently, one of the most driving forces in the Hemet - San Jacinto Valley Real Estate Market has been first time homebuyers scrambling to take advantage of the $8,000 tax credit  (10% of Purchase Price - Max $8,000) that was created as a stimulus to the economy. In my opinion, the program is very definitely a success.  Yes the IRS may be out a few dollars; but look at the trickle down economics that is stimulating local economies.  Not only are houses selling quicker than any time during the current housing crises, but new homeowners are spending thousands of dollars fixing these homes so they are habitable with everything from fresh paint, new flooring, revitalizing landscapes and so much more. It doesn't matter if the new homeowners are the handy do-it-yourselfer or the 10 left thum...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
 As a Member of the local Hemet San Jacinto Association of REALTORS® (HSJAOR) I am a Member of SoCalMLS - the Second Largest MLS in the entire country.With the resources available to SoCalMLS, the powers to be are constantly looking to enhance the services offered to REALTORS® like myself to help us provide the best service available to our clients.Next week, SoCalMLS will be making significant changes that I look forward to.  Perhaps the biggest upgrade is access to Statewide data through ReaList.  All of California's 11,302,907 parcels in all 58 Counties  will be at my fingertips.  No longer will I be limited to conducting searches on my own to the southern California Counties. It gets even better...now I will have access to the Plat Maps for each parcel - previously I was charged $2 ...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Abraham Lincoln said those words...and how true they are today in the 21st Century as they were in the 19Th. The real estate market in the Hemet - San Jacinto Valley, located in South West Riverside County in the Inland Empire Region of Southern California is not a place to wait if you want to find a deal on a bank owned home anytime soon. There are several variables at work, which I believe will change the market, bringing the prices to the lowest point yet, in our current economic disaster. The first element is undisputable in that our market will always began to slow at the end of July. The ‘traditional season' ends mid summer so that families can be relocated prior to the beginning of school. No one want to plan on a move in October or over the holidays - just not a good time to pa...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
SAN JACINTO SOLD SUMMARY - 5/202/09 - 6/20/09 In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.  As I was finishing up there was one more statistic that was glaring me the face.  I hated to admit it - heck I didn't even want to look at it, because it was so painful.  Once I did though the pain quickly subsided and turned to anger. This data supports my biggest pet peeve and strong belief that "ALL REAL ESTATE IS LOCAL AND YOUR REALTOR SHOULD BE TOO!"  Of the 136 homes that were sold in San Jacinto between May 20th and...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
FINANCING OBSERVATIONS In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.  In the previous segments I looked closely at each of the 4 types of financing used to buy a home in the San Jacinto CA real estate marketplace.  The five previous segments published are: FINANCING - CASH, FINANCING - CONVENTIONAL FINANCING - FHA FINANCING - VA FINANCING - Last But Not Least...Land Contract In this portion of my report I want to look at the data provided and compare the benefits and strengths of each finance type, as it applies t...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.  In this segment, I will look closely at a single San Jacinto home for sale that sold with a LAND CONTRACT. Of the 136 properties SOLD in San Jacinto CA during the period of May 20, 2009 to June 20, 2009 there has to be one odd ball...right?  Well this is it.It is hard to say just what happened, based on the records that I have easy access to. There is one home that was recently purchased from HUD in April and then sold again in the MLS earlier this month.  What is con...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.  In this segment, I will look closely at San Jacinto homes for sale that sold to owner occupied buyers with a minimal down payment using the government sponsored VA loan program. The veterans of our country have numerous benefits to help offset their generous sacrifices in the service of our country.  One of them is that they are guaranteed a VA home loan with no money out of their pocket to close escrow and move in.  When scouring the market of homes for sale the vete...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.  In this segment, I will look closely at San Jacinto homes for sale that sold to owner occupied buyers with a minimal down payment using the government sponsored FHA loan program. FHA Financing is the dominate method to purchase and finance a home in the current market.  67, or nearly one in two of the 136 San Jacinto home buyers,  49.26%, used the government sponsored FHA loan program that only requires a minimum of 3.5% down payment.  FHA Financing has established st...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.  In this segment, I will look closely at san Jacinto homes for sale that sold with a larger down payment and Conventional financing. Of the 136 San Jacinto, CA homes that Closed Escrow during the period of 5/20/2009 through 6/20/2009 35 were financed with CONVENTIONAL FINANCING.  These homes are typically purchased by investors who are seeking to leverage their cash by typically putting 25% of the purchase price down on the property and financing the balance with a Con...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market  by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.In this segment I will look closely at a very important segment of the market - the one controlled by CASH investors.  Cash transactions accounted for 20.59% of all the closed San Jacinto real estate transactions during this 30 day period.  Of the 136 homes that SOLD in San Jacinto, CA during the period of 5/20/09 until 6/20/09, 28 were purchased with CASH MONEY and 26 of those were for bank owned REO properties. The Average CASH Transaction was on the market for 64.79...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
On June 20, 2009 a report of all Single Family Residential real estate listings reported as SOLD in the last month (from 5/20/09 to 6/20/09) was run on the MLS, using the data as provided directly from SoCalMLS. 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.  There were a total of 136 individual San Jacinto residential real estate properties considered, after eliminating 3 duplicate entries and verifying what appeared to be misinformation or lack of available information.  This data does not include multi-family, mobile homes, land, commercial, leases or any other type of homes - this is strictly residential real estate in both zip codes o...
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By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
As an REO Listing Agent and REALTOR inn the Hemet San Jacinto Valley, who got in early I can say that my life has been blessed.  Not only have I sold more houses than I ever thought possible but I have gotten to know some really spectacular people.The business has been so good to me that I have outgrown the traditional business model of a traditional real estate office and forced to re-invent myself and the way I look at this business.  I found a Virtual Broker that truly does pay 100% commission after a small annual fee of approximately $3,000 a year - which includes E&O Insurance.  Allison James Estates & Homes is much more than a rent-a-broker; they are a virtual broker - still providing me with access to the same tools I would expect from a traditional broker - only I don't have to ...
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