Things may come to those who wait, but only the things left by those who hustle.

By
Real Estate Agent with Mason Real Estate CA BRE 01444168

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 pack up and move. Typically the selling season gets shorter as the summer evening start earlier and earlier. The flip side is that things start to pickup in the Spring - typically with the Easter Holiday (Spring Break).

The second element to my thoughts on why the market is still headed for another downswing has to do with the current federal $8,000 tax credit the government is offering first time home buyers (FTHB). In order for a home buyer to take advantage of this opportunity, among other requirements, they must CLOSE ESCROW on or before November 30Th, 2009. In reality, this means they must be in escrow - with a signed and accepted offer - no later than September 30Th. Yes, there will be deals that get done after that - but not many! And those that go into escrow after that may be disappointed as the average escrow in San Jacinto CA right now is 56 days.

Then there is the speculation of the current 90-day moratorium in California which is scheduled to expire on September 15Th, 2009. The concept is this is what has held properties off of the market during this prime buying season. Most, if not all bank owned homes that entered escrow in the last 30 to 60 days did so with both multiple offers and offers above the asking price.

So, the principals of Supply and Demand have been at work - limited inventory has raised the prices (not necessarily the values) and soon we will see the lack of demand due to the end of the season and the expiration of the $8,000 tax credit at the same time that the market could potentially be flooded with new inventory of bank owned homes across the Hemet - San Jacinto Valley.

So, in conclusion - if a first time buyer want to take advantage of current market conditions they need to hussel. The Real Estate Investor, however, should be patient as I believe we will be hitting our lowest price point come February or March of next year...just before the traditional home buyers start emerging from the sleepy winter.

Blessings to all who read, 

John Occhi, REALTOR®
www.JohnOcchi.Com
Hemet - San Jacinto Valley
951-6564-5550

Servicing THE REO Needs of Asset Managers, Servicers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun Valley, Perris, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California.  If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above phone number.

Serving California and Riverside County zip codes of 92501, 92503 , 92551, 92555 , 92562, 92563, 92504, 92505, 92557, 92553, 92506, 92507, 92590 92591, 92508, 92509, 92570, 92571, 92592, 92399 , 92584 , 92596, 92820 , 92571 , 92543, 92544, 92545, 92583, 92582, 92879, 92580 , 92530, 92532, 92881, 92882, 92567, 92518, 92883 , 92549, 92561, 92220, 92223, 92028, 92088

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Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

Excellence in Real Estate,Team Log,John Occhi,www.johnocchi.com,hemet,san jacinto,CA  

This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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Topic:
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Location:
California Riverside County San Jacinto 92582
Groups:
1st Time Buyers
CALIFORNIA REAL ESTATE
Everything California
Inland Empire Marketing
Southern California Real Estate Forum
Tags:
hemet
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real estate
first time home buyer
8000 tax credit
investor
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Rainmaker
534,345
Lynda Eisenmann
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co. Real Estate
Preferred Home Brokers

Hi John,

I would have thought of Hemet being more of a retirement area and a little less seasonal, guess not.

 

August 16, 2009 11:23 PM
Rainmaker
301,251
John Occhi
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
Mason Real Estate

Lori,

Thanks for the comment and I guess it is a good thing that your market is not like ours - I can only imagine if the WHOLE COUNTRY was on the same level as California right now - heck someone has to lead us out of this recission...maybe it will bo OKLAHOMA!

 

August 17, 2009 09:24 AM
Rainmaker
301,251
John Occhi
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
Mason Real Estate

Lynda,

The Hemet-San Jacinto Valley was strictly a retirement community...right up to the mid 1990's.  Then things started to change as new construction entered the market.  Today, the market is dominated by homes built since the year 2000 and the Hemet San Jacinto Valley has transformed itself into a very affordable bedroom community.

August 17, 2009 09:27 AM
Rainmaker
222,486
Brian Brumpton
Boise Idaho Real Estate
Keller Williams Boise

John,

I love that quote, I have it written down on bookmarks for a healthy reminder.

August 23, 2009 02:17 PM
Rainmaker
301,251
John Occhi
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
Mason Real Estate

Brian - I agree it is a good one...keeps you moving

August 23, 2009 02:52 PM
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Rainmaker
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John Occhi

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