Temecula Valley & Menifee Real Estate Update

Last week I went to a Title company get together where they host agents, provide food, update on stuff, and overall work to get our business. What I learned there is what I would like to share and thereby give people reading this blog an inside peak at my business.

The biggest thing I learned is that business is VERY slow. Now I realize that it doesn't take a rocket scientist to figure this out, however, I didn't realize how slow. First, I was told for all of the something like 5500 registered agents in our South Riverside community, only 182 deals were closed in August. Now that is a serious shocker, especially since I closed 100 of them myself --- just kidding!

I realize that many of those 5500 agents may have been gone a long time already or are only part time and won't realize success in this career at this time. But while I was mingling around, I talked to two other major agents that I know there and they are going to be lucky to make a third of what they did last year.

I also learned that several title companies and escrow companies have launched recent cuts. The overall feel is that the Real Estate industry is stridently trimming the fat and getting lean and mean. The new agents and the part timers are gone. The happy, go lucky internet crowd are gone. And the loose referrals to unknown agents are gone.

The only agents or brokers that seem to be doing well are going back to the basics and are the hardcore fulltimers like myself that understand the market, the service we offer, and the importance of long term thinking.

Another tidbit I picked up was that people are trying to avoid short sales which I actually go after. I thought that was a odd but more and more agents are unaware how they work or just feel they are too much trouble, which many times they can be. However, short sales are something the right buyer should go after since they often offer the very best deals available on the market.

The end sum of my blog today - Sellers, things are tightening up and deals are few and far between. The Menifee homes that are selling are ones that make a fantastic first impression and show a willingness to negotiate. Buyers - what a time to make a purchase. And if you want to work a really good deal right now, investigate short sales since they seem to be a black sheep yet in my opinion often offer you an amazing deal that many times beats foreclosures hands down.

Short sale properties are often being actively maintained, the seller is relaxed on price point, and is a segment many people ignore. If you don't know what one is, now is a great time to learn as we turn in the traditional slow season.

Speaking of slow season, I will offer some positive news for sellers. I am actually busier now than I was this summer. It seems like more properties are reaching a point where they are going off the market and thereby reducing supply which is still very high. I am working with more buyers right now than I have in several months. With the reduction in loan rates hopefully to continue, AND the passing of the debt forgiveness policy (fingers crossed) things seem to be working towards a more balanced market.

Sincerely,

Stefan West
Diversified Realty
951-894-6199
Temecula to Menifee Homes