Menifee-Temecula Real Estate - A Buyers Market

We are currently in buyers market for a real estate. Specifically in Menifee, CA.

During the housing bubble, Menifee home prices were rising at a unrealistic rate like most of the country. But when the housing bubble burst, our city took a much bigger hit than most areas of the country.

At this current moment, homes in Menifee are going for 50% to 70% of what they were 3 years ago. This IS a buyers market. When you can buy a house in Menifee for $180,000 and rent it out for over $1,500, you are positive cash flowing even if you put 3% down.
This is the kind of market where I would round up friends, family and everyone else to see if they would want to partner up and buy some real estate. Even if there is another burst, Menifee homes or Temecula Homes cannot drop too much further in price.

Hemet Homes are also a bargain. Hemet had one of the worst declines in the inland empire. Homes in Hemet are going for 70%  less than they were 3 years ago.

So you would love to buy a home but your credit is hurt. Be CREATIVE. Find someone that you know who would be willing to partner up and you can split the equity when prices rise ( they will ). Again, be creative and you can find the house of your dreams on sale!

Skylar Lewis
Keller Williams - Lewis Realty
www.TemeculaHomes.org

Homebuyers to get 15 day head start on Freddie Mac homes - Investors must wait

Beginning Sept. 17, 2010, Freddie Mac will allow Buyers an initial 15 day period to make offers on their properties without competition from investors. The "First Look Initiative" is part of the ongoing Neighborhood Stabilization Program and supports Freddie Mac's mission to stabilize communitites through the creation of affordable homewonership opportunities.

To search for Freddie Mac homes, click here:
http://www.homesteps.com/hm01_1featuresearch.htm

Here are some Questions and Answers about the "First Look Initiative":

What is the effective date of the Freddie Mac First Look Initiative?
September 17, 2010

How does the Initiative work?
During the first 15 days (30 days in Nevada) a home is listed for sale in the MLS, only offers from owner-occupants, public entities or their designated partners will be considered. Offers from investors and second home purchasers may be submitted to HomeSteps, but they will not be considered until after the initial 15 days of the listing.

What homes are eligible to be included in the Freddie Mac First Look Initiative?
HomeSteps homes in listed status, listed on or after September 17, 2010, are eligible for inclusion in the Freddie Mac First Look Initiative.

How will a homebuyer or selling agent know if a home is eligible for the Freddie Mac First Look Initiative?
Buyers may contact their selling agent or the listing broker with questions regarding the eligibility of a property; this information will also be included in MLS property listing information.

How will the buyers prove that they are buying the property as their primary residence?
The buyer and the selling agent must sign an affidavit affirming that the buyer will occupy the home as their primary residence. Parties that fraudulently sign the affidavit may be subject to criminal or civil liability. The sale will be canceled and the earnest money will be forfeited.
What should the selling agent do if a non-owner occupant makes an offer during the Initiative's 15-day time period?

Submit the offer to the HomeSteps listing broker.
Investors may submit offers at any time; however, the offers will not be considered for negotiation until after the 15-day time period.

Please note: Offers from non-profits, NSP grantees and community development organizations are eligible for the Freddie Mac First Look Initiative.

If a home has been on the market for less than 15 days on the Sept. 17 Initiative launch date, will this home qualify under Initiative guidelines?
No, homes listed prior to the launch date will not be included in the Initiative 15-day time period.

Important Notes

The 15-day Initiative time period is based on MLS days, not the date of the Listing Broker listing.

Multiple offers received during the 15-day Initiative time period are processed in the same manner as a normal transaction using the multiple offers procedure.

Second home purchasers are not eligible for Freddie Mac’s First Look Initiative.

In Nevada, Freddie Mac’s First Look Initiative window for buyers who plan to become owner-occupants is being extended to 30 days.

Interested home shoppers should contact their local real estate broker for more information about the Freddie Mac First Look Initiative.

Economy Trending Downward.... ( Temecula Homes )

What direction is our housing market going?

Newspapers, television, blogs.... the economy isn't getting better. It is actually getting worse with each passing week. Where are we going to be in 1 or 2 years? How will our housing market look? Is this a good time to buy?

The reason for this post is I have watched the market for many years and have watched how our current economy has been falling apart. It seems as though the negative thoughts and assumptions of our economy getting worse is also having an impact on it. As a Realtor and Financial coach, I spend a lot of time helping client's figure out the market. Their question is always "Where are we going to be at in the next year or two years?"

As I see it, every market is different. The bay area is different then our metropolitan areas. Tennessee is far different than Southern California. Our Southern California market is taking a big hit but will recover faster than most areas in the country. We have have already taken some of the largest hits, price wise. In my city, Temecula, we have seen values decrease about 50 to 60% from where they were even 3 years ago, which some areas of the country have seen only 25% decreases. Hemet homes and right now have had more than a 60% hit on values.

It will take the housing market another 2 to 3 years to start it's recovery, if there is not a double dip in home prices.  I do not foresee our SoCal marketing taking a much bigger hit. Maybe 5 to 8% max. We have already been hit very hard. Some parts of the country will see reduction in prices i'm sure over 10 to 20% in the next 3 years. Southern California though will be pretty steady and hopefully will start it's recovery soon.

Temecula Homes, Murrieta, Menifee, Hemet, Lake Elsinore, and surrounding areas are on sale right now! You can buy a positive cash flow house with 3% down. While everyone is worried about the housing market, investors are buying homes in large quantities. If you have money, the best place to put it right now is in Southern California real estate.  Over the next 3 years, my goal is going to be to buy as much property as possible so when the market returns we will be taken care of financially. Anyone that is holding back is making a big mistake.  Keep watching the real estate data coming out and do research yourself.

Invest Wisely,

Skylar Lewis, Realtor

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