Menifee's Market Analysis for November 2012

We are fast approaching Thanksgiving with it only being a week away and the dreaded day after “Black Friday”. You won’t see me out in the madness but if you choose to join in the holiday shopping for those bargain prices good luck. In this month’s report we will be looking at what the Menifeereal estate market is doing. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+bathrooms.

       ·         Total # of Actives Listed in November: 65

·         Average Menifee Home Listed Price: $273,710

·         # of Homes Sold in October: 73

·         Average Sold Menifee Home Price: $219,589

·         Average Days on the Market: 80

Well looking right away I see that we have dropped 9 houses off the market this month. That’s not what I was hoping for. With it still being a seller’s market out there it’s proving difficult for buyers to have their offers accepted. I do see that our average listed home price has improved somewhat. In October we had a price of $263,882 vs. November’s price of $273,710, an improvement of over 3.5%.
Moving onto our sold numbers for the month of October we have not moved a whole lot in comparison to September. We had 87 homes close in September and in October we had only 73. The average selling price only changed by a little over a $1000 and the days on the market only dropped by 1 day.
I hope this article finds you all well and in the holiday spirit. Have a wonderful thanksgiving and check back with me in December.

Please feel free to contact me if you have any questions or if you are ready to enter into the real estate market. If you are looking for the value of your home I would be more than happy to do a complimentary market evaluation for you.

Stefan West – Owner/Broker of West Realty

October 2012 Market Stats for Menifee

With the month of October well underway we are still experiencing hot temperatures and I’m sure I’m not alone when I say that I am ready for it to cool off. In this month’s market analysis we will take a look at what Menifee’s real estate market is doing for the month of October. As always my stats are based on single family, detached residences, with 3+ bedrooms, and 2+ bathrooms.

·         Total # of Actives listed in October: 74

·         Average Menifee Home Listed Price: $263,882

·         # of Homes Sold in September: 87

·         Average Sold Menifee Home Price: $218,121

·         Average Days on the Market: 81

Jumping right into the month of October I see that we have added 1 more house to the Menifee market. I went back to my August report to see where we were for active listings and at that time we had 71 homes on the market then we added 2 more in September and now 1 more in October. So it looks like the supply of homes in Menifee is VERY slowly but surely climbing in numbers, but I wouldn’t get too excited yet since the surrounding communities continue to drop their active listing number each month.

In the month of September we had 87 homes close vs. August’s number of 94, which is a slight drop in homes by 7%. This is still very much a seller’s market with the supply of homes being so small. Moving onto the sold home price, in August we were looking at an average selling price of $214,774 and we have increased that number to $218,121 in September. The number of days homes are remaining on the market also improved some.

I hope you all are having a great month so far, please check back with me next month for my updated report. If you have any questions or if you are ready to enter into the market I would be more than happy to help.

Stefan West – Owner/Broker of West Realty

September 2012 Market Analysis for Menifee

Fall is just around the corner and with the weather we are having it’s hard to believe. I can’t wait for the cooler temperatures to get here. In this month’s report we will be looking at what the Menifee real estatemarket is doing for the month of September. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ bathrooms.

      ·         Total # of Active Listed in September is: 73

·         Average Menifee Home Listed Price: $265,685

·         # of Homes Sold in August: 94

·         Average Sold Menifee Home Price: $214,774

·         Average Days on the Market: 87

Looking right away at this month’s numbers I notice that almost all the numbers have decreased. The active listed homes on the market for the month only increased by 2 in September. Menifee’s home listed price also dropped from $275,312 to $265,685 a 3% decrease. Keep in mind that we started the year out at 263 homes on the market and in the month of September we only have 73 active homes on the market a 72% decrease. The demand for homes remains fierce. 

Moving onto the sold stats there is only a slight difference between July and August’s sold home price. July was at $217,103 and August at $214,774. The average days on the market for the month of August is 87, an increase of 13 days that homes are remaining on the market. In looking at the overall picture for the month we see less homes on the market but priced higher, however we are seeing a slight increase in days on the market and price reductions. It will be interesting to see how this will impact supply next month.
If you have any questions or are ready to enter into the real estate market please contact me.

Stefan West

Bank of America Short Sales - up to $30,000 in relocation assistance?

Rumors are flying about defaulting Sellers receiving 10s of THOUSANDS of dollars for short selling their homes.  Is this true?  Yes.  Will YOU receive 10s of THOUSANDS of dollars?  Probably not.

As a Real Estate Agent, we can never give you a guarantee that you will get any relocation money, as we cannot guarantee that your short sale will even be approved and close escrow.  There are way too many variables to be able to determine that.  Too many variables, and conditions, and exceptions that, quite frankly, are out of our hands.

All I can say is that you just need to TRY.  If you don't TRY, you will never know.

So, for those of you who have heard these Rumors and have "underwater" loan with Bank of America, I am posting this update I just received.  Be sure to particularly note the highlighted areas.  (This is for informational purposes only.)

Cynthia Nemelka, CDPE
Certified Distressed Property Expert
Owner of RE/MAX Diamond Realty
27070 Sun City Blvd., Menifee, CA  92586
(951) 309-1000



Short Sale Agent Update

Sept. 12, 2012

Short Sale Relocation Assistance Program:
Your clients could receive $5,000 to $30,000 in relocation assistance
Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!

That's why Bank of America is excited to offer enhanced relocation assistance. Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property, depending on the investor involved.

Don't miss this limited-time offer to get your distressed clients the help they need by initiating a Preapproved Price Short Sale today at agent.equator.com.

Determining your clients' eligibility is easy:

Once you initiate the short sale at agent.equator.com, we will quickly evaluate the homeowner to determine if they qualify for the enhanced relocation assistance.

The homeowner must participate in one of the Preapproved Price Short Sale Programs, such as:

HAFA (Home Affordable Foreclosure Alternatives)


Bank of America's Cooperative Short Sale Program


Specific investor participation and eligibility criteria do apply to these programs.

Homeowners not meeting eligibility requirements for the enhanced relocation incentive may still qualify to receive $2,500 - $3,000 in relocation assistance from government- and bank-sponsored programs. 

Frequently Asked Questions:

Q: Do I have to do anything special when initiating or completing the short sale?
A: No. But act quickly by initiating the short sale at agent.equator.com.  This is a limited-time offer that your clients won't want to miss out on.

Q: If a short sale is initiated with an offer, will it qualify for this enhanced relocation assistance?
A: No. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Is the enhanced relocation assistance eligible to non-owner-occupied properties?
A: Yes, it is available to non-owner-occupied properties.

Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the enhanced relocation assistance added to any other incentives, such as the HAFA or Bank of America Cooperative Short Sale Program incentives?
A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for $5,000, then $3,000 will be from the HAFA funds and the remaining $2,000 will be from Bank of America homeowner incentive funds.

Click here to read the press release.

* The relocation assistance payment is calculated based on the appraised value of the homeowner's property.  The total amount will be no less than $5,000, but no more than $30,000.  The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens).  The short sale must close by Sept. 26, 2013.  If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment.  The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms.  We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability. 

Bank of America Streamlines Short Sale Process

Our RE/MAX office has been fortunate to be selected to participate with a 3^rd party which will streamline the Short Sale process with regards to Bank of America (BofA) defaulting loans.  Dignified Transition Solutions (DTS) runs a Cooperative Short Sale Program for BofA where borrowers are selected, screened and pre-approved for a program which looks to make Short Sales much less cumbersome for all parties involved.

The benefits I see for a borrower enrolling in this program are:

1.  The borrower does not have to supply any financial documents such as bank statements, tax returns, paystubs, etc.

2.  The streamlined process eliminates the extensive and burdensome process of traditional short ales.

3.  The property does not have to be a principal residence.  Vacant, rental and investment properties can qualify for the program.

4.  The borrower receives a $2,500 cash incentive upon closing of the short sale.

As an approved agency, we also have the ability to recommend other Bank of America borrowers to DTS in the hopes of qualifying them for this special program.

If you currently own a property heading towards Short Sale or Foreclosure, contact us anytime for more information about this program, or any other special programs available.  (Lenders pay our fees, so there is never any cost to you.)

Cynthia Nemelka, Owner

RE/MAX Diamond Realty

27070 Sun City Blvd.

Menifee, CA  92586

(951) 259-9019

Team Dad & Daughters

We Work Here – We Live Here – We Give Here

www.TeamDadAndDaughters.com

Where have all the Houses gone??

When your agent says there aren't many homes to show you, you may be hesitant to believe them because of all the FOR SALE signs you see.  But, you better believe them, because available inventory here in the Menifee has hit the lowest numbers I have ever seen. 

There are currently only 175 ACTIVE residential listings FOR SALE on the market as of 8/22/2012.  And here they ALL are.  (For info on the properties, click on the links below and then click on the "ML#" for details.)

The "Sale Type" is broken down as follows:

118 Standard Sale
            51 Age restricted Senior Homes (55+)
                    http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114770835-685

            67 Family Homes
                    1 property at $99,999 or less
                         http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114769992-687

                    10 properties between $100,000-$149,999
                         http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114766752-11

                    21 properties between $150,000-$249,999                              
                        http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114767478-206

                    36 properties at $250,000 +
                        http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114767945-699

 36   Short Sale
           http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114769139-557

19   REO  (bank owned)
            http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114769244-38

2     Probate
            http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114770643-526

1     HUD owned
            http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114770742-4

Although continued rumors about the banks' "shadow inventory" abound, the latest I have heard is that they are waiting until after the elections to release them.  Hmmm... we'll see about that.

In the meantime, Diligence & Patience is key for buyers right now.

Menifee Homes August 2012 Report

August is officially here and we all know what that means vacations, BBQ’s, days spent at the beach and those last few weeks of summer break before the kids go back to school. In this analysis we will be looking at how the Menifee real estate market is doing for the month of August. The following stats are based on single family residences, detached, with 3+ bedrooms and 2+ baths.

·         Total Active Listed on the Market in August: 71

·         Average Menifee Home Listed Price: $275,312

·         # of Menifee Homes Sold in July: 104

·         Average Sold Menifee Home Price: $217,103

·         Average Days on the Market in July: 74

 

What jumps out at me when I see these numbers is that there are 71 “Active” Menifee homes on the market but we closed over 100 last month. We are closing more than we get getting on the market.  That is a huge indicator of super tight supply issues.  With such shrinking supply it is no wonder why the Menifee home prices are moving up.

Looking at the beginning of 2012 we see some stark contrast in homes on the market. For instance, in January there were 263 Menifee homes for sale as opposed to only 71 in August, a reduction of a whopping 78% of homes on the market! And we have seen a corresponding leap in active list pricing. In August we have a list price of $275,312 vs. January’s list price of $223,935 an increase of almost 23%. Let’s hope that we continue to see a steady climb in home prices in the months to follow.

As August comes to a close we are gearing up for another school year and everyone’s favorite, back to school shopping. Hope you have all had a nice summer.

Please don’t hesitate to contact me if you are ready to enter into the market. I would be happy to help in any of your real estate needs.   

Stefan West, Broker/Owner of West Realty, Temecula

 

Menifee CA Homes Market Analysis April 2012

Happy April! I hope you all were able to get your taxes done with plenty of time and very little stress. I want to get right in to my analysis because there have been some really interesting numbers being thrust into the pot here. When I received my numbers, I was surprised to see what had happened. As usual, my figures are for single family homes, detached, with 3+ bedrooms and 2+ baths. Here we go:

•    Total Actively Listed On Market in April: 159
•    Average Menifee Property Listed Price: $ 231,299
•    Total # of Menifee Properties Sold in March: 94
•    Average Sold Menifee Home Price: $ 214,229
•    Average Days On Market Of Properties Sold in March: 90

After seeing the active stats for Menifee, it seems that they are mirroring what happened in Temecula. Supply is being affected in Menifee Homes Market also. The total number of homes actively listed dropped from 195 homes in March to 155 homes in April. This 17.5% decrease mirrors almost precisely how Temecula's real estate market was affected. The price that these fewer properties are listed at rose from $227,000 to $231,299. That is a minute change of 1.69%. This drastic drop in supply is a bad sign for Menifee's real estate market.

The closed stats also mirrored what I saw in Temecula this month. The number of properties sold in March shot up 67%! That is one of the greatest percentages I have seen from month to month. The price at which these properties sold also rose from $206,225 to $214,229. That is a slight growth of 3%. The average days on market rose from 76 days to 90 days. That is a difference of 18.42%. That is a pretty significant change in the number of days on market. Overall, the supply has been hit pretty hard. The amount of properties actively listed isn't keeping up with the amount of properties sold.

And that is my Menifee Homes Market Analysis for April 2012. I hope you found what I discovered with April's numbers insightful. If you have any questions or anything you would like to add, don't be afraid to shoot over an email. I hope you stay in excellent health and we will meet again in May.

Stefan West

Menifee Homes Market Statistics March 2012

Time is just flying by! March is already here and I'm still sticking to my 2012 New Year's resolution of continuing my monthly market projections in a timely fashion. In March we find St. Patty's day, a crazy thunder storm, and some significant percentage changes in my Menifee real estate market statistics. My stats are pointed toward single family homes, detached, with 3+ bedrooms, 2+ baths. Let's see what Menifee has in store this month:

• Total # Actively Listed On Market in March: 193
• Average Menifee Property Listed Price: $227,442
• Number of Menifee Properties Sold in February: 56
• Average Sold Menifee Property Price: $206,225
• Avg Days On Market Of Homes Sold in February: 76http://www.blogger.com/img/blank.gif

So, Menifee's real estate market had some significant changes for the closed figures in February. Beginning with the number of properties sold, the difference was a drop of 18.84%. That is a decrease of about 15 properties. The average sold price rose from $191,280 in January to $206,225 in February. That is a 7.81% increase. Therefore, fewer properties were sold at a greater average price.

The days on market in February had quite a significant decrease in March's market report. It dropped from about 97 days to about 76 days. That is a 21.65% decrease in the number of days on market. That is substantial jump from month to month. We don't see that large of a percentage change very often. It seems people were ready to shop and close quickly this past month.

It looks like March's active numbers are mimicking February's closed numbers. By that I mean that the number of active properties has decreased while the average listed price has risen. The number of active homes listed decreased from 284 homes to 193 homes. That is almost 100 properties! It is about a 32% drop in number of http://www.blogger.com/img/blank.gifhomes, the most significant drop this month! This is quite a large and quite uncommon change in number. The average listed price did the opposite. It rose about 5.72%, from $215,127 in February to $227,000 in March. So fewer properties are listed and they have a higher average listed price. Hopefully, next month there isn't another huge change in my stats like that again. I'm not sure if Menifee's real estate market could handle that.

That was my Menifee real estate market statistics for March 2012. If you have any questions, don't hesitate to email me. I hope I leave you and your family healthy and happy. Happy St. Patrick's day!

Stefan West

Menifee Homes Market Advisory February 2012

Happy Valentine's Day! It is finally here. The one other day of the year besides Halloween where my kids bring home bags full up to the brim with candy. I hope you all had a memorable Valentine's day even though the weather wasn't so picture perfect in Menifee. With all the romance in the air, let's see if families are still focused on selling their properties. The criteria for my Menifee real estate advisory and projections are single families, detached homes, with 2+ bedrooms and 2+ baths. Here are my numbers:

• Total Actively Listed On Market in February: 284
• Average Menifee Property Listed Price: $ 215,127
• Number of Menifee Properties Sold in January: 69
• Average Sold Menifee Property Price: $ 191,280
• Avg Days On Market Of Homes Sold in January:

Let's look at what happened with Menifee's real estate market in January first. The number of homes sold in Menifee in December was 75 while in January it was 69, an 8% decline. Six properties may not seem like an important number however when you pay attention to the percentage, 8% is a significant difference in the overall market. The price at which these homes in Menifee sold also decreased. The sold home price in December was $209,054 while in January it was $191,280, an 8.50% drop. Furthermore, the average days on market grew from 90 days in December to 97 days in January, a 7.77% difference. It is understandable that the amount of homes sold in Menifee dropping would correlate with the price at which those properties sold falling as well.

Now let's see what is happening in February. Comparing January's Menifee Real Estate Statistics and Analysis to February's Menifee Real Estate Advisory and Projections, I noticed that the number of active homes listed on market has risen from 263 homes in January to 284 properties in February. That is a 7.98% increase in listed homes. I also noticed that the listed price has decreased from $223,935 to $215,127. That is a 3.93% decrease in listed price in Menifee. Hopefully with the drop in listed price and the rise in number of homes listed, we see a growth in number of properties sold in next month's report.

That concludes my Menifee Real Estate Advisory and Projections for February 2012. I hope this article has been enlightening. I wish you a safe and healthy month.

Stefan West (Menifee Real Estate Agent)

Menifee CA Homes Market Analysis January 2012

The year of 2012 has finally begun. With the new year comes new year’s resolutions and fresh beginnings. I hope everyone started out the year 2012 safe and secure, ready to take on a new year. I myself have decided to get an early jump on my market advisories for 2012. As usual, my market analysis is based on single family homes, 3+ bedrooms, 2+ baths, and detached. Let us take a look at how Menifee faired this new year:

• Total Number Of Actives Listed On Market in January: 263
• Average Menifee Home Listed Price: $ 223,935
• Number of Menifee Properties Sold in December: 75
• Average Menifee Sold Property Price: $209,054
• Average Days On Market Prior To Sale in December: 90

Hmmmmmm, so there have been a few significant differences between January’s Menifee market report and December’s Menifee market analysis. The first thing that grabbed my attention was the difference in the number of homes sold month to month. November’s Menifee properties sold was 58, a drop from October’s 68 homes sold. So, the growth from 58 homes sold in November to 75 properties sold in December is a substantial jump. In fact, it is a 22.66% increase. That is a pretty significant difference. People were doing more than just buying instores this past month.

Now, after seeing the number of properties sold in Menifee, let’s look at the average price at which these homes sold at. November’s Menifee market statistics showed that the average sold price was $225,949 while December’s average sold price was $209,054. That is a 7.47% reduction from November to December. However, if we take a look at October, the sold price was $209,566. That explains that this decrease isn’t monumental. It looks like a normal fluctuation from month to month, especially considering the significant growth in number of Menifee homes sold.

I hope my Menifee real estate market statistics and analysis help you with your home buying needs. If you have any other questions, don’t hesitate to send me an email. I hope you and your family had a wonderful new years and I’m looking forward to filling your market report needs this year.

Stefan West

Menifee Real Estate Analysis December 2011

What a great end of year for Menifee! The weather is wonderful, the shopping crazy, and the holiday atmosphere is in full effect. As we move closer to 2012, people continue to ask me what real estate is doing. I feel the election year, the stock market, and the real estate market are truly on everyone's thoughts this time of year. So I have brought my figures together so you are able to stay current on the Menifee real estate industry.

As you probably know, my numbers are gathered primarily based on single family homes, 3+ bedrooms, 2+ baths, and detached in nature. This excludes condos and townhomes but I feel it to be the greatest indicator of the industry. Let's have a peek:

# Number of Actively Listed on the Market - 252
# Avg. Menifee Property Listed Price - $223,077
# Menifee Properties Sold in November - 58
# Avg. Sold Menifee Cost for November - $225,949
# Avg. Days on Market Prior To Sale - 85 Days

These amounts match what I anticipated for the traditional slowing down as the holiday season comes upon us. Ironically, when I did my Temecula Valley real estate analysis and trends, I had been shocked to find a rise in closings comparing month over month. But in Menifee we can see a far more common decrease in closings from 68 in October to 58 in November, a drop of 14.7%. Also, we noticed an important drop in sales going from September to October - so I am being cautious about pricing at this moment.

With that said, pricing of Menifee houses sold in fact increased generally, from $209,560 the previous month to $225,950, a 7.82% increase in sold pricing. This pricing distinction remains a trend for three months now however November was by far the most significant leap. Supply has remained nearly precisely the same and days on market grew from 78 last month to 85 days this month. So the significant change in avg. sold cost is a shock knowing that sales numbers are lower, no change in supply, and that it is taking properties more time to sell.

That wraps up your Dec. Menifee Real Estate report! I hope the holidays are terrific for you and your family members and wish you all a very Merry Christmas!

Local Agent Provides Alternatives for Homeowners Facing Foreclosure

Local CDPE-designated agent, Colleen Moorhouse of Freedom Realty and Mortgage, has developed a website providing information describing several opportunities for homeowners to avoid the negative financial impact of foreclosure.

This community resource is available at http://hosted.cdpe.com/Colleen and defines foreclosure alternatives including short sales, loan modifications, and forbearance.

“It’s a concern to me that so few in our community know their options when they start to fall behind on mortgage payments,” Moorhouse said. “If they act quickly and get informed, they can make informed decisions to find financial stability.”

Foreclosure alternatives such as short sales—which now make up over one-third of real estate closings across the nation—are an increasingly popular way for both homeowners and lenders to minimize their losses in this tough economy.

“More lenders are realizing that they can save money in a short sale versus a foreclosure, and are more likely than they were three years ago to approve a short sale offer.” Moorhouse said. “This is good news for homeowners because they now have more options than ever.”

The CDPE designation Colleen has acquired provides real estate professionals with specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

For more information about the CDPE Designation, visit www.CDPE.com.