Home Sales Report for May 2014

Menifee Home Sales Prices for Single Family Homes in May 2014

Average Sales Price $269,444   $144 per sq'

PRICE POINT           #Homes

>$100k                           1                       

$100k                             2

$125k                             3

$150k                           11

$175k                             5

$200k                             6

$225k                           11

$250k                           19

$275k                           19

$300k                           18

$325k                             6

$350k                           12

$400k                             1

$450k                             1

$500k                             2

550k                               0

600+k                             0

*Information compliments of Chicago Title

DOM = Days on Market - Increasing in Menifee Area

After experiencing such a drastic increase in home values during the first 3 quarters of 2013, the Menifee market, as I saw it, fell flat around September of 2013. Although the SW Riverside Association of Realtors projected a 6-8% increase in our area in the year 2014, I have only really seen value increases in our Senior 55+ neighborhoods.  What has definitely increased, however, is the length of time it takes for homes to sell.

Here is a breakdown of how long it is taking homes to sell here in the City of Menifee based on certain criteria.

The criteria used for this are based on:
     "Standard" sales (no REO/Short)
      Single Family Home (SFR - no manufactured)
      Less than $500,000
      Not in age restricted 55+ community

I have also divided the two sets into homes with POOLS (either private or community) and NON-POOL homes.

NON POOL HOMES

46 homes SOLD in the last 0-30 days, at an average of 56 days on the market
52 homes SOLD in the preceeding 31-60 days, at an average of 52 days on the market

55 homes are PENDING with an average of 55 days on the market
129 homes are ACTIVE with an average of 61 days on the market
       (45 homes listed at less than $300k with an average of 52 days on market)
       (84 homes listed at more than $300k with an average of 70 days on market)

POOL HOMES (Private and/or Community Pool)

30 homes SOLD in the last 0-30 days, at an average of 52 days on the market
45 homes SOLD in the preceding 31-60 days, at an average of 58 days on the market

45 homes are PENDING with an average of 38 days on the market
103 homes are ACTIVE with an average of 61 days on the market
       (34 homes listed at than $300k with an average of 56 days on market)
       (70 homes listed at more than $300k with an average of 61 days on market)

It is interesting to note that out of the 232 ACTIVE homes on the market, 77 of these homes are listed at $350,000+, which will definitely attribute to the length of days on the market because FHA loans are currently capped at $350,000.

If you are wondering what YOUR home is worth, contact us today for a free, no pressure, no obligation evaluation of your property.

Cynthia Nemelka, Owner
RE/MAX Diamond Realty

Menifee Property Management

26900 Newport Rd., #120

Menifee, CA 92584

(951) 301-9888 RE/MAX Office

(951) 301-9993 Menifee Property Management office

(951) 742-4697 Fax
(951) 259-9019 Cynthia's cell
www.TeamDadAndDaughters.com

Getting the Best Possible Appraisal for your Home

By Cynthia Nemelka, Owner of RE/MAX Diamond Realty

With the drastic increase in Menifee home values last year, and how longggg it is taking homes to sell currently, it appears we have hit the market high for now.

It's a given that every seller wants to sell their home for the highest price possible.  Listing and accepting offers on the high side of the market, however, may have challenges with the properties appraising at the contracted prices.

In answer to the question "How do I get the highest value on the appraisal of a home that I am selling or refinancing?", David Stein of Blue Wave Funding states, "Whether you are selling, refinancing to lower your payments or pulling money out of your home to pay off bills or invest, here is the best insider secret that you can do to get the highest dollar amount on your appraisal.

First, prepare a written list of the home's features to hand to the appraiser and, if possible, take pictures of the best features of the home.  You see, busy appraisers might inspect three to six homes per day. Although they take notes on their appraisal forms, and the photos help jog their memory, even the best appraisers can't remember all the details of each residence and they probably didn't take as many pictures as you would have.  That's why it is critical to hand the appraiser a list of your home's special features along with pictures of them. 

Don't be shy about stating the sales price or your estimate of the home's market value. Make sure to be realistic when estimating market value and be sure it is based on recent sales of nearby comparable homes. "

If you are selling your house, your REALTOR will know to have printouts of comparables (comps) to give to the appraiser that will support the contracted price.  If you are applying for a refinance, enlist the assistance of a LOCAL REALTOR to help you find the comps you will need.  There are many of us here that are glad to help.

Stein continues, "Some appraisers say they resent it when the realtor or homeowner tells them come up with an appraised value close to the stated amount; you are able to nicely let the appraiser know what you think the residence is worth and why."   

Early on in my career I came to realize that although appraisers must look at the numbers and comps in valuating a property, there is definitely a "human" side to their process.  Although the comps I hand to the appraiser help substantiate my seller's value, my pleasant attitude, respect and the great big smile I offer that appraiser is definitely not going to hurt it.  

NOTE FROM DAVID:

Hello Menifee!

I am a long time Mortgage Loan Professional and COO of Blue Wave Funding. I am VA loan Expert, FHA and Conventional loan Expert and a Direct Lender for the last 12 years! I have many new and niche programs that many other banks and lenders don't have including .5% down purchase programs, loans down to a 500 credit score, VA Loans, FHA loans, Reverse loans, Conventional loans. I also can get you an APPROVAL, not a Pre-Approval in 24-48 with the remaining conditions needed to close the loan, so that you can get the loan APPROVED prior to putting in an offer. This will ensure that your offer will be accepted just as if it was a Cash Offer. That approval will also apply to refinances as well. 24-48 Approvals! Stop Fighting to get your Purchase offer accepted! Ask about my niche Buying Programs * VA Loan Specialist (check out my Veteran & VA site) * 2 years out of Foreclosure Purchases! * VA Loans with a 500 credit score! * 100% VA Cashout Loans! * 150% VA loans! * .5% Down FHA Purchase Program! * 500 FHA FICO Purchase Program! * 3% Down Conventional Loan Purchase! * Unlimited LTV on HARP loans! (fannie and freddie loans) * Buy a New Home one month out of a short sale(If you were current on the old mortgage) Please go to my website to get more information! http://californiavetloans.info

David Stein

Direct Lender

Blue Wave Funding

www.californiavetloans.info

davbstein@yahoo.com

NMLS ID #343820

DRE LISC #01864975

858-337-9744 Cell

858-206-2298 Office

888-453-0458 Fax

Buyers - Don't Make This HUGE Mistake When You Are In Escrow!

Don't mess with your credit!!!

A recent buyer of one of my listings was devastated when 1 week before we were ready to close escrow, her credit score dropped 10 points, making her ineligible for the loan she applied for.  Fortunately for her, my sellers were willing to give her a 2nd chance with a different lender and we should be closing escrow next week.

Sometimes, what we think would INCREASE our credit score, like paying off a credit card, might actually DECREASE our credit score.  And when you are in the middle of buying a house, this is definitely something you do not want to happen.

LARRY LOCKE, of  PRO-FUNDERS, INC. is a highly experienced mortgage broker, who has provided the following list of  Do’s and Don'ts during the home loan process: 

This list of Do’s and Don'ts will help you make your home loan process go smoothly…

- DO continue making your current housing payments. 
- DO stay current on all your existing credit accounts. 
- DO keep working at your current employer (unless you speak to your Lender first). 
- DO continue to save the new paycheck stubs and bank/retirement account statements that 
you receive, as these items will need to be refreshed later. 
- DO call your Lender if you have any questions or if you want to change your financial profile in any way. 


These Do’s and Don’ts are just before and during the loan process.
Once you are in your new home, you can return to normal.
  
- DON'T apply for new credit or let anyone run your credit - even if you are pre-approved
or your loan has already received a fully-underwritten loan approval. 
- DON'T transfer credit card balances, or consolidate debt. 
- DON'T close any credit card accounts. 
- DON'T increase your credit card debt. 
- DON'T make any large bank deposits (over $400) unless they are from payroll or tax refunds
(unless you speak to your Lender first). The source for all deposits that are not from payroll
or tax refunds must be fully documented. Notify your Lender before you deposit gift funds,
or funds from selling a vehicle. 
- DON'T pay off loans or credit cards (unless you speak to your Lender first). 
- DON'T make any major purchases (cars, furniture, appliances, etc.) - not even “6 months same as cash“. 
- DON'T co-sign for anybody. 
- DON'T pay collection accounts or charge off accounts (unless you speak to your Lender first). 
- DON'T open or change bank accounts. 
- DON'T take out a new loan. 
- DON'T open a new cell phone account. 


The best rule is “don’t change anything” unless you speak to your lender first. Refer to this loan checklist of Do’s and Don'ts often. 

CALL LARRY TODAY to find how much of a loan YOU can qualify for, and about the loan programs currently available.

LARRY LOCKE, of  PRO-FUNDERS, INC.
23905 CLINTON KEITH ROAD, #114-298, WILDOMAR, CA 92595
DIRECT LINE: (951) 675-6866 HOME OFFICE: (951) 461-4342 FAX: (951) 639-0277
Email: LarryLocke@Pro-Funders.com Website: www.LarryLocke.com
BRE #01263595 / NMLS #304673


Cynthia Nemelka, Owner
RE/MAX Diamond Realty & Menifee Property Management
26900 Newport Rd., #120, Menifee, CA  92584   (951) 259-9019