Menifee Homes

Menifee CA Homes Market Analysis April 2012

noreply@blogger.com (Stefan West) — Wed, 25 Apr 2012 01:50:00 +0000

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

noreply@blogger.com (Stefan West) — Thu, 22 Mar 2012 01:56:00 +0000

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

noreply@blogger.com (Stefan West) — Mon, 20 Feb 2012 18:04:00 +0000

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

noreply@blogger.com (Stefan West) — Tue, 07 Feb 2012 19:50:00 +0000

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

noreply@blogger.com (Stefan West) — Tue, 10 Jan 2012 19:39:00 +0000

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

noreply@blogger.com (Steve Johnson) — Tue, 10 Jan 2012 19:02:00 +0000

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.

Menifee Real Estate Report and Trends November 2011

noreply@blogger.com (Stefan West) — Wed, 07 Dec 2011 17:06:00 +0000

I know this is a little late but here you go - your Menifee Real Estate Market Report for November 2011!
I had to absorb the holidays and all that turkey before I was able to bring myself to post this. In fact, I was away for a quick weekend and the real estate market in Menifee has been quite active! Congrats to Stephanie and Rudy on their new Menifee home by the way!

I will make this trends report fairly fast but will be comparing it with my Menifee Real Estate Market Report for October 2011 to see any current adjustments. Even though I am reporting after the month, the numbers were pulled in November for this article. As always, I focus on single family homes, 3+ bedrooms, not attached, etc. Maintaining a consistent standards is the core of this article.

* Total # of Active Menifee Homes Listed - 247
* Average Menifee Home Listed Price - $223,451
* Ttl. # of Menifee Homes Sold in October - 68
* Average Menifee October Sales Price - $209,566
* Average Days on Market before sale - 78

Reading this report, it seems that some things are slowing down as we come up to the new year. This isn't unusual but it does contrast with my Temecula Real Estate Market Report that describes the very same amount of Temecula houses closing in both September and October - ie., no real reduction. In October, Menifee house sales fell from 95 units in September to only 68 units in October, a decline of 28.4% month over month. That is a pretty significant difference!

Even so, supply has also fallen from 300 active Menifee Houses in October to 247 in November, a 17.66% decrease in available inventory. That is also a significant reduction of readily available properties. Going back for a minute, we can catch that both the average Active list cost and average Sold cost have grown. The active list was $218,344 in October and is now $223,450 in November, a difference of 2.33%. The average sold cost grew from $206,600 in September to $209,566 in October, a minor 1.43% difference but still an upward one in both statistics.

It looks like we are having a contraction in the market on the supply side. We also see a shrinking in the buyer or demand side as well. I know standard and bank owned houses are moving pretty quickly if they are in respectable to excellent shape. This indicates that banking institutions are decreasing supply and the flippers are slowing a tiny bit. But the prices have held constant and slightly increased so we might have struck an interesting balance. Having said that, I do not to see closings figures down that significantly over the drop in supply. I would argue for reduced pricing but yet, currently that is not the case since supply is more limited.

This shows a couple months in decreasing sales figures for Menifee property sales. But pricing is hanging pretty well and I am really curious to see what develops in December actives and November sales in my next report. Meanwhile, I hope you all had a great Menifee Thanksgiving and are currently working on your Christmas lights!

Sincerely,

Stefan West, Broker for Menifee Real Estate and Temecula Homes!

Real Estate Activity High - For Holidays

noreply@blogger.com (Skylar Lewis) — Sun, 27 Nov 2011 20:35:00 +0000

Real Estate sales in November and December are typically level, but so far this November has seen good activity in the market.

Housing prices are stabilizing in the valley and in some areas have seen an increase. Menifee Real Estate, when compared to Temecula Real Estate, has historically lagged when prices have increased, but this holiday season we are expecting to see an increase in sales because of the record low prices. We are on Temecula's tail!

With the new addition of Best Buy and the surrounding "blue chip" businesses, Menifee has become a sought after little town. Realtors agree that Menifee is becoming an ideal place to live and an even better place to invest.

Skylar Lewis

Menifee Real Estate

Temecula Real Estate
Carpet Cleaning
Tile Cleaning

Happy Veteran's Day!!

noreply@blogger.com (Stefan West) — Fri, 11 Nov 2011 16:10:00 +0000

I will get my update for Menifee up next week. But today is Veteran's day and I want to wish all the military familes out there a huge Thank You!

As a real estate guy, I get to see more of what you deal with than most. I have helped families move when a spouse is on rotation, talked with clients over skype when they are half a world away, and watched how challenging keeping a family together can be.

I also see how often you are transferred to North Carolina, Virginia, overseas, Hawaii, Arizona, etc after you are settled in here and the kids are enrolled. You put up with A LOT of things most people never think about.

So thank you very much. I am very blessed to work with many military over the last decade and it is inspiring to see great people and families at work.

Have a great Veteran's day!

Sincerely,

Stefan West
Temecula Real Estate
Menifee Real Estate

Menifee Real Estate and Trends October 2011 Report

noreply@blogger.com (Stefan West) — Tue, 08 Nov 2011 21:13:00 +0000

I scream BOOOOO to you! It is late in the month of October and Halloween is in less than a week! Kids are fired up for sweets and costumes, and adults are thinking - why is Halloween on a Monday?! The holidays are coming up and we all scratch our head and start pondering, where did 2011 go?

Well I don't have the answer to that, however I can answer where Menifee CA real estate went in the month of October! As we get into the holiday months, we will normally see a gradual slow down commence in October. I know we saw that take place in Temecula when I wrote my October 2011 Temecula Real Estate Trend Report. That showed an 18% drop in home closes month over month! Please bear in mind that although this is my October report, the sales amounts trail by a month and are for September closes while the actives are for October. Having said that, here are the numbers:

Menifee Real Estate Properties Sold and Active Listings Update - October 2011

* Total # of Active Properties Listed - 300
* Average Active List Price - $ 218,344
* Menifee CA Properties Sold in September - 95
* Avg. September Sales Price - $ 206,602
* Avg. Sold Days on Market - 73

It appears like Menifee is still keeping a pretty steady tempo as we come into Autumn. There has been very small modifications in the Menifee real estate market. Total active listings have increased by only 14 homes from the previous month, a 5.6% increase. But the average asking price is almost lifeless even with last month. You are able to see last month's report here - Menifee CA Real Estate Report 9/2011.

Also, compared to the Temecula Valley real estate market, Menifee real estate actually just slightly fell in property closes from 99 in August to 95 in September which is a 4% decline. In terms of sold pricing we dropped only 1.36%. That is fairly marginal and Days on Market variable literally progressed to 73 days from 80 days! That is really fascinating and exhibits that these cities are not complete mirror images one another.

In my business I have witnessed a lot more purchasers hunting for Menifee real estate recently. The price levels are really good and numerous renters are feeling their best bang for the buck in Menifee. So overall, we lost only a number of closes but have remained steady. I would expect these numbers to decrease as we head into the holiday season. That is a fairly consistent trend. Although, with rates so uncommonly low, it is pushing more first time buyers into the real estate market.

On another note, yesterday President Obama extended the Making Home Affordable structure and I predict that reducing short sales a little bit as MANY more individuals who are upside down more than 125% will be able to get refinancing if their loans are with Freddie Mac or Fannie Mae. That ought to influence the market as early as December 2011 however most banks will not transition until January.

I hope this Menifee Real Estate update finds you and your family healthy and looking forward to a great holiday season!

Menifee CA Real Estate Market 9/2011

noreply@blogger.com (Stefan West) — Fri, 30 Sep 2011 23:16:00 +0000

Time is speeding by this year and Menifee real estate is flying along with it! As of just yesterday, the Federal Reserve has taken additional action to stimulate the economy and thus interest rates dropped even lower! I just had a client contact my lender today to do an FHA Streamline and lower their rate from 5.5% which they obtained about 1.5 years ago to an estimated 3.75%! That is an extraordinary change and the beneficial side of FHA Streamlines is they are quite simple for anybody who presently has an FHA loan - even if the property value has fallen down!! Right now, I am wishing I was FHA instead of conventional - Grrr.

Enough about loan stuff (but it is worth learning about if it applies to you), time to get to Menifee Real Estate! As always, I base my amounts on just Single Family Dwellings that are priced under $1,000,000. The highest close in Menifee in August was $394,990 as a side note! Additionally, make sure you remember that all the "Active" quantities are as of today - September 23rd, 2011. The Menifee "sold" and "closed" amounts are from August 2011. Let's begin:

Menifee Real Estate Trends Update - September 2011

* Total # of Active Houses Listed - 286
* Average Active List Price - $ 218,338
* Menifee Houses Sold in August - 99
* Avg. August Sales Price - $ 209,464
* Avg. Sold Days on Market - 80

So my most recent update was back in July. There are a few small differences when comparing Menifee property trends against July Active and June Sales. First, the complete amount of homes has changed from 260 in July to 286 in September, an increase of 10%. And the sales have decreased from 105 to 99, or approximately 5%. That is, in essence, two trends moving collectively downward which gives us the beginning of something to pay attention to.

However, the average sold price in June was $193,657 versus an average August sales price of $209,464, a growth of roughly $15,800 or 8% in selling price. That is incredibly intriguing as numerous indicators show a slow down and increased inventory but sales prices are rising. In addition, the Average Days on Market went from 69 days in June to 80 days in August. Therefore there are three signs pointing down however the big sign (price) is going up.

This needs to be watched closely because usually additional supply on the market indicates lower price. Short sales are certainly making an impact on stats and is able to mess with the numbers. I will be extremely curious to see what happens next month. I DO expect the large drop in interest rates to boost consumer activity and price point though. People can now afford far more homes since the borrowing rate is down.

That ends your installment for this month. I apologize for having to skip August 2011. I was on vacation for a week and that, plus the market moving so fast, truly had me sprinting the rest of the month! If you ever have any inquiries or would like to know something specific, just shoot out an e-mail or take a look at my internet site and I will be pleased to help!

Sincerely,

Stefan West, Menifee Real Estate Broker
951-894-6199
www.stefanwest.com

Menifee CA Real Estate Report July 2011

noreply@blogger.com (Stefan West) — Wed, 27 Jul 2011 18:17:00 +0000

As we roll into July of 2011, Menifee valley homes sales continue to be at a rapid tempo! Summer is always a chaotic time as people make their move around school schedules amongst other items.

In total, the Menifee real estate market is definitely rising upward but that may just be the summer time impact. Nevertheless, we are seeing increased activity which is a excellent thing! In all of these reviews, I focus on homes that are detached, single household residences priced below $1,000,000. I like consistent numbers so you, the homebuyer, are seeing the exact same standards each and every time. Let us go straight to the amounts:

Menifee Real Estate Analysis Update - July 2011

* Total # of Active Homes Listed - 260
* Average Active List Price - $ 221,861
* Menifee Properties Sold in June - 105
* Avg. June Sales Price - $ 193,688
* Avg. Sold Days on Market - 69

Now let us compare these Menifee real estate numbers against last month. To start off there has been little change in the amount of active properties listed at the time. It has gone straight down from 278 to 260. That would indicate growing demand but the quantity change is tiny. Also, the typical active list price for Menifee houses was $229,700 in June and has dropped to $221,861, a decrease of 3.4%.

Next up although is Menifee real estate sales and there we see an increase from 75 properties sold in May 2011 to 105 homes sold in June 2011, a solid increase of 30 houses of 40% more sales! That is an important move. As for the average sales cost, we see a decrease from $206,180 in May to a lower $193,680 in June. That signifies a fall of $12,500 or 6% in actual closed sales prices for Menifee houses.

So overall, we have some confusing signals. To close it up, we have drastically growing sales but reduced prices of both active and sold houses. The days on market help clean this up as it shrunk from 81 days in May to only 69 days in June. Everything points to much more aggressive pricing but also far more buyers making the purchase selection. It also exhibits that the $200,000 price point is a target area for several buyers.

I am interested to see how this Menifee real estate pattern will change with the figures for closes in July. I will put that review up mid-month or so in August so stay tuned!

Sincerely,

Stefan West, Broker
Temecula Real Estate
Murrieta Real Estate

Menifee Real Estate Update - June 2011

noreply@blogger.com (Stefan West) — Thu, 02 Jun 2011 17:49:00 +0000

Another gorgeous day in Menifee! This and the fall are truly my favorite time of year. Soon I will be starting my update posts with, "Holy Cow - How to Cook an Egg on Sidewalk!" Ok, I am exaggerating but I truly enjoy showing and selling Menifee real estate when the weather is so fantastic.

I know you aren't reading this because you want to hear about the weather. You want to know what is going on with Menifee Real Estate and how it affects you weather you are buying or selling a Menifee Home. Hopefully, this statisical information can be helpful to you for whichever side of the transaction you may be on.

As I stated in my previous update, I cover specific stats that focus on total active homes on the market, how many sold the month prior, and the price and average time it took. These stats are based on 3+, 2+ bedroom, detached homes priced under $1,000,000. Now on to the data...

Menifee CA Real Estate - June 2011 Update - As of 6/2/11

Total Active Homes Listed - 278 Homes
Average "Active" List Price - $229,744
Menifee Homes Sold in May - 75 Homes
Average Sold Home Price - $206,186
Average Days on Market - 81 days

Let's start with Menifee home sales for May. When comparing against last month's update, we see that sales went from 82 in April to 75 homes in May. We also see that the active average price point has decreased but only by $645. Also the active market itself has hardly changed with 280 in May to 278 in June.

But we did see something interesting - it could be a fluke (only consistency will tell). The average price of Menifee real estate sold nudged upward from $201k to $206k. It is a minor increase but we also see that the days on market shrank as well from 93 days in April to 81 days in May. Those are both interesting demand side indicators to keep an eye on.

Things will pick up during the Spring and Summer of course. Menifee is always a pretty active market when compared domestically and things are heating up (pun intended) as schools are letting out and people are making the annual Summer move plans. I look foward to a busy summer and will keep posting market stats so you can see how we are doing!

And to all our Military personnel - I hope you men and woman had a great Memorial Day weekend. My family, my clients, and all of us in Menifee and the surrounding communities appreciate and applaud your duty on our behalf! Stay safe and God Bless!

Sincerely,

Stefan West, Broker of West Realty
Temecula Real Estate
Menifee Real Estate

Menifee CA Real Estate Update - May 2011

noreply@blogger.com (Stefan West) — Wed, 11 May 2011 00:54:00 +0000

What a fantastic day!

Today Menifee featured a 76 degree and no cloud stunner! I hope you enjoyed it as much as I did - umm sitting at my computer! Enough chit chat, here's the scoop - starting this month I will plan to update this blog montly with information regarding the Menifee real estate in the following format:

•The number of Menifee Homes currently listed on the market
•The previous month's number of Menifee homes sold
•The average days on market to sell the homes
•Both the current average list price and the average closing

My overall goal is to provide consistent Menifee real estate update for Menifee owners, potential home buyers, and future Menifee citizens.

This data will give you a solid trend pattern of the Menifee Real Estate market as the year unfolds. I will also include additional information about Menifee so you can learn something new each time you visit. As an example, did you know that South Riverside county led appreciation rates nationwide from 2002-2007 at an average of almost 30% per year?! That may be a large contributor to our real estate market losing so much value of course!

There is your pinch of Menifee community information for this post. Ok, one more - did you know Menifee has grown up to a population of 77,705 as of 2010 and is roughly 416 miles from California's state capital? Ok, enough fun, I know you want to know the numbers :).

As a reporting baseline, these stats are based only on single family homes in Menifee, priced from 0-$1,000,000. They do not include townhouses or condos, etc. They also focus on 3 bedroom homes as they represent the fundamental definition of a single family residence.

Here are the numbers for my May 2011 Menifee Real Estate Update:

•There are 280 Menifee homes currently listed
•The average list price is $230,389
•In April, 82 homes in Menifee were sold at an average price of $201,889
•And the closed homes were on the market for approximately 93 days.

The average days on market is deceptive. This is due to the fact that many active homes are short sales that already have offers on them. It messes up the integrity of the number a little bit. The average time on market for a sharp, well-priced standard or Menifee bank owned property is MUCH shorter. Usually, they are left as "active" until banks agree to a submitted offer. In fact, I will be showing quite a few short sales to a great couple on Friday and when I call to check status I find they often have multiple offers already.

There it is, your Menifee real estate report for May 2011. If you are considering moving to the great Menifee community, please do not hesitate to contact me or my team. We love to welcome new people to our home and always strive to exceed your highest expectations!

Sincerely,

Stefan West, Broker of West Realty

Specializing in Menifee Homes and Menifee CA Real Estate

Government Forces Banks to Reimburse Foreclosed Homeowners: Does This Apply to Menifee?

noreply@blogger.com (Dee Molina) — Tue, 19 Apr 2011 18:20:00 +0000

News came out recently that the Federal Government ordered 16 banks to reimburse homeowners who were improperly foreclosed upon. Citibank, Bank of America, JPMorgan Chase and Wells Fargo, the nation's four largest banks, were among the financial firms cited in the joint report by the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency.

Under the agreements reached, the lenders and servicers have 45 days to hire an auditor and will "remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies." There is no minimum or maximum dollar amount identified.

If you've read my blog before, you know that I've had situations here in Menifee where homeowners with genuine hardships tried to get loan modifications but were instead foreclosed upon.

Worse yet were the cases where homeowners with genuine hardships were negotiating in good faith, with bona fide offers from buyers ready to purchase the properties as short-sales, only to have the banks foreclose and auction the properties for less than the short-sale buyer was willing to spend.

Remember the case here in Menifee, where I had an offer of $310,000 and the bank turned it down, auctioning it off for $214,000? How about the one where the bank asked the seller for updated income and asset statements, leading him to believe they were still considering his short sale of $160,000? Instead, the bank foreclosed, selling it for $117,000 to a cash-paying investor.

There are a few instances where this could happen. I have personally seen where a bank will not work with any offer, regardless of the amount. I have seen where the Bank and the Legal Department did not communicate and the foreclosure proceedings were enforced and not delayed due to loan modifications or short sale settlements. I have also seen here in Menifee that some residents had multiple loans (1st and 2nd Loans) and the two could not be settled out if the seller did not have any cash.

So, it's too early to tell how much homeowners will get, how many will get anything, how long it will take, or what to do if you believe you were a victim of the lenders' improper practices, but this news represents a great step in the right direction.

I am certain details will be forthcoming, and will look out for them and pass them along to you.

Or if you have a personal interest in this, call me at 909-659-1315 or e-mail me at dm_homes@yahoo.com and I will do more research on this and find the proper channels.

But just as with my last article, call me before your home goes to foreclosure to prevent this from happening.

Dee Molina
Realtor*
License# 01422710
909-659-1315
dm_homes@yahoo.com

What Are Your Options As a Homeowner If Times Get Tough?

noreply@blogger.com (Dee Molina) — Mon, 11 Apr 2011 22:28:00 +0000

Statistics show that homeowners are better informed than compared to four to five years ago when the market turned and hardship became the norm. Foreclosures are down by 14% in California from last year alone.

To be honest it was a learning curve for many...

Banks had to learn to handle the high volume of defaults.

The government had to develop programs.

Realtors had to learn the options and then educate the homeowners in default.

The homeowner had to learn their options and act fast enough to take advantage of it.

The fact is that many are still walking away from their homes that just do not need to. There are options for the homeowner however. I must also warn that not just any Realtor can help a hardship homeowner. Many Realtors are not full time Realtors, many have their license but do not practice and are lost to the options and processes.

So, to help a friend or family member that is not seasoned or experienced, with your future on the line, will many times result in a foreclosure. Every client is different and unique. It is not a slam dunk that you will keep your home, but many times you can leave with an exit plan and regain your credit and buy again in two years if done properly.

Your options are to seek advice from a seasoned/experienced Realtor as soon as you can to figure your best solution...

This agent must present all your options, not just sit with you to list your home for sale.

This agent must care enough about your future, to show you the other options that will not necessarily get "that" agent a commission from the sale of your home. Unless, it is what you eventually choose.

This agent must be know the answer to your question what if...

This agent should be full time and work with short sales... Have listed at least 12 homes last year, worked with more than one bank on negotiating the best interests of the seller.

Have a professional Short Sale Negotiator on their team.

If you have more questions about this subject feel free to contact me.
Dee Molina 909-659-1315 Cell License# 01422710

CalHFA - Below market rates to First-Time home buyers.

noreply@blogger.com (Skylar Lewis) — Wed, 19 Jan 2011 07:10:00 +0000

CalHFA recently announced a new 30-year mortgage, insured by the Federal Housing Administration. According to CalHFA, this is the CalHFA’s flagship mortgage loan product to get them back in business,
and being offered to first-time homebuyers. In addition, CalHFA has made some improvements to the California Home buyer’s Down payment Assistance Program (CHDAP) that makes it even more attractive. Menifee's housing market has been hit very hard and this new program will help create some new home sales in the area.

The CalHFA FHA mortgage is, at first look, simple enough: a 30-year loan with a fixed rate. It stands out for
two reasons, though. One, it carries a below market interest rate, the result of ongoing bond negotiations between CalHFA and the US Treasury. Two, when combined with CalHFA’s CHDAP or AHPP (Affordable Housing Partnership Plan) programs, the rate may drop even lower, currently giving a 0.125% break for CHDAP and 0.25% break for AHPP.

They have also made some changes to the underwriting and documentation requirements for CHDAP, so its standards conform to the standards of the first mortgage. CHDAP now only requires a 1% buyer contribution instead of the previous 3%.

In addition, the School Facility Fee Down Payment Assistance Program has returned. This program gives a conditional grant to purchasers of newly constructed homes in California, to be used for down payment, closing costs, upgrades, or any other aspect of the purchase. The grant averages about $5,000, and if the qualified buyer stays in the property for three years, it does not need to be repaid.

CalHFA continues to be dedicated to safe, responsible lending. A FHA loan requires a 620 credit score, and every borrower must undergo home buyer counseling.

This FHA loan product, along with their down payment programs, represents a new beginning for CalHFA as they move forward after the extremely challenging events of the past few years. With powerful products like these, CalHFA is poised to open doors for new home buyers, and fund possibilities for the future once again.

Many lenders in Menifee and the Temecula Valley are able to offer this loan. Make sure the broker offering the loan charges reasonable "points". Usually 1 to 2 points is more than enough.

Skylar Lewis
Temecula Real Estate
951-708-1380
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Drop in home prices, but what about our insurance?

noreply@blogger.com (Skylar Lewis) — Wed, 05 Jan 2011 05:22:00 +0000

Home prices in Southern California have dropped dramatically over the last couple years, but our homeowner's insurance hasn't. The average cost of homeowner's insurance has actually gone up. Why is this?

The price of homeowner's insurance is based on the cost to build or repair your home. Even though the construction industry has been hit hard, that doesn't mean the cost of rebuilding a home is decreasing or has decreased. Home prices are decreasing but homeowner's insurance costs are rising...

So how can you reduce your bill?

Raise your deductible ( can dramatically decrease insurance costs, but will cost more when you have an emergency )
Lower the amount of your insurance ( not usually recommended )
Shop around. Online rates are sometimes cheaper than through local insurance agents.
Always be weary of insurance companies offering extremely low prices. Low prices could mean bad customer service or no service at all.
Be sure to check consumer websites and the department of insurance when searching for homeowner's insurance. insurance.ca.gov. Check out Home Ownership Accelerator for more information on reducing your balance.

Skylar Lewis - Your Local Real Estate Expert
Menifee Homes
Menifee Real Estate

Happy New Year Menifee Home Owners!

noreply@blogger.com (Stefan West) — Mon, 03 Jan 2011 16:26:00 +0000

As I start my first week of the New Year - I wanted to wish all of you a improved and wondeful 2011. As always, Menifee real estate remains a large part of my business. In each case, the people and community remain one of the best!

Over the last few years I have watched Menifee continue its growth in Commercial and City-Hood. We have also seen prices in real estate rise a bit in 2010. I know it doesn't often seem like it but homes that were selling at $175,000 are now closer to $210,000. It is hard to see that when they used to by worth $300,000. But we are getting there!

I will also point out that people are paying more for rent lately and it isn't easy finding rentals right now. I think we will see further appreciation over the next year of around 5% or so. I am not an economics professor BUT I do see people looking more than last year. And that means only good things. As prices have risen in Temecula and Murrieta real estate, it pushes more home buyers into Menifee.

So, enough economics and rain for that matter! Here is to wishing you all a wonderful 2011. If you should need any help regarding understand short sales, wanting to know your options, etc. Please do not hesitate to let me know!

Sincerely,

Stefan West, Owner of West Realty for Menifee Real Estate and Menifee Short Sales
951-894-6199

Menifee Lakes - Property Tax & Special Assessment Updates

noreply@blogger.com (Stefan West) — Sun, 12 Dec 2010 05:15:00 +0000

As a Menifee real estate guy I was out showing the Menifee Lakes community and trying to explain the stark contrast in property taxes. My buyer was shopping in the $200,000 range with an FHA loan. But when they added up HOA fees and property taxes, it was putting a serious dent in the approval amount.

Anyway, during the course of my showing, it became clear that some Menifee homes in the Menifee Lake community have just finished with some of their 20 year bonds. In a tough economy, every dollar counts and it looks like Christmas (about two months ago) came a little early.

So if you live inside Menifee Lakes on either side of Newport, check your bond status. You can go to the county tax website. It may only affect part of Menifee Lakes homes I am not sure. But if you did wrap up those bonds, you will be seeing your escrow accounts being adjusted and your payment to your lending bank should dip a little bit.

If you have a 1988-1990 home, check out your tax records online!

Stefan West, Broker/Owner of West Realty
Menifee Real Estate Broker

Foreclosure Freezes on the Way

noreply@blogger.com (Skylar Lewis) — Mon, 06 Dec 2010 03:56:00 +0000

The Christmas seasons is here and many of the large banks are playing "Santa Clause" by saying they will not evict homeowners during the 2 to 3 week period around Christmas. This comes on top of the moratorium that was caused by the robo-signing banks.

This will make many borrowers happy who are 3 to 6 months behind and were planning on moving out this Christmas. Freddie Mac and Fannie Mae are at the forefront of this freeze and specifically will not be taking anyone's home within the 2 week period around Christmas. Bank of American and Wells Fargo, both criticized for their foreclosure process, will also be halting most foreclosures during Christmas.

Don't be surprised to see an eviction spree following the Holiday Season.

Skylar Lewis
Temecula Homes For Sale
Murrieta Real Estate
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Happy Thanksgiving to Menifee Home Owners!

noreply@blogger.com (Stefan West) — Thu, 25 Nov 2010 16:48:00 +0000

I wanted to wish all Menifee home owner and residents a very Happy Thanksgiving! This is a wonderful time of year where air seems so clear and the weather just changed so nicely. It is seriously CRISP out there! I just heard news saying 34 degrees at night!

It is also the time we all think we will hit the Menifee stores on Newport and knock out the shopping in one day (I actually still think that contrary to years of evidence it is not so). Heck, I might even line up for some Black Friday action for the experiece - I wake up at 5 AM every morning due to wonderful 4 year old who is fixated on making sure I get up - what's up with that?!

But when I woke up this morning, I felt that a good but challenging year for Menifee real estate and homeowners was heading into the twilight with hopefully better things on the horizon. We did see some very positive things in the last year and for those I am grateful. I was blessed with the opportunity to have some fantastic clients and help in some challenging situations for Menifee short sales and foreclosure nightmares.

I know that many Menifee - ians - we need to work on something for that. Menifeettes? Menifee'ers? Anyway, I know a lot of Menifee home owners are in struggling times and having to deal with real challenging banks, family,and situations. I have seen a lot of that this year and last as we work through our economic and employment downturn / recession. But I have also seen great people, work very hard and get back on track as well. They may have had to sell their Menifee home via short sale but they are now stronger financially and in family then last year.

And that is something we can all be thankful for this Thanksgiving. Things are getting better, families and finances are getting stronger. I will be giving thanks for getting the opportunity to work with Menifee families in both buying and selling (or short selling) homes to start righting the ship or for buyers to begin raising families.

Menifee and the great people that live there are and have been a blessing to both myself professionally and my family. I look back and my VERY FIRST real estate transaction 8 years ago was on Sun City Blvd! There are so many great communities from Bradley area, La Ladera, Shadowridge, Menifee Lakes, The Lakes, off of Chester Morrison, etc. It is a fantastic city and has a home for everyone. I look for plenty more growth in both the near and long term. Just look how much in the last two years! In fact, because we do some much of our business up there, I have a new agent - Jessica who is now exclusively focused on Menifee Real Estate.

Anyway, my goal was to take a moment and wish all of you reading a wonderful and heartfelt Thanksgiving day wish for a wonderful holiday season and a fantastic 2011!

Sincerely,

Stefan West, Menifee Real Estate, Temecula Real Estate Broker

Boo! Foreclosures effect on Halloween

noreply@blogger.com (Skylar Lewis) — Mon, 01 Nov 2010 04:03:00 +0000

I don't know about your neighborhood, but over the least 3 years I have seen a steady decline in the amount of "trick or treaters" and Halloween activity.

This is partly due to the amount of foreclosures our communities have seen. I spoke with a few other people tonight and they also agreed. There has been a reduction in the number of people participating in Halloween. Don't worry! It will pick up as more people are buying up the foreclosures.

My family and I were out trick-or-treating in our neighborhood and saw about 20 other families, compared to double that the past years. There were still lots of kids, but I can't wait until it gets packed again.

Let's keep Halloween alive!

My Nephew and Niece

Skylar Lewis

Halloweenist
Murrieta Homes
Temecula Homes For Sale
Water Damage Temecula

Murder Myster Dinner - tickets still available for THIS SATURDAY's performance

noreply@blogger.com (Cynthia Nemelka) — Mon, 25 Oct 2010 13:52:00 +0000

"Death Is a Cabernet, Ol' Chum!" is the title of this year's Murder Mystery Dinner benefitting the Kay Ceniceros Senior Center. This is the 3rd year in a row that Councilman John Denver's wife, Linda, has graciously volunteered to direct a variety of inexperienced locals in a "Murder Mystery" where dinner guests must use their sleuthing skills to figure out "WHO DONE IT?"

I have attended the last 2 years...the meals were fantastic and it was great fun for our table to try to figure out who the murderer was. (I was wrong both times!)

The Players this year are:

"Pierre La Paine" played by Tom Furhman
"Stan Milton" by John Overton
"Nina Grigio" by Judy Hyneman
"Carter Cabot" by John Denver
"Sue Veneer" by Linda Overton
"Ben Breakfast" by Brian Walker
"Renee Melee" by Mysti Scargill
"Dective Durite" by Bob Stinson
"Lawrence Law" by Captain Dan Feltenberger
And I am the lucky lady who gets to play the part of "Leelah Eagle".
(Did I do it? "No Comment. That's Privileged Information!")

Tickets are available at the Kay Ceniceros Senior Center at $45 per person or $80 per couple.

The show will go on this Saturday, October 30th from 6:30 to 9:30 pm at the Kay Ceniceros Senior Center, 29995 Evans Rd., Menifee (951) 672-9673

How to partner up with Trulia.com

noreply@blogger.com (Skylar Lewis) — Wed, 20 Oct 2010 15:02:00 +0000

Each day Trulia.com is becoming more and more popular to search for homes on . How can you as a real estate agent partner up with Trulia to create a win win team?

Well first off, Trulia was one of the first online real estate searches for mobile phones. They were also the first one to consistantly upgrade their mobile software with new features and new looks. This is the key. Trulia mobile has created the #1 mobile software for real estate.

Every day more consumers are using Trulia Mobile to search for homes in their general area ( using the GEO search ). This creates a unique opportunity for real estate agents to market to potential buyers. Trulia has the ability to list you, as the agent, on listings in certain zip codes. When a Buyer is searching for a home in 92563, your picture and information will show up. You information is displayed in a way that looks like you are the listing agent. This is a great tool to get leads.

Also having a premier account with Trulia.com allows your listings to stand out. If you are working with a seller, you can use this tool to show them how their listing will be set apart from all the other listings in Menifee. Let them know that you pay each month to have your clients show up as a premier listing to get the best visibility.

Trulia truly is becoming the #1 real estate tool along with Zillow. Either for Agents or for consumers. The easiest way to get started with Trulia is to contact one of their sales reps and they can go over some different packages. Some of their options are much cheaper than Zillow.com

Good Luck!

Skylar Lewis

Keller Williams

Menifee Homes
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