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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Lake Elsinore. Low rates with falling home prices makes a home purchase a great value! Call now for more information at Michael: 951-235-1831 or Nancy: 951-212-7985
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| Average Home Price | $150,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 0-5% |
| Average Time on Market | 10-30 days |
| Best Selling Price Range | $150,000 - $199,000 |
| Worst Selling Price Range | $400,000 - $449,000 |
| Prices As % of Asking Price | 100% |
| Existing Home Prices for the past 90 days are? | Increasing |
| Market Trend | No Change |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Buyer Activity for the past 90 days in Lake Elsinore is | Increasing |
| Seller Activity for the past 90 days in Lake Elsinore is? | No Change |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | Particullarly for bank owned and invesor owned property |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | More than 50% |
| Is Financing Available For Qualified Buyers? | Yes |
| Housing Inventory | Very tight market |
| Inventory Comments | Lack of avalable inventory and high demand, particularly at the first time buyer price level is creating significant competition for well priced properties. Properties for sale in our market generally fall into 3 categories: 1-Bank owned/REO/Foreclosed These are homes that are actually owned by that bank and/or investor. They are typically sold ’as is’ with no repairs by the lender. These homes tend to see multiple offers in the first few days on the market. Larger banks may require that you are pre approved for a loan by THEM. No requiement to use them but can cause a delay in submitting offer. Banks DO tend to be willing to pay for some or most of buyer closing costs which can exceed 3% of purchase price. They also may be willing to pay for termite repairs and/or a Home Warranty. 2-Short Sale Bank is OWED more than home is worth and bank is in charge of approving any sale of property. These can be very frustrating due to amount of time it can take to get approval from a bank or banks and sometimes, approvals never happen. The good news is that more and more banks are willing to negotiate a short sale and it is generally taking less time for answers. Rarely will banks agree to pay buyer closing cost or other costs in a short sale. 3-Standard or Equity Sale Owner has positive equity in the property. Increasingly seeing investor owned homes being fixed up and ’flipped’. Can be good deals, generally in good to better condition. May or may not be willing to pay closing and other costs. Our most successful first time buyers are those who are motivated, informed and prepared to act quickly when needed. |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Lake Elsinore! |
| Nearest Metro Area | Riverside |
| Housing Hot Spots | Most cities within the Riverside County area are considered ’Housing Hotspots’ Canyon Lake, Corona, Temecula |
| Average Sold Price | $150,000 - View Graph Trend |
Lake Elsinore Local News
News for Lake Elsinore, CA - August 9th, 2010 8:18pm
Local market continues to heat up as summer draws to a close. Although values hit historic lows over the past 12 months, the last few month have seen double digit increases in average sales value versus same months in 2009. This confirms how many buyers are entering the market for the first time and how difficult it is to find properties in a highly competitive market. All of these buyers are competing for the same limited amount of available inventory. (We currently have less than a one month inventory of ALL homes priced under $300K in Riverside County.) This leads to multiple offers, over asking price sales and alot of disappointed buyers. The SECRET for buyer success is finidng a knowledgable, aggressive agent who knows the market and THEN LISTENING TO THE AGENT. Dont believe those who tell you that you can buy properites at under market value, that there is no financing availble, that short sales never happen. A good agent can help you navigate the pitfalls and minimize the time and effort required in the home buying process. If you need some help navigating the pitfalls of this market, give us a call. Our services are free to buyers and it will be worth your time whether you hire us or not.
News for Lake Elsinore, CA - June 10th, 2010 12:51pm
Local market continues to heat up as summer draws to a close. Although values hit historic lows over the past 12 months, the last few month have seen double digit increases in average sales value versus same months in 2009. This confirms how many buyers are entering the market for the first time and how difficult it is to find properties in a highly competitive market. All of these buyers are competing for the same limited amount of available inventory. (We currently have less than a one month inventory of ALL homes priced under $300K in Riverside County.) This leads to multiple offers, over asking price sales and alot of disappointed buyers. The SECRET for buyer success is finidng a knowledgable, aggressive agent who knows the market and THEN LISTENING TO THE AGENT. Dont believe those who tell you that you can buy properites at under market value, that there is no financing availble, that short sales never happen. A good agent can help you navigate the pitfalls and minimize the time and effort required in the home buying process. If you need some help navigating the pitfalls of this market, give us a call. Our services are free to buyers and it will be worth your time whether you hire us or not.
Contact Information
Michael & Nancy Hoke
Michael: 951-235-1831 or Nancy: 951-212-7985
Request More Information Let me answer your questions!
Ask Me!
Mortgage Rates
– May 28th, 2012 –
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30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
Home Values
StreetZip Code
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Request More Information Let me answer your questions! Ask Me!
Michael & Nancy Hoke
California Sunset Realty
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 Michael: 951-235-1831 or Nancy: 951-212-7985
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