Murrieta, CA

Real Estate transactions are complicated with much information being exchanged between the involved parties. Every buyer will be required to get a loan, other than cash purchases, and as we all know much information will be needed. Credit reports will be pulled, bank account balances will be verified and tax returns will be looked at. This is necessary to obtain a loan and you will be safe giving this to your lender.

The problems can arise with other aspects of the transaction in my opinion. I haven't seen any bad things take place in the transactions I have been involved with but one can never be too careful. Identity theft is a problem in today's world and we all have heard horror stories of people who have fallen victim to it. Real Estate has not had a problem as far as I know and we all should watch out and protect our clients as it's our responsibility.

Every buyer will be writing a check for their Earnest money deposit and a copy will be sent to the listing agent. Just this week I received three offers on one of my listings and each agent sent the offer along with a copy of the check. Something I always do with my buyer clients checks before sending the offer is to make a copy of the check and then use a black marker to cover the account number and routing number before I send the copy to the listing agent, None of the agents choose or thought to do this so I blacked them out on my copies.

Another offer came in on a different listing of mine for all cash. The agent sent a copy of the check as well as proof of funds to show the buyer had the money to close the purchase. The proof of funds was two separate bank accounts and each statement showed the account balance along with the account number and the buyers name. The account number is not needed and I do not feel comfortable having that info in my office so I blacked it out.

Real Estate offices by and large are safe and the agents do a great job of protecting consumers information. My concern comes in when sending offers, and information, is I don't know who has access to other offices. I don't know their cleaning crew and who may have a key to get in or heaven forbid a thief breaks in. Call me paranoid but please call me cautious when it comes to my clients.

When it comes to Real Estate it seems everyone has an opinion or question. In today's market almost every day on TV, the Internet or in the newspaper you will get the opinion of a so called expert as to what's going on with the market and what the future holds. The experts hold their opinion as the Gospel Truth but in the scheme of things it's only an Opinion.

With so many different talking heads people throwing their so called expertise into the mix it's no wonder the consumers are confused. Last week on TV I so a reporter in a neighborhood with some foreclosures, REO, make a totally unfounded statement. She stated that one street in particular was going down by 6% every time a property sold. There were no statistics provided to prove the statement but she concluded that the area would go down another 18% real quick as there were three foreclosure properties on the market. Must be new math because in the Murrieta, Temecula and Menifee areas the market is stabilizing.

This past Saturday I held an open house on one of my Real Estate Owned, REO, listings in Wildomar. There was a total of 22 people come through the home, as it's very clean inside and out, and what I heard from the majority of them was total confusion as to the future of the market. Three folks in particular asked me what I saw in My Crystal Ball, as to when the market would turn around. Each of them are homeowners and they wanted to know when the values would go up again. All real estate markets are skewed in the sellers favor as it's only a good market when the values are rising according to the so called experts of the media.

Personally I disagree that this is not a Good market. If you are a buyer it is a Good Market. Prices have come down dramatically and interest rates are low. When I bought my first home in 1978, OK I'm getting old, my interest rate was 10% FHA and today it's around 6%. That's still a good rate and now many first time buyers are able to purchase a home and with the $8000 dollar tax credit it may be one of the best times in history to buy a home.

Since my crystal ball is dusty because of the changes that are taking place with the economy and the real estate market plus the bail outs I only know one thing for sure. If the government keeps printing money we will see interest rates rise due to inflation as the dollar loses value. It happened in the early 1980s and it may do the same in the near future. The result will be the home prices may fall but with higher interest rates the home buyers will be knocked out of the market.

If you are considering buying a home please consult with local Professionals, Realtor, loan officers and your accountant to see if this is a good time fot you.

What a glorious time this is - end of a school year and graduation. You meet some of the most delightful young people at this time of year - too bad you won't see much about it in other media.

This morning I had the privilege of attending the 14th Annual Murrieta Student of the Year award ceremony presented by the Murrieta Chamber of Commerce. Ever month the Chamber, in association with numerous community sponsors, recognize an outstanding student of the month from our three current high schools. Today's event selects from among those recipients to recognize students who have made a truly outstanding contribution to their school and our community.

WOW! What a group. This morning 6 Murrieta students - a male and female recipient from Murrieta Valley, Vista Murrieta and Creekside, were introduced to a group of education, civic & business leaders. The recognition of their scholarship includes $1,300 in monetary awards per student as well as city, county and state proclamations and gift bags donated by business sponsors.

Here's a thumbnail summary of the very deserving award winners. I wish I had been taking notes.

• Vista Murrieta grad Brian Choi carries a 6.0 GPA. In addition to nailing straight A's in Advanced Placement courses, his list of accomplishments and accolades is a mile long. This son of immigrant farmers, Brian will be attending Harvard this fall.
• Creekside graduate Crystal Farr completed a spectacular high school career in spite of numerous difficulties. Among other goals, Crystal plans on volunteering for military service as part of a family tradition. After the ceremony we discovered that the 'difficulty' that led to Crystal attending the continuation school was her frequent absences to care for her brother, an amputee veteran. She will be attending San Diego State to be closer to her brothers hos[pital.
• MVHS' Nikki Salazar will be attending Stanford.
• Vista Murrieta's Ashley Scott will be attending Berkeley.
• MVHS Jacob Levy plans to pursue a career in law/politics/advocacy. He has not only posted a superlative GPA but has been a student activist on behalf of a number of causes during his matriculation. His teacher and Principal alike praised his ability to get diverse groups to reach common ground. If the state survives that long, I'd vote for this kid in about 20 years.
• Creekside's Miles Ten Brinke dropped out of school for 'a couple years'. When he finally decided to re-enroll in the continuation school, he 'found himself', as his teacher said. He completed the required coursework in months rather than years and has been attending MSJC since October.

Introduced by their Principals, both MVHS Superintendent Dr. Stan Scheer and our County Superintendent gave some words of encouragement. The students made a few comments on their plans and extended thanks to the sponsors, their teachers and especially their parents. To say these students are highly motivated, focused and possessing of poise far beyond their years would be an understatement. You come out of one of these events with a little more spring in your step - they give you a little more hope for a future generation.

Thanks also due to Margaret Jones, who has served as Program Chair for many years and Rex Oliver, CEO of the Murrieta Chamber for their long-time support of this event. Special thanks to Student of the Month Program, Inc. and its founder, Sally Myers of Sizzler Restaurants. It's a great accomplishment to make sure these outstanding student and future leaders are recognized and encouraged.

It's just a shame the only place you'll read about it is here.

Spring Market Conditions

I can describe the real estate market in the Southwest Riverside County Area (Murrieta, Temecula, Menifee) in one word - BUSY.

There have not been as many foreclosures entering the market. This has created a market in which the majority of the foreclosures on the market are receiving multiple offers, and often the properties are selling for higher than list price.

I have several clients whom have written multiple offers (full price) and have still been outbid during the process.

There is a light at the end of the tunnel. I have heard from several sources that a larger amount of new inventory should be entering the market in June and July. I'm hoping that this will make it a bit easier for buyers to get into these homes.

The big picture is that the market is full of people trying to buy in this low price period. That is a huge indication that the market may be ready to stabilize, if not rebound.

Things are looking up!

Visit my site to search MLS and see for yourself!

If you listen to the media you have probably heard stories that there is a glut of properties on the market at this time. In some markets this may be well and true but the thing you must remember is Real Estate is local and not all areas are the same. If you are considering buying in Murrieta, Temecula, Menifee or the surrounding communities the inventory has shrunk to dramatically and we have many buyers looking for the best deals.

The choice you need to consider is how soon you want to move and are you ready to act quickly to make your offer. As we are in what has been traditionally been the buying season we are now seeing multiple offers on the best priced properties. People re getting frustrated when they find out they will be competing with other buyers but with the $8000 dollar first time buyers credit folks are taking advantage to achieve the dream of owning their own home.

If you are considering purchasing a Real Estate Owned (REO) Foreclosure be ready to act quickly. These homes are usually priced very well and receive multiple offers if marketed correctly. Making a low offer on one of these properties with in the first 30 days of being on the market is a total waste of time. On average they sell for more than the listing price when multiple offers are received.

On the other hand if you are not in a great hurry and can be patient you may want to look at Short Sale properties. In the case with these homes the seller is selling the property for less than is owed on the property and can be a great value for the buyer. The sale will be subject to the current lender accepting a lower payoff and it will take longer to get their approval than a normal sale. On average it will take 90 plus days to get an acceptance from the lender and to close escrow. Some go through faster but they are the exception.

Either way it is a good time to purchase a home and interest rates are at a historic low so buyers do have opportunities and options. Consider which option may be best for you then you need to have an experienced agent help you find the home that fits your needs. In both scenarios you need a Professional to represent you through the process and to protect your interest in the transaction.