About Murrieta's Murrieta East Side

Market Report for Murrieta - East Side, August 2010

Here are my market reports for the east side neighborhood of Murrieta, giving a moving snap-shot of what is happening in this neighborhood since May 2010:

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Since the Federal Tax Credit ran out (buyers needed to be in contract by April 2010 to qualify), there was more buying activity (Pendings and Solds) than is happening now. There is some rumor that the Fed Tax Credit will be started again, but it is not a done deal.

The Active, Pending and Sold statistics for for the whole market in Murrieta's east side, east of the 215 freeway, don't tell you what local experience in this market does: this market is still in a multiple-offer situation. This is especially true for REO Bank-Owned and also Standard Sale homes, because in those two situations, the seller sets (on the seller's side) the terms of how quickly the deal can close.

Contrast that to Short Sales, where the buyer must wait for the process to happen: 2 to 6 months for the bank that holds the Seller's note to process the sale. In Short Sales, for the buyer's agent as well as the buyer, it is a matter of timing, as most do not want to put an offer in and wait for six months. Like in this Market report for Murrieta's east side, with access to all the amenities of Murrieta and Temecula's restaurants and shopping, and of course the Great school districts. The east side of Murrieta, too, has prices that are typically lower than the rest of Murrieta and Temecula for comparable homes, due to the drive required to get to these homes, an extra 10 minutes or so if coming up from the Marine Corps base or San Diego.

A buyer in this market, knowing that Murrieta and Temecula have reasonable home prices and proximity to the jobs of the earners in the household, typically would prefer to buy the home and get their children started at the local schools as soon as possible.

Timing short sales to be the offer in front of the bank in that last month that it is about to get approved is an art form these days. We work hard at it continually in Murrieta and Temecula and all throughout our local Murrieta and Temecula markets, and we would be happy to help.

Market Report for Homes for Sale in Murrieta CA - East Side

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Market Report for Homes for Sale in Murrieta CA - East Side

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Market Report for Homes for Sale in Murrieta CA - East Side

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Market Report for East Side of Murrieta, CA - Murrieta East

Looking at the activity of Active, Pending (under contract but not closed), and Closed Sales gives us an idea of whether the market is "moving," whether buyers and sellers are coming to agreement on price and terms and consummating sales.

Add to that the "on the ground" view of full time agents - anectdotal but helpful - that homes hitting the market right now in February 2010 are receiving multiple offers, sometimes 20 to 30 offers, in the Murrieta East market, as well as throughout Murrieta and Temecula.

Getting an offer accepted out of those multiple offers takes experience, persistence, patience and timing. Having a local agent who understands your loan program and can make your offer look attractive to the seller is important. In order of most comforting to sellers, financing in today's market is:

• Cash: cash buyers can show funds in the bank and typically close much more quickly than buyers who are getting a loan in the Full Documentation loan environment.
  
• Conventional financing: sellers are comfortable that the buyer is bringing in a large down payment,
• VA (military): the buyer is bringing in Zero down payment, but and active duty buyer's income is very predictable based on rank, years in service, military base to which he is assigned, whether enlisted or officer. VA buyers who are out of the military have less certain income.
  
• FHA financing: the buyer has a much lower (3.5%) down payment and more flexibility on credit score and ratios. Income can be difficult to pin down and can change, putting the deal somewhat more at risk.

Here is a link to see all Active Listings for Sale in Murrieta East as of February 26, 2010. NOTE THAT THIS LINK WILL EXPIRE AFTER 30 DAYS.

SEARCHING HOMES FOR SALE IN MURRIETA AND SURROUNDING AREAS

1. You can keep your privacy until you are ready to use an agent in your active search for homes to buy: Free search homes for sale in Murrieta, including Murrieta East Side, you can Search Homes for Sale in Murrieta:

2. You can get homes listings delivered to your email immediately when they hit the market if you Submit Your Search Criteria for An Automated Search. The email you receive will link you to a very functional interface where you can save favorites, mark possibilities, and be ready to find a home that will work for you. You can contact us to get inside the homes and make offers when you are ready.