About Riverside's Orange Crest

Carol & Brett Smith of Riverside, CA, had been trying to have their home loan modified for months, but their bank just wasn't cooperating. After hitting a final brick wall, they opted for a short sale of their home, and it was the best decision they ever made.

"Our relationship with Brian Bean dates back to January 2007 when he assisted us in the purchase of our Orangecrest home. He was very helpful and handled the transaction smoothly. After being in the house for four years, we had numerous unsuccessful attempts to modify our loan through our lender. Brian and Tim assisted us with the successful short sale of the house.

"Not only did they successfully negotiate a $20,000 cash incentive to us from the lender, but they also assisted us in the purchase of another home in Orangecrest.

"We are very happy with the service that we received and will continue to refer him to our friends and family."

Orangecrest Riverside Real Estate Update - December 2011

Orangecrest ended the year with a bang!

Orangecrest Riverside is a masterplanned community with homes built from the 1980's forward. New construction continues building in the area. A typical tract community the homes are often personalized through creative landscaping, hardscaping and outdoor entertainment areas. The area park hosts the junior league baseball team and a community center houses meeting rooms and a library.The widely recognized school district has been the recipient of several awards and statewide recognition.

Active Listings: 24 (11 Short Sales, 11 Standard Sales, 2 REO's)

Pending Sales: 50 (45 Short Sales)

Closed Sales: 20 (3 Standard Sales, 14 Short Sales, 3 REO's)

Average price per square foot - $118 Average Days on the Market - 119

What does this mean for you?

Orangecrest Riverside real estate was very active during the holiday season. The number of pending sales and closed sales increased from the prior month. The active listings are 50% short sales with an anticipated rise in the number of short sales through the next year.

Orangecrest Riverside Home Sellers may want to consider placing their home on the market prior to the start of the spring selling season. The smaller pool of buyers would be offset by smaller competition. Sellers should be aware that more than half of the closed homes were purchased with FHA loans who have tighter guidelines. Also seller credits for buyers ranged from $4000 - $9000. These funds are used to assist the buyer with closing costs.

Orangecrest Riverside Buyers will more than likely run into a short sale. In order to eliminate as much frustration as possible work with an agent who is familiar with the process. Some short sales are more likely to close than others. Look for short sales with one lender or approved. Be aware that sometimes the buyer maybe required to contribute funds for delinquent HOA dues or other fee's. Short Sales and REO's are usually sold AS-IS with no repairs. Therefore home inspections are recommended.

This monthly Orangecrest Riverside Real Estate Update is provided for buyers and sellers with an on the ground analysis of current trends.

If you have questions or need my assistance call me!

Orangecrest - families, palm trees and orange groves!

Orangecrest Riverside Real Estate - November 2011

Active Listings: 21

Pending Sales: 32 (20 short sales, 8 REO's, 4 standards)

Closed Sales: 12 (6 short sales, 3 REO's, 3 standards)

Orangecrest Riverside is a community consisting of newer homes built from 2000 forward and homes built as part of the original community when annexed by the city in 1986. This family orientated neighborhood boosts award winning school, community parks and is ranked as one of the nations Playful Communities.

The number of pending sales (homes in escrow) includes 24 distressed sale transactions with an average price per square foot at $103.

What does this mean for you?

Home sellers in Orangecrest Riverside are competing with distressed sales. The number of short sales in the community may indicate Lenders are becoming more receptive to processing short sale transactions rather than allowing homes to move to REO status. Standard sellers will need to have well-priced homes (an experienced Realtor will prepare a comparative market analysis) to compete.

Home buyers are able to find homes with upgrades and completed landscaping if they are prepared (pre-approved, proof of downpayment & closing costs) and have created a winning strategy with their agent. Be prepared the majority of transactions are short sales. Working with an agent who is experienced with short sales is an advantage for the buyer.

Homes are selling in Orangecrest Riverside offering a great opportunities for prepared buyers and sellers.

Call me if you would like additional information on Orangecrest homes.

Orangecrest Riverside Real Estate - October 2011

Active Listings: 34

Pending Listings: 29

Closed Listings: 7

What does this mean for you?

It is typical for real estate sales to slow as we begin to move towards the holiday season however real estate activity in Orangecrest Riverside, remains brisk. We saw seven new listings (5 short sale listings) during the month of October. Which indicates we are not in a traditional selling cycle.

Distressed Sales continue to dominate the Orangecrest Riverside market due to the large number of homes built from 2001 and forward. Many newer homes & subdivisions are underwater (or the homeowner owes more on the home than current market value) as we continue to watch the market adjusting. Short Sales and bank owned properties will continue to be a large part of the sales.

However the number of short sales successfully closing are increasing. During the month of October seven homes closed (4 short sales, 2 standard sales and 1 REO.) Of the current 34 active listings - 23 are short sales, 6 standard sales and 5 REO's.

Average price per square foot: $111

Average number of days on market: 67

Average sales price: $266,957

The average price per square foot is a good way to asses the current market value of your home. Of course this does not reflect upgrades, landscaping or hardscaping you may have completed.

As an experienced Realtor I am available to assist you by providing a market analysis of your home. As a Realtor who specializes in newer homes & subdivisions I am able to assist distressed homeowners who maybe considering a short sale or standard seller or buyers seeking to enjoy the peaceful neighborhood of Orangecrest Riverside, CA.

Orangecrest Riverside Real Estate Updates - Sept. 2011

Active Listings: 44

Pending Listings: 37

Closed Listings: 24

Orangecrest Riverside is a masterplanned community consisting of approximately 5000 homes. New home builders exploded into the area during the early 2000's attracting families with the highly rated school district. The newer homes and subdivisions attract families searching for larger homes with larger yards and a community feeling.

Average price of homes: $283,000

Average price per sq.ft.: $113

Average days on the market: 104

What does this mean to you?

During the month of August the 24 Orangecrest Riverside closed homes consisted of - 6 Short Sales, 6 REO's (bank-owned) and 12 Standard Sales. The successful closing of 12 Standard sales is a positive movement as distressed sales tend to average 5 - 10% lower than fair market value which impacts the values Appraisers will assign to loans or refinances. The higher the price per square foot the more value for each homeowner.

The closed transactions include two new home construction from Standard Pacific Homes in the Mission Grove community.

The second number is an even distribution of short sales vs foreclosed homes. As banks begin to approve more short sales, although it remains a lengthy process, the value of homes in the neighborhood will continue to stabilize. Orangecrest Riverside distressed homeowners should contact a Realtor to discuss the various options, including short sales, as each situation is unique.

Orangecrest Riverside - Orange groves, Palm Trees and Families