Cameron Wilson: Murrieta/Temecula/ Menifee California Real Estate

My phone rings on a daily basis with folks who are interested in purchasing a home in Murrieta California and the surrounding cities of Temecula and Menifee plus Wildomar and Lake Elsinore. This is all well and good as our Southern Riverside County Valley is full of wonderful homes and offers a lifestyle second to none in all of California. From the Single "A" Lake Elsinore Storm Professional baseball team through the world renown wineries of Temecula to the fantastic fishing of Lake Skinner and Diamond Valley Lake plus 12 golf courses we something for all to enjoy.

The thing that puzzles me is the fact that many folks call for information but then state they have an agent who is not from the area who is representing them. Yesterday I had a call from a very nice lady who was driving around Menifee looking for a home and she saw my sign on a listing. Beautiful home and I informed her it was already in escrow but I let her know there were other homes still on the market and I would be glad to meet with her to go see them. That's when she said she was working with an agent, 120 miles away, and that she would still like to see my listing as she had no idea as to the floorplans of this particular development.

Seems her "agent" had instructed her to drive around the area and get into the ones she liked and then give the agent a call. Talk about a lack of buyer representation plus the fact she is going about the home buying process in the completely wrong and hard way. After explaining the facts that working with a local agent who knows the market and has access to all the available listings Ms. Buyer decided to keep searching in the same manner. Too bad as she nor her "agent" has a clue to value in our area.

If you are looking to purchase a home do yourself a huge favor and allow a Realtor who knows the area work "for" you and find the home that fits your needs. Different areas are specialties in their own right and no agent knows them all in a manner that will work to your best interests. Agents are at their best in areas they know but are lacking in expertise for the areas they don't understand and work in as their predominate market.

I have a great Dentist who is a friend but if I should ever need heart surgery I'm going to see the Doctor who specializes in that field. Simple but true.

Need a Realtor in Southwest Riverside County?

cameron.wilson@century21.com

Many folks have said they are going to wait to purchase a home in Murrieta and the surrounding cities.Their reasoning is the banks are holding thousands of homes from the market only releasing a few at a time to drive prices up as they will receive multiple offers on them. This theory of a 'Shadow Inventory' has created a mind set of waiting as a wave of foreclosures will suddenly appear and the glut of homes will drive prices down according to many hopeful buyers and some Realtors as well.

The biggest problem for everyone is who do you believe as there are conflicting views and waiting may be a gamble and only time will reveal who was right. The one thing I know for sure when it comes to determining where the bottom of a Real Estate down cycle was at is when the prices start rising and we can then only look over our shoulder at the previous price. That Was the bottom.

The banks have denied this shadow inventory but hey who wants to believe a Bank, right? Well we now have a new report from ForeclosureRadar, a data tracking firm, that is standing with the banks as they are debunking the Shadow inventory theory and they prove it with their statistics. Feel free to interpret them any way you want.

According to the report the inventory of foreclosed homes in California peaked in September 2008 at 155,269. Since then the banks have been selling them as fast as possible and they now have 41% fewer than a year ago.

In Riverside County which includes Murrieta and the surrounding cities the numbers are in line with the state. The bank inventory fell from 2959 to 1747 for the same period a 40% decrease.

San Diego County inventory fell from 1562 to 914 a 41% decrease. According to the report these figures show there is no Shadow Inventory of homes being withheld from the market and that there will not be a glut of foreclosed homes in the future.

What the future holds for the Real Estate Market is anyone's guess but waiting for the 'bottom' to hit is only a gamble at best.

Virtually everyone in the country has heard the Federal Government has been giving away free money not only to corporations but first time home buyers as well. As with all things an end of time will come and the $8000 dollar tax credit for first time home buyers is scheduled to end on November 30th of 2009. If you have not owned a home for the past three years you can qualify for this credit but time is running out quickly.

Many home buyers have taken advantage of the credit to purchase a home in Murrieta, Temecula and Menifee California. Some of them amended their 2008 Federal tax returns and received their check already for the full $8000 dollars to spend as they chose with no strings attached. What a deal!!!!! Some actually put it into their savings accounts to build up the nest egg all of us need.

Procrastinators beware as you must close escrow on your home by November 30th or lose out on the credit. There has been talk the credit may be extended but that is anyone's guess but for now it's a sure thing and there are only 73 days left to close escrow to qualify. With it now taking on average 45 days to close escrow on a home in Murrieta that only leaves 28 shopping days to find a home, get your offer accepted, and get it into escrow to close on time to qualify. This is cutting it close.

You still have time to make it happen but now is the time to run, not walk, to an experienced Realtor to help you. All Real Estate is local so find a local Realtor who knows the area and the market to find the home that fits your needs and desires. Be sure to listen to the advice you receive from your agent as afterall we are here to help you achieve your dreams and goals of owning your own home.

In the words of that wise ole sage Snuffy Smith " Times A Wastin" so get started today!!!!!!!

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.