In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009. In this segment, I will look closely at San Jacinto homes for sale that sold to owner occupied buyers with a minimal down payment using the government sponsored VA loan program.
The veterans of our country have numerous benefits to help offset their generous sacrifices in the service of our country. One of them is that they are guaranteed a VA home loan with no money out of their pocket to close escrow and move in. When scouring the market of homes for sale the veteran can shop with confidence knowing that the closing costs are typically financed with the purchase price and interest rates are typically some of the very best available anywhere. On top of all that, like the sister FHA government program, the home must meet a set of minimal conditions to ensure that it is habitable for the veteran and his family.
Only 3.68%, or 5, of the homes that closed escrow in San Jacinto used VA Financing. All 5 of these homes for sale were being sold by the bank as REO listings for sale.
Interestingly enough but the homes and prices continue to climb. I guess is if the government is going to help you get into a house you might as well get the biggest and newest home possible. These homes were all built since 2004 with a minimum of 2,222 sq ft of living space. The average home, however, was built in 2005 with 2,665 square feet of living space - with room, on average for 4 full bedrooms and 3.2 bathrooms. Lot sizes came down a bit to 7,753 square feet - following the trend of more house and less land in newer developments.
The homes purchased in San Jacinto, CA during this period were listed on average, for $156,120 and sold for $102% of the list price - of $159,120. The good news for our proud veterans is that they were getting more house for less per square foot because this number dropped to only $61.16 per square foot.
VA Loans typically take longer to close as they have to negotiate through a larger bureaucracy - so the 61 days in escrow should not be very alarming. The marketing of 86.4 days may seem a bit long, but for some reason 2 of the 5 listings had extremely long days on the market (128 & 190). When looking close at the data you might realize that the 10.4 pictures found in the MLS for these listings may have helped sell these properties for the highest prices...it really does make me wonder why real estate agents do not put more pictures in the MLS.
BE SURE TO READ THE OTHER SEGMENTS OF THIS SPECIAL MARKET REPORT ON SOLD LISTINGS IN SAN JACINTO, CA
Financing - CASH
Financing - CONVENTIONAL
Financing - FHA
Financing - VA
Financing - LAND CONTRACT
FINANCING OBSERVATIONS
Market Summary - Why local is Important
Blessings to all who read,
John Occhi, REALTOR®
www.JohnOcchi.Com
Hemet - San Jacinto Valley
951-6564-5550
Servicing THE REO Needs of Asset Managers, Servicers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun Valley, Perris, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California. If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above phone number.
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