SAN JACINTO SOLD SUMMARY - 5/202/09 - 6/20/09
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. As I was finishing up there was one more statistic that was glaring me the face. I hated to admit it - heck I didn't even want to look at it, because it was so painful. Once I did though the pain quickly subsided and turned to anger.
This data supports my biggest pet peeve and strong belief that "ALL REAL ESTATE IS LOCAL AND YOUR REALTOR SHOULD BE TOO!" Of the 136 homes that were sold in San Jacinto between May 20th and June 20th, 2009 only 32 were listed by a LOCAL REALTOR!
I define "Local Agents" as those who are MEMBERS of the Local Hemet - San Jacinto Association of REALTORS and does not include agents of other boards - regardless of where they live or focus their business. In my never humble opinion these out of the area agents really are nothing more than 21st Century Carpet Baggers.
Let me share why this is SO IMPORTANT.
The 136 properties sold for a cumulative value of $18,079,746. Conservatively speaking each listing agent earned 2% commission for these transactions or a total of $361,594.92 that was divided between all of the listing agents. The local listing agents only earned an approximate $74,617 cumulative between the 32 listings we were charged with to sell our local listings. This amounted to $74,617 in Net Commissions before broker splits and other costs - remember, that's $74,617 divided between 32 listings or an average of $2,332 per listing.
The 76.47% of the homes sold in San Jacinto in the recent period were sold using the services of out of area agents and represent approximately $242,528 in money that has left our local economy. This does not even count Hemet!
This is not about me crying over my business but the impact this has on our community as a whole. I know that I personally reinvest my profits right back into my business and my community. My disposable income is also spent, largely, here in the Hemet - San Jacinto Valley. I purchase all of my computers, hardware and office products and supplies locally. I rent local retail space - money back into the community. The people who work with me in my office and the vendors I hire are from this area - money they earn from me is then spent mostly in the community. Money that is spent in the community not only helps my fellow local business people but it generates sales tax revenue for the local municipalities of Hemet and San Jacinto.
I can pretty much guarantee the agents from Riverside, Moreno Valley, Temecula , San Diego County, Orange County and wherever else they come from don't contribute squat to the local economy.
Well, I should go ahead and get off my soap box and get to work. I have to do my part to increase the number of properties local REALTORS® sell in my market.
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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