What Homes Sold in Temecula Last Week?

What homes sold in Temecula Last Week?

A total of 32-homes were confirmed as sold last week (August 23 to 29, 2010). Bank owned (REO or Real Estate Owned) homes, the dominant factor in Temecula's sales a year ago now account for only  15 percent of sales; while Short Sales accounted for 44 percent and Standard Sales the balance of 41 percent. Increasingly Standard Sales are "Investor Flips" - homes purchased at Foreclosure Auction or as Short Sales and resold by investors.

As a buyer, Standard Sales followed by REO homes are the most easily purchased homes. Short Sale homes sales often take months to conclude and the outcome can remain uncertain because the final decision in the sale is made by the bank rather than the seller. Bottom line, if you are looking for a home you have three choices in terms of ownership - how do these homes differ in cost? Is it worth your efforts to target in on a REO home, a Short Sale?

In this sample of sales it appears that if you are looking for value in a home (price per square foot) that you may want to consider a Short Sale home. The average Short Sale sold for$265,600 for 2,224 square feet. By comparison, the average Standard Sale home sold for $295,900 for 2,369 square feet or $125 per square feet. Standard Sale home are in general the home in the best repair of the three types so look at all three types of sales before you make a decision. Average prices can hide a lot of issues including location and quality of construction as well as condition.

The home with the lowest price on average, and one with a more conventional purchase process  is the REO home. The average price is an affordable $260,00.

What do you get if you purchase a REO home? Following below is a snap shot of the five REO homes that sold last week.

It can be a gamble to purchase a home in today's uncertain and fast paced market. Temecula's Neighborhood Expert brings you the knowledge you need to make an informed decision.

You have the right to expect more from a realtor than being chauffeured between homes you found on the Internet.

Home: While economics are an important part in the decision to purchase, homes of the same size can live differently – some we love, some we hate even as we step in the front door.

Neighborhood: How we feel about our neighborhood contributes to our sense or ourselves. The friendships we make, the lasting relationships we forge, the feeling of belonging that we cherish are all part of neighborhood.

It is challenging to put together the magical combination of the home you can afford, the home you want to live in and the neighborhood and community where you want to build your life.

Let Robert  save you the “emotional whiplash” of looking for the “right home in the wrong neighborhood”