Market Report for Temecula - Homes for Sale Harveston Ysabel Barnett Elementary 6-2012
What do these numbers mean? The first one that jumps out is the high number of Pending home sales, compared to the Active and Sold. This is an effect created by Short Sales. In a Short Sale, a homeseller owes more on the home than it can fetch in the current market, so the seller has to ask his lender to take "short" of what is owed. The Short Sale process requires lots of financial documentation from the seller showing a hardship, and the banks are swamped, so the result is that these transactions take a long time from when they are started. To do a Short Sale, the homeseller is well served to find a buyer who's willing to buy the home if the short sale succeeds, so that the Short Sale bank has an offer in front of it when it finally gets to the file. Having a buyer under contract on the home with a long wait time is what causes the Pending number to be high, and what tells us that this is a heavy Short Sale market.
The good news for buyers is that buyers have options in this real estate market in Redhawk, Temecula, and surrounding areas:
- Have an agent who knows how to protect them from being "stuck" on a single Short Sale home;
- Catch a Short Sale home when an earlier buyer has given up and moved on, and the Short Sale bank finally approves the sale;
- Have the buyer's loan submitted and approved during the Short Sale wait;
- Focus on bank-owned and standard sales and Short Sales that are well along in the process, etc.
To search homes for sale in Harveston, Temecula, please try a variety of Search methods at our website, www.SandToSeaProperties.com.
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