San Jacinto Market Analysis – SOLD 5/20/09 – 6/20/09 FINANCING - CONVENTIONAL

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Real Estate Agent with Mason Real Estate CA BRE 01444168

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 with a larger down payment and Conventional financing.

Of the 136 San Jacinto, CA homes that Closed Escrow during the period of 5/20/2009 through 6/20/2009 35 were financed with CONVENTIONAL FINANCING.  These homes are typically purchased by investors who are seeking to leverage their cash by typically putting 25% of the purchase price down on the property and financing the balance with a Conventional Loan.  There are some Conventional loan products that allow an investor to have as little as 10% cash into a transaction - however higher interest rates, points and loan costs often outweigh the advantage of less cash in the deal.

25.74% of all homes purchased in San Jacinto, CA during this period were purchased with Conventional Financing and were, on average, 10 years newer than the CASH deals investors purchased during the same time frame.  These homes were also 264 sq ft larger than the Cash deals, on average and had an extra 0.53 bedroom and 0.3 more bathroom space with 3.71 bedrooms and 2.29 bathrooms, on average, respectively.

The lot size shrunk for the Conventional financing deals in San Jacinto, for the real estate investor, with only a 7,150 sq ft lot compared to the larger lots purchased with Cash and older homes.

Everything about the price also increased for the investor looking to purchase investment real estate with Conventional Financing, opposed to cash.  These properties sold for 99.72% of the list price or $133,310 of the average list price of $132,939 - or $64.88 per square foot of living space.

It took a bit longer to take possession of these properties as well.  Although there were on average 7.89 pictures per listing in the MLS - with the picture count ranging from a violation of zero pictures to the max of 20 pictures.  However, less than 8 pictures per property just does not seem as if it gives it justice.

Properties were for sale in the MLS on average 80.51 days and then once they entered escrow, it took another 47.10 days to close the escrow.  In both cases, this is substantially longer than the cash deals.  Marketing time ranged from 5 Days to 345 days with a MEDIUM DOM of 57 with Zero to 132 days in escrow and the Medium being a more realistic 42 days.

Of the 35 properties sold with Conventional Financing, 29 (82.86%)  were bank owned homes REO homes for sale directly from the bank; three were short sales and three more reported (or misreported) as standard sales (8.57% each).

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.

Serving California and Riverside County zip codes of 92501, 92503 , 92551, 92555 , 92562, 92563, 92504, 92505, 92557, 92553, 92506, 92507, 92590 92591, 92508, 92509, 92570, 92571, 92592, 92399 , 92584 , 92596, 92820 , 92571 , 92543, 92544, 92545, 92583, 92582, 92879, 92580 , 92530, 92532, 92881, 92882, 92567, 92518, 92883 , 92549, 92561, 92220, 92223, 92028, 92088

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Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

Excellence in Real Estate,Team Log,John Occhi,www.johnocchi.com,hemet,san jacinto,CA  

This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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