Conventional loans typically require the borrower to have a larger down payment that government type of loans, such as FHA or VA. Conventional loan down payments in San Jacinto CA from the period of June 21st, 2009 through July 20th, 2009 accounted for 22.7%, or 25 residential homes for sale, closed escrow.
Aside from the amount of down payment a borrower must put down on a Conventional Loan, there is not a requirement for the borrower to live in the home. Therefore a conventional loan is a common way for an investor to finance their real estate investment property in San Jacinto, CA. Down payments typically range in value from 10% of the purchase price up to 25%. The greater the down payment the better the interest rate of the loan for the investment property.
The Conventional Loan shares some of the same characteristics as CASH Financing in that the homes are typically less expensive and smaller than those financed with owner occupied financing.
While the Average home that Sold In San Jacinto during this period had 2,448 square feet of living space with 3.75 bedrooms and 2.3 bathrooms the homes purchased with Conventional Financing were only 2,234 square feet, on average, with 3.84 bedrooms and 2.24 baths.
Real Estate for Sale in San Jacinto, CA financed with Conventional loans was also slightly older than the norm; they were built in 1996 rather than the average year built of 1999 for all homes sold in San Jacinto during this period. In addition, the average lost size was only an average of 7,387 square feet while the average home in the market was on a 7,899 square foot lot.
The marketing for these home were not as effective as the average home sold in San Jacinto as the homes financed with Conventional Loans logged in with an average Days On Market (DOM) of 85.68 with another 57 days in escrow before transferring title. This is in contrast to the AVERAGE DOM of only 64 days with 48 days in escrow. Perhaps it is because these homes, on average, were only marketed with 6.36 pictures in the MLS compared to the average of 6.63 pictures that other listing agents presented to the public.
Conventional Loans helped buyers buy 3 Standard Sales and 5 Short Sales. The remaining balance of the loans were used to purchase Bank Owned REO Homes for Sale.
Interestingly the price of the Average Home that was financed with Conventional Financing was actually higher than the price of the Average Home that sold in the area, during the period. The Average List Price and Sold Price of all homes sold was $126,612 and $128,971 respectfully with a List Price to Sold Price Ratio of 101.86% Those financed with Conventional Financing had an average List Price of $137,254 and an Average Sold Price of $138,823. The List Price to Sold Price ratio is then only slightly lower than the overall average at 101.14%.
BE SURE TO READ THE OTHER SEGMENTS OF THIS SPECIAL MARKET REPORT ON SOLD LISTINGS IN SAN JACINTO, CA
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | The Average Home
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | Averages by Type of Sale
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | FINANCING by TYPE of SALE
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | CASH SALES & THE MARKET
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | CONVENTIONAL LOANS in the Market
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | FHA LOANS in the MARKET
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | VA LOANS in the MARKET
If you want to Track the Market, then please read more about the preceding period at any of these links:
Financing - CASH
Financing - CONVENTIONAL
Financing - FHA
Financing - VA
Financing - LAND CONTRACT
Market Summary - Why local is Important
Blessings to all who read,
John Occhi, REALTOR®
Hemet - San Jacinto Valley
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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