In San Jacinto CA, as throughout the rest of South West Riverside County and the Inland Empire region of Southern California the most popular way to finance a home purchase today is with an FHA Loan that only requires a 3.5% down payment and must be owner occupied.
Homes purchased with FHA Loans represent 44.5% of the Total residential homes sold in San Jacinto with 49 of the 110 residential real estate transactions during the period of June 21st, 2009 through July 20th, 2009.
There are several differences between the homes purchased with the popular FHA Loans and other types of financing.
First off, the homes were slightly larger that than the average home sold in the area, during the period at 2,174 square feet compared to the Average of all homes at 2,135 sq ft. The Bedroom count was an exact match at 3.76 with only slightly more bathroom at 2.43 compared to the average 2.3 bathrooms per Sold Home.
FHA Loans definitely bought a much newer home with an average year built of 2110 compared to the overall average year of construction being 1979.
Lot Size was slightly below the norm for the homes purchased with FHA Financing, compared to all other homes sold in the area during the period. FHA Loans bought 7,634 square feet of yard while the average was 7,669.
The Marketing went quicker that the overall average of 64.38 DOM for homes purchased with FHA Loans. These averaged only 61.63 DOM. Unfortunately, FHA loans take a little longer to close escrow than the average of 48.32 day in escrow with an extended escrow of 51.98 days. The marketing was not as effective with homes that Sold FHA compared to the Average Sold home as the listing agents only included 6.4 pictures per listing in the MLS compared to the overall average of 6.63.
Of the 49 loans that closed to purchase Real Estate only 1 was a Standard Sale and 6 more were for Short Sales - leaving 41 loans to purchase bank owned REO Homes.
FHA Loans purchased homes that were more expensive and for more money than the overall average home for sale in San Jacinto. The asking price started out at $133,471 compared to the Average List Price of $126,612. These homes sold, on Average for 103.73% of the list price; or $138,451 compared to the Average Sold price of $128,971 - which was only 101.86% of the List Price to Sold Price ratio.
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.
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