Murrieta Real Estate Market Update
Category: Murrieta Real Estate Market
Published: Monday, July 20, 2009
Murrieta Real Estate Market Update
What is going on with the Murrieta Real Estate Market??
The Murrieta Real Estate Market is HOT! It's hard to find a property that doesn't get more than 10 offers within days of the property being listed. Currently their are about 500 total properties on the market in Murrieta and only 63 of those are Bank Owned or REO's and about 250 are short sales. Compare that to over 1000 properties just one year ago in Murrieta! The inventory is way down and demand is up, which is causing bidding wars on most properties. This is especially true with Bank Owned and REO properties because they are easier to get compared to a Short Sale, which can take more than 3 months just to get a response.
Are we at the bottom of the market???
That is the million dollar question! Many of us think we are very close to the bottom. We are definitely at a temporary bottom, if not at the bottom. Prices have actually been going up the past couple months. We expect more inventory to (or the next wave) start hitting, but even with a lot of homes being thrown on the market due to foreclosure...... we expect the huge demand to absorb the supply.
How do I buy in this crazy market???
The Murrieta Real Estate Market is crazy and hot, which means you need the best possible Realtor on your side. Here are a few strategies that your Realtor needs to utilize:
1. Have all of your ducks in a row! **Pre-Approval w/ FICO score, Proof of Funds, & Copy of Earnest Money Check. Gotta be able to act fast!
2. Your Realtor needs to be on top of the market!!! Not following the market! One day or one hour can mean you losing your home of the dreams!
3. Your Realtor needs to have access to properties before they even hit the market, so you can potentially have an offer in on a property before it even hits the market.
4. Some banks respond quickly, so don't wait till the weekend to view a property. Go now!!!! No joke! That property will be gone by Saturday!
5. Make sure your Realtor is capable of moving quick. **Capable of showing and submitting offers quickly!
Those are just a few tips to buying in this hot Murrieta Real Estate Market! Call me if you have any questions or if you need help with your home search.
Tyson Robinson
Bank Owned Specialist
Ph. 951.970.5740
A FREE homebuyer seminar is coming to Temecula on September 14th at 6pm. The seminar will be held in English at 6pm and in Spanish at 7pm.
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