May 19, 2024


Mad about real estate

Southern California's Distressed Housing Market

It probably isn’t surprising in this economy to learn that Southern California is currently ranking as the 27th worst housing market. On average, one in approximately 211 homes will be receiving either a default, foreclosure or other type of notice. In February of this year there were 5,399 of these notices in Southern California, resulting in a 1.9{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} increase when compared to January and an 11{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} decrease when compared to the same time last year.

Despite the number of notices having gone out in February, Southern California housing prices have bounced back by reaching a median price of $322,000. This is a dramatic increase when compared to January and February of last year. The overall median housing prices have gone up 5.6 percent from January and increased by 13 percent when compared to February of 2009.

What Does this Mean?

As a home buyer, you will have a vast selection of homes for you to choose from. However, if prices continue to increase you could potentially miss out on an amazing bargain for a new home. With so many homes to choose from you may have difficulty starting out your home search. To help you, we’ve provided you with a step by step guide to help you find the perfect home for you at an unbeatable price.

Steps to Finding Your New Home

1. Select a Neighborhood. When deciding on a neighborhood be sure to ask yourself these questions: What’s your commute look like? School Districts? Crime rate? Accessibility to shopping, recreation, etc…? Urban living or country living?

2. Pick the Type of House. Are you looking for a single-family detached, a condo, a townhouse, a duplex, etc… It’s important to consider things like: small/big backyard, pets or no pets, growing family, storage space, etc…?

3. Select the Style of House. There are many architectural styles of homes like: Victorian, modern, Cape Cod, etc… Each style of home has its own character and maintenance issues.

4. Search Home Availability Online. Now days, real estate brokers advertise and provide up to date listings of homes currently on the multiple listing service or MLS. For example, if you are looking for Murrieta Real Estate or Temecula Real Estate, you might try Brennan Real Estate Services.

5. Hunt for a Real Estate Agent. You should look for an agent that understands your needs, is familiar with the neighborhoods you like, has experience and is well connected.

6. Keep Notes. On average you will probably end up looking at around eight to ten homes over the course of about eight weeks. In order to help you keep track of your likes and dislikes, you should keep note of things like: property taxes, services available in the area, what utilities run, old/new/no appliances, minor/major repairs, noisy neighbor dogs, etc… It will help to make your home search much easier.

7. Narrow your Choices. After you’ve toured several homes and found a couple you really like, arrange to view the homes again.

8. Market Value. After you’ve decided which home you want to buy, take time to crunch numbers and figure out what the properties market value is.

9. Make an offer. This can be a lengthy process at times as you often will have to go back and forth negotiating with the seller. If a purchase agreement is reached, your agent will help you with all of the paper work needed to make the home officially yours!

Purchasing a new home can be a huge investment, financially and emotionally. In order to find the perfect piece of Temecula real estate or Murrieta real estate for you at the right price, you will need the help of a seasoned real estate agent like James Brennan. With so many years of experience he can navigate your way through this intense real estate market. Contact James Brennan today for more information on Murrieta real estate and Temecula real estate.