Inland Empire home sales for July 2010 saw it’s biggest year over year drop in home sales in more than two years. This is a sign that the tax credit rush to purchase homes is slowing and will become stabilized….or normalized.
I anticipate sellers will no longer be receiving 20-30 offers per home. It should become more of a buyers market again.
In addition, there seems to be a large drop in inventory of bargain priced bank owned homes on the market. Oddly enough the median price of homes rose 8.1% in Riverside County ($200,000) and 10.7% in San Bernardino County ($155,000). So the number of homes is dropping but home values are increasing…or at least the lower end homes are increasing.
What does this mean for the first time home buyer? It means buyers using the special California FHA ACCESS .5% down payment, traditional FHA 3.5% down payment, 100% USDA no down payment, and no down payment VA Home Loan programs will have a greater chance of getting their offer accepted. So all the home buyers who got frustrated and dropped out of the home buying process because there was too much competition, this is a better time to get back in the house hunting game to find a great deal.
If you are ready to begin your search for a home of your own and want to work with a professional Real Estate agent who knows how to get an offer accepted, send me an email or just call, and I will give you an idea of who to call. I work with the best Realtor’s in the cities of Temecula, Murrieta, Menifee, Canyon Lake, Lake Elsinore, Corona, Riverside, Moreno Valley, Chino, Chino Hills, Norco, Ontario, Fontana, Redlands, Yucaipa, Rialto, Rancho Cucamonga, and San Bernardino.
My direct phone number is (951) 215-6119 or email me at brad(at)homeloanartist.com.
Data from MDA Dataquick