Canyon Lake Real Estate Trends Issue CL02 - Page 4
Real Estate Trends Newsletter
MORE USEFUL REAL ESTATE INFO AT:
Beautiful Mediterranean Home For Sale
Real Estate Trends
Keeping you up to date with useful real estate news and intelligence
ISSUE NO. CL02
Brought to you by
Real Estate Headlines Confusing? Mortgage Corner
How to make sense of all the market news.
There are a lot of conflicting reports out there about
real estate and it seems that with so many places to
get news - television, blogs, financial sites, real estate
sites - that it’s easy to get confused about what’s
going on in our market.
me that they think prices
will go down based on
what they’ve heard in the
news. So what do you
believe and what’s really
going on with Canyon Lake
The first thing to remember is that real estate is local,
meaning that what’s going on in Southern California
housing markets could be much different than what’s
happening in other states or cites. In fact, it could be
different than a neighboring town.
Right now, the number of available homes in Canyon
Lake is near the highest it’s been in the last few years,
but it’s still historically low. With about 105 homes
and condos currently available, there is a 4.9 month
supply of inventory at the current sale rate.
So when you read national real estate headlines in
the newspaper or online, or hear national news, it
might not have much bearing on our local market.
For instance, here are a few recent headlines and an
interpretation for our local market:
How does this compare to previous years?
By Justin Bevins
Gorgeous Canyon Lake Property Reminiscent of an Italian Hillside Villa! A Must See
for The Most Discriminating Buyer. Enjoy the views from nearly every room of this
highly upgraded home sitting above prestigious Gray Fox Dr. The state-of-the-art
kitchen includes a 48” dual fuel commercial style range, GE Monogram refrigerator
with custom matching panels, beautiful exotic leatherette granite, custom hood,
handmade copper sinks, radiant heated floor, and far too many extras to list here.
An open floor plan features 3 bedrooms (2 on main level) include two master suites
with view verandas. Hand Scraped Hickory, Walnut hardwood and Travertine floors
throughout, Custom Paint and Crown Mouldings, Stunning rock walls tower over the
pebble-tech saltwater pool and spa with 2 elevated waterfalls, lush landscaping
with automatic irrigation and no lawns to mow, All Propane appliances, tank less
hot water heater and furnace to save on electric bills, Newly installed 16 SEER
Energy Star HVAC Fully finished insulated 2 car garage with Cabinets, Ample Under
house storage area, Boat and Possible RV parking.
“Report: 2013 Ended With Higher Housing Demand,
With 7 California Markets in the top ten in the nation
for median price increases, 4 markets in the top ten
for shortest days on market, this report is probably
more true in Southern California and our area than
“Builders Hike Their Prices” -Realtor Mag via Wall
For more information about this beautiful home, contact Justin at 951-326-0521
“Builder Confidence Slips One Notch in January”
-National Association of Home Builders
Looking for inspiration for that next home project? Check out a website called
HOUZZ.com where you can see thousands of ideas for every room in the house.
“Justin worked with my mother & I to sell her home. We lived in
another state and need ed to sell the home quickly. Justin walked
us through everything to get the house listed and ensured we felt
the house was selling at the correct price range.
Not only did we get 12 offers the first day it was listed, most were
above asking price. We sold the home within a week and escrow
closed in 15 days. Equally as important as selling the house,
Justin helped keep us at ease with the process and kept our best
interests a priority.
I would HIGHLY recommend anyone selling or buying a home to
reach out to Justin. Thank you again Justin for all your help!”
Download updated market reports, neighborhood statistics, and even request a free market valuation for your home at www.BevinsGroup.com
INSIDE THIS ISSUE
Real Estate Headlines Can Be Confusing.
New Mortgage Rules for 2014; Should You Be Worried?
It’s Tax Time Again... and more.
Your Canyon Lake
Justin Bevins, REALTOR®, BRE #01407424
tel 951-326-0521 fax 951-244-2293 email [email protected]
Those two headlines came out within a week of each
other. The Wall Street Journal says new home prices
are going up and builders say their confidence is
down. So which is it? Well, homebuilders did well
in 2013, but December and January where slow and
seasonal dips and peaks are normal.
“Americans believe housing prices will rise, poll
says.” -The Washington Post
That’s the headline, but I’ve had many clients tell
Real Estate Agents Rank
Biggest Home Seller Mistakes
A recent survey of real estate agents by ActiveRain
has confirmed that there are certain things a seller
should avoid if they are trying to get their home
sold for the best price in the least amount of time.
In the worst part of the market from 2008-2010
we usually had over 200 homes available at any
given time and most of them were short sales and
foreclosures. Then in late 2012 things changed a bit
and in 2013, we had a housing shortage with only
about 70 homes available at any given times Canyon
Lake saw almost a 30% increase in median home
prices overall as a result of the inventory shortage.
Some experts are predicting a continued housing
shortage, which should help continue to lift prices.
And while the first few weeks of 2014 were a little
slow, activity is already picking up towards the end
of January with more than 18 properties going into
contract during the month.
Interest rates and new lending rules will squeeze
affordability for some folks, but the market will
adapt and people will adjust spending patterns and
lifestyle expenses to work towards buying homes.
For now, our local market is still healthy with agents
showing clients around every weekend, new listings
coming on the market daily, and an average of about
20-30 homes closing each month.
To help sort out the news, follow the local real estate
news sources or check out our weekly market reports
at BevinsGroup.com/market-reports -Justin
New Mortgage Rules for 2014...
Should you be worried?
By Dave Fitzpatrick
Hi Folks! Happy February to all, and please don’t
forget your loved ones on February 14th. Speaking
of ‘loved ones’, the CFPB and Congress are pushing
lenders into an arena of even more compliance,
under the guise or name of ‘QM’ or Qualified
Now there has been a good amount of ‘talk’ over the
past few months, with moments of ‘panic’ from some
facets of the lending industry. This talk over ‘QM’
is really just an over-sensationalizing of standard
lending practices that have ‘gone away’, ‘been left to
the side’, ‘put on hold’.
Standard (traditional) lending practices have always
centered around making sound decision(s) about a
borrowers’ capacity/ability to make their mortgage
payment every month, given certain ‘minor’ things
like……is your client employed? For how long? What
is the client’s debt load vs. income? What kind of
money is left after the bills are paid? Do your clients
have the ability to save money (do they have any
‘reserves’ for a ‘rainy day’)? What does their credit
look like? Is your client likely to still have his/her job
the week after they get their new home?
Here is some Information from Vicki Needham,
writing for The Hill, on January 14th, 2014:
Financial institutions are pressing Congress and
federal regulators to scale back sweeping new
mortgage rules for fear they could impede the
housing market’s recovery.
Credit unions in particular are seeking an
exemption from the regulations and have asked
Congress to protect them from punishment while
they work to comply with the more than 5,000
pages of rules.
They say their low delinquency and default rates
should be all the evidence that the Consumer
Financial Protection Bureau (CFPB) needs to carve
them out of the qualified mortgage rules.
Many credit unions have indicated they would not
be able to comply with the regulations on time.
To that end, the CFPB has said it is taking a lighthanded approach by issuing warnings rather than
penalties as the industry adjusts.
(continued on page 3)
The results of this survey are no surprise to real
estate agents, but sellers need to understand that
eliminating as many hurdles as possible to the sale
of your home will help you achieve your desired
Of the top mistakes, most are ultimately in the
hands of the seller. Working with your real estate
agent to minimize the impact of each of these
mistakes will make the sale of your home a reality.
The infographic to the right shows the six most
If your property is currently listed with a real estate broker, please disregard this notice. It is not our intention to solicit the offerings of other real estate brokers. Equal Housing Opportunity.
Wallick and Volk, Temecula
27708 Jefferson Ave. #105
Temecula, CA 92590
NMLS #259057, Licensed by the Dept. of Corporations under the California
Residential Mortgage Lending Act. License #4130785. Corporate NMLS 2973.
Notice: This is not an offer to lend or extend credit. All loans are subject to