Canyon Lake Real Estate Trends Issue CL03 | Page 4

Real Estate Trends Newsletter MORE USEFUL REAL ESTATE INFO AT: WWW.BEVINSGROUP.COM You Might Be A Canyon Laker If... Keeping you up to date with useful real estate news and intelligence Canyon Lake sure is a one-of-a-kind community and if you live here you know that Canyon Lakers have their own language, customs, and idiosyncrasies. Take the quiz below to see if you truly are a Canyon Laker. You might be a Canyon Laker if… 6. You’re an expert at removing decals from your car windshield. 1. Your golf cart has more miles on it than your car. 7. You have to explain to everyone you meet where Canyon Lake is. 2. You can back up a boat or recreational vehicle better than most people can back up their cars. 3. You park your car outside in the weather so you can fit all your toys inside the garage. 4. You know what any of the following are: Lily Pad, Sky Ski, Dredger, Solar Bee, Causeway, Goetz Hill, Algae Bloom, Boat Tunnel, Alum Treatment 5. You always check the lake level and temperature page first when the Friday Flyer comes out. Real Estate Trends 8. You own more than one set of any of the following: golf clubs, fishing poles, water skis, wakeboards or paddle boards. 9. Your boat cost more than your truck did. 10. You can drive 35mph continuously without looking down at your speedometer. 11. You have more than one Canyon Lake sunset stored in your smart phone photo album. Re-printed from CanyonLakeSoCal.com website Mortgage Corner Is new home construction a better choice for you? 5 Surprising Benefits a Budget Delivers. By Justin Bevins Maybe instead of buying your next home in Canyon Lake, you should consider building a home. Over the years certain times have been more attractive to build a home versus buying a preexisting home. Building a home becomes a lot more attractive when two things happen: The added benefit to building a home is you are more likely to get a home that has more of the features and amenities you are looking for. Currently in Canyon Lake there is some pent up demand from buyers who are looking for turnkey homes in the mid price ranges and having a difficult time finding exactly what they want. So does it make sense to build your home instead of buying something that’s already out there? There are a few questions you should ask yourself first. - Do you have the time and patience to wait for your new home to be built? A modest 2500 s.f. home can be built in 4-6 months, but you also have planning, bidding, and the lot purchase escrow period that can push you out additional months. - Do you have the patience and imagination that it takes to pick fixtures, colors, appliances, flooring, landscaping, etc.? Building a home is INSIDE THIS ISSUE PLUS: Lake Your Canyon port Market Re Justin Bevins, REALTOR®, BRE #01407424 tel [phone]  email [email protected] www.BevinsGroup.com 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. By Dave Fitzpatrick One of the attractions of Canyon Lake is that all our homes are unique. Most planned by a lot owner, who in conjunction with an architect and contractor, designed and built their dream home. 2. Prices for existing homes go up dramatically and it becomes more cost effective to build instead of buy. That is starting to happen again as the current market continues to move up in price. Buy or Build Your Next Home? 5 Surprising Budgeting Benefits Beware Tax Scam Artists!!! Brought to you by Justin Bevins Buy or Build Your Next Home? 1. Lot prices are cheap like they are now. This allows you to reduce one of largest single cost items of the project. Download updated market reports, neighborhood statistics, and even request a free market valuation for your home at www.BevinsGroup.com ISSUE NO. CL03 MARCH 2014 Justin helped me as a remote owner work through a difficult short sale condo situation in Canyon Lake. Went above and beyond in not only helping me to sell the condo, but also assisting in minor repairs/cleanup and keeping the property rent-able as we worked through the sales process. Justin hung for the long term and got the job done!! Very helpful! -Steve Payne an involved process and even though you have contractors and architects helping you out, you still have to make a lot of the decisions. It means quite a bit of time looking in catalogs, online, and the home center. It can be a lot of fun though. Looking at model homes in other subdivisions are great for inspiration and ideas. - Do you qualify for financing? Construction loans are making a come back but they can sometimes be harder to qualify for . You may need equity and reserves. If you are able to pay cash for your lot, that often times becomes your equity and makes it easier to get the loan. The good news is that many construction loans don’t require you to make a payment during construction and when your home is built, you can roll your construction loan into a conventional 30 year fixed loan. So how do you get started? First thing to do is meet with a good local builder who has experience in Canyon Lake or meet with a real estate agent who has experience with building. Then you can start looking around at lots that might suit your general needs for the type of home you’re thinking of. In Canyon Lake, there are only about 300 empty lots left and only about 25 for sale at any given time. The challenge is finding one that is affordable but is also buildable,. Some lots that are upslopes for instance can require an excessive amoun t of excavation and retaining walls making the project very expensive. In Canyon Lake , most of our lots are upslope or downslope, so it’s a good idea to get your contractor involved when you start looking so they can tell you if it’s feasible. Once you have a lot picked out, then you can start working with your builder or architect on some plans that will suit the lot and your needs. It’s a lot of work from start to finish, but the reward is having the home of your dreams with all the features you want and the satisfaction of having a hand in designing and building it. Contact me if you need a good contractor referral or you’d like more information about available lots for sale. -Justin Hello to all! Yes…..I actually do a budget. Not the most exciting thing that I can think of to do, but it does increase your awareness of where monies are spent, for absolute necessity, all the way down frivolity. If you know the saying, “The carpenter’s house is the last to be built” (or something like that), it rings true (and loudly) on me. I have been managing a Profit & Loss from a budget for the last 13 years. Two years ago my business/life coach asked me if I had a household budget. I embarrassingly enough answered, “No”. How sad is that? Read on! Who wants to budget? Nobody! No one likes taking a good hard look at the money going out versus the money coming in. When expenses run up, people just add to their credit card balances and ignore the high interest. But using a budget does lots more than cut credit card interest. Surprisingly, a budget helps you: 1. Meet all your financial needs. A budget lets you fine tune spending to meet all needs: short-term (monthly bills and groceries); mid-term (that summer vacation); and long-term (home down payment, college, retirement). A budget shows the expenses you can’t avoid (utility bills) and those you can postpone (another dinner out), so you can cut short-term spending to meet longterm goals. 2. Cut waste. Let’s say your budget shows you spend $800 a month on food. But that includes coffee on the way to work, soda from a vending machine, and a sports drink at the gym. Over the month, this adds up to a big chunk. You can cut 75% of it with coffee from home, soda and sports drinks from the supermarket, and a refillable water bottle. Without a budget, you don’t know what you’re spending, so you can’t find the waste. (continued on page 3) Dave Fitzpatrick Wallick and Volk, Temecula 27708 Jefferson Ave. #105 Temecula, CA 92590 Ph: 951/296-6066 Fax: [phone] www.davidfitzpatrick.wvmbtemecula.com 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 credit approval.