Canyon Lake Real Estate Trends Issue CL04

Real Estate Trends Newsletter MORE USEFUL REAL ESTATE INFO AT: WWW.BEVINSGROUP.COM 10 Things To Be Thankful For In Canyon Lake... Keeping you up to date with useful real estate trends and intelligence 1. Sunsets - Wow! We have some amazing sunsets. If you’ve never gone down to the lake at dusk and just marveled at the beauty of the sunset over the water, you are really missing out. Try it sometime, it’s a great way to end the day. Sellers Optimistic About Market 2. Low Cost of Living - Relatively speaking Canyon Lake is very affordable. Housing prices are reasonable especially for the area and the amenities. The taxes are low at just over 1%. And our HOA at $248 is still a bargain for everything we enjoy - a private lake, gated security, 14 parks and beaches, equestrian center, tennis courts, lodge, campground and so much more compared to most communities and housing tracts. By Justin Bevins Last year’s double digit price increases in much of Riverside county have sellers feeling very optimistic about the market. 5. Vibrant Community and Interesting People - If you’re open to meeting people, there is no shortage of interesting, colorful people in Canyon Lake. We have movie stars, world class athletes, amazing artists, self sacrificing public servants, and more than a handful of heroes not to mention all the good folks who have lived here at one time or another and left their mark on the community and humanity. 6. Great Location - Southern California is America’s playground and we are smack dab in the middle of it. Snow skiing an hour and a half away. The beach an hour. Los Angeles, San Diego, and Palm Springs all easily drivable. There is so much richness, culture, art, and recreation all around us in every direction, that it’s hard some days to narrow down what to do! 7. Wildlife - The lake and our location and climate bring us some amazing winged wildlife - spotted owls, blue herons, hawks, ducks, geese and more. If you are a bird watcher or wildlife enthusiast, you don’t have to go far to see some beautiful species. 8. Volunteers - Our closeness as a community brings out the philanthropy and giving in others. Many individuals and clubs give so selflessly through their events and fund-raisers like The Lions, Jr. Women’s Club, CLAWS and many others. And let’s not forget the Tuesday Work Group that does a lot of beautification projects on the golf course for free. The 1st quarter saw a 32% decrease in the number of homes sold in Canyon Lake compared to last year. The number in 2014 was 51 homes sold versus 80 in 2013. This year’s sales are even lower than 2011 and 2012 numbers at 68 and 64 homes sold in the 1st quarter respectively. Median days on market have been climbing for the last several months as homes seem to be sitting on the market longer (shown in the graph below). So what’s going on? It’s a very strange market because there seems to be a lack of demand from buyers in recent months, but normally that would cause supply of homes to increase as sellers continue to put their homes on the market. But sellers aren’t putting their homes on the market at the usual pace. For each of the last 3 months approximately 17-18 homes have sold , but we still have the same number of active homes on the market, so that means approximately the same number of new homes have been listed each month . Is this market equilibrium? There is a 6.7 month’s supply of homes in Canyon Lake. By most real estate standards, 6 month’s supply is market equilibrium. So where is the market headed? There are a couple of strange things about this year’s activity so far: 10. Things to Do All Year - It’s an understatement to say that Canyon Lake is a recreational community. With events like, Fiesta Day, Taco Tuesday, Christmas Boat Parade, The Car Show, 4th of July Spectacular, Weekly Farmers Market and more it’s impossible to get bored around here! To have so many well organized events that are within a walk or golf cart’s drive from your home is really something special that most -Photos and story courtesy of cities and communities would envy. Download updated market reports, neighborhood statistics, and even request a free market valuation for your home at PLUS: Lake Your Canyon port Market Re Justin Bevins, REALTOR®, BRE #01407424 tel 951-326-0521  email [email protected] 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. Currently there are 47 homes under contract compared to only 32 last month. That’s an indication that the next 3060 days should see a higher number of completed sales - more than the 18 we saw last month. 1. Home prices are holding steady and even still increasing slightly. In fact, the median sold price rose in January and February this year. 9. Great Weather - What else can we say? INSIDE THIS ISSUE But Canyon Lake sellers might be feeling a little different this month after what has been a weaker than normal 1st quarter in Canyon Lake home sales. And even though the 1st quarter was weak in number of sales, it seems like the market has just been catching it’s breath after a great run-up last year. 2. Inventory is not increasing as recent headlines would suggest is happening in other markets. In fact, our available homes are still historically low. For the last several months, we’ve only had about 100 active homes for sale at any given time in Canyon Lake. There has been more activity in the last several weeks - more open houses, more great homes hitting the market, and more agents seen driving around with home buyers in their cars. “Real difficulti es can be overcome; it is only the imaginary ones that are unconquerable. ” -Theodore Vail (1845-1920) Mortgage Corner By Dave Fitzpatrick At the end of 2013, research by the California Association of Realtors indicated that 43% of sellers believed prices would increase versus only 9% in 2012. 4. Safety and Security - Canyon Lake certainly has some crime, but it’s so minor compared to many other communities. Violent crimes are so rare and most of the local crime is minor vandalism and theft. Overall, it’s still one of the safest cities in California every year. Brought to you by Justin Bevins 5 Steps to Build Up Your Savings for a Down Payment. Recent polls suggest sellers think prices will rise. 3. The Lake - The lake that draws so many of us here is an incredible resource. We have the ability to boat, fish, water ski, wakeboard and more. And the best part is you’re in the water in 5 minute from anywhere in the community. Do you realize that there are only about a half dozen places in California where you can park your boat on the water right outside your back door? Sellers Optimistic About Market Build Up Your Savings for Down Payment 10 Things to be Thankful for in Canyon Lake Real Estate Trends ISSUE NO. CL04 APRIL 2014 The spring and summer selling seasons are right around the corner. If buyer activity continues to pick up and we continue to have few active homes on the market, it could be a recipe for strong price appreciation again this year. Those optimistic sellers might be proven right. -Justin If you’re a first-time home buyer, the big challenge is saving up enough money for the down payment. Financial experts tell us you need to take aggressive steps to cut spending, add income, or do both. Here’s how to proceed. 1. Set a goal and time line. Find out the price range of the type of home you want in the area you like. Then talk to mortgage professionals like us to get an idea of the down payment you’ll need, which could be up to 20% of the purchase price. Then set a time line and figure your monthly savings goal. For example, if you need to save $20,000 in two years, you’ll have to put away $833 each month. 2. Open a separate down payment savings account. This keeps the money separate and makes it easy to track progress. The experts say that when you’re saving for a shortterm goal, put the money in a lowrisk investment such as a savings account or a CD. Shop around for the best interest rate, and make sure the money will be available when you need it. (continued on page 3) Dave Fitzpatrick Wallick and Volk, Temecula 27708 Jefferson Ave. #105 Temecula, CA 92590 Ph: 951/296-6066 Fax: 206/203-3924 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.