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Market Report for the Inland Empire | Print |  E-mail
Friday, 18 March 2005

As market trends begin their march into what is shaping up to be a fairly normal year, we are keeping a keen eye on the corridor running from Corona in the North and extending through Temecula in the South.  After some softness in the market during the winter months, we are now seeing sales of existing homes start their return to a normal pattern for this area and this time of year.

Over the winter, it was common to see desirable homes on the market for two to three months as pricing adjusted slightly down and demand started creeping up.  We are now seeing normal spring demand coming in to offset supply and desirable homes (those that show well and are priced at prevailing market levels) are coming into short supply again.  During January It was still possible for me to schedule home previews for my clients and know that within a weeks period of time the majority would still be on the market.  We are now having to set up previews on much shorter notice and we can count on many of the best homes being sold before we can get to them.

Folks planning to sell their homes this year will need to take the time to undergo a thorough market analysis to ensure their homes are appropriately priced to take advantage of the short period of time during which your homes receive maximum exposure from the majority of the Real Estate agents in this area.  Agents are starting to focus increasingly on new listings in an attempt to find the best options for their clients, as it provides a rich environment for those who are ready to move and can do so quickly.  During this type of market climate the inventory of homes that remain unsold after just a few weeks are generally considered to be well picked over, and typically overpriced or not being in a state that the majority of buyers would consider "move in ready".

Those looking to purchase will need to adopt lightening speed strategies, be prepared for short notice of new homes coming into the market and have their financial documentation ready to go.  We recommend starting the process now of getting pre-approved with your lenders and preparing your documentation with your agents.  Be prepared to substantiate your down payments and provide letters from your lenders indicating you have been preapproved.  Many agents who represent home sellers are also requiring credit scores be included with any offers they present to their sellers.


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