Real Estate

  • Over a Decade in the Making!

    In August the average price of a Temecula home was $591,851 and their median price hiked north of ½ million as well to $510,000. Unless the market totally tanks over the next few months, Temecula will finish the year at a new record pace with an annual average price in excess of the $543,545 also […]

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  • A HUGE Month!!

    So July was good. So good, in fact, that we pulled within 40 homes of last year-to-date selling 6,337 homes through July compared to 6,377 in 2018. That’s still a bit off the 7,008 pace set in 2017, but not bad. Here’s hoping we can keep that momentum going. But lagging sales isn’t just a […]

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  • Slow and Steady?

    With half of 2019 behind us, what can we derive from the year so far and what does it portend for the remainder of the year? Well, sales continue at a slow pace. June sales fell 6% month-over-month (1,131/1,059) and 4% behind last June (1,087). Prices were virtually flat from May ($388,974/$388,642) but retained a […]

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  • Picking Up?

    As you might infer from that, the slowdown in sales has not just impacted our local market but has been felt across the state and the nation as economists struggle to explain why. As has been consistently pointed out, the underlying fundamentals of the economy continue to be strong with unemployment at historic lows, wages […]

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  • A Simmer, Not a Boil.

    Last week at our Legislative Day meetings in Sacramento, Realtors® heard from Governor Newsom in a far ranging address on the positives and negatives of this state we call home (for now). We were encouraged that housing is one of his priorities as he seems to ‘get it’ that past policies have damaged the industry, […]

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  • The Effinger Group Expands Real Estate Operations into the Temecula Valley

    The Effinger Group headed by longtime industry veteran Kirk Effinger has expanded their real estate-oriented operations into the greater Temecula Valley. As part of Windermere Homes & Estates, The Effinger Group brings industry expertise and the strength of a regional brand that has 17 offices and over 800 agents throughout much of Southern California. “We […]

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  • Off to a Slow Start

    Poppies! I blame the poppies for the slow housing start this year. People couldn’t get to the region to buy houses because of the poppypalooza or the apoppycalypse or whatever you call it. But it truly was spectacular and another reminder why, if you’re going to live in California, this isn’t a bad place to […]

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  • Send in the Canary!

    Our local housing market experienced a little bounce in February. That’s somewhat unusual but not unprecedented in that February sales are generally a little softer than January, plus it’s a short month and all. But as forecast by pending sales coming into the month, sales in February were up about 12% over our dismal January, […]

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  • Nothing to Brag About.

    As I pointed out on the demand chart, pending sales are a precursor of future closed sales and last month there were only 560 pending sales. January pending sales have increased to 721 indicating that February sales are rebounding. Historically, that’s a little early to see a volume increase like this and may be positive […]

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  • Size Up or Size Down with a 1031 Exchange

    If you own two or more single-family rentals, maybe you’re thinking its time to trade up to apartment ownership. Apartment ownership can be more profitable than single-family rentals, especially when you put a good management company in place. Whether you’re considering selling a single-family rental or an apartment building, there are capital gains tax considerations. […]

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  • A Matter of Perception

    But we were reminded last month by National Association of Realtors® Chief Economist Dr. Lawrence Yun that our perception of current events is clouded by how good or bad our memory is. For example, home sales locally and across the country will be down this year compared to last. Nationally they’re expected to drop about […]

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  • Reasons to Buy or Sell Today!

    I’m Scott Chappell and everybody knows that this is the slow time of the year to buy or sell real estate. Residential home values have gone up an average of 6% locally this year. The smart guys that do the forecasting agree that 2019 will be another good real estate year for buyers and sellers […]

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  • S.H.I.F.T. Happens

    We’ve just returned from a series of state and federal meetings where we had the opportunity to celebrate some legislative victories from the past year, lick our wounds over others and foment plans to deal with the changed political landscape we will encounter at the city, county, state and national level in 2019. We are […]

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  • Still Correcting?

    Speaking of 2008, September marked the 10th anniversary of our last great meltdown. Lehman Brothers collapsed, bringing others to the brink, precipitating a general crash in the housing market nationwide. We got towed along for a 60%+ drop in local home values and a 50%+ drop in sales over the next 18 months. Fun times! […]

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  • How to Avoid 1031 Exchange Nightmares

    1031 Exchanges are extremely tricky, and one mistake can literally cost you thousands of dollars. In a nutshell, when you sell a property, you can defer a taxable gain if you purchase a “like for like” property within 180 days. You must identify the replacement property in writing within 45 days. It’s a very complex […]

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  • 42 Years Experience in Real Estate

    A client recently asked me why he was being charged for title insurance and transfer taxes. Even though the charge for title insurance states it’s optional, I was able to explain to him the title insurance has always been the seller’s responsibility as are the transfer taxes. His home sold quickly in a market that […]

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  • No Crash in Sight

    As I pointed out last month, I’m just not seeing it. While our market has indeed slowed from its more robust pace of the past few years, there’s simply no indicators pointing to a crash. The market is still strong, the underlying fundamentals of the economy are sound and most prognosticators are in agreement that […]

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  • Finished Industrial Land Equals More Local Jobs

    Since I arrived in the late 1980’s, every local City has stated that one of their key goals is to create more and higher quality local jobs. For decades, too many of our local residents have been forced to venture out in the pre-dawn hours to fight the traffic up and down the I-15 as […]

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  • A ‘Wobbly’ Housing Market

    Last month I talked about the apparent correction our housing market appears to have entered. Within days headlines from MSNBC and others were howling about the impending housing ‘CRASH’. So the question these days is ‘Are we headed for a crash, or just a correction?’ At the risk of disagreeing with MSNBC (when was the […]

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  • Scott Chappell – Expert 1031 Exchange Accommodator

    I’m Scott Chappell, and I’d like to talk with you about the 1031 Exchange process. My ex-wife, reluctant to accept my advice, purchased a nice rental property in 2002 for $236,000. She had moved out of the area and decided to sell the property, which sold for $447,000. Her initial idea was fabulous. She thought […]

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  • Market Correction?

    The housing market in our region appears to be in a state of flux right now across several indices. Historically June has been our highest month for single family home sales – and it may be again this year. But sales are well off last year’s pace, posting the lowest 1st half sales in the […]

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  • Temecula Valley Industrial Real Estate: Why Have Prices Skyrocketed?

    Here are some interesting facts about Temecula Valley’s industrial market: Since 2012, among buildings between 5,000 to 50,000 sq. ft. (the majority of TV’s industrial market): Average asking lease rates increased 69% (from $.52 psf to $.88 psf) and average asking sale prices increased 102% (from $84 psf to $170 psf). Given these jaw-dropping increases, […]

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  • The Path Ahead

    I’d also like to thank City Managers Aaron Adams (Temecula), Grant Yates (Lake Elsinore), Gary Nordquist (Wildomar), Armando Villa (Menifee) and ACM Ivan Holler (Murrieta) for making our 8th Breakfast with the City Managers a huge success again. Our members turned out in record numbers to hear about what’s happening in our marketplace with housing, […]

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