Several factors are affecting the Hemet - San Jacinto real estate market at the moment:

1) The California Moratorium was just lifted on 9/15 - so it takes time now to get homes throught the pipeline and on themarket.

2) The $8,000 tax creditis set to expire - in essence anyone who wants to take advantae had better find themselves in escrow in the next week or two at the latest to be compliant with the 11/30/09 expiration date - whcin means closed escrows by then.

3) Supply and demand - controlling theinventory creats a greater demand and a higher price so yes - homes are selling this quickly.

As a lister of bank owned homes my team and I bring an advantage to buyers because we often know of inventory several weeks before it actually hits the market.

Casita: Inventory is very low at this time. There are many more buyers than homes are for sale. Investors are buying homes for cash because they know the market will improve. A serious buyer in this market who needs financing needs to be very well prepared with the best pre-approval possible and very good credit scores.

Dear Casita,
If the price is right, properties are getting multiple offers..I can tell you that!

Casita,
You have to have some negotiating room when submitting an offer or offers. In Hemet they are offering from $2,000 to $30,000 over the listing price.
This link is for properties that closed 10 days ago.
http://reports.mrmlsmatrix.com/MatrixReportServer/Output/974…

Good luck and happy house hunting,

Jes Sierra, B.Sc.
Realtor®

Hi Casita,

Almost...as Maria stated, the well-priced homes are getting a phenomenal number of offers every day, to the point that some listing agents simply change the status to "pending" (in escrow) so that the flow of offers will slow down or stop. In this lender-owned/REO dominated market, It is rare to have an accepted contract the same day the home hits the MLS, but with so many offers being submitted, the listing agents are overwhelmed and feel it necessary to stop the flow.

That appears to be what's happening in So Calif. Hard as it is to believe, I've talked to several Broker's all over So Calif and some homes are getting 30 to 60 offers the FIRST DAY! Just be prepared with your pre-qualification letter and be prepared to pay over list price. Good luck to you!