<img src=”/wp-content/uploads/2015/10/10-10-15-offmarket-300×225.jpg” alt=”10-10-15-offmarket” width=”300″ height=”225″ class=”alignright size-medium wp-image-571″ />The Moreno Valley real estate listings consist of the lineup of Moreno Valley homes that are currently “on the market.” They’re for sale. Offered to buyers. Available for purchase. “On the market” is a straightforward real estate term; end of discussion.<br /><br />So, you’d think that “off the market” should be equally unequivocal, and it would be, if it weren’t for “off-market,” with which it’s easily confused. And then there’s the fact that what actually happens after a formerly listed property goes off the market can result in a several different outcomes. <br /><br />Sounds like a dose of contradictory Moreno Valley real estate jargon—but it can be sorted out with a little determined effort. Here goes:<br /><br />In real estate, off the market denotes a property that was listed in the past but currently pulled from the market. It no longer appears in the updated Moreno Valley real estate listings, either because the owner has decided not to sell, or because the property is now in the process of being purchased (so more buyers don’t need to be recruited). When phrases like ‘under contract’ appear in a listing, it has the effect of being off the market at the moment, though interested buyers might keep an eye on it in case the sale doesn’t go through. An owner might withdraw a home if they now believe the market is not active enough to warrant more effort at this time, or because some event has caused them to decide to keep the house. <br /><br />Off the market, in today’s web-centric real estate reality, is not quite as cut-and-dried as in former eras. Because the Internet never seems to forget anything, an off-the-market property may still pop up onscreen when buyers search for new Moreno Valley homes for sale (particularly when some of the national sites don’t promptly remove outdated listings). Your Moreno Valley Realtor® can keep you up-to-date on the current status of any local property.<br /><br />On the other hand, Off-market is sometimes used as a synonym for “off the market,” but can be used by some national websites for upcoming properties that are being marketed, but have not yet been listed. More often, off-market is used to denote a property that is for sale but will not be advertised publicly. Since such a property isn’t entered into the Moreno Valley listings at all, most potential buyers will be unaware that it’s available. You might think this is a nutty way to try to sell a home, but there can be good reasons. Celebrity owners may be in a constant battle to stay out of the public limelight, and therefore resort to an arrangement (formal or informal) with a broker to discreetly market their home. Later news will say something like, “Janet Showbiz sold her 18 bedroom Bel-Air estate off-market for $11 million.” Some extremely high-end real estate offerings are offered quietly to other brokers. This is sometimes called a ‘pocket listing.’ When successful, it results in an off market sale.<br /><br /><em><strong>You don’t have to be a celebrity to want to discreetly search for—or sell—an area home. If you are beginning to think over your area real estate options, whenever you call me for a no-obligation consultation, it will always be treated with complete confidentiality.</strong></em>
If you are one of those Moreno Valley homeowners who has been gladdened to see property values continuing to rebound, you have also been pleased at the steady decline in the wave of foreclosures that were part of the global financial crisis. When the subprime mortgage crisis triggered widespread financial dislocation, many homeowners felt the repercussions. Every Moreno Valley foreclosure that resulted weighed on neighborhood property values, which reflect the dollar amounts paid when nearby homes change hands.
Even most people whose livelihoods were unaffected—who kept their jobs or businesses and continued to make their mortgage payments without difficulty—could have suffered as a result. When the apparent equity of a home dwindled, so too was the amount lenders were willing to lend for refinancing. The comfort provided by fat home equity lines of credit (the HELOCs) suddenly melted when their maximums were cut, or even withdrawn altogether. HELOCs, after all, were a major component in the foreclosure phenomenon. The whole atmosphere caused confidence to be shaken.
But ‘buy low, sell high’ is a proven investment strategy—and ‘buying low’ is an opportunity that typically arises when fear is in the air. Many large institutional investment outfits looked at the situation and apparently asked themselves, what’s more “real” than real estate? They dived into the panic, buying up distressed residences in droves, paying rock-bottom foreclosure prices.
For many homeowners, though, the real effect was psychological. After all, when your major asset is your home, any Moreno Valley foreclosure can be seen as having the effect of bringing your apparent net worth down.
RealtyTrac is the national scorekeeper for foreclosures and REOs (Real Estate Owned, or bank repossessions); and last month they continued to provide comforting news. Although there are ups and downs in the month-to-month stats, the overall trend continues to decline from the high in September 2013. In fact, there was a small uptick in REOs in April, which might seem like bad news; but REOs are actually completed foreclosures—at the same time, foreclosure starts continued their long slide downward.
Daren Blomquist of RealtyTrac was quoted with more good news, confirming that “the overall increase in foreclosure activity in April is a continuation of the clean-up phase” of the housing crisis. But even better was this: “Foreclosure starts nationwide are now running consistently below pre-crisis levels.”
It does seem as if this season is a choice time for sellers to enter the revived market. If you would like to explore the possibilities for your own property, or are ready to start the search for a Moreno Valley home of your own, please do give me a call!
Moreno Valley residents don’t have to be pet owners to get a sense of just how nutty Americans are about our animals. Just a few minutes of watching TV will do it. After you’ve been bombarded with the images of happy/sad/exuberant/listless cats and dogs who are saved/rewarded by the pet products in the commercials, you won’t doubt that $60.59 billion is being spent on pets this year. It becomes clear how Fido and Kitty can afford to foot the bill for so much of today’s prime time television.
Another fact—one that directly relates to Moreno Valley real estate—is that slightly more than 56% of all American households are said to include a pet. The ASPCA says that 37%-47% of households have a dog, and 30%-37% of households have a cat (as far as the cats are concerned, it’s the cats that have the households, not the other way around). Whether or not Fido and Kitty are part of your own family, this does give rise to how important the real estate concept of “pet-friendly” homes has become.
Does your finicky cat need a room of his or her own? Does your MegaDog require a large yard? Space is always a leading qualification when you go to assess minimum real estate requirements for your Moreno Valley family, but since 68% of families include pet needs in their calculations, that is one of the basics that qualify a property. That’s why it makes increasing sense to emphasize pet-friendliness. For instance, if the back yard has a low or not very restrictive fence, a proactive seller might research the cost of installing an invisible fence. Even if they don’t go ahead and actually put it in, having a bid in hand showing that the cost is reasonable could be enough to sooth pet-owning prospects’ concerns.
Although pet owners are unambiguous about considering the four-footers to be family members, that’s not a universally shared concept. If you don’t see (or hear) any signs of pets in a prospective neighborhood, buyers should make certain that a property they are thinking about buying doesn’t carry restrictions that could cause pet turmoil. Local ordinances and neighborhood associations can enforce restrictions on the number and kind of pets.
Along with the growing popularity of pets have come a number of pet perks that have real estate implications. Pet amenities like dog parks are becoming more and more common in newer communities (in some areas, a movement is afoot to feature dog- and even cat-friendly cafes and public buildings).
I hope you will give me a call if you are embarking on a Moreno Valley- house-hunting exploration, or are preparing to list your own property this summer. Pet accommodation is only one dimension I’ll help you make sure is fully addressed!