Well if you are reading this Newsletter then you have made it this far in one of the most turbulent years to date. We have been bombarded by political divisiveness world events. A world monetary market in midst of major change, with the entry of China and their YUAN being offered as a Universal currency. A world in unrest from Europe to South America with thousands fleeing their homelands and seeking refuge and amnesty in countries with more stable governments. This flood of humanity causing financial crisis to the Countries willing to offer assistance. They’re finding that the demand on their Public Services, Charities, Medical Services as well as Law Enforcement exceeded the annual State budgets. It’s costing the Country’s citizens (taxpayer’s) in the long run as resources are being diverted away from their own Citizens in need due to Fires, Flood’s and Hurricanes and other natural disasters. All of this has left us the average person in state of “uncertainty and concern”.
I mention this only in passing to set the scene for our current real estate Market. Recently traveling from Southern California to as far north as Central Oregon. The word I am hearing and the Listings I am following are showing a strong “downward turn.” Most folks say they have seen better conditions in their wages and employment areas however we are dealing with a phenomena that reaches far beyond a monthly budget. We have a society in whole that is reported to have 10,000 people per day that are turning 65 years old. (recent statistics from California Associations of Realtors). This Older generation maybe facing the loss of one spouse or the inability to maintain their current residence. Going on “maybe a fixed income status, or wanting to downsize due to poor health and need move closer to Family. They are seeking Community shopping & Medical Services as they see the need coming. The result is more listings in this segment of the market.
In addition, the Federal Reserve has increased the Interest rate 3 times during this year has effected a buyer’s ability to qualify for a loan, and it also effects the Current Homeowner that purchased in the last 3-5 yrs. Using VAR or ARMS because those loans re-set their monthly mortgage payments by as much as $250.00-325.00. This is putting pressure on the family budgets to absorb this increase. Some are facing a hard choice of HAVING to refinance or sell. This then brings up another issue. Those only owning their homes for a short time, might not have any equity at the close of escrow, making the purchase of another home Impossible. These additional seller’s adding homes to an already growing inventory.
So, as the year comes to an end. For those wanting to sell you will see property inventory increase and the time on the market extending out beyond what we have seen in the past several years. The prices are in a downward trend due to lack of demand and oversupply. For those of us in the Aguanga, Anza and Sage areas, we have had an additional issue going against us since 2016 with California Legalizing Recreational use of Marijuana (Prop 64). Those our society that wanted to take advantage of the coming demand started moving into our area with their illegal activities. In Spring 2018 the issue made it necessary for the Anza community to form an “Emergency Cannabis Report.” This action assisted the to mobilize and stir the Communities and Riverside County Board of Supervisors to take action. Prompting an Amendment to Ord 348.4898 relating to zoning where it was determined that Commercial Growing of Cannabis would be Prohibited in RR/RA, which our zoning mostly consists of. This amendment will take effect on December 26, 2018, freeing Riv. Co. Code Enforcement and Law Enforcement Agencies to move forward with the eradication and seizure of these properties being for that purpose. Already I am seeing signs that this issue is on the way out of our area. Numerous properties mentioning that they have well, electric & green houses have been listed, in the past 60 days some structures only partially erected.
This has given me hope that soon I will be able to speak to folks interested in buying and moving into our area, this is a “Good Community and a Great place to bring the family”. Our Equestrian buyers will again have the pleasure of riding through miles of riding trails and joining in on our Equestrian group activities.
Our Anza Community continues to Grow with opportunities of Full time and part time jobs. With the announcement of the moving ahead of the $$ General Store submitting their building plans. Our local Cahuilla Casino that has brought us our “first” 24/7 Travel Center Gas & Mini Mart with the basic’s plus take out Fried Chicken & Pizza have announced that construction has begun on their 57 Room Hotel, restaurants. Opening expected by the end of 2019.
I mentioned before of my recent road trip up Hwy 395, looking for properties for my clients that have recently decided to relocate. I was looking for growing Job Opportunities & Location Which has always been a big consideration in Property values. As well as distance to other areas. When driving on my way back to Aguanga it hit me! We have the Best place right here!. 50 minutes to the Ocean, Snow or Desert. Major airports & freeways just far enough away to allow for quality of life. Yet, 30-45 min., to Jobs and Shopping. I think we have what most “Buyers” are looking for.
So, in conclusion, it is “This is Country living at its Best” as I have always said over the 40 plus years that I have lived and owned my Business here. For those that have been waiting or were priced out of the 2018 Home market, you may find that this the “perfect time” to find that “Dream home.” Give us a Call and let us see what we can find for you!