Chasing A Declining Real Estate Market

"The bottom of a real estate market is only visable when it is on it's way back up!"

It's absolutely normal to want to purchase a home at the lowest possible price. 

The challenge is. that it can be very hard to predict what real estate markets will do and where the bottom actually is, ~ as we only know where the bottom was when it is on the way back up!

Everyone wants to believe they made the best possible decision when purchasing a home.

Typically, here in Southwest Riverside County fall is a great time to buy as the kids are back in school and there are simply less buyers competing for the available properties.

In the last four years, Temecula's lowest median price for Temecula Homes, was back in May of 2009, when the median price was $245,000.  Every area is different, but in a growing community like Temecula, it's typical for prices to go down slightly in the fall.

It's gone up a little and then down a little and now the medin price for a Temecula home in July, ended up at $286,500.  

Studying trends and watching the market is on everyone's mind, as consumers wait to see if prices are going to drop further.  Over the last four years there have been little ups and down'\s indicating that the typically busy times when more sales took place in the spring the flurry of sales increased prices a little.  

Since prices really declined dramatically in 2007 the ups and downs have been slight. The fact is that unless a property is really distressed the decline will be only a few percentage points as homes here in Riverside County have already made the largest drop.

This chart below, shows Temecula Median home sales and number of Temecula Homes sales over the last four years. 

• The highest number of Temecula Home Sales occurred in December of 2007, when there were 442 Temecula home sales, for that month alone!
• The lowest median price for a Temecula Homes, was May of 2009, when the median price was $245,000.
• Currently for July/August, 2011, the number of Temecula homes sold are approximately 220 and the median price is $286,500.