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50 % Price Drops
How is your market doing? Here there are homes 40-60% below what they last sold for, with an end finally in sight. It appears once banks price these homes at such low prices, multiple buyers show up to write offers and to try and get them. And example would be a property we just sold on 12728 Laury Lane, Moreno Valley Ca 92553. Last sold for $330,000 and we got a cash offer from one of our personal friends for $110,000 and the bank took it! Thats a 66% price drop! I don't know when it will officially bottom out, but I do know its finally affordable for the younger generation to own a home, which is great!!! Pricing here in the Inland Empire is back to 2000-2002 levels (PRE BOOM) and prices still are getting lower, but certain areas have bottomed out, such as Moreno Valley and Perris. But areas like Temecula and Corona still have room to drop! Let me know how your market area is doing, and if you have seen a spike in home buyers in your local market! ... more

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