Is our Temecula Real Estate market changing again to a buyer market?
Here is a screen shot of a popular area in the Temecula market.
Of the 24 listings shown here over 50% have reduced the asking price!
More inventory coming on line + price reductions paint a picture of resistance to our
current pricing.
Is our Temecula Real Estate market changing back again to a buyer market?
I have been studing our current Temecula listing/sales data and my take on it is we are headed back to a buyers market. Why? The lack of inventory we have had in the past few months is now over. Many sellers that were on the fence have listed their homes,and many seller who could not sell their homes last year due to low values now can. Inventory is up and so are prices! The investors / buyers are now few. They have moved on to lower priced area's. The buyer who are left and there are many, are now in control and they are not biting on the many now over priced Temecula home listings.
What do I see happening? Just look at any of our popular home tracts and in the MLS you will see many price reductions. The smart realtors are seeing this trend and advising their seller's to adjust pricing. We are all guilty of being over aggresive on pricing and need to pull back on the pricing throttle.
Prices will and should continue to climb here in the Temecula valley but at a much more gentle pace. And that's why I think the buyer's are now in the divers seat here in the Temecula valley.
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