Temecula, Murrieta
& Lake Elsinore Home Market
What does this mean to YOU?
Obviously prices are still dropping but that will continue until our sales rebound (dare I be so bold) whittles away our inventory. If sales stay strong prices will start to recover as well. We've got a couple more interest rate resets coming down the pike which means more foreclosures on the market - but then that'll be mostly behind us. Honest.
First time and move-up buyers are taking advantage of our BEST BUYERS MARKET IN 20 YEARS. By the time everybody listening to the mainstream media figures out the market has hit bottom and starts scrambling around for a house, you can already be enjoying the comforts of your own home and building equity.
Our inventory is spectacular right now but that won't continue forever. Interest rates are still low but they have been creeping higher and higher. There are dozens of single family homes for sale under $200,000 right now with some condos going for close to $100,000. We haven't seen those kind of bargains since 1998. Nearly 20% of La Cresta homes are now under $1 million with some REO's going as low as $600,000 with similar bargains in the Wine Country.
What does this mean to YOU?
3 straight
months of increasing sales = 1 quarter of improvement.
One quarter doesn't make a trend by
any means, but it's definitely a relief and an improvement from the
past 24 months of free falling sales numbers. Now if we can just string
together another quarter or two, we won't be out of the woods yet but
we'll be headed in the right direction to get out at least. That's the
good news.
Obviously prices are still dropping but that will continue until our sales rebound (dare I be so bold) whittles away our inventory. If sales stay strong prices will start to recover as well. We've got a couple more interest rate resets coming down the pike which means more foreclosures on the market - but then that'll be mostly behind us. Honest.
First time and move-up buyers are taking advantage of our BEST BUYERS MARKET IN 20 YEARS. By the time everybody listening to the mainstream media figures out the market has hit bottom and starts scrambling around for a house, you can already be enjoying the comforts of your own home and building equity.
Our inventory is spectacular right now but that won't continue forever. Interest rates are still low but they have been creeping higher and higher. There are dozens of single family homes for sale under $200,000 right now with some condos going for close to $100,000. We haven't seen those kind of bargains since 1998. Nearly 20% of La Cresta homes are now under $1 million with some REO's going as low as $600,000 with similar bargains in the Wine Country.
This
is the Window of Opportunity you swore you wouldn't miss the next time
it came around. DON'T.
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