Temecula and Murrieta Housing Market

I recently wrote a blog on the Temecula housing market. I feel that the Temecula and Murrieta housing market will not be affected as much if there is a double dip recession as many of the other US cities. The doomsday'ers are scaring away potential buyers in our Market, which has already dropped from 50% to 70%.  The general news that comes out about housing is subjective to each individual real estate market. So if a news line says that housing prices dropped 5%, people think Temecula housing prices are dropping, when in fact it may be the opposite. It is just interesting how people's minds works.
There is not too much more room to decline. How do my fellow local agents feel?


BTW: blog is blog.skylarlewis.com
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September 20 2010 - Temecula
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I agree 100 percent! The market in our area has been on the rise since last summer when the REOs dropped off. Temecula & Murrieta are commonly the most desired areas in Riverside county. The media tends to make it sound like the entire U.S. real estate market is plummeting when those of us in this community know that is not the case. There simply isn't enough active inventory for prices to fall, especially in such a desired area.


Thanks for the question!
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September 20 2010
What Question?
"The doomsday'ers are scaring away potential buyers in our Market, which has already dropped from 50% to 70%."


Yes, let us all think positively so the "doomers" don't win.
You answered your own mis-information with the truth...

"already dropped from 50% to 70%"


What do you tell your buyers?
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September 20 2010

I'd like to think the market won't drop any more in San Diego either. We too saw price increases with the decline of REO's in the 2nd 1/2 of 2009 and early 2010. However, with rencent changes by lenders like Wells Fargo with regard to the short sale process, I think we're in for a lot more REO in the coming year or two. I'd be surprised if Riverside and San Diego don't see at least significant stagnation with prices if not more decline. As far as what to tell buyers? If a buyer wants to buy, they should buy. You can't time the market. There is more to it than just price. How many of us remember what we paid for our last car? We just know what the monthly payment is. People are to hung up on price when buying a house. It is all about payment. If prices drop 10% and rates jump 2% (which isn't a stretch, it could happen), then the payment would be higher than if they bough now.... my 2 cents...

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September 20 2010
Profile picture for Fxdlmatt
I think focusing on payments as a marker of affordability has landed many people in difficult situations. I also think we're much more likely to see a 10% drop in price before a 2 percentage point rise in rates.
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September 20 2010
Real estate is very localized and you might be right about your particular area.  What I have learned in the business is that it is impossible to accurately predict the future, so we can only go on the information we have in hand.

Simon Mills

Mills Realty
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September 20 2010
I think we all can agree that the home prices have fallen so low compared to what they were just a mere 3 years ago! No one has a crystal ball and if you can afford and/or qualify to buy now. I really do not think you will risk a huge savings in purchase price by buying now vs waiting. I think we all could also agree that the market will start to incline based on the 10 year historical trend. If you can buy, buy, but be smart and do your homework or contact your local professional to help. If you can not buy now, start today positioning yourself to buy as soon as you can.
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September 22 2010
Profile picture for SoCal_Engr
"I think we all can agree that the home prices have fallen so low compared to what they were just a mere 3 years ago!"

Prices in Temecula were "stupid" in 2004-2005. The prices were not based on the fact that you lived in Temecula - a good 1-to-2 hour commute from where most people work. Nor were they based on the fact that, even though the houses were built in the middle of nowhere, they were stacked on top of each other just like in the metro-area developments.

The prices were based on "all we need to do is be affordable in comparison to [insert metro area here]".

So, "low compared to 3 years ago" is simply a statement of relative costs. In no way does it mean that today's values accurately reflect the true value.
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September 22 2010
I feel that the increase in prices lately is greatly due the lower levels of inventory. Otherwise the values may have even declined a bit further. Its so difficult to predict what values will do in the next year- but the efficiencies and strides made in the short sale turn times will greatly help values going forward. If we can get more homes sold as short sales rather than REO it will help values stay stable. 
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December 10 2010
 
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