What does this mean for Buyers?
1: Properties are approximately 20% cheaper in Menifee than in Temecula and most of Murrieta.
2: Entry level detached single family homes in Menifee are available below $250,000
3: Buyers can find large single family detached homes in Menifee with around 3000 sq ft for $110 – $120 a foot – this is a bargain when you consider the construction costs. Bottom line it would cost you more to buy a lot, pay the fees and build yourself!
4: Interest rates are still very low – every renter with stable income should seriously consider buying now before the next run up in prices which many expect to take place in the next few years.
What does this mean for Sellers?
1: Inventory levels: There are 328 single family detached homes on the market in Menifee today in ACTIVE status in the MLS – with 129 homes sold last month that means there is about a 2.5 month inventory. This is a lower inventory level than Murrieta or Temecula.
2: Price Reductions: Over half the homes sold have reduced their price. Although the number of reductions is not as high as Murrieta or Temecula, there is room for negotiation in the buyer’s mind. Sellers be ready to pay closing costs for your buyer to set yourself above your competition.
3: Price your home for today’s market if you want to sell it: Prices are definitely lower than a year ago. So price your home according to the most recent comps and please do not over inflate the value of your improvements.
4: Clean and Move in Ready sells! Most of the Menifee buyers are using FHA, VA, or low money down loans. They don’t have a lot of cash = a Move in Ready home is very attractive!
For all your buying and selling needs please contact Warburton Properties at 951 326 5568
Ask for Andrew, Annette or Katherine – “We Live Here – We Work Here”