Prices continue to be soft in the Temecula and Murrieta single family detached housing market – take a little time and review the chart in this blog – the numbers are really very clear.
FACT 1: 65% of all detached single family homes SOLD in September 2014 in Murrieta and Temecula REDUCED their price to sell.
FACT 2: 15% of all detached single family homes SOLD in September 2014 in Murrieta and Temecula RAISED their price to sell.
FACT 3: 306 detached single family homes SOLD in September 2014 in Murrieta and Temecula – although this was down 7% from last month only 257 homes sold in the same period in 2013 which is a 19.5% increase.
FACT 4: 80% of all detached single family homes SOLD in September 2014 in Murrieta and Temecula SOLD at or below $450,000.
What does this mean for Sellers?
1: If you don’t have to sell, don’t. But remember if you are moving up, the home you want to move up to will go up just the same as the home you are selling. If you can afford to buy now and sell later that is better. If you have to sell now to buy your dream home then do so – understand that you are getting a better deal on the home you buy so you will need to live with not getting the peak price you may have obtained in September 2013 for the home you are selling.
2: Price your home right at or a little below the last sale – this is very wise in a soft market. Otherwise it is very likely that a neighbor will sell a little lower than the last sale and you will have to be the next in line – which means a further reduction
3: Buyers are looking for Move in Ready homes – many of the buyers today are VA or FHA with very little cash to make improvements. So shine up your house as much as possible and more than likely you will be the next to sell in your neighborhood.
What does this mean for buyers?
1: Opportunity Knocks: through the winter you have a great opportunity to take advantage of lower house prices and low interest rates. Please don’t make the mistake of believing all the “Negative Nellies” and hold off too long. All the market indicators suggest a robust recovery in the single family housing market in the spring and summer of 2015. Don’t wait too long.
2: Negotiate: Although it would be unwise to expect radical price reductions it is very common for sellers to contribute to buyers’ closing costs right now. You may get a price reduction as well.
3: Check the asking price of the home you like against the recent sales. If the sellers have already priced at or below the last sale you probably won’t get a large concession. If they have priced over the last sale of a comparable home then they are going to sit on the market for a while – unless it is absolutely immaculate.
For all your buying and selling needs please call Warburton Properties at 951 326 5568 – we put our decades of experience to work for you. “We live here – We work here”.