Home prices have seen an all time low since the mid 90's for the Temecula and surrounding areas. Prices of homes have dropped 40-65% in most of these areas.
With the majority of the bank owned properties generating multiple offers, it takes persistance, knowledge, experience and an aggressive real estate agent to get a buyers offer accepted. Most properties are going for asking price or higher.
We are currently seeing a shortage of Bank owned inventory which stands at apprx 25% of the inventory for single family tract homes . Short sale listings are taking precedence at apprx 65% of the inventory. This may quickly change once several major lending institutions lift the moratorium on foreclosures.
For those buyers that are waiting for the market to hit the bottom... you can never gage it just right....interest rates are at an all time low yet again. If inventory stays low this will only drive prices back up. Some buyers are waiting for the frenzy to quiet down with the multiple offers, but it is only going to get more intense. There is a lot of competition with first time buyers and investors.
Nows a good time to buy!
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