The current real estate market in Temecula CA is saturated with bank owned homes. A lot of buyers and investors are cashing in on finding homes at rock-bottom prices. This is great news for buyers but, very devastating to sellers - not just sellers but everyone who purchased property before the crash of the real estate market in Temecula.
As a real estate professional it is very easy to become excited about all of the homes I am selling but as a person with feelings my heart is breaking for those who have lost their dreams.
I know there are always three-sides to one story (this persons, that persons and the truth somewhere in the middle). Some people are under the impression that those who have lost their homes were at fault. Others believe that the industries of banking/lending/agents are at fault. Some are even blaming all the investors that scooped up homes during 2005/2006.
What do I think? I think I have no right to judge!!!
What is next? My prediction for next year’s real estate market in and around the Temecula Valley is this; we will have another on-slaught of Foreclosed homes also known as Real Estate Owned (REO) hit the market late January and continue into February. I think we will see home prices start increasing and continue upwards until September and at that point even out. I don’t think house prices will regain the unjustified prices they were in 2005/2006, but I do think we will see our market start to stabilize in the Temecula Valley. I don’t think home prices can go down much if any lower than they are right now. However, with that said, I would like to add a caveat -- I didn’t think they could reach the prices they are right now either… what does this say about my prediction… who knows, that is why it is a prediction!!!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment