Whether you’re thinking of making a move to the Temecula Valley or are already here and are considering a sale of your house or condo, having a keen grasp of the local real estate market and its performance throughout the year will be helpful. Below we’ll share a quick mid-2014 update on the Temecula real estate market, how the situation compares that of a year ago, and what to expect in 2015.
Home Values and Prices are Up
Property owners in Temecula suffered some pretty significant setbacks after the financial crisis in 2008, and the local real estate market has spent the past few years recovering. The good news is that home values are up about 3 to 5 percent on a year-over-year basis, including in the luxury market. Depending on the index used, Temecula’s home values are up an incredible 50 percent over a five-year period, with some room to climb before the market’s 2007 peak is achieved again.
So – what does this mean for those who are looking to sell their Temecula home? You’re going to be able to extract quite a bit more in value than you could have at this time last year, but with the market a bit cooler (see below) you’re going to need to leverage professional real estate marketing to ensure that your listing gets interest from buyers who are doing more than dipping their toes in the water. Contact us today and we’ll share how we can help.
Buyers Will Benefit from a Cooler Market
Although home prices and values are up over last year, prospective buyers will be pleased to know that a cooler market offers a bit of room to negotiate with sellers – especially those that have had their properties on the market for some time. The total number of real estate transactions has yet to reach the recent peaks seen in 2010 and 2013, indicating that while property values are appreciating, some homeowners may be holding out for what they perceive to be the next price peak. Getting in today means a chance at some fantastic deals, with the distinct possibility of a quick increase in your new home’s equity.
2015 and Beyond: Continued Improvement
While real estate forecasts should always be taken with the proverbial grain of salt, there are numerous signs that the market here in Temecula and the surrounding area will continue to improve throughout 2015. Trends point to price increases of around 13 to 15 percent by July of 2015, buoyed by the continued popularity of Temecula with younger couples, and those who are working in high-tech industries. If you’re looking to buy, now would be a good time to get things moving as every month of delay will see you having to pay a bit more for the same property as it appreciates in value.
For more information about Temecula real estate opportunities and to schedule viewings of properties on our listings page, contact Allison James Estates and Homes by visiting our contact page. We look forward to meeting you!