Home Buying in Temecula>Question Details

Elizabeth Ann…, Home Owner in Temecula, CA

How to offer on homes in the 400,000 range in Temecula CA? And is there a big market for this price range?

Asked by Elizabeth Ann Maldonado, Temecula, CA Mon Feb 11, 2013

I have been hearing that this is a sellers market due to the fact that inventory is very low. Experts say they are getting 15 or more offers on one home in the 250 to 300,00 range. However I am looking to spend 400,000 and wanted to know if I can search homes for 415-425 and offer 400? Is that too low and are there many people offering in this price range in Temecula?

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11
You can get your offer accepted offering lower than asking price. It's not just the price, it's also terms of your offer. For example, I bet I can get your offer accepted at this 3000+ sf pool/spa home (which is highly upgraded) at $400,000 which is currently listed at higher price. It's in a gated community with only 69 homes in Redhawk where the high school is Great Oak HS.

http://www.trulia.com/property/127675-32625-Corte-Loja-Temec…
2 votes Thank Flag Link Wed Feb 13, 2013
Inventory is up now, as this post was over a year ago. No problem finding a home in the $400,000 price range right now! The link at the bottom of my post has a blog I wrote about 4 bedroom Temecula homes in the $300,000 to $400,000 price range. The links update automatically. Contact me for more information and neighborhood specifics!
0 votes Thank Flag Link Mon Apr 7, 2014
You've already received some very good answers so I have not much to add. True, inventory is low and prices are on the rise. I even have over-full-price cash offers coming in for some of the best listings we have.

My suggestion is to stop searching on the web by yourself and get a professional to assist you. This is a very fast paced market because the inventory is low. Most of the good homes go in the first few days and if you're not ready, you miss out.

Your BEST option, if you're serious about purchasing a home is to get with a Realtor who knows the area and can help you through the process. That's the FIRST and foremost step in purchasing a home. Check with friends and family to see if they can refer someone to you or research sites, such as this one to find a good professional Realtor such as one of the few that already answered your question.

Your SECOND step is to get pre-qualified for a loan. AFTER you find a Realtor, he or she will have you meet with the lender that he or she uses regularly. This is important.

Good luck!

Ray Wright
Keller Williams Realty
951-354-1303
RayWright@kw.com
0 votes Thank Flag Link Tue Feb 12, 2013
Hello,

Sellers are not jumping at offers below list price these days. In fact many homes are selling for above list price.

The only cases where homes may go for less than list price are on ALL CASH SALES.

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Feb 12, 2013
Hi Miss Lizzy,
There is definitely less competition the higher your price point. I would be happy to assist you in finding a home you love and writing competitive offers on it. I would definitely include homes up to $425K. Each property is different and you never know, if you write a strong offer in other respects, you may get accepted. Feel free to contact me directly to get a jump on your home search.

Thanks!
Sinead McAllister
Broker
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
http://www.McAllisterHomes.com
0 votes Thank Flag Link Tue Feb 12, 2013
Your offer price is not the only variable that affects your ability to get an offer accepted.

Your financing can have a big impact on you offer being considered and accepted.

A Preferred Buyer Advantage Loan Approval (read the web reference link below) could give you the little advantage over other offers. Most Realtors will tell you a pre-approval from a loan officer is not worth the paper it's written on......and I would agree.

I get probably 10-15 calls a month from buyers who are in escrow, have a 'pre-approval' from a loan officer, bu then got denied by underwriting and are now threatening lawsuit to get their earnest money deposit back from the seller.

Home buying is stressful and emotional enoug......no reason to make that even worse by submitting offers with a worthless pre-approval letter.

Sellers want to eliminate all risk that a buyer will fall out of escrow and they generally want to close in 20-30 days.

The best way to accomplish this is by working with a local lender who has a reputation to uphold and can get you a preferred buyer loan approval.

This level of loan approval I provide will give you and the seller greater peace of mind that your loan will approve and close early or on time.

Thus, they tend to accept offers not just on price, but who has the stronger financing offer.

If you were a seller and had 5-10 offers similar in price, which one would you choose? One where the buyer's loan was already fully approved by an underwriter and can close in 20 days? Or take a chance on the other 5-10 buyers where the loan officer issues a pre-approval based on their opinion?

Call me direct (951) 215-6119 or email brad(at)homeloanartist.com if you would like to discuss this further. We can also discuss how to get you a big lender credit to help pay your closing costs.
0 votes Thank Flag Link Tue Feb 12, 2013
How to offer and what to offer is very dependent upon the property, the type of listing, and the surrounding market. Shanna is excellent in determining this and works long hours to achieve your goal. Best property for the best price.
This price range leads many people into over priced listings and using the wrong Realtor can be costly.
Contact Shana if you are ready to buy.
0 votes Thank Flag Link Tue Feb 12, 2013
Hi dizzzymisslizzy,

There is definitely a shortage of inventory relative to buyers in the market. However, in your price range, there are not as many competing buyers. If you would like, I can set you up in the MLS to receive listings that meet your search critieria as soon as they are posted in the MLS. All I need you to do is send me an email (shanna@realtybysr.com) with your search criteria (ie. number of bedrooms, number of bathrooms, minimum square footage, etc). If you were to hire me as your Realtor, once you find properties you're interested in, I would do a Comparative Market Analysis on them (before going to see the property) to see what a recommended offer price should be (based on current market value - not list price which may be too high or too low).

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Feb 12, 2013
Great price range for homes in Temecula. Inventory in this range have not been flooded with offers unless it is under priced at that range. The homes that get multiple offers are either priced low or standard sales that are in mint condition. I would love to help you find what you are looking for when you are available. mark. 951-532-0165
0 votes Thank Flag Link Mon Feb 11, 2013
Are you looking at a specific property, or is your question more general? I can check the comps for you and let you know the values for any neighborhood, and help you with purchasing strategies to get the home you want. Or you can log on to:
http// http://www.searchaffordablehomes.com
and check for available properties in your price range.
0 votes Thank Flag Link Mon Feb 11, 2013
Hello,

It really depends on the property. If a home has been on the market for 30+ days with no price reduction, it's probably overpriced and you can offer under the list price. In most cases homes $400k+ are having multiple offers as well. At the end of the day the property does need to appraise, so recent sales are most important. If you have a property in mind, I would be more than happy to give you an opinion of value. Have a good evening.

James Brennan
951-514-0003 cell
0 votes Thank Flag Link Mon Feb 11, 2013
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