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Trulia, Other/Just Looking in San Francisco, CA

What areas in Temecula are likely to appreciate in the next 5 years?

Asked by Trulia, San Francisco, CA Fri Mar 9, 2012

What potential local factors could contribute to this appreciation?

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Greg Cook 951-265-4532’s answer
A lot of great answers before me, so I'll be a contrariian. Appreciation will only occur as employment and salaries do.
The days of funny money loans are gone. Determining market value requires a ready willing and ABLE buyer and the financing available five years from now, will determine ability.
0 votes Thank Flag Link Wed May 30, 2012
There are many areas in Temecula that will see appreciation within the next five years. This area was impacted greatly with the housing bust, which cut housing prices by up to 50%. This has created great affordability for many buyers.

There is a strong demand to buy in Temecula which has pushed the median home values up (since hitting the bottom) and I believe prices will hold steady and increase in the coming months. Surprisingly, standard sales have edged out short sales and bank owned sales in the past 3 of 4 months. February 2012, broke this trend with 53 Short Sales closing compared to 50 Standard Sales and 33 Bank Owned or REO sales.

The Avg price for a Standard Sale in Temecula in February 2012, was $318,872 or $132.90 per sq ft.

Buyers are surprised to learn that Temecula is not suffering a lull in the market like many other areas. Yes, I know it's hard to believe, but you shouldn't buy into all you hear in the media. HaHa!

I think Temecula will continue to see prices increase due to a variety of reasons, but I think the top three reasons are:

1. Affordability. You simply get more for you money compared to neighboring San Diego County

2. Top notch school district. Temecula Valley Unified School District has been ranked #1 within Riverside County.

3. Family Friendly. This is a great place to raise a family because of the school district and emphasis on family activities.

My wife and I moved our family from Orange County to Temecula back in 2003 and we haven't looked back since.

If you're looking for more info on Temecula please don't hesitate to contact me or visit this blog: http://www.livetemeculavallley.com
2 votes Thank Flag Link Fri Mar 9, 2012
I'm not sure that there is an area of Temecula that won't appreciate in the next 5 years. These are the most sought out zip codes in SW Riverside County. The value here has not been driven by an economy but by a lifestyle of clean air, newer homes, low crime, great schools and family themed communities. For the retired there's an air to living in a resort type community with golf courses, casino, wineries and entertainment. All of this with a rural small town feel still here lurking around the edges.

(We have been here over 20 years. I think there were 35,000 people and there wasn't a road more than 2 lanes!)

Our current state is that there are more buyers than homes for sale. Our prices are already higher than our neighboring communites to the north and the bulk of Temecula is sitting with most of it's neighborhoods at lower tax rates which I think puts us in a better situation for appreciating home prices. I believe the appreciation will be more controlled than the move out of our last dip but who knows for sure?
0 votes Thank Flag Link Sun Jul 15, 2012
Okay for my two cents…..I believe that the areas that have reasonable tax rates are best poised for appreciation Neighborhoods like Vintage Hills, Crowne Hill, the Ranchos and of course Wine Country…..the high tax rates in some of the newer areas will help keep prices down….the exception to that will be Morgan Hills because of the superior views

As with the other comments Temecula's location is by far the best value in Southern California….so many things to offer…for rock bottom prices….for now!

Best Regards Jim
0 votes Thank Flag Link Wed May 30, 2012
It was nice meeting you last week. I agree...the neighborhoods you mention are the hardest to get in and that keeps them at the top.
Flag Sun Jul 15, 2012
Oh to have the crystal ball! It's not only going to be jobs that will drive our market, but also the type of jobs.
"Funny money" loans are gone, so appreciation will be dependent on more employment and the type of jobs.
A huge increase in minimum wage employment is not likely to trigger appreciation. These home buyers will be limited to entry level homes.
0 votes Thank Flag Link Fri Mar 9, 2012
Good answer.
Flag Wed Mar 21, 2012
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