Home Buying in Corona>Question Details

Maddox, Other/Just Looking in Menifee, CA

Will homes in Corona (Eastvale) 92880 continue to drop in price?

Asked by Maddox, Menifee, CA Tue Nov 30, 2010

There are numerous short sales and REO properties in Eastvale. Things might be looking better since there is more damand than supply.

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Eastvale should see a sustained level of activity through much of 2011. Pricing should begin to rise early 2012. Best not to wait that long before buying if you're thinking about it. Right now you're able to get in without bidding over list prices... which won't be true for too long.
0 votes Thank Flag Link Fri Jan 7, 2011
Eastvale has a strong market. In the past 3 months, the average price has dropped $2,000 from the previous 3 months- not bad at all. Also, the number of homes sold in the past 3 months is slightly higher than the previous 3 months (160 vs. 151). Eastvale is mainly newer homes and is centrally located. A new shopping center is being built on the south side of Limonite Avenue and the area recently voted for city hood.

It is an area that is very attractive to investors, as the people losing homes in the area want to stay there and need a place to rent. All these factors make Eastvale a fairly stable market for this day and age. I don't imagine there would be a substantial drop in prices in the near future. By the way, sales are picking up and our office is seeing more activity after October's slump.

Cynthia I. Nakaya
Realtor, Tarbell, Realtors
Eastvale Office
12648 Limonite Avenue, Suite 2G
Corona, CA 92880
951.743.3321 Cell/ Text
951.270.1020 Fax
License # 01818243
Short Sale Certified
Turning House Calls into Homes
0 votes Thank Flag Link Wed Dec 29, 2010
Interest rates have hit bottom and are climbing. Unemployment is up & not easing. Loans are not easy for many to get. The global economy is shaky. Homes in foreclosure and pre-forclosure state are plentiful.

Homes in Eastvale may very well drop in price. The big question NOW is: How far and how fast will interest rates rise? Do you remember the 80's? There were double digit interest rates.

If you are a potential buyer waiting for the right time and need to get financing, now is the best time because if the home drops in value but you must pay a higher interest rate, you're likely to end up paying much more in the long run.
Web Reference: http://coronasbesthomes.com
0 votes Thank Flag Link Tue Dec 14, 2010
It looks as though you answered your own question.

Ever heard of the eye of the storm?

For the most part, Properties under 300,000 should do OK. However there will be a hiccup in the next few months. There are a great deal of adjustable loans resetting in January. November had huge rise in Notice of Defaults filed in Riverside County. In the area I show homes usually there have been around 400 a month in a 10 -15 zip code area, and November had nearly 750 in the same area. I imagine in April the number may rise to around 1200 homes getting their notice of default.

I think we can all look forward to home prices rising in August 2012.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
California Department of Real Estate License # 01312992
0 votes Thank Flag Link Wed Dec 1, 2010
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