10 Things you should know before buying property in Murrieta!
The booming real estate market that we've experienced here in Murrieta and Temecula is gone "for now anyway," or is it. You'll be surprised to know unless you are actively buying in this market that most Bank Owned homes have multiple offers within days of being listed. It seems the decline has definitely leveled off and many buyers are entering the market. Sales in Murrieta increase by over 100% in June of 2008 compared to June of 2007.
The local real estate market soared for years, doubling, tripling and even more than that in some areas. In the middle of that boom you could buy a home virtually anywhere and sell it just a few months later and make a killing. During the past year, we've seen prices decrease rapidly in most areas in and around Murrieta and Temecula. Some homes are selling for 40%-50% less than they were selling just a couple years ago. Here are some things you need to know before buying property in or around Murrieta and Temecula.
1. It is a "Buyer's Market." You'll have your choice of 1000's of properties.
2. New Home Builders are having trouble selling their homes and are holding onto inventory, which means they are slashing prices in order to keep their homes moving. You can find 3000 square foot homes selling in the low $300,000's with various upgrades and other incentives!
3. Lots of Bank Owned Property on the Market. Just because a home is a bank repo doesn't make it a good buy. Many bank owned homes are priced similar to other resells. Do your homework or find an agent very active in the market, who knows which ones are excellent buys.
4. Are you going to commute to San Diego, Orange County or LA? Unless you love spending lots of time in your car, don't buy a home on the East side of Murrieta. The few miles can equate to almost half an hour during peak times of traffic. About half of the work force commute to outside the area.
5. If you like going out to dinner on the weekends, expect a long wait. Murrieta and Temecula resident love going out to eat. The majority of restaurants are located around The Promenade Mall in Temecula (Murrieta is finally getting it together and bringing more restaurants to the area).
6. Murrieta and Temecula have great schools. Check out http://www.schoolmatters.com/
for more details about the local schools. Murrieta and Temecula have the best schools in Riverside County and have some of the top schools in all of California.
7. Most of the area has been built out by large builders, which means a lot of the homes are pretty similar. You can still find some custom and semi-custom homes, but not a whole lot. Most custom homes are located in La Cresta, Tenaja, Wine Country, De Luz and then some scattered around Murrieta and Temecula.
8. Great location. Within 1 hour to the beach, about one hour to the snow (snowboarding, skiing, etc.), mountains all around, within an hour to some great places to ride dirt bikes or off road vehicles, various lakes within an hour, golf courses all around, Mexico is about one hour away, and San Diego, Los Angeles and Orange County are all within about one hour.
9. Murrieta/Temecula are a couple of the safest communities in Riverside County and in the state according to the recent crime statistic published by the F.B.I.
10. Check out the videos of the area, which is on the home page of our website at http://www.tysonrobinson.com/.
***Please contribute to this list good or bad by sending me an e-mail or commenting on the blog. I'm sure that I am somewhat bias, since I live in the area and try to look at things with the glass half full.