Cost of buying a home in Murrieta/Wildomar (Temecula, Yucaipa: foreclosure, neighborhoods)

[NWDreary]

A little about me...

I grew up in Yucaipa, California and when I was a teenager was forced to move to dreary Washington State. Ever since moving to this wonderfully green (trees) and gray (sky) state I have wanted to move back to Southern Califrornia. Now in my 30's and with the prices falling in SoCal it seems like an ideal time to move back.

My question is this, can I buy a newer (10 or less years) home with 2200+ square feet and 4 or more bedrooms for 260K or less in Murrieta or Wildomar?

I have steadily been watching number and cost of homes in these areas for about 6 months now. As the number of available homes goes up the prices come down, as would be expected. However, today I decided to get serious about moving and spoke with a realtor in the Inland Empire and she informed me that it is not possible to get a home in either area I mentioned above for under 350k. This seems to fly in the face of everything I have been reading.

Some good reliable information would be much appreciated.

[revelated]

Originally Posted by NWDreary

A little about me...

I grew up in Yucaipa, California and when I was a teenager was forced to move to dreary Washington State. Ever since moving to this wonderfully green (trees) and gray (sky) state I have wanted to move back to Southern Califrornia. Now in my 30's and with the prices falling in SoCal it seems like an ideal time to move back.

My question is this, can I buy a newer (10 or less years) home with 2200+ square feet and 4 or more bedrooms for 260K or less in Murrieta or Wildomar?

I have steadily been watching number and cost of homes in these areas for about 6 months now. As the number of available homes goes up the prices come down, as would be expected. However, today I decided to get serious about moving and spoke with a realtor in the Inland Empire and she informed me that it is not possible to get a home in either area I mentioned above for under 350k. This seems to fly in the face of everything I have been reading.

Some good reliable information would be much appreciated.

What I bolded is the reason your realtor specified that, likely. Take that limitation out, and the answer is yes, you can find a decently sized home (probably 3 bedrooms, MAYBE 4, but definitely not that square footage) for your price range.

This is based on my individual search results, so your mileage may vary. Some others may have a different opinion than me though, but that's my take on it.

[connie&dave]

I say darn near close...check Realtor.com and Craiglist

[connie&dave]

Just wanted to add that a friend just bought a 1800 sq ft 4 bedroom home newer home with a decent yard in Temecula (which many consider a better area than Murrieta) for $250k, it was a foreclosure, and she had been monitoring the market for a few months, I think you stand a good chance you just need to find a good realtor, good luck

[SoCalDaveL]

Originally Posted by NWDreary

... she informed me that it is not possible to get a home in either area I mentioned above for under 350k. This seems to fly in the face of everything I have been reading.

Some good reliable information would be much appreciated.

I'm not a realtor, but she's likely wrong. There ARE deals to be had in this market. It's just a matter of finding them. I just saw a 5 bedroom, 2800 sq. ft home (built in 2004) in a beautiful area in Temecula go for $340K. Again, it was a foreclosure. But still. There are homes out there. That's well over your $250K figure, but just a point of reference.

You can also look around on Trulia.com and plug-in your location and criteria to do searches. There are quite a few homes in Murrieta for $250K and less. You'll just have to find the ones that you like and then go see them. Also keep in mind that they're also negotiable so lift the max price a bit and, if you see one you like, put in a lower offer. The worst they can say is NO. But, they could be willing to let it go.


Just my .02. Best of luck.

[MWJamesLDS]

I don't know to much about those areas but using the MLS below I found at least three homes that meet your requirment. Don't expect totally honest anwers from people who's pay check get bigger with the increased cost of the home.

SoCalMLS Homes | SoCalMLS Portal

40263 Via ReataMurrieta92562$220,0004bed3bath 2,336sqftActiveAddress Not AvailableMurrieta92563$240,0005bed 3bath2,664sqftActive28360 Ware StMurrieta92563$200,000 - $250,0004bed3bath 2,297sqft Active

PS at least 2 of those homes look pretty nice from the pictures, though I know nothing of the neighborhoods.

[MWJamesLDS]

Sorry for another post, but if you boost yor cap to 300K theres another 6 homes that pop up, some not lookin to bad.

[evolutionrules]

just bought a 3200 square foot house built in 2004 for $295,000 in winchester. Cross the 79 and you're in Murrieta with similar prices. check ziprealty

[NWDreary]

Evolutionrules is the house you just purchased in good condition or is it in need of repair and "TLC"? Also, thank you all for your responses.

[SoCalDaveL]

Originally Posted by NWDreary

Evolutionrules is the house you just purchased in good condition or is it in need of repair and "TLC"? Also, thank you all for your responses.

It was built in 2004. From my experience (and I JUST bought a home), you'll find one of two scenarios with these homes.... The previous occupants were foreclosed on and upset so they figured they'd take it out on the house thinking it would hurt the bank (it doesn't) even though it was likely their fault anyway or they were civil about it and just left.

The house I just bought in Temecula was previously owned by someone who threw a fit. Apparently he put holes in all the doors, ripped out the sprinkler heads in the back yard and did other various damage. When we saw the house the bank had repainted, recarpeted and replaced all bedroom doors. (oh so THAT'S why there weren't any doorknobs). Ultimately it cost the bank little, but I guess it made the previous owner feel like he got the best of them. Oh well. The house otherwise was built in 2005, is 3300 sq ft and in great shape. I've since repainted (to my tastes instead of the bank's generic white) and had a contractor repair the irrigation system. Good as new.

I've heard worse stories about new houses and seen damage that the bank didn't repair in other houses I previously viewed. Inspect for yourself and have a professional inspector/engineer look but by and large you'll find the house in good structural condition and minor TLC might be needed. But I wouldn't worry about it if you're getting a nearly new home (in the grand scheme of things) for a great price. These homes went for ALOT more when they were built and likely appraised even higher within a year before the decline. They'll eventually go back up (patience is key).

just my .02