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Old 04-25-2007, 03:42 PM
 
24 posts, read 114,353 times
Reputation: 18

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I am one of the lucky ones who bought my Riverside home back in 2000, and never took out any equity. My home just went into Escrow and I am going to be able to pocket a good amount from the sale.
I have been following this crazy market for a while, and see that many Murrietta homes are starting to come down in price. I have a choice to make before Monday. Do I rent for a while, and hope this market bottoms out or buy now.

My price range for a home is $350k-$400k, I am starting to see many homes pop up in that range lately.

If I sit in a rental for a year, the money I made on the house will earn me about 1k a month in a CD.

Decisions.
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Old 04-25-2007, 03:57 PM
 
61 posts, read 240,852 times
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A home for $350,000 in Murrieta will be very tiny. How large of a home are you looking for? There are some new homes starting in the low 4's just outside of Murrieta in Menifee. There are some nice homes in Murrieta in very nice areas in the low 4's. You could rent for a while, however most want a year lease. And if the market starts coming up a bit as predicted, then you may lose out on very low prices now. But Murrieta is an excellent choice! If you need an agent to help you, let me know.
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Old 04-25-2007, 04:21 PM
 
24 posts, read 114,353 times
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Thanks for the reply. I am looking for homes that are about 2000 sq ft. I have found a few for around $380-400K, they are becoming more available lately.

I just have a feeling the market will drop another 10% before it recovers.
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Old 04-25-2007, 04:30 PM
 
61 posts, read 240,852 times
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It could, but there's no guarantee! What's nice about the market now is that it's a buyers market. You can go in and offer 10% less than what they are asking and get yourself a house! Then you don't have to wait and take the gamble. There are many people who are in desperate situations that would gladly take that offer, which is very sad but just the way things are right now.
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Old 04-25-2007, 08:51 PM
 
24 posts, read 114,353 times
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I have decided that I am going to jump in. I found a home for the price I am happy with and, with all the specs we need.

I love driving around Murrietta, its so nice there.

Now I hope noone else has put a bid in yet.
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Old 04-25-2007, 08:54 PM
 
Location: Southern California
193 posts, read 1,388,969 times
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GARYNJANET....yes you are right...there are some desperate folks right now and it's making people like me miserable in trying to sell our home for a fair price. Like Vizcaya our family bought at the right time and since we only pulled out 20k to ugrade our house we still have a good chunk of equity.

Vizcaya...don't forget about Wildomar...there are some nice homes here too and generally you get a bigger yard for the same price.
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Old 04-25-2007, 09:21 PM
 
61 posts, read 240,852 times
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And you're right, cantwait2bthere, people sell their home below market because of the pinch they are in and it drives the value of our homes down. However, If we were in their shoes, we would take the offer to avoid having to walk away from the home. Like I said, it's such a sad situation for so many people and I really feel for them.

You were very smart to pull out such a small amount of equity. You have room to play with your selling price if you absolutely have to sell now. If you don't have to sell now, you're better off waiting this out and selling your home down the road.

You are in the drivers seat and in a much better position than so many, but you used wisdom and that's why you're in that position!
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Old 04-25-2007, 09:24 PM
 
61 posts, read 240,852 times
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Quote:
Originally Posted by Vizcaya View Post
I have decided that I am going to jump in. I found a home for the price I am happy with and, with all the specs we need.

I love driving around Murrietta, its so nice there.

Now I hope noone else has put a bid in yet.
Good for you! And yes, Murrieta is very beautiful we love it here. We've been here for 18 years. When we moved here there were only stop signs, no signals. And I had to drive into Temecula to grocery shop, and the two to choose from were Stater Bros. and Vons!
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Old 04-26-2007, 07:33 AM
 
159 posts, read 798,741 times
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Quote:
Originally Posted by GARYNJANET View Post
Good for you! And yes, Murrieta is very beautiful we love it here. We've been here for 18 years. When we moved here there were only stop signs, no signals. And I had to drive into Temecula to grocery shop, and the two to choose from were Stater Bros. and Vons!
What's the traffic like in Murrieta? I know they have traffic issues in
Temecula but prices being so close to San Diego are great.
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Old 04-26-2007, 12:28 PM
 
Location: Southern California
193 posts, read 1,388,969 times
Reputation: 114
Lexi...of all the towns in this area I personally think Murrieta is the nicest, though we bought in Wildomar which is right next door. Temecula always makes me feel like a rat in a maze competing with other fatter rats.

You may have noticed other threads about Lake Elsinore and as I mentioned on those threads I don't know why anyone would choose to live there. I think people from other states see homes listed on the internet and since they are less expensive they envision it as their chance to buy in Califorina. Not to offend anyone...again this is my opinion , but I don't think most middle to upper middle class families would care for Elsinore, especially not over Murrieta or even Wildomar.

Good luck in your search !
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