Massive Issues In Temecula
In this blog posting video I wanted to talk about some massive issues in Temecula regarding housing. I don’t see these issues going away anytime soon, so you should understand what is going to be the norm in the Temecula real estate market moving forward, especially if you plan on buying or selling.
Inventory is no doubt going to be a massive issue in Temecula in the coming years. One issue is land. There is not a great deal of it to build on anymore. Temecula is becoming more and more popular and without additional areas to build new homes, home prices will inevitably rise on existing homes. Depending on how you look at it, this can be both good and bad. It’s a good thing because the population growth won’t explode.. The downside? If you’re a home buyer and there’s no land to build new homes, prices will go up and competition will stay high.
New Home Building Incentives and Price Increases
I learned this firsthand this year. When home builders realize there is a lot of competition, incentives get smaller and smaller. Those days of the builder paying for closing costs and giving you free upgrades might become less frequent. Another thing that I have personally seen this year with new home builds is home price increases on each phase. Because home prices have risen so much, so fast the builder is able to raise prices on each building phase substantially. The home that you’re wanting to build in 3 months might be 15-20k more than originally thought.