Important housing market update for the Temecula Valley!
Ready to buy a home in Temecula, Murrieta, or Menifee? Buckle up, because this market update is all about low supply and fierce competition.
In this video, we dive deep into the February 2024 housing market, analyzing:
- New Listings: Inventory dropped further in February, creating a seller’s market with limited options for buyers.
- Total Listings: The total number of homes on the market remains low, putting upward pressure on prices.
- Days on Market: Homes are flying off the shelves, selling much faster than in previous months.
- Showings per Listing: Be prepared for competition – multiple showings are the norm for desirable properties.
- Average Sales Price: Expect to pay above asking price, as buyers are often competing with multiple offers.
Here’s the bottom line, buyers:
- Be prepared to make multiple offers. In this competitive market, it’s almost standard practice.
- Do your research. Know the market value and be ready to offer above asking for the most desirable homes.
- Prioritize features like solar, pools, and upgrades. These properties are in high demand and likely to sell above asking.
- Budget for higher insurance costs. With fewer insurance companies in the state, expect premiums to range from $2,500 to $4,500 annually, potentially higher in high-fire areas.
- Secure home insurance early. Finding coverage can take longer, so prioritize securing it as soon as your escrow opens.
P.S. Remember, even in a competitive market, the right guidance can make all the difference. If you’re considering buying or selling in this area, reach out to me for expert advice and personalized support.
