If you're thinking about making a move to East Murrieta, watch this video.
If you're thinking about making a move to East Murrieta, watch this video. We're going to get into the pros, we're going to get into the cons, and tell you why East Murrieta would be a good fit for you or maybe it's not the right place. So check out the video. Hey, guys. Hey, my name is Justin Short. Hey, I'm a realtor and team leader here at the Short Real Estate Team at Signature Real Estate Group here in Murrieta, California. So we're creating these videos for you guys once per week. Hopefully, giving you some goods perspective here on the myriad of Temecula, Menifee Valley, tell you hopefully what it's really like to live here. I've lived here over 20 years. Hopefully, give you some good information that help you make the right decision if you're thinking about making a move this way.
So first, if you are liking the content, please go ahead and hit like, please go ahead and hit subscribe. Like I said, we are keeping the videos coming once per week. And if you're subscribed, we'll make sure you're going to keep getting notified and make sure you can stay on top of all the info. So also, if you have any questions for me, please go ahead and reach out. I've had a lot of people reach out lately. I mean, more than happy to help. I love helping people. I've had people reach out to look at homes, to sell homes, that are thinking about making a move to the area, just curious about the general area, needs a referral to a lender or something else local. So please go ahead and reach out anytime. You can call, text, email. You're going to see my information air at the end of the video. And like I said, I hope we'll be able to talk to more of you guys soon.
So we'll get into all the info. So East Murrieta basically, hopefully to give you a little bit of the lay of the land. So city of Murrieta is really divided up in a West, Central, and an East section. So West Murrieta is really the west of the 15 Freeway. So that's West Murrieta, west of the 15 Freeway. 15 Freeway runs north and south. Then you have Central Murrieta, which is between the 15 and the 215. I'm barely holding my papers here. But the 15 and the 215 there in the Central. And then you have East Murrieta, which is east of the 215 Freeway. So that's the area of East Murrieta, just to hopefully give you a good lay of the land. All right. So we're going to go over the pros to East Murrieta. So I actually live here in East Murrieta. So hopefully, I'll be able to give you some good perspective on what it's like to actually live there, and then we'll go over some cons as well.
So some of the pros to East Murrieta. So actually, it's very close to the city of Temecula. So really, most of the East Murrieta is off Winchester Road. So what's nice about that is Winchester Road, basically it borders up to the city of Temecula, which means it borders up to a lot of different businesses. So like I mentioned in some of the other videos, but city of Temecula has a little bit more industry, right? There's more shopping, more malls, maybe a little more nightlife, more restaurants, things like that. So because you're in East Murrieta, you're very close. It's probably six, seven minutes. The mall is probably seven minutes from my house. So that's an advantage being more on the East Murrieta side, being over in that direction. And so that ties into the next pro, which is a lot of Murrieta, a lot of East Murrieta is actually in the Temecula School District. So where I'm at actually, my home is zoned Murrieta mailing address, Murrieta postal, but I'm actually in the Temecula School District.
So the pro to that is all the schools in Temecula are rated super, super high. Although Murrieta schools are rated well as well, Temecula tends to be just a little bit higher for the most part across the board. So being a part of the Temecula School District is definitely going to be a pro for a lot of people. Another thing is that you are also very close to two freeways. So you're very close to the 215 Freeway and you're very close to the 15 Freeway. So depending on where you're headed, if you're going south, it's a little bit quicker, right? Because the two freeways end up interconnecting. Or if you're going north, it's nice to be able to take either freeway, the 215 or the 15, depending exactly where you're going. So that's going to be a pro for a lot of people as well.
Also, the last pro that I want to mention is there's a lot of neighborhoods that have no HOAs. So Murrieta does have a lot of neighborhoods that have HOAs. Most of them are not too expensive. But East Murrieta tends to have a lot with no HOA. So that's going to be a big pro for people. Some people don't want the rules and the regulations or the fee. Most of them aren't too expensive, but some people just don't want to deal with it. So that's going to be a big thing as well. And then with that, the other thing to mention is they also tend to be larger homes. So Central Murrieta is another area of town that has a lot of no HOA communities, so does East Murrieta, but East Murrieta tends to have larger homes.
So a little bit bigger homes than what Central Murrieta is going to offer. So that's going to be a pro, again, if you don't want that HOA and stick with those larger homes. All right. So let's go ahead and talk about some of the cons. So some of the cons to East Murrieta is honestly, it's just it can feel a little bit detached from the other parts of town. So because you are over on the east side, right? To get to other parts of Murrieta, you only have to go down some of the main roads that's either going to be Murrieta Hot Springs or Clinton Keith Road. Those are really pretty heavily traffic roads. So it can feel like even if you're just going somewhere in town, it may take 20 minutes to get to the other side of town.
So that's actually, for me, where I'm at to where my previous office was, it was about a 20 minute commute. [inaudible 00:05:26] basically all the way from the east side, all the way over to the west side. So that can be a con for people. They feel like it's a little detached. Again, the flip side of that is you're very close to Temecula. So there's some more businesses and stuff there, too. So tying into the same thing is because it's detached, especially going on Murrieta Hot Springs, a lot of people like to stay off that road because there is so much traffic. So really, throughout the day, it can be pretty bumper to bumper. There's a lot of stoplights. It's a main road, so there's a lot of cars going down. And a lot of people don't like dealing with that.
So that finishes up the cons. Hopefully, that helps gives you a pretty good list as far as the pros and cons to the area. Like I mentioned, I live in East Murrieta. I think it's a great part of town, tends to be a little bit less expensive as well than some of the other sides. So that can definitely be a pro. If you guys have any other questions about East Murrieta, any other part of Murrieta, or really just part of the Valley here, you can feel free to reach out anytime. Please, like I said, go ahead and hit the subscribe button, go and hit the like button. And feel free to call, text, email me. So hopefully, it's helpful and talk to you guys soon.
Thinking about making the move to Murrieta, California?
All right. If you've been thinking about making a move to Murrieta, California, and you're unsure if it's the right thing to do, watch this video, hopefully give you some good info to help you determine if it's the right place for you to be, so let's get into it.
Hey guys. Hey again, my name is Justin Short. Hey, I'm a realtor and team leader for the Short Real Estate team here at Signature Real Estate Group in Murrieta, California. Today, we're going to create a video and we're going to talk to you just about the city of Murrieta. I've had a lot of people reach out lately that have just been unsure to think about, "Hey, do I really want to make the move Murrieta? Is it going to be the right fit for me and is it somewhere I really want to live?"
Before we get into all the info, if you're liking these videos, please go ahead and hit like, please go ahead and hit subscribe. We're putting out videos once per week. If you're liking the content, please go ahead and do that that way we can make sure we keep the videos coming to you. It really helps me, helps the channel and we're trying to continue to grow it. Again, something I want to mention, you can feel free to reach out to me anytime. I've had a lot of people text and call me lately, ask me different questions about the area, thinking about making a move. A lot of people are relocating out this way. I'd definitely love to help answer any questions you have. Please don't hesitate, you can reach out any time, even if you're early in the process, we'd love to help give you some hopefully some helpful info to help you guys make the right move and make sure it's the right decision for you and your family.
Today we're just going to talk about city Murrieta. I've had a lot of people reach out like I mentioned, just thinking about making a move to the area. They're unsure if it's the right place to be, thinking about if it's a good fit for them and their family. Biggest reason is so many more people are mobile right now with everything going on as we're pulling out of COVID. This is June 2021 that I'm making this video, so depending on when you're watching it, but the world has changed over the last couple of years. I think people working remotely, working from home has been a building trend for a while, absolutely, but over the last year, when so many more people work from home, it just really changed the way people live in their home. It's changed a lot of the priorities that people have. We've seen a lot of people that are moving out this way, a lot of people from Orange County, a lot of people from LA that are just relocating. If you're in an expensive home and it's not that big, you may want to move to something that's a little bit bigger and it gives you more space.
I guess the first thing I'll mention is talk about the biggest con to the area. The biggest problem that people have with the city of Murrieta and the reason they don't want to live here is the commute. If you have to live here and you have to make a commute out, that can be a sacrifice that you have to make for you and your family. Some people are okay with it, or it's doable depending on where they look, and some people just aren't. They don't want to be on the road all that time. A lot of people do live here and they make the commute. They commute to San Diego, they commute to LA, they commute to Orange County. They do that five, six days a week and it's anywhere from an hour, hour and a half, two hours, two and a half hours in the car. It's a big con for people. A lot of people will move away from the area because they get tired of the commute.
My own parents did that. My dad made the commute for like 15 years when I was a kid and once the kids grew up and he's like, "I'm moving. I don't need to be here anymore and I'm tired of being on the freeway." It's understandable that people feel that way and I understand why people do it. It's not a knock on the area or the quality of the area, but it's just the logistics on you have to work, you have to feed your family, you got to pay the bills and if it's too long of a drive, it's not going to happen for you.
But the flip side to that is so many less people are commuting nowadays. A lot of people are, instead of commuting, five, six days a week, they are working from home five, six days a week, or they are still having to go in the office maybe once a week, twice a week. If you have to make that commute only once or twice, that's going to be a lot more palatable for a lot of people. It's going to make for a lot less miserable nights and if you're doing that five days a week, it's going to wear on you a lot more than if you're doing it once per week. I think that has been a big key driver and just the growth of our area. There are still a lot of new construction that's going on out here. We've had a ton of people move to the area.
The county of Riverside, it's the only part of Southern California that has actually grown in the last year and a half. You've seen a lot of headlines, I'm sure, that so many people are fleeing California and people are moving out of the state. They're moving to Idaho, moving to Texas, moving to Florida. Yes, there's definitely some truth to that, however, the county of Riverside is the only county that's actually grown. There's more people and more high income earners that have actually moved here to town than away. The reason for that is it's desirable and it's just less expensive than some of the other parts of Southern California.
If you are thinking about making the move out there, I guess, really, to summarize the video and you want to know if Murrieta's going to be a good fit for you, the answer I think is yes, for most people. Murrieta, it's a great place. I've lived here for over 20 years. I plan to raise my kids here. I plan to live here long-term. I think it's a great place and we'll talk about some of the highlights and about why I think it's so great but if you are considering to make the move, I would definitely encourage you to do it, especially while it's still an affordable area to be in.
Okay, so let's talk about the pros. I would say the biggest pro to here in Murrieta is just the fact that it's in something California. It's a great place to live. You're really not far from anything, you're central and being in Southern California and just has its own draw. People live all across the country and they want to visit Southern California, they want to be in Southern California, and they want to live in Southern California. Being in Southern California, it's a huge draw for people.
Also it's relatively affordable for being in Southern California. I think that's one of the reasons that our town has continued to grow is compared to San Diego county, compared to LA county, compared to Orange County, the average price point is so much less expensive here, you can get so much more for your money. Yes, it's definitely more expensive than other parts of the nation, absolutely. But compared to the surrounding area, you can definitely get a lot more bang for your buck here locally in the Murrieta area than say, like I say, closer to the coast. I think that those would be probably a couple of the big pros.
Also. It's so close, you're so central to so many things. You're really anywhere from 45 minutes to an hour from pretty much anything that you want to do. You're 45 minutes to an hour from the beach in San Diego. You're 45 minutes to an hour to the beach in Orange County. You're 45 minutes to an hour to downtown San Diego, 45 minutes to an hour to a lot of the main parts of Orange County. You're a little over an hour to most of LA, you're about an hour and a half out to the mountains and Big Bear area, and you're about an hour from the desert. If you want to go out to the desert and have fun and play with toys or just get away, it's really not that far. I think that's one of the big pros. It's such a central location where you can take a quick day trip to really get to anywhere that you want to go. That's going to be a big plus.
Also, just the town itself, it's definitely the suburb feel. Most of this town was built anywhere from the mid-nineties through 2010 and some newer, but so it's a newer area for sure. You definitely have some of that suburbia feel. It's pretty squeaky clean. It's well taken care of, it's not run down, it's not old, it's well-maintained and that's going to be something that a lot of people are going to be looking for.
Another pro for people is going to be the great school districts. City of Murrieta, the school district of Murrieta, and also the neighboring city Temecula have great rate schools. The schools are rated super highly. They're some of the highest in the entire state and they're really that way from all grade levels, K through 12. That's going to be a big draw for people that want to have their kids in a good school district and that's always going to keep people moving here for sure.
The last thing I would mention is it is a fully developed town. We have all types of shopping, all types of malls, all types of restaurants, wineries, Old Town area. We have a casino, it is a fully functioning area. A lot of times, a lot of you guys reach out to me, you don't know the town too well, and those are the questions I get all the time. Is there a fully functioning town there? Is there all these other things that you're in your everyday living that you're going to experience, are they there locally? Again, the answer's yes, absolutely.
You're a quick trip away. You're about an hour to all these different things you can do out in Southern California and we still have everything you need here locally. It's an area that's continuing to grow. Like I said, I've lived here over 20 years, I plan to raise my kids here, and hopefully I think it's an area that you would like as well. Hopefully you liking the videos, please go ahead and hit like, please go ahead and hit subscribe or you can reach out to me anytime. Like I said, call, text, email, and hopefully talk to you guys soon.
New COVID rules in the state of California, how that's affecting us in the real estate market,
Hey guys. Today we're going to talk about the new COVID rules in the state of California, how that's affecting us in the real estate market, how that's affecting us as realtors and how that would affect you as a home buyer or home seller. Watch this video, we'll get into it and hopefully give you all the info.
Hey guys, my name again is Justin Short with the Short Real Estate Team. I'm a realtor and team leader here at Signature Real Estate Group in Murrieta, California. Like I mentioned in the other videos, we are putting these videos out once per week. Hopefully it's good content for you guys. Just trying to keep you updated on the market, what's going on. Hopefully give you some good perspective here on the Temecula Murrieta valley and the area and the pros and the cons.
If you're liking the videos, please go ahead and hit subscribe. Please go and hit like. Like I mentioned, we're putting out the videos once per week. Or you can reach out to me directly too. You can feel free to call, text, email. It had a lot of people reach out to me lately and would be more than happy to answer any questions you have about the market or what's going on, or really just do anything I can to help. I would love to talk to more of you guys. I guess that my information will be there at the end and I'm sure it's below as well.
Today we're going to talk about COVID. Today is June 23rd, 2021. Obviously this is an ever-changing landscape as things are changing in the real estate market and just in the state of California. Last week, Governor Newsom's masked mandate was lifted, the tier system was lifted and that is no longer in effect here in the state of California. Previous to that, we as realtors and our clients, anytime we were showing homes or meeting with somebody, we were required to wear masks at all times. We were required to use hand sanitizer and follow all the different safety rules that the state has put in place and all this different stuff that everyone's been doing throughout the state for the last, I guess, year, 14 months, whatever it's been.
When that mandate ended, our rules as realtors changed as well. No longer do we have to wear masks. If you are vaccinated, you are no longer required to wear a mask. We are able to go inside someone's home on a showing without wearing a mask. Our clients, potential buyers, do not have to wear a mask if they are vaccinated as well. There's really no more mask mandates here in the real estate market.
I guess what can be a variable there is if the seller has certain restrictions or things that they want to put in place, whether it's to wear masks, whether it's to wear booties, whether it's to wipe things down, whatever it may be, they can put those mandates in place. It's their home. They own it. If you want to come in, you need to follow their rules is how it's playing out. If the owner is maybe more cautious on the COVID scale and their beliefs and what their concern level, then they can say, "Hey, anyone that comes in needs to make sure that we're a mask. They need to work gloves. They need to wear booties. They need to sanitize." Whatever it may be. We need to follow that.
At that point, if you're not okay with that, then buyer can say, "Hey, I don't like those rules. I'm not going to that house." And the seller says, "Okay, don't come in." Or we could say, "Okay, those seem reasonable and I'm comfortable doing that. I'll wear my mask for the showing. No problem." The reason I'm mentioning this, a lot of people that are watching these videos, they're from out of the area, they're from out of the state, and they're asking us all the time, "Hey, what's going on? I know California has had a lot of different regulations and things. How is that affecting you? How is that affecting as a real estate side? What are your thoughts there?"
I wanted to take some time, create the video, at least give you guys an update on what's going on. Obviously it's an ever-changing landscape. This is June 23rd, 2021, to put a good timestamp on that and hopefully help give you guys some info on what's going on. If you have questions or concerns, you can reach out to me anytime. Like I said, feel free to call, text, email. Please go in and hit like, go ahead and hit subscribe and would love to help any way I can. Hope I talk to you soon.
if you're curious about how to pick the best offer in this hot competitive market, stay tuned for this video.
Hey guys, if you're curious about how to pick the best offer in this hot competitive market, stay tuned for this video. We're going to talk about how we help our clients make the best decision and accept the best offer.
Hey, guys. My name's Michelle Virgo and I'm with the Short Real Estate Team. Today, we're going to talk a little bit about how to accept the best offer in this competitive market. We're going to get into comparing offers, whether cash versus finance, or waiving appraisal versus appraisal contingencies, and how they make a difference in accepting the right offer. So let's get into it.
So the first thing I want to talk about is marketing. Marketing is a super important topic when it comes to getting your house on the market. You want to make sure that it's marketed correctly. A lot of people are like, well, can't I just go ahead and throw it up on the MLS and just get it out there and get it sold? You could, but you really wouldn't be doing yourself justice. Having the proper pictures, making sure that you have a really good video, consulting with a stager, and having all of these things that we as professionals provide, are going to help you increase the chances of getting your home sold quicker and for more money. We want to make sure to make the best impression right off the bat and get everything marketed at the same time with the same quality.
So the second thing that we're going to talk about is managing showings. We want to make sure that we set up scheduled showings for certain time periods, making sure that the seller, yourself, is out of the home, that you're not having to come in and out of the home, clean up in between showings, and do all of that. Want to make things very convenient and streamlined and get as many showings in the shortest amount of time as we possibly can. Usually those are from Friday through Sunday, maybe for eight hours, and every 15 minutes, we're just getting people in the house, getting them to see the house, and getting them out, exposing them to the most amount of people in the shortest amount of time.
So the third thing we're going to talk about today is kind of just that [inaudible 00:01:59] showing specifications and setting the timeline. So we already talked a little bit about making sure that we're managing time periods and getting the most amount of showings in the shortest amount of time. We want to set expectations for not only the sellers, but also for the buyers that are coming to see the home, by saying, "Hey, we're only going to be doing showings for the next three or four days," or whatever is comfortable for you. Then we're going to be setting precedent so everybody knows when they're expected to be able to get in, get it seen, and get their offers to us as quick as possible.
So the fourth thing we're going to talk about maybe isn't always set in stone for some people, but we think it's really, really important. We want to set a date for when we're going to review offers. So that way we're communicating with all the buyer's agents, we're communicating with you, and we're setting expectations for everybody, when we're going to have all of the offers expected to be in, when we're going to be reviewing and getting back to people, so everybody's on the same page.
So number five, this is going to be super duper important. We want to make sure that we're going through each offer. We want to look at things like proof of funds. We want to look at the contingency periods. We want to look at all of the things that are detailed in the offer to see what makes it the strongest offer and the best for the sellers. We're going to go into detail, kind of just looking at whether or not that person actually has money in the bank. So we're going to get what's called proof of funds. It could be a bank statement or other financial statements showing that that money is actually there.
We're going to go ahead and talk to the lender to make sure that the lender really feels strongly that this buyer is qualified. And then we may take it one step further by having our preferred lender do a cross qualification, sort of a checks and balances system, just to say, hey, this buyer is super qualified, and that way we know that we're confirmed and we're going to be able to close.
So the sixth thing that we're going to talk about is reviewing offers with the seller. So this is a really important piece, as well, because we want to make sure that it fits the seller's needs. This can have things like if a seller needs rent back. Let's say that you need to stay in the property longer than after the property closes. You need a little extra time to move or get into that new house. We want to make sure that that buyer is willing to give that to you upfront. We're also going to talk about contingencies and appraisal and whether or not that person has waived the appraisal.
So the way that waives is if you have an appraisal contingency in place, they're going to require an appraisal. If they're waiving it, then basically the buyer is saying he's going to pay that purchase price no matter what, no matter what the appraisal comes in. The main thing we want to make sure is that this person is really able to close and that they're giving the seller exactly what they need to make the move comfortable and that all parties are happy.
So the last two steps are basically, we're going to respond to the top offers or the very, very top offer. I like to respond to all agents that have sent in an offer, just to kind of give them a heads up, like, hey, we did choose you, or we didn't choose you. You want to always at least give them a final decision. And then once we get back to that top offer and we let them know that their offer has been accepted, we're moving forward, we get to the fun part and we get to open escrow.
So if you feel like this was helpful and you like this content, go ahead and hit the subscribe button. And we're always here to help. So if you guys really like the content, you have any questions on anything, questions about the market, always feel free to reach out and give us a call.
If you're thinking about making a move to Temecula, California, watch this video. We're going to talk about the pros and the cons of living here in Temecula, and hopefully help you make the right decision for you and your family. So watch this video.
Hey guys, so my name is Justin Short. I'm a realtor and team leader for the Short Real Estate Team here at Signature Real Estate Group in Murrieta, California. So I have lived here in the Valley for over 20 years, I and wanted to take some time and create a video for you guys to talk to you about the City of Temecula. So I've lived here in the Valley, I've lived in Temecula for over eight years. Lived in Murrieta for over eight years, and I lived in the City of Winchester for another five years as well. So we lived here locally for a long time. I hope I can give you some really good perspective and insight to the area and the pros and the cons. Right now, we have a lot of people that are making the move here to Temecula from out of the area.
So we're seeing people from San Diego, LA, Orange County, some from Northern California and some even from out of state that are wanting to live here in the Temecula area. So I wanted to take some time to talk to you about the pros and the cons, and hopefully give you some reasons about why you would want to live here or maybe why you wouldn't and hopefully make the right decision, decide you don't want to live here. So let's go ahead and get into the content.
But first I did want to ask you if you are liking the videos and you want to see more videos like this, please go ahead and hit Subscribe. And it helps me. It helps the channel. We're trying to grow it, so please go ahead and hit Subscribe. And if you have any specific questions, you can feel free to reach out to me anytime. So you're going to see my information. You can call text, email. I've had a lot of people reach out to me lately that are thinking about relocating or on their way. So please reach out. We'd love to help any way that I can.
So let's go ahead and talk about Temecula. I've never not lived here in California. And for me, it's an area I plan to live in for at least the next 20 years. So I have young kids. I'm married and I have a three-year-old and a five-year-old, our daughter's getting ready to turn six next week. And we see this as a great area to raise our family. The community is continuing to grow. It's safe. It's just a really great area, I think, to be in long-term, and it's Southern California, so I think it's a great investment just for real estate in general as well.
So we're going to talk about the pros and the cons. So first it's going to talk about the pros. So the first pro that we're going to talk about for Temecula is just the overall affordability. So although the average pricing here has gone up quite a bit over the last, since I've lived here, over the last 20 years, I think my parents bought their first home for like $150,000, so it's not quite as affordable as it once was. But for Southern California to live in a nice area with a good school district and in a quality area, it is very affordable. So that's why so many people are moving here from San Diego, LA, Orange County. So average price point say in San Diego right now is almost a million dollars, I think is what the average is. And the average price point in Temecula is right about 700,000. So although that's still expensive, it's still getting up there much more expensive than it's ever been. Yes. For Southern California in a nice community, super, super desirable, super affordable compared to what some of the other options are.
The second thing that's going to be a big pro for the city of Temecula is the school district. So the school district is awesome. It's super, super, highly rated. They've basically ... If you pull up all the different school websites like School Rater and all those different things, there are eights, nines and tens pretty much across the board from elementary, middle school to high school. There's some really great private school options. And even the high school here, that's Great Oak in South Temecula, it's one of the highest rated high schools in the entire state. So there are a lot of award-winning schools. They're rated super highly. Our daughter, granted she's young, she's only in kindergarten, she's part of the Temecula school district. We've had a great experience so far and it's something super, super that's highly recommended.
So the third pro we're going to talk about is the City of Temecula is one of America's safest cities. So over the last decade, Temecula has consistently been rated anywhere from the Top 10 to Top 20 Safest Cities in America. So not even just California, but safest cities in America. So there's not a ton of crime. Although any city is going to have their normal amount of, I guess, mischief, right, but very, very safe. And that is great when you have that family and you want to be in a safe area and in an area where you don't have to necessarily worry about looking over your shoulder or also some of those different concerns that you may have.
We're going to talk about pro number four is going to be just the proximity to everything. So we're here in Southern California. We are in south Riverside County. We're just north of San Diego County. But one of the big benefits to living here is you're really very, very close to pretty much anything that Southern California has to offer.
So you're about 45 minutes to an hour. It's kind of the general rule of thumb. You're 45 minutes to an hour from the beach. You're about 45 minutes to an hour to the desert. You're about 45 minutes, maybe closer to an hour and a half to the mountains, a little bit farther to the mountains. But you're about 45 minutes to downtown San Diego. You're 45 minutes to an hour to parts of LA. You're about 45 minutes to Disneyland. You're really within a very easy driving distance for day trips for pretty much everything. So that's one of the big benefits here is you are very close to all these different things. So if you want to take those weekend trips with the family or friends or whatever it is that you're doing, it's a great area for that. That's a nice central location.
And then pro number five that we're going to talk about is it's just, it's a well kept, well taken care of suburb. So there's a lot of track homes are out this way. It can be a little bit cookie cutter, right? So you get a lot of the track homes that are well kept or the HOAs that keep things taken care of. But when you're living here on a day-to-day basis, it to me, I think it's something that's super, super nice, right? So you walk outside, your neighbor's homes are taking care of a lot of them have HOAs, and they're not parking cars on the grass. They're well kept. They're not painting their house purple. They're well taken care of. And to me, I think that the big plus about living here in the area where it's a nice well-kept clean community.
And so, let's talk about the reverse. Let's talk about some of the cons. So I have lived here for a long time. So I do realize it's not a perfect place to live and it's not going to be perfect for everybody. I definitely know people that have moved here and maybe weren't super happy. Didn't really feel like it fit their lifestyle and wanted to move out of the area pretty quick. So that may happen to you. So hopefully this will help give you some perspective, so you don't have to go through that.
So number one biggest con I would say is that, although I list it as a pro, that we're about 45 minutes an hour away from everything, that's also the biggest con to where we're really, we're not right next to anything. You know? So it's not like if you're living in Southern California, a lot of people think, you can go to the beach and it's 10 minutes down the road, and that's not the case. You're 45 minutes to an hour. If you're going to go to the desert and want to play, that's 45 minutes to an hour. It's not right down the street. You're not there in the city. So if you are a big beach person, if you're a big desert person, a big mountain person or a big city person, a lot of times you may want to actually live there in that environment, so you can just walk out your door and boom, you're there at the beach. Or boom, you're right there at the city, right?
So, that's not necessarily the case here. We're going to make that day trip to go out to be able to do that stuff. So for me, I like the flip side of that. I think it's a pro, right, where I'm not too far from anything. But some people they want to be right there. They want to be right in the mix of it. So, that could definitely be a pro. That could definitely be a con.
So we're talking about con number two is we're going to talk about average price point. So although for Southern California, Temecula is pretty affordable for the area for everything that you get, on a nationwide scale, Temecula is really pretty expensive, right? So the average price point across the nation for a home, I think it's about $260,000 now. That's the last stat that I saw. So, but knowing that in Temecula from 260, we're about 700,000.
So that's a pretty big swing. That's almost, it's $450,000 swing between the US average versus Temecula, California. So that can definitely be a con for people is just the overall affordability. Especially if you are a first-time home buyer, that can be really tough because you got to save up that cash somehow to be able to get into the property. So that could be tough. If you already live here and you're selling a property or you live somewhere else and you're selling a home and you have that equity, you're going to put that down here. That can be a lot more palatable. But especially as a first-time home buyer, it can be a hard market to break into just because the price point so high.
So we're going to talk about con number three, and this is really a big one for a lot of people that live here and really it's the commute. So bottom line, one of the worst parts about living here in Temecula is the commute. So the city and the area around it is really a big bedroom community, right? So most people, they live here and they commute out to work. So they go to San Diego. They commute to LA. They commute to Orange County. But there's just not a ton of industry here. So they live here and commute out. So most of those big employers are still in those big cities. So going through COVID, however, a lot more people are working from home. So if you're working from home, it's not going to be a con, right. Or if you're only commuting in one day a week now post-COVID, that's not too bad. Right. But if you're going to get up and you're going to commute five days a week, you're going to San Diego, LA, Orange County, that can wear on you. You know?
The average commute to San Diego, it's about 50 minutes right now. And depending on what part of Orange County, it could definitely be another 50 minutes-plus depending on where exactly that you're going. So I can tell you that's actually my parents, they lived here. They lived here for over 20 years. And my dad was making that commute day after day, after day and after about year 20, he gave up the white flag and he's like, "I'm moving out. I can't" They moved. They moved out of the area closer to his job. So, but they raised the kids. They were empty nesters; life had changed for them. But that can definitely wear on you. And that's something I hear from a lot of clients as well is, "Hey, I can't do the commute anymore." So that's something to pay attention to.
And we're to talk about con number four. And we kind of touched on this a little bit in the first section talking about the pros, but one of the biggest cons for people can be the cookie cutter track homes. So when people are living from out of the area, they may be used to living maybe back east or other parts of the country where some of the homes have some different character and things like that, where our area in the Temecula area, most homes are built from mid-90s, like '94, '95 through 2012, '13, '14, '15. Right? So during that time period, the builders built a lot of stucco boxes. You know? They are, they're more open now than they used to be, but they're still stucco homes or what, so one-slabs, wood built. Do they call them stick-built homes, right? With stucco on the outside, nice finishes inside, which is, that's what I live in. That's what most people here in the area live in, but that can be a con for a lot of people.
Sometimes the people are from out of the area, especially from back east. I hear this a lot is they feel like everything looks the same. There's not a lot of character in the different homes. You don't have maybe the brick built homes, right. Or you don't have the cabin looking homes or any of those different nuances. So that can definitely be a con for people if you want a little bit more diversity in the types of homes. So most of the homes out here are going to be stucco homes built mid-90s to 2012, '13, '14, '15. So just an FYI, something to pay attention to and make sure you're okay with that.
Okay. And we're talking about con number five. So this kind of relates back to the first point that we went over talking about price. But right now it's just a hard market for first-time buyers to get into. So because the average price point is so high in Temecula, you are typically doing anywhere from a three and a half, 3%, three and a half percent, 5% down payment as a first-time buyer. When you're buying a $700,000 home, that's a big down payment, and that can be a hard for people to get into that ability to buy here. So we do see people that do alternatives. They'll get into a condo, get into a town home. They'll live in that for a couple of years, build up some equity and then sell, and maybe buy that bigger home down the line.
But if you are just trying to come in the area, if you're my age, I'm 32, right? So if you're looking to buy your first home and you don't already own a home, and so you're trying to save up that money for the down payment, it can be very hard to buy a home here in Temecula because of the affordability. When you buy that $700,000 home 5% down on 700,000, that's $35,000. So that's a big chunk of money that can take a lot of people a long time to save up. As opposed to, if you were selling a home as a move up buyer, you've already, you have that chunk of equity. You can just put that down. So it can be a very tough market for a first time buyer. And I would say it's probably one of the five biggest cons about living here in Temecula. So.
Hopefully, this video helps you guys out. So, like I mentioned, I've lived here a long time. Hopefully I want to give you some of my perspective. And also just on the real estate side of things, my perspective on some of the pros and cons here to the area. Overall, I think it's a great area. I plan to raise my family here. I can't see myself moving out of this area for anytime in the next 20 years. I think it's continuing to grow. And I think it's just a great place to invest in real estate as well.
But hopefully this video helps you guys. If you are liking the content, again, please go ahead and hit Subscribe. It helps me. It helps the channel. We're keeping videos coming in once per week. Feel free and give me a call or a text message if you have any questions about the area. We have a lot of clients who are relocating here. I would love to help in any way we can and help make that process as smooth as possible. So, cool. Thanks again, guys, and have a good rest of your day.
Most expensive neighborhoods here in Temecula, California.
Hey guys. Hey, so today, we're going to create a video for you, talking about the most expensive neighborhoods here in Temecula, California. We'll go ahead and get into the content. We'll talk to you about the most expensive neighborhoods, the price per square foot, and really what makes them different and sets them apart. Let's go ahead and get into it.
Hey guys. My name is Justin Short. I'm a realtor and team leader for the Short Real Estate team here at Signature Real Estate Group in Murietta, California. Today, we want to create this video and talk to you actually about the city of Temecula, California. We want to talk about the most expensive neighborhoods here in the City of Temecula. Just a quick disclaimer. This does not include the large properties that are out in wine country or up in the De Luz area. So, these are going to be things that are closer to the track home type communities, which would be anywhere from definitely under an acre, under half an acre type properties, mostly track homes and more of a suburban type of feel. Just a quick disclaimer if you think I'm missing a couple things, but, we're talking about price per square foot, we're going to talk about location, kind of what sets them apart. And, hopefully this is a good frame of reference for you guys to help learn the area.
First, if you are liking the content, if you're liking the video, please go ahead and hit Subscribe. We are putting out videos once per week. We're talking about City of Temecula, City of Menifee, City of Murietta, and the surrounding valley, keeping you guys updated on market updates, stats about the different neighborhoods, pros and cons. And hopefully, especially if you live out of the area, hope we help you make that determination where you want to live here in the city and in the Valley, so hopefully it helps. Please go ahead and hit Subscribe.
The fifth most expensive neighborhood in the City of Temecula is Paseo Del Sol. Paseo Del Sol is really a kind of interesting community. Some of it was built early 2000s, late '90s, early 2000s.
And, it was built all the way, bits and pieces, different builders over time, all the way up until 2014, 2015, 2016, so definitely a big spread there. When the economy crashed, there was definitely, it wasn't really any building going on there. And, then a builder came in and kind of finished out the community. So, kind of a big spread there on when it was built. There is a small HOA, it's a little over 100 bucks per month. So, you have that. Tax rate really isn't too bad for most of the community. And it, that is kind of located in kind of like a central Temecula area. So it's North of Temecula Parkway, right off of the Palba area, but good schools, good area, and the price per square foot, average price per square foot there is $262 per square foot.
And, the average price point over the last six months has been 610,000. Average home sale Del Sol has been 610,000 and price per square foot's been $262 per square foot. The fourth most expensive neighborhood in the city of Temecula is Wolf Creek. Wolf Creek, very similar. It has a small HOA, it's about 100 bucks a month or so for the HOA, it does tend to have some higher property taxes, just because it's a little bit newer.
That community was built anywhere from mid-2000s to 2012, 2013 area. But, your price point is going to average, it's $620,000 is what the average home sells for in there. And the price per square foot is $235 per square foot. So, you'll notice the average price per square foot is actually less than Paseo Del Sol, but the average price point is higher. The difference, the low homes are actually larger on average in Wolf Creek, so that's why you have that higher price point. So, they are the fourth most expensive neighborhood here in Temecula.
And then, we're talking about the third most expensive neighborhood in the city of Temecula, and that's going to be Crowne Hill. Crowne Hill is a really nice community. It's begin North of Temecula Parkway. It's located East of Butterfield Stage, has another small HOA. It's about $100 a month or so. Super, super nice community, has parks, has an elementary school right there in the community. The average price point in Crowne Hill is $705,000, is what the average home is sold for over the last six months. And, that gives you a price per square foot of $302 per square foot. So, that's the highest price per square foot that we've seen out of the others that we've reviewed so far. And, obviously you're taking a pretty big jump from 620 to 705 for your average price point.
The second most expensive neighborhood in Temecula, California is the neighborhood Morgan Hill. Morgan Hill's super nice community. It's located, it's in South Temecula. It's Temecula Parkway, it's South of Temecula Parkway and East of Butterfield Stage. A little bit more South from Crowne Hill that we had just talked about, but very similar. Low HOA, you do have some higher taxes there. Those are built anywhere from again, mid 2000s. So, 2005-ish to 2014, 2015 area is where the, most of them are going to be built. Really, really nice clubhouse. It's actually a really good value for the HOA. So, for about 100 bucks a month. So, there's super nice clubhouse, there's community pools. There's a couple parks, they're always doing different events and things there throughout the year.
The average price point in Morgan Hill over the last six months has been $788,000. So, that's a big jump from the other communities that we talked about. And then, the average price per square foot has been $244 per square foot. So again, you'll see, it's kind of the same trend. Price per square foot is less in Morgan Hill than it is in Crowne Hill, but because the homes are larger, the average price point is actually higher. So kind of a little bit of a trade off there, but Morgan Hill is the second most expensive neighborhood in Temecula.
Okay, and so let's talk about the most expensive neighborhood here in Temecula, California, and that's the neighborhood of Meadowview. Meadowview is kind of an odd ball compared to a lot of the communities. It is definitely located Central Temecula, so that it would be between just South of Winchester Road, so between Winchester and Rancho California Road. It's very, very close to the mall. So, the Promenade Mall, it's kind of right across the street from the mall. But, what's interesting, it's one of the oldest communities that is here in the area. So, most of the homes are built anywhere from mid-70s to mid-80s, but what sets it apart is the acreage.
These are large lots. They're anywhere from about a quarter acre to a half acre. Some are a little bit larger, but that's the majority of them. It's up to about a half acre. There's definitely some horse trails. There's walking trails. There's a HOA that has a nice little community there. They do a lot of different events, but what makes that area so desirable its central location, yes. But, it's those large lots. So, if people want to get out of the track home feel, they want to get out of the suburbia feel, which we have in most of this area, they would love living in Meadowview because it's so central and you can get that space, so you can get that yard space or just that space between you and your neighbor.
So, that's the neighborhood of Meadowview here in Temecula. The average price point is $824,000 over the last six months. And, the average price per square foot is $302 per square foot. But again, you're going to offset that because that does not take into account these large lots. So again, these half acre lots or so is what makes it so desirable. Hopefully the video helps, hopefully the content helps give you a feel for different neighborhoods, different perspectives and get a different feel for the area. If you have any questions about anything, you can definitely reach out anytime. Again, if you are liking the content, please go ahead and hit Subscribe. So it helps me, it helps the channel. We're trying to grow it and I would definitely appreciate anything you can do. So, hopefully that video helps. Talk to you soon. Thanks.
Details and stats to see exactly what's happening in the Market today.
Justin Short: Hey guys. So today, we want to make a video for you to talk about your May, 2021 real estate housing market update. So we're going to get into all the stats, show you what's going on at the average price point, how long the average home has taken to sell right now, and kind of where the trends are going in the local real estate market here. So check out the video and we'll get into it.
Justin Short: Hey, guys. Hey, my name is Justin Short and I'm a realtor and team leader here for the Short Real Estate team at Signature Real Estate Group in Murrieta of California. And today, I'm joined by our team member...
Michelle Virgo: Michelle Virgo.
Justin Short: And today, Michelle is going to help me create the video here for your real estate housing market update for May, 2020.
Michelle Virgo: So today, we're going to talk a little bit about the trends and what's happening with the real estate market. We're going to get into some of the details and stats, so you can kind of see exactly what's happening. If you guys have been watching the videos, you've probably seen that we are in a sellers market, and we're going to continue to see that. We're going to talk a little bit about why.
Justin Short: We're going to go over four different stats. We're going to talk about new listings, total number of active listings. We're going to talk about the average days on market and then average price point. And we're going to talk about the City of Temecula, City of Murrieta and City of Menifee. So those are kind of a couple of our local towns that where we do most of our business. So let's go ahead and get into the stats.
Justin Short: So first we're going to talk about total number of new listings. Let's talk about City of Temecula. So we're going to compare last year, so that would be April, 2020 versus this year which is April, 2021 and all these different stats. So last year in April, 2020, for the City of Temecula, there was a total of 154 homes that were listed for sale. So this year, 2021 in April, there was 237.
Justin Short: So definitely, there's another 80 homes or so that were listed for sale in the City of Temecula. However, to keep in mind, that's comparing last year, which is... that's like right in the midst of the COVID-19 pandemic. So we're on lockdown. A lot of confusion, no one really know exactly what was going on, or we thought it was going to last three weeks. So there's a lot of unknowns there at that time. So keep in mind, that's kind of going to skew some of the stats and you'll see that as we go through some of that as well. But City of Temecula last year, 154 homes listed for sale City of Temecula this year, 237 homes listed for sale.
Justin Short: And to talk about Murrieta. So Murrieta last year, 200 homes listed for sale. 2021 there's 282 homes listed for sale. So again, more, another 82 homes, additionally listed for sale. And we'll talk about Menifee. So City of Menifee last year, 163 homes listed. City of Menifee this year, 229 listed homes for sale. So again about another 50 or so homes for sale. So you see more listings, but keep any of that COVID pandemic that it's causing some, a little bit of a different info there.
Michelle Virgo: So the next thing that we're going to actually talk about today is going to be active listings. And again, we're going to talk about Temecula, Murrieta and Menifee. Comparing April of 2021 to April, 2020. So in Temecula in 2020, we had 341 homes active and now in 2021, we have 209 homes active. So you can see quite a big difference, not as many active listings on the market right now. Murrieta, you're going to see kind of the same trend. So in 2020, we had 422 active listings and then in 2021, we have 264 active listings. So that means that we have a lot more things, kind of pending things are kind of flying off the shelf and going really quickly. The third city is Menifee. So in 2020, we had 377 homes active listings. And now in 2021, we have 191.
Michelle Virgo: Okay, so the next topic we're going to talk about is going to be days on market. So we're going to see a difference between 2021 and 2020, for sure. In Temecula in 2020, we saw days on market was 30. So average time it took to sell a home was 30 days. Now, we're seeing only 12 days. So you can see a big difference there. Murrieta, so in 2020, the days on market was 31 days. And now, again, 12 days. City of Menifee in 2020, it was 41 days on the market. And now 12 days. As you can see, consistently 12 days on the market is the average things are moving really, really quickly.
Justin Short: Yeah. And so really the natural progression of that, so when it's a sellers market, when there's not enough homes for sale, when all the homes are selling super, super quick, that means the price point is just going to continue to go up. That's when we're going to see appreciation.
Michelle Virgo: Absolutely.
Justin Short: So we'll talk about average price point. So for the City of Temecula in 2020, the average price point was 562,000 compared to one year later, the average price point is $723,000. So I mean, that's $160,000 price swing, at the ton of appreciation. City of Murrieta last year. So it would... Again, last year's April, 2020 average price point was about 494,000. Now, this year, the average home is 602,000 that it sold for. So over a hundred thousand in equity there, $108,000 in the higher price point. Last year, City of Menifee was 396,000 compared to this year, 2021 it's 483,000.
Justin Short: So again, another 90,000 or so in higher price point there. So you can see what's going on. When there's not enough homes for sale, when the average home is selling super, super quick, we're seeing a lot of multiple offers. That's when you start seeing that appreciation and just the price point going up. I mean, hopefully going over the stats helps you guys help to keep you updated on what's going on and what's trending. Personally, we're definitely seeing in our end, in our business. So whether it's sellers, we're getting a higher price points. They're getting multiple offers, pricing is getting bid up or even like our buyers, it can be tough sledding sometimes. A lot of times we're having to offers on three, four, five different homes and do some different creative things to actually get the offer accepted.
Michelle Virgo: It's competitive, but just know that people like us are out there professional and ready to help.
Justin Short: I liked that. Cool. All right. Well, hey, appreciate the time. Hopefully it helps. And please go ahead and hit subscribe, if you're liking the videos. We're keeping the videos coming in once per week, and then we're doing this market update once a month. So we'll make sure to keep you guys updated. All right. Thanks guys.
Considering to move here to Murrieta or Temecula, California soon?
Hey guys. Hey, if you're considering to move here to Murrieta, California or Temecula, California, and you're curious to know the differences between the two and want to try and find out what would be the best fit for you and your family, watch this video. We'll get into all the differences from someone that's actually lived here. I've been here over 21 years. Hopefully give you some good perspective, and hopefully help you make the right decision.
Hey guys. Hey, my name is Justin Short. I'm a realtor and team leader here in Murrieta, California for Signature Realty Group, and my team is the Short Real Estate Team. We are creating these videos. We're putting out videos once per week and try and keep you guys updated on all the different market stats here in the area. Give you guys some different perspectives on living here in the area, what it's like to actually live here, compare different areas, and hopefully give you all the info that you would need if you're considering about making the move. So today we're creating a video and we're really going to compare to Temecula versus Murrieta. So if you don't know the area well, they're really sister cities. They're side-by-side. They're very, very close together. A lot of people don't really know the difference when they're in one town compared to the next, but if you're not here local, there's definitely some subtle details that would make one area more desirable than another.
So we're going to get into the details and hopefully help you make the right decision for you and your family. So first let's go ahead and talk about Temecula. So Temecula, let's talk about location-wise. So we're off the 15 freeway. So Temecula is a little bit more south. It's actually the most south part of Riverside County. So we're here in Riverside County. The most south city is Temecula, California. If you go any further south, you end up hitting San Diego County, so that becomes city of Fallbrook, which is San Diego county, which means higher price point right? So Temecula is a little bit more south, so that is a big plus for people if you actually are commuting out down to San Diego. So a lot of people do live here and commute. It is a big bedroom community. So a lot of people live here locally and they drive to San Diego, LA, Orange County for business.
Although that is, we're starting to see that happen less and less. Now it's COVID or post COVID, so this is now April 2021, so more and more people are working from home. So if you're lucky enough to be able to do that, obviously that's going to be a big plus for you because that would probably be one of the biggest downsides for someone living here is just not a ton of industry, not a ton of jobs, and most people are going to commute out to get to work. So if you can work from home, that's going to be a plus, but if you are commuting and you're going south, you would definitely would prefer to be in Temecula because it's more in that way. Okay?
So another plus for the city of Temecula is there's going to be more neighborhoods that have a lower tax special assessment. So basically what that means is each year you have property tax that you're going to pay and different communities have different special assessments, so different, basically bonds and things that are on the tax roll. So the newer communities tend to have higher taxes. The older communities tend to have a little bit lower taxes and city of Temecula happens to have more older communities that have those lower taxes. So if those are important to you, then that's going to be a plus definitely for city of Temecula. So lower taxes overall compared to Murrieta and also the same thing with HOA. So there's more areas that have a low, either low or no HOA. There's a bigger selection of homes. So a lot of people that is a big thing for them. They don't want to be a part of HOA or they only want one that's going to be 40 bucks a month, 50 bucks a month. Temecula's going to have more options there than definitely Murrieta would.
So another plus for Temecula is going to be, there's just more business and shopping. So Temecula has like, there's actually, the mall is located in Temecula. There's also a lot of shopping down in like south Temecula, So which is like off Highway 79. So just more business, more stores, but both cities have like the big guys, like the Walmarts and all that type of stuff, but there's definitely more selection and a larger area in Temecula compared to Murrieta. And then when we talk about entertainment, you're definitely going to see a little bit more in the favor of Temecula as well. So you have like the old town area, which is pretty developed now. It's really been redone a lot the last 15, 20 years. So there's a lot of small restaurants, gastropubs, fine dining, steakhouse, all types of different stuff that's down there.
There's definitely some nightlife scene down there. Then you have the casino is in Temecula, so that's obviously entertainment there. There's concerts and there's different venues and comedians and all types of stuff going on there. And then you have more entertainment out in like Wine Country area. So you have Wine Country which always doing like different events and brunches and little outdoor concerts and all types of stuff. So you definitely have more of that in Temecula compared to Murrieta too.
And so we'll talk about Murrieta a little bit. So to talk about location. So Murrieta is a little bit more north compared to Temecula, so a little bit more north. So if you are either on the 215 and you're commuting north, it's going to be a little better to be in Murrieta because it's a shorter trip, right? So a lot of people do live here and they'll commute to Orange County or they'll commute to Corona or even like South LA County. So it's a little more advantageous to be here in Murrieta and just go straight up the freeway or some people also commute Northeast, so like up the 215 freeway. So that's going to be a little better living in Murrieta because the 215 runs right through Murrieta right? So Temecula's a little bit more south, is a little bit farther. You got to fight some traffic to get up that way. So if you are commuting north, Murrieta can be a little bit better in that way. Also, you're going to look at just overall price point is another plus for the city of Murrieta. So the average home right now is about $40,000 less in Murrieta compared to Temecula.
So Temecula is the highest price point here like south Riverside County. Murrieta is going to be a little bit less expensive and honestly, just driving through you probably wouldn't notice that much of a difference, but it's very, very nice, very, very clean, definitely the suburbs here for sure. So hopefully that gives you some idea of just kind of overall price point. Definitely less expensive in Murrieta. Another big plus with Murrieta, a lot of people they're looking for like a larger lot, so like a half acre or one acre, three acre, four acre, five acre parcel and with no HOA or areas with no HOA, you're going to have more selection here in Murrieta than there is in Temecula. So if you looking for a little bit more space, more horse property, there's several communities here that offer that. Compared to Temecula, there's a couple like out in Wine Country, but definitely more selection in Murrieta and again, more affordable as well.
Another big thing that's a plus for Murrieta is there's more homes out here. So it's a little bit larger area. There's more available homes. There's more population. So because of that, because there's more homes, it could give you more to choose from, so a little bit lower price point. Temecula is going to be a little bit harder to get into price point wise. And there's a little more to choose from Murrieta compared to Temecula as well. Also, a lot of people, if you are looking for like new construction, a brand new home, city of Murrieta is going to give you more options there compared to city of Temecula.
So city of Temecula, there's two communities. One of them is pretty much all condos and town homes. And then another is a master plan community that's pretty much sold out all the time and very limited availability, where city of Marietta, there's still a handful. There's five, six, seven builders going still at any time. There's a lot more new construction that's going on, so more options. So if you are looking to get into a brand new home, then I think Murrieta might be a little bit better bet for you there too.
So hopefully that gives you some of the info and helps you kind of learn some of the differences between the two. Like I mentioned, I've lived here over 21 years. So if you want my perspective, you can feel free to reach out any, any time. So you can call text, email. I've had a handful of people reach out over the last couple of weeks and I'm here to help. I'm glad to help. I sell real estate full-time and happy to chat anytime and answer any questions you guys have. And if you're liking the content, please go ahead and hit subscribe. It definitely helps me out. We're trying to grow the channel year and get more people watching the videos, so I would definitely appreciate that as well. And hopefully talk to you guys soon. Thanks.
The housing market during COVID has been crazy! What's the housing bubble like? Will the housing market crash?
Hey guys. Hey, if you want to know if we're in a housing bubble and if you're curious to know if the housing market's going to crash, watch this video. We're going to get into all the specifics, we're going to get into the data, show you not just what my opinion is, but show you what the data is actually showing us and what we think is going to happen over the next 12 months. So let's go ahead and get into the video.
Hey guys. Hey, my name is Justin Short. I am a realtor and I'm a team leader here for the Short Real Estate team in Murrieta, California and I work here at Signature Real Estate Group. So each week we're making these videos and we're putting it out there for you for good content. Hopefully keeping you updated what's going on here locally and the Murrieta, Temecula, Menifee Valley. Keep you updated on market stats, show you the differences between the different towns and hopefully give you a good perspective whether you live here or you're even thinking about making the move here.
So first before we get into it, if you are liking the content, please go ahead and hit subscribe. Please like the video. It helps me. We're trying to grow the channel, trying to get more people watching. So I definitely would appreciate that. And it will keep you notified when we put out a new video each week on Thursdays. So thank you for that.
Today we're going to talk about the real estate market. So the big question that I get from pretty much all my clients is what's going on? Are we in a housing bubble? Is the real estate market going to crash? Today we're going to get into not, again, not so much what my beliefs are, and I'll tell you what we expect to happen, but more so what the data's shown us and what actually looks like on paper is going to happen. So we'll get into all the stats.
Right now I think most people probably are aware, it's definitely a big, big, big, huge seller's market. So it's supply and demand. There's not enough available homes for a sale and there's a lot of demand, so when you have that and that happens for like a year, we start seeing that seller's market get into a very, very extreme seller's market.
In the other videos we're going to talk about the stats, but the average home is selling in about two weeks or less. Home prices are up significantly over the last year and there's just not enough new listings coming up on the market yet. So huge seller's market, so that's the current state. People will get worried about that, they kind of compare this time to say 2006, 2007 when it was also a big seller's market. And we know what happened in 2008, 2009 and when the economy crashed, right. Everything came... it was selling later on for 30% what it once sold for. And that's obviously going to be a big concern for a lot of people so it's getting to some of the stats and show you what that looks like.
One of the big things that I do get asked about from my clients is just about forbearance. If you don't know what loan mortgage forbearance is, the idea was if you had a struggle due to COVID that you could put your mortgage in forbearance. What that meant is you did not have a mortgage payment. So you got to make no mortgage payment for a period of time, typically three months, some people were allowed to extend up to six months and nine months, or even up to a year. Depending on the mortgage provider, some people had to come up with all that money at once in one lump sum, some people never had to pay that money and they just moved it to the back of the loan. So instead of a 30-year mortgage, basically it's a 31-year mortgage. So you had no mortgage for 12 months. A lot of people did that.
The concern is well, they haven't been paying their bill so now when the bill becomes due, if they can't pay it, that means they're going to get foreclosed on and there's going to be a crash in home values and there's going to be all these bank-owned homes that are coming up for sale, and that's going to kind of kill the real estate market. And that just does not seem to be really what's going on here.
There were 2.7 million people that did forbearance on their mortgage. That's nationwide so it's not just California. That's nationwide, which sounds like a lot of people. It's about 6% of people that had a mortgage, so about 6% of people did some form of forbearance. It could have been three months, it could have been six months, nine months, 12 months. So they did not make a mortgage payment for a period of time. Out of those 2.7 million people... I have some of the stats. When the forbearance ended, about 50% of them actually caught up on their mortgage and were current and totally paid everything off in full.
Now we're looking at the other 50%. So the first 50, boom, right away, caught up. They probably just took the free paycheck or the free lack of paycheck for a few months and maybe not a bad business decision for some people, but that was really probably what happened for them.
So you had those 50% and then you have another big chunk, which is 35%, which had some sort of payment arrangement made out with the bank. So what that meant is maybe they had a deal where they're not going to pay the mortgage for three months, and they're going to move all of their mortgage payments back to the end of the loan. That would be considered that. Maybe it would be, "Hey, I didn't pay my mortgage for three months and I'm going to pay an extra 200 bucks a month for the next two years until we catch up on that." Maybe that was a workaround, but there was some amicable solution between them and the mortgage provider. So basically 50% caught up, another 35% were in the clear. So we're up to about 85% now of the people that did forbearance were pretty much taken care of.
And that leaves about 15%. And the truth is, that 15%, they are trying to figure it out. It's unsure what they're going to do. They are maybe trying to do some sort of a refinance, some sort of a debt consolidation or try and get some other sort of a plan. That 15%, that is actually a concern where they may not be able to make that mortgage so they're going to have to look at other solutions. They may need to borrow money from someone else. They may need to be gifted money from someone else. They may need to sell their home in order to, because they can't make their mortgage payment, and go rent something in the meantime or buy a smaller home. All those things could happen.
But we're talking about 15% of 2.7 million. I don't know the exact number, but it's probably about 400,000 people or so and that's on a nationwide scale. So over 50 states, 400,000 people, even if they all went into foreclosure, then that's still not a lot of people actually affected in that way in the grand scale. The truth is out of that 15%, almost all those people have a lot of equity because all their homes have gone up in value quite a bit over the last year. They've all gone up anywhere from in this area, 40 grand, 50 grand, 60 grand, 80 grand, 100 grand in the last year so they all have that equity.
So truthfully what will happen if they decide they can't make that mortgage payment anymore, what they're going to do is they're just going to turn around and put their home up on the market and they're going to sell it. And they have equity built in. Even if they have to sell at a little bit of a discount, it's not going to go to a foreclosure. They're going to be able to cash out and take their equity out of the home, pay off whatever other debts that they have, whether that's student loans or credit cards or any other financial hardships that they have or responsibilities. They're going to take care of those and that house is going to be really their gateway to be able to do that. So we are not expecting a big wave of foreclosures at this point just because people have too much equity.
We're talking about 15% of the 6% that actually did the forbearance, and most of those people have a lot of equity, so the increase in foreclosure is going to be very, very, very minimal. From the forbearance standpoint, that's a question I get all the time. What about all these people in forbearance? Are they going to foreclose? And that's really what the data is showing us, is mostly we're in a pretty well-protected state.
Another thing that gets brought up by people all the time is we know interest rates are really, really low. A lot of people are doing refinances. If you have not refinanced your mortgage in the last year, I would highly recommend that you do, especially if you're going to stay in your home for any length of time. I mean, interest rates on mortgages are lower than we've ever seen them. I refinanced my home twice in the last year personally, so I would definitely recommend it.
Now at the same time, when you do a refinance, you basically have two options, the more conservative and probably the best thing to do is just take your current balance, you have a rate of say it's 4% and you're going to refinance it at today's lower rate to get a lower rate. So it would mean if your interest rate is lower, you're paying less interest and your mortgage payment is lower. There's very little fees to do that. It costs you very little over the life of the loan. So that's what we would recommend people can do.
And alternatively, a lot of people, because home prices have gone up, home values have gone up, they have more equity, a lot of people have done what's called a cash out refinance. Basically that means, hypothetical numbers. Let's say you bought a home for $400,000, you put $100,000 down. You owe $300,000. But now that $400,000 home is now worth 600,000 which is what we're seeing all the time now. So that home is worth 600, you still owe 300, and instead of just refinancing the 300, you're going to take a loan for 400. Now you have an extra $100,000 and the bank, they just give you the check for it. You're going to pull your equity out of the home and you could do whatever it is that you want to do with it.
People can do just fun things, cars and trucks and all those types of things, or just put it away in better thing to invest in somewhere else. Invest it in a rental property, invest it in the stock market or do something else with it. But that's something we're starting to see more and more people do, and when we see that, obviously that is a concern. Does it make sense to take your equity out of your home and go put it into a boat? Probably not the greatest financial decision, which is definitely true. So that's a concern is, hey, they say, "Justin, we are seeing more of our friends do cash out refinances, take that cash and go do something else with it. I think that's really a big concern. Maybe the home market's going to crash. I mean, that's what happened in 2006, right?" Which yes it did, but it happened at a much larger scale back then.
So back in 2006, we looked at how much home equity was cashed out by consumers. In 2006 there was $321 billion in the home equity that was cashed out by consumers, so that's nationwide. These are all going to be big numbers. But 321 billion and they took that and people could do whatever. They could invest in a rental property, they could put it in the stock market or they could go buy a boat, buy an RV, go to Hawaii, do whatever they want.
So the higher that number is it can be a little bit more concerning. But 2006, again, 321 billion compared to last year in 2020, we only saw $153 billion cashed out. So it's still a big number, we're talking about billions of dollars, but comparatively compared to 153 billion versus 321 billion, that's about half as much equity was actually refinanced out. So what that means is people are keeping more equity in their home, which is good. Taking all that cash and going to buy a boat or buying the RV, again, not the greatest financial decision.
You can do that somewhat, which we're seeing, and you can consider it somewhat conservative, but if you get very aggressive with that, that's a big concern. So why that is, one, people have learned hopefully from their mistakes they made 15 years ago, so that's a big thing. And then two, the banks are much, much, much more conservative with loaning money like that, especially on a cash out refinance. Basically they make you keep about 20 to 25, sometimes 30% of your equity in the home. So if your home is worth 600, they don't give you 600. If your home is worth 600, they may loan you up to like 480. They're keeping quite a bit of equity there to keep the bank in a secure position, keep you as an owner in a secure position, and that also limits you, even if you wanted to take all that money, it limits the amount of money you're able to take. So that is good. Those are rules and regulations to protect us from ourselves or consumers from themselves.
Coming out of those refinances, the other thing to talk about is well, what happens in the future? What can people do if they have financial hardship or what else could they potentially do with their property? So we talked about a lot of people doing those cash out refinances. So the concern is going forward, do they have any ability to do that again if they need a chunk of money?
What we look at is one stat that I found was the amount of tappable equity available to homeowners nationwide. We're going to compare 2006, the amount of tappable equity, that's the amount of equity that could be tapped into by a homeowner to do a cash out refinance was at about $4 trillion. So you're going to compare that to now in 2020, that's over $7 trillion. So what that means is comparing 4 trillion to 7 trillion, there's almost twice as much equity now that's sitting there available, which is good. Home values have gone up and mortgage balances are lower. So there's more equity available. Not only that, we're seeing people do it significantly less than they did back in 2006.
Those are things that show us that people are being more conservative than they were, whether they want to personally or the bank is just making them. They're not making the same loans that they were back then. They're in more secure financial positions and those are things that should give you more peace of mind to know that the market, we're not going to see that crash over the next short period of time.
Right now there's a high demand from buyers, there's not enough available homes for sale, interest rates are very low. People want to take advantage of those and the housing market seems to be on secure ground. When we're getting these offers on our homes, most people are coming in with big money down, 50,000, 100,000, 200,000, 300,000 dollars down or paying cash. So because of that it's not like we're seeing no money down or very low 1% down or 3% down. That is not our typical buyer right now. Although yes, we can work with those people, yes, but most offers are big money down conventional, 20% down, 25%, 40%, 50% down, or all cash. And that shows you it's a little bit more of a secure market and they're not bad loans that are out there. These are well-qualified people buying well within their means.
Although we're seeing prices go up, yes, it seems to be a very solid and steady market. Really at this point, we're not expecting that market to change over the next year or two years. At some point it's going to flat line, which I'm hoping that's going to happen soon. Home values need to calm down a little bit, but we're not expecting to see that dip. We don't want to see the big increase going forward, we like it to flat line a little bit, make it a little bit more of a healthy market, and hopefully that's what we're going to see over the next couple of years with slight increases.
Hopefully the perspective helps. Again, I want to give you a little bit of my opinion, but mostly looking at data, looking what the facts are actually showing us, hopefully it's a good frame of reference for you guys. If you have questions about your home value or values in the area and what we think is going to happen over the next couple months, six months, a year, feel free to reach out to me anytime. You can call, text, email. You're going to see all my information below and hopefully if you're liking the content, please go ahead and hit subscribe. Again, we're going to keep the videos coming once per week and it helps us and the channel grow. So appreciate the time and have a good rest of your day.
Hey, if you're thinking about moving here to Murrieta, California, and you're considering to move to Central Murrieta, you want to watch this video. We're going to get into the pros and the cons, and compare Central Murrieta to the other sections, to the east side and the west side, talk about what might be the best fit for you, and hopefully, help you make the right decision. Let's go ahead and get into the video.
Hey, guys. Hey, my name is Justin Short. I'm a realtor and team leader here at the Short Real Estate team in Murrieta, California, and we work here at Signature Realty Group. We are making these videos for you once per week, hopefully, giving you some good information, keeping you updated on the area, comparing this town, Murrieta versus some of the other surrounding areas, and hopefully giving you some good perspective and some pros and cons and some market stats.
First, if you are liking the videos, please go ahead and hit subscribe. We're putting out videos once per week, and we're going to keep them coming. Hopefully, they're helpful. Hopefully, they help you with your home search, and just as you determine where you really want to move to and think about if this is the right area for you. We're going to talk about Central Murrieta.
If you're thinking about moving here to Murrieta, there's really three sections. You have Central Marietta. I'm trying to go backwards. Central Marietta, then you have really, I guess would be the west side and then the east side. Out of the three, basically, the way they're divided is the freeway. You have the 15 freeway, then you have the 215 freeway that cuts off, 215 goes east. Central Murrieta is right here in the middle between the two. What we'll do is, let's talk about some of the pros.
One of the big pros for Central Murrieta, why a lot of people want to live there is because the taxes are low. The homes are typically a little bit older. Most of them are built anywhere from '93 to '99, 2000, 2001. They're definitely not brand new builds, but with that, when you have that year built, you tend to have lower special assessments and just an overall lower tax rate. When you have those lower tax rate, that helps your monthly mortgage payment be lower. You can compare that area to maybe something that's brand new and your same mortgage payment may be $400 a month cheaper. That's a big swing for people, and that's definitely a big pro about living in Central Murrieta. You have the tax rate.
You also have a lot of areas and pretty much all the areas with no HOA. There are a couple of neighborhoods that do have an HOA, but they're few and far between. Most of the homes in Central Murrieta have no HOA, a big pro there. A lot people don't like the rules. They don't like the rules. They don't like the restrictions, and they want to feel like they're free to do what they want with their home, and paint it purple if they want, or do whatever that may be. That's definitely a plus for a lot of people is no HOA and then low taxes.
Another thing that plays into that same thing is, because of the year that these homes were built, no HOA, lower taxes, you also tend to have larger lots. If you go into a new home builder right now, you're going to notice that the lots, they're just a little bit smaller than they were 20 years ago, and they're a little bit smaller than that even than they were 25, 30 years ago. The older homes tend to have those bigger lots. That could be good if you want a pool or you want more space or you want to live on a third of an acre or just you want the space for you and your family, maybe kids or whatever it may be. That's definitely going to be a big plus for a lot of people, just overall larger lot.
And you will see more options, because the lots are larger, you'll see more options for RV parking. If you've got an RV, if you've got a fifth wheel, you've got a trailer, anything like that, or a boat, having RV parking is definitely going to be a big plus for you, because if not, obviously, you got to pay to store it somewhere. If you can do that at your property, that makes your property more desirable, more valuable for you. The older homes, because they have larger lots, they don't have the HOAs to not allow those. You're going to have more success finding RV parking in Central Murrieta compared to other parts of town. Those are going to be a couple of big pluses for you.
We'll talk about the cons, now. The cons, it's going to be the flip side of the things that we just talked about, but because the homes are a little bit older, that can really be a con for some people. A lot of times, if I'm talking with the client, they're like, "I just want something brand new, move in ready, courts, squeaky clean all the way through." That may not be those homes that are a little bit older, that may not be something that was built in '92, '98, '99. Some of those homes may need to be updated. You may have to have that mindset or the ability to go and buy the home and then do those updates, either right away, down the line, but do them yourself, which means you're going to pay for them. That could be a con for some people, it's just overall an older home.
Also, when you have an older home like that, that means you're going to have an older layout. The layouts that they built in 1999, they're just different than the layouts that the builders are building in 2020. Right now, 2020, very open concept, one big great room, very sleek and definitely a little more of a modern feel compared to 20 years ago, 23 years ago, home that's going to be a little bit more of a chopped up floor plan. That family room may be a little bit smaller. You may have a larger, formal living and dining room. That was more popular at the time, and maybe just smaller family room, where it's going to be the flip side on the newer homes. It depends on what you're after, but that can definitely be a con for a lot of people, is they don't really like the older layouts as much.
Then just as far as overall updates, because the homes are older, you get a mixed bag of updates. You may have two homes that are side by side, both built in 1998. One of them may have been recently updated within the last six months. They're going to have all new finishes, they're going to have the popular flooring, they're going to have new cabinets and new countertops and courts real sleek and all that. Also, you may have something that has never been updated at all since 1998. That's a 22, 23 year old home that hasn't been updated, so it's going to need some TLC. It's going to need some cosmetic upgrading for most people. That could definitely be a con.
Even more so, you may have a home that was updated in 2009, but the styles have changed since 2009. You may get a home that was updated, the owner put a lot of money into it, and then you just don't like the colors. It's darker, maybe a little older, you want newer and bright and white. It just depends what you're after, but that can be a bit more of a mixed bag. You may need to be a little bit more picky, as far as which home is actually going to work for you because depending on how it's been updated by the different owners over the years.
Then just talk about overall location and what you're close to, that is actually a big plus to Central Murrieta, because you're in the middle of town, as the name implies, you're close to everything. You have that old town area in Murrieta that's not too far. There's definitely a lot of shopping there locally in Central Murrieta. You're also right next to the freeways, so you can easily zip down the freeway to Temecula or to Menifee where there's more shopping, more restaurants and more entertainment, all that type of stuff. That's definitely going to be some pluses, just being close to town, a little more central, rather if you're isolated on one side and you got to get to the other, it can be a little more of a pain. You're probably within 10, 12 minutes of most everything you want to do here locally. That's going to be a big plus, as well.
Hopefully, the video is helping. Hopefully, it's giving you a good perspective on some of the pros and cons here in Central Murrieta. If you guys have any questions or you want some more details or want my perspective on anything, feel free to reach out anytime. I've mentioned a few times, but I've lived here over 20 years, so I know the area well. I love answering questions. Happy to answer any questions you may have. If you're liking the content, please go ahead and hit subscribe, and we're going to keep the videos coming once per week. Hopefully, they're helping. Talk to you soon. Thanks.