We sold our home back in April, and looked at moving up into a nicer home in Murrietta. I submitted a few offers, and they were both turned down. I did not counter, and decided to continue to rent. I am so glad we made that decision.
The asking price of the home we looked at was $400, we offered 385k. This was back in April. They denied at that price, I did not counter. We went ahead and rented. 2 months later, they dropped the price to $375k, I made a offer of $370, they denied again. I did not counter. I knew the market was in my favor. Last I checked they had lowered the price to $320, still has not sold.
I made a offer on a short sale recently, for a home closer to my work in Riverside. It needed some work, but had potential. The asking was $420k. I offered $400k. The owners accepted and the bank seemed OK with everything. But the bank took to long getting some approvals done. I therefore pulled my offer off the table. The same home got foreclosed, and was listed for $350k, which ended up being sold within a week.
I did put a offer in on a bank owned home that me and the wife fell in love with(2500sqft, 4 bedroom,3car garage, pool, above ground spa, 8500sqft lot, Orangcrest community home Riverside . The house sold for $540 back in 2005, and the bank offered it at $450k in July. They lowered it to $434k. Thats when I put my offer in at $420k. They accepted the offer. Which was a surprise to me. The house across the street which is the same model was up for sale at $475K, and had a smaller yard, no pool, or Spa.
Since I purchased last month, the home across the street has lowered the price to $420k. I believe that when my comp came in, he was asked by his agent to lower his asking price. He may have to go as low as $400 if he wants to sell soon, otherwise he may be looking at losing more, the longer its on the market.
I have done a good amount of research, and believe the homes in this area will drop another 10%, or 40% off of peak before was see the bottom in this area of Riverside.
