I browse Redfin a lot in that area and have seen home prices in the Murrieta area drop since 2008 (not as much in Temecula from what I have seen).
The rates were higher back then (around 6%) and the inventory was much much higher. Though rates are lower (maybe not for long) and prices are lower, the quality of home doesn’t seem to be there any more. Anything that shows well (and is priced well) will have multiple bids on it and sell easily (most likely to the cash bidder).
I’ve seen many of the low end houses listed below 200k. Not sure what they are selling for, but if they’re any good, you can bet they are bid up or bought with cash.
I look to see every now and then if there is anything in TG’s area for sale, but it’s slim-pickens. Even Vail Ranch barely has anything. I would have turned my nose up at it two years ago, but I’ve been considering it just for the schools lately (plus a lower price point and low taxes).
Land has dropped in price within the last year. There has been a lot more acreage on sale for less than 400k. And if you wanna drive from Aguanga, you can have this beaut for $170k: =)
Things may vary from house to house, but for this Spring, if it just came on the market, shows well, and matches the comps, expect a bidding war or to have it snatched from under you with a cash offer.
