TG, you do realize that Temecula 2001 median house price was 200-220k, 2002 price was 230-280k and 2003 price was 290-340k, right? DQNews still reports the current median house price at 325k. So I don’t see how you can get anywhere near 2001 price.
I have been using similar price range to hunt the house (for 3000sqft+ McMansions) but it has yet to yield any fruit (unless I want a fix- upper) for decent neighborhood (e.g. exclude pechanga area including wolf). I think the bottom could be at 250k but I am willing to pay 280k now but still there is no acceptance, let alone 2001 price. So I am actually pretty frustrated right now. I went out last weekend and my realtor said that he just submitted 10 offers the day before (well, have to have some grain of salts for words from a realtor), but there is still tons of foolish buyers out there. I say “foolish” because they are not really ready to buy a house like most piggies. They just want to jump in before seller-assisted-down payment plan go away or investors who have yet to realize that the current price could not provide positive cash flow (rental income for 3000+ sq ft house is $2000, add mortgage, tax, HOA, vacancy, insurance, maintenance, management fees in, it comes out negative at least according to my calculator).
Maybe I am not looking for the deal in the correct way, please enlighten me once you got your wonderful deal. Have a nice day!
