If you're thinking about buying a home here in the city of Temecula, California, you're definitely going to want to watch this video. I'm going to go over five things that you need to know before buying a home here in Temecula. Let's go ahead and get into it. Hey guys. Hey again, my name is Justin Short. I'm a realtor and team leader with a short real estate team here in Temecula, California and Murrieta California at Keller Williams. And this video is all about the city of Temecula. And I'm going to go over the five things that you need to know about the real estate market before you buy a home here in the city of Temecula. Before I get into all the information, if you're liking real estate videos like this, do me a favor, please hit like please sit, subscribe. Obviously it helps me, it helps my channel as we try to continue to grow it.

And then if you guys have any real estate questions, of course I'd love to hear from you so you can feel free. You're going to see my information either down below the video or at the end. You can either send me a text, you can call me, or you can email me. My information is there. You can feel free to reach out anytime. I have people that reach out all the time. Happy to point you in the right direction, give you some information about the area, give you some advice, or if you want myself and my team to help you out with your real estate search, of course we'd love to help you do that as well. So feel free, free to reach out, but we'll go and get into all the information. So I'm going to go over five key things about the real estate market.

And this has really spawned off of a lot of the conversations I've had over the last couple months. I think most people are kind of realizing that the real estate market today is different than it was 12 months ago and more so than it was 24 months ago, et cetera. So it is an ever evolving landscape, but they're always kind of asking kind of where things stand, what's realistic? Is it a crummy market, is it a strong market? Are homes selling quick, fast? What is typical? So hopefully this will be helpful information for you guys, but point number one is right now, I guess I should stamp this timestamp is, so this is December, 2024. So as we're getting closer to the end of the year and closer to the start of 2025, but right now, point number one is it is still considered a seller's market right now.

So we have seen the real estate market trend towards closer to a buyer's market, but right now homes are still selling relatively quickly. It is not a situation where homes are being fire sold, but we're seeing a hundred thousand dollars discounts or anything like that. Most homes are still selling relatively quickly and it would still be considered a seller's market. There is some more inventory for you to choose from as a buyer. So you do have a little bit more negotiation power and it's not like you're going to face multiple offers on most homes, ect, but it would definitely still be considered a seller's market. Alright, so number two. So right now the average home in the city of Temecula is selling in just about 30 days. So just slightly over. That's one of the things that I mentioned. It's still considered a seller's market that is very typical of a seller's market.

Homes are selling relatively quickly. It is common that if it's a nice home in a nice neighborhood that's really moving ready and if it's priced well, a lot of homes will still sell in about a week or so. So if it's a hot home, you might still face a little bit of competition, but it's not going to sit there on the market forever. 30 days is average. Now that is a trend. We do these market update videos each month. That is a trend that we are seeing to extend more and more. So it's something we're keeping an eye on as we see a little bit more, see the market turn a little bit more towards the buyer's market, we might see that continue to go longer and longer. And that's just going to give you as a buyer more and more leverage. Alright, so number three.

So even though interest rates are super high right now compared to what they've been in the past, we have not seen sales prices dip at all over the last couple of years and actually year over year. So over a 12 month period, we're actually seeing real estate prices have gone up about three to 4% depending on what areas we're looking in. So it definitely, we have not seen a big tail off or anything like that. And this is something that a year ago that a lot of people were expecting the opposite to happen. A lot of people thought, hey, if interest rates continue to stay high or go even higher, that we're going to start to see those sales prices come down. And that just hasn't been what we've seen. Real estate prices have stayed very, very steady, even increased just a little bit even through this higher rate environment.

Alright, so number four, even though it is a seller's market, homes are selling on average about 30 days. They average home that is taken about a month or so to sell. We typically can negotiate on a house like that. So say a house that's going to sell within a week, it's going to get snapped up. You're probably not going to negotiate very much, maybe nothing. Maybe you're going to pay full this price, maybe you can get a few thousand bucks off that type of a thing. But your average home that's selling in about 30 days, it's really common right now where we can negotiate between 10, 15 to $20,000 off the price of the home and then a home if it's going to sit. So especially if something's on the market 60 days plus, that's really going to be a real prime candidate for something we can negotiate even harder against.

So that might be something we can get 20, 25, 30, $40,000 off, that type of thing. So your ability to negotiate is really going to depend on the house. So again, stats are showing the average home is selling relatively quickly. So if someone's home is sitting, that's going to give you more and more leverage as a buyer to be able to negotiate. And so the point number five, the last thing I wanted to mention, I guess this is a little bit of a projection because no one really knows, and I think a lot of times when we try to give a prediction on what's going to happen, where there's educated guesses, right? It's not something that I know for sure, right? But all the sources that I listened to, all the different economists, all the different market projectors, ect, are expecting 2025 to be a really strong year for real estate.

And with that are expecting homes to continue to appreciate over the next 12 months. So right now what we've seen, we've seen interest rates over the last couple of years go higher and higher, really kind of steady out over the last six to 12 months. We have finally seen the Federal Reserve start to lower those interest rates that have not yet translated to a mortgage rate. The thought is at some point we will start to see that translate translate into mortgage rate, causing mortgage rates to go down, making homes more affordable and causing a large segment of buyers, being able to jump back into the market, be able to buy homes, which will probably cause home prices to creep up a little bit and create a little bit more competitive market. To me, that is what I think seems pretty realistic to happen. Obviously nobody knows for sure, right?

I'm sure someone on the internet can blast me in nine months. My prediction doesn't come true, but I think that's a pretty good bet. So right now, if you are thinking about making a move and you are going to be in the market to make a purchase, I think if you have the ability to do that sooner rather than later, I think that's really going to help you right now as the market tends to, it's trending a little bit more towards a buyer's market, you have a little bit of room to negotiate, maybe you can try and throw around your weight. And on a home that's been sitting for a while and getting an even better deal, I think in six months, eight months, you're probably not going to be able to do that. The market's going to be more competitive, there'll be more buyers in the market. I think really your ability to negotiate now over the next 30, 60, 90 days is going to be a lot stronger than it's going to become in summertime. So that's my prediction. But do with that as you wish, but hopefully that's good information for you guys. If you have any questions, you want to chat about it, maybe share your opinion, feel free to reach out, you can call, you can text, you can email, and hopefully I will talk to you soon. Thanks.