According to Zillow.com, home prices throughout Menifee and Romoland fell almost by $100,000 in the last 12 months.
Zillow.com is an online property valuation tracker.
Price drops from Feb 08 to Feb 09...
Romoland: -$98,500
Menifee: -$96,500
Sun City: -$57,500
Quail Valley: no data
Homes in the City of Menifee got off pretty easy compared to surrounding areas...
Fallbrook: -$150,500
Canyon Lake: -$144,000
Corona: -$139,000
Nuevo: -$131,500
Murrieta: -$129,000
Riverside: -$126,000
Moreno Valley: -$124,500
Temecula: -$122,000
Lake Elsinore: -$117,000
Wildomar: -$109,500
Winchester: $-109,000
San Jacinto: -$102,500
Perris: -$100,000
Hemet: -$89,500
Aguanga: -$51,500
Homeland: -$27,000
Anza: -$15,000
Menifee Home Prices Fall Nearly $100K
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Stefan West, Broker
Cynthia Nemelka, Realtor
Skylar Lewis, Realtor
I'm a local realtor in Menifee and people always ask if this is the right time to buy or when will the market stabilize? In today's contracting economy and with the intervention in banking and housing from the Federal government being erratic at best, I have to remind people that economies in a free market system are always cylical and real estate is a big part of our economy. Our biggest issue is that for the past 25 years, we have been spoiled and pampered so, so much that like a co-dependent mother, the government wouldn't let the economy fall and rebound in a healthy and natural way.
ReplyDeleteWhat that means is that we may still have a long way to fall, in general. What's fortunate about our area, is that this is a great place to live and raise your family or retire from the bigger cities so we can count on more primary home homeowners than some of the other cities around us.
As a rule of thumb your house should never be more than 2 to 2.5 times your annual salary. You can stretch that a bit for your primary residence with a larger down payment, or a second income. The problem with the 2nd income method is that you'll be stretched to capacity when you could have used that 2nd income to pay down debts and increase savings and investments.
Since the average income in Menifee is in the mid $50K, then our local home prices could be validated between $120K to $300K. When the frenzy had home prices spiking much beyond that, then you probably still have some folks in trouble.
What home shoppers should consider is the overall economy and their ability to maintain an income that allows for a further contracting economy.