All Forum Posts by: Reba Marabotto

@Michelle Phimmasone Hi Michelle. I can help get you a pretty accurate price range. I have numerous investor clients with houses in Temecula, Murrieta and Menifee. Yes for sure prices have risen this year! Please message me and I’ll try to help you. My Most recent rentals went for $3200 in Temecula, and $3300 in Murrieta.

@Michelle Herschend we still have STR's in wine country here in Temecula. Big business before Covid, and looking forward to it returning here soon. Tons of weddings and wine tasting tours brings in folks from all over. But regulated for sure with lot size over 60,000 and of course the noise ordinances. Now that wineries are opening up again, travelers are starting to look again. Not much available under $1M.

@Priscila De La Torre Hi Priscilla! I’m a local agent here in Temecula. I’ve been doing real estate here for since 2007. Although We did have a lot of families move out of state these past few months, they were able to take advantage of the equity they built and sold for prices they weren’t expecting to get so soon. But this was because we have so many families coming in from outside counties taking advantage of their own equity in their sales from San Diego, Orange and Los Angeles counties. This drive prices higher than a year ago. It became a Win Win for both buyers and sellers. This was the migration out of state for sellers, and IN to Temecula and Murrieta for buyers.

You definitely get more for your money here, and really god school districts. I expect the trend to continue, so don’t let the articles you’re reading to scare you off. I just listed a rental for $3200 for my client and already have qualified applications coming in. Prices are up in Temecula, but so are rental prices. Our prices are still much lower than other counties. AND it’s beautiful here!

Good luck to you in your research. And I’m available for questions and help if you need me.

Definitely keep the capital gains in mind. In this case, if you're married, you can benefit a major tax relief up to $500,000 (or $250,000 if you're single) with this being your primary residence when you sell. If you rent it out, and change your mind a year or two from now, you may gain some additional equity, but you will lose that huge tax benefit as an investment property. As you probably already know from certain research, since you've already decided to move here to Temecula, you can get a lot of house here for $500,000-$600,000. Money is cheap still, so you can purchase one you sell, and still bank a lot of your money while you decide what you want to do for investments. 

Houses here are VERY easily rented out here, with our neighborhoods and schools, we always have an over abundance of families looking to rent. If you decide to rent at first... you're also going to be challenged to find the rental. We have a lot of military families that get stationed in the areas around us, and want a good area for their families. Temecula is their first stop to look after they see the prices south of here! I know, as I work with a few investors here. With the continual tenant-base, it usually only takes less than a week to well-qualified tenants... often, first day of listing on MLS. When you're ready to become a landlord, it just takes a short time to list, show, get applications, get background checks done, and we usually have new tenants ready to move in within a day of other moving out. Most of our tenants stay longer than they expect too.

I'm here if you have any specific questions about Temecula. I've been here since 2007. I'd love to help.

@Karim E. To add to what Daniel explained, if the current assessed value is close to the new purchase price, that % is close enough and easy calculations.

But, if the current assessed value is much lower than the new purchase price, as most are, know that easy calculation will actually be overstated when multiplying by the higher price. You will then be overestimating your tax payment. (I.e. if current taxes are based on an assessed value of $200,000, but so many years later your purchase price $800,000, you’ll see a big difference in the total tax. )

Even $100/month can throw off your estimates.

To get actual amount for new taxes, you subtract any special assessments from the total tax first, divide the balance into the assessed value, that is the actual tax %. Multiply that number by your purchase price, then add back in the special assessments. That’ll give you an even more accurate total tax.

Hope that helps.

@Austin Shade Prices are up right now everywhere. Murrieta prices included. Even condo prices are up right now. I will say this, having recently been involved in numerous deals in the area on mostly the listing side, but also buying side, the offers are coming in way over list price because of so much competition. BUT keep in mind, the sales still have to appraise. If offering, put a cap on your offer for any appraisal waivers. Don’t overpay!

Even listing at above comp prices, buyers are still over bidding in this market because they’re feeling anxious. But I educate my sellers on the receiving end, to not expect the high sale price. (Of course cash offers are different, but typically lower.) If it doesn’t appraise, even if the buyer releases full appraisal waiver, doesn’t mean it’s a done deal. Buyers can still walk, and you’ve wasted time. Back up offers are there, but still doesn’t change the appraisal.

Hoping the market’s rising prices get under control soon.

Hope you can find a reasonable investment property. Just run your numbers. Don’t be afraid to wait for the right place, but don’t wait too long either. Ask lots of questions and don’t be afraid to ask again if you don’t understand something.

Finding a good investment isn’t just about the price. It’s about the return!

Good luck in your search. Murrieta is great. Wild Omar is less expensive, but returns may not be as good. Temecula is great. Prices are higher, but so are returns. Just do your homework! You got this!

@Cesar Cruz Yes there is a group in Temecula. I haven’t been to the meetings since Covid hit. Not sure if they’re meeting. I’ll get back once I have more info.

@Cesar Cruz Of course! Please do!

@D Chandler Hello. I’m quite sure you’ll get lots of input.

Lake Elsinore is a tougher market for good rentals, in my opinion. Some nice areas, but some rough areas to stay clear of. And the schools aren’t as good if you plan to have kids in school. So most folks prefer south of there. I can tell you a lot about Temecula and Murrieta area, as I’ve lived and worked as an agent here since 2007. I have s few investors who rent out about 20 homes here. They love their investments, as the homes rent easily to families. We always gotten new renters ready to move in when the others are ready to move out. Most of the time, the families move out only because they are either ready to purchase, or getting moved out of state for military transfers. Families stay in homes for years at a time, so my investors love the tenants! Great schools here, and prices are better than other areas around us.

Although prices are up right now in this sellers market, it’s the same all over California.

Reach out if I can help. Good luck in your search! And congratulations on your savings and plans to buy!

@EJ Horstman Hello. Read through everyone’s comments to see where you are in suggestions. $20k appreciation per year, does that take into consideration your loss of the $400 per month? That definitely takes s bite out of your appreciation. Seems one year of appreciation barely covers closing costs, including broker commissions. So that’s something to consider for timing too.

I’m an agent here in Temecula. So, I can tell you lots about this specific market. Feel free to reach out if you haven’t already been working with another agent. I can try to answer questions about this market.

Good luck in your decisions!