2013: The year of Home Value Growth

Hi! My name is David Wilkinson and I’m a realtor with Exit Alliance Realty serving the areas of Menifee, Murrieta, Temecula and the surrounding areas of southwest Riverside County California.

2013 has come and gone and what a phenomenal year it has been for home value growth in California. In California alone we’ve seen a growth of 28% in home values. In the Temecula and  Murrieta area, we have seen home values go up 23%, and in Menifee, we have seen them go up 34.3%! WOW! That’s amazing growth!

In determining the percentage of growth in home values, the main thing we look at is the median home price. The median home price is determined  by making  a list the sale price of homes that have been sold in an area, arranging them in numerical order from the lowest to the highest,  and locating the middle number of the list. In a list of eleven sale prices, price number six would be the middle number.  That number is called the median number or the median home value. That value tells us from year to year what the percentage of increase and decrease in home values are.

So, let’s take a moment and look at some of these numbers and see how they affect our home values.

So, California saw a 28% growth in 2013 with the median home price in California being $408,600. This is the best year of growth we’ve seen in quite a long time. This was helped along by the 30-year Fixed Percentage Rate being, at some points this year, at 3.25%. Now they’ve settled around 4.1%.

 

In our area, Riverside county, we saw a 23.4% growth. Murrieta and Temecula  matched that growth. Menifee, though, saw a 34.3% growth. Our median home price in Menifee is about average with Riverside county in general. Murrieta and Temecula, they are starting to get up to that $408,000 of California.

So, what is our forecast for next year? Well, according to the California Association of Realtors, we’re expected to see about a 6% growth in home values. That’s going to be limited, because we’re expecting that the 30-year Fixed Percentage Rate is going to go up to about 5.3%.

So, what does this mean for you? Well, if you’re looking to sell your home,  now is a great time to sell! With home values rising, there should be more equity in your home when you sell it. If you’re looking to buy a home, now is a great time to get into the market. With interest rates still remaining low, you should be able to get more house for your money.

As life happens around you, and you’re looking for a realtor with local neighborhood realty experience, think of me. My name’s David Wilkinson, and I’m with Exit Alliance Realty where I provide quality service with integrity and a smile! 

 

Menifee California Listings for sale – David Wilkinson – Realtor
Your local Real Estate expert in Menifee, Murrieta, Temecula, and all of Southwest Riverside County California. You now have access to Wilkinson Realty Solutions real estate search engine! Google or call me today and lets discuss how I can help you save $1,000s when you sell, invest, or buy real estate.

David Wilkinson (951-595-1785)