The growth in Lake Elsinore’s real estate market has been more than promising. Though it was hit particularly hard by the real estate collapse and spent a couple years stagnating, it’s back up on its feet. It may never recover its previous average high of $411,000, it’s sitting proudly at an average of over $320,000. This number is continuing to grow, which is fantastic news for the future of the market. With values stable and numbers climbing, many homeowners expect it should be easy to sell in Lake Elsinore of Riverside County. Unfortunately, this isn’t always the case.
The real estate market in Lake Elsinore is stable, albeit on the lower side of stability. Foreclosures are in line with the national average, at one in 10,000 homes a year. Predictable growth, a stable market, and average foreclosure rates make it seem as though a seller shouldn’t expect anything out of the ordinary in Lake Elsinore. If your property is in great shape and considered desirable by buyers, you may not have to wait on the market for a long time.
If your home is subject to special circumstances, you’ll become less of a contender in the modern real estate market. The homes that are selling are modernized, and require little to no work. If your home is outdated or in bad shape, it’s likely to be passed over. Buyers have high standards, even in areas where homes are reasonably priced. In fact, 9% of the homes listed in Lake Elsinore have undergone at least one price cut. If you feel tempted to continually slash the asking price of your home, it may be time to consider alternatives.