In Riverside County, Market recovery in Menifee has been absolutely outstanding. Few areas have seen greater recovery than Menifee. With previous value averages sitting at $419,000 before the collapse, Menifee now boasts a property value average of $345,000. With growth rates remaining steady, that average will only continue to climb. Things are going great, and there’s more than enough reasons to be optimistic that things will be close to where they were just a few short years ago. Homeowners in Menifee should consider themselves lucky – provided that they aren’t having any trouble selling.
In Menifee, the market is hot and north of stable. These are ideal conditions for selling. Though 8% of listings see a price cut, desirable properties are still moving. In a hot market, sellers have the advantage. Since many people are looking to move in and there are only so many available homes, most sellers will find that the deal ends in a way they prefer. This should be wonderful news, but it won’t affect every seller the same way.
Since there are so many great properties in ideal shape, buyers are gravitating towards those. If your home is in bad condition, this will dissuade buyers. Another issue is the foreclosure rate. Every year, one in 5,000 Menifee homes will enter the foreclosure process, which is two times more than the national average. Whether your property is in serious need of work or you’re looking to sell quickly to avoid a foreclosure, the traditional market may not work out for you.