Homebuyers in the Temecula and Murrieta, California area face many challenges today due to an ever changing real estate market. Whether you are looking to upgrade to a larger home to accommodate your growing family, just looking for a home with a yard for your children and dogs to play in, or downsizing to a smaller home to declutter or for other more personal reasons, the challenges are the same.
As local real estate markets continues to appreciate, many homeowners in Temecula and the surrounding area are looking to sell their homes to buy another. But recently, the local market conditions have been both a blessing and curse for those looking for an upgrade due to the limited inventory of new homes to choose from.
Homeowners looking to sell their homes for whatever reason are faced with the daunting challenge of trying to sell their home while also trying to find a new home in a neighborhood they want.
Whether you are a seller or buyer the experience for each person is different because their situation is unique and personal to them. It comes down to the question of whether they can afford to pay two mortgages at once it they chose to buy before selling or are they prepared to move twice if they sell before they can find their new home.
Another question sellers and buyers need to ask themselves is if they should stay or go. Even if they are ready to take on a new venture of buying their first home or ready to move to a new neighborhood or upgrading to large home, it still comes down to are they financially ready for this?
In some cases, there are some buyers who will decide they do not want to pay two mortgage payments move in with friends or family temporarily or maybe even rent an apartment to buy them more time to find and buy their new home.
As a seller, though, there is more control because sellers have two tools to make their transactions smoother. When they list their homes they can have an agent report that the sale of their home be contingent on them being able to find their new home first.
The second thing is that when the seller gets an offer on their home they can have their real estate agent negotiate a seller rent-back agreement. This allows the buyer to close on the home but still allow the seller to remain in the home until they can move into their new home.
Some techniques buyers can use to sell is to limit their search to homes that have been on the market for 30 days or longer. This window may not seem long in other markets but the seller may be anxious and more willing to negotiate a plan that would allow the buyer to sell their home. The goal however would be to convince the seller that they are better off accepting the buyer’s offer rather than waiting for another possible offer to come along, which it may or may not happen.
Another good idea for buyers to have their financing secured, removing a loan contingency which would very well work in favor of the buyer.
While some neighborhoods may have a quicker turn over the Temecula area has been fairing pretty well.
This year’s Southwest Regional Economic Forecast was hosted by the Temecula Valley Chamber of Commerce in Temecula, California, at the South Coast Winery Resort and Spa. This year's theme was “Business without Boundaries,” meant to emphasize the region as a force to be recognized.
Citiy managers from several surrounding cities joined the Temecula city manager to give a brief presentation on their respective cities and do some bragging.
Temecula’s city manager said the City of Temecula just hit a 3.5 percent unemployment rate which is the lowest it has ever been for the city, and consistently lower than the state and national rates; this is something he was very proud of.
He added that there are over 53,000 jobs in Temecula and one of their newest restaurants to the city announced that it would be adding 560 new jobs soon.
As part of the Temecula city manager’s presentation he stated that over $700 million is contributed by tourism to their local economy each year, and boldly stated that their region is the future of Southern California.
The city is experiencing a growth that centers on being the extreme sports capital of the world with several sports park with over 650 teams and bringing in over 70,000 visitors. The city has invested about $8 million in the boat launch and $14 million more towards a world-class campground, and much more.
Another city official stated that for bricks and clicks businesses, website are the key to their world with their lifestyle centered around mixed-use developments that aims at bring residents and business owners within their community together.
The keynote speaker at this gathering of city officials was the director of the UC Riverside Center for Economic Forecasting and Development as well as the Founding Partner of Beacon Economics. He is also believed to be the nation’s leading economists. He said the forecast is based on trends, the local economy within a city and government policies.
This keynote speaker stated that one out of every six jobs is created in California and that the state as the eighth fastest growing economy in the world. He also predicts that in about 25 years California’s economy will be growing faster than the nation’s.
He also noted that one of the biggest changes in employment growth based on income level took place in the $100K or more tax bracket.
In regards to one of the regions in the Temecula area, he said it was growing faster than the state and has been doing so since 2011, making it the one of the largest economy in the nation. He also cited the income date in the Southwest Riverside County that reportedly showed that 17 percent of residents were making over $100,000, which is a higher percentage than the known affluent Orange County.
He told the city leaders and other attendees of this economic forecast event that housing brings bodies which in turns brings growth to the city.
A local wine touring company with several branches along the California coast got its start in Temecula about 15 years ago. The Grapevine touring company has come a long way since opening its doors for business in 2002. When Grapevine first got started there were only 12 wineries in the Temecula, California region and less than five customers on their first day of business. Now, the Temecula Valley is booming with over 40 wineries and more than a dozen in the works that are expected to join the region in the next five to 10 years.
The once fledging tour company that specializes in wineries is now offering tours in five different California wine regions and serves several thousands of guests a year. The company’s success was not without some hiccups, though, as when they first started out there were changes that had to be made within the first year before the novelty wine tour idea caught on and business picked up.
In 2004 the owners of the touring company sold a franchise about four hours north of Temecula, which later became a home branch, and two years later, they started another branch, also along the coast of California.
After 2006 the company’s growth came to a halt due to the economy but in the last few years expansion became possible again and the couple who started Grapevine opened another branch in 2015.
Arguably, what may have played a part in the success of their business, and businesses like theirs is offering a fun way to unmask the mystery around wine and making it more accessible to everyone. Wine was once associated with those with more refined taste and lifestyle. Now there are is a wide variety of wines out there that there wasn’t 15 years ago, and can be purchased in many retailers that doesn’t just specializes in spirits and wine. Wine also now comes in boxes.
This touring company has come a long way in the 15 years they have been in business and will no doubt continue to grow with the thriving wine region.
Meanwhile their sister company recently launched tours for the Temecula Valley, and aiding in the company’s success is their customer loyalty incentive with their frequent rider program. Members of their frequent riders program can earn “cork bucks” every time they ride, and those bucks can be used on future tours throughout the company’s five locations.
Fifteen years of business is nothing to scoff at, and to celebrate this special occasion the wine touring company hosted an all day festival and anniversary party for their participating wineries and clients. This 15 years of business celebration featured eight Temecula wineries. This celebratory excursion included sparkling wine or sangria, a wide variety of red and white wine choices, an entrée, and musical entertainment.
Several wineries within the Temecula region, and no doubt part of the tour, has joined in on the festivities to celebrate the wine touring company’s 15 years of success.