This Faircrest home is one of around a half dozen, that have gone up on the block this summer, except it isn’t really for sale yet. It has a For Sale sign, with a “Coming soon” placard attached to the sign.
It’s been that way for a couple of weeks now. Is this a typical “build up interest” play? Or is that really unnecessary in this seller’s market and in light of the autumn slowdown in transactions? It seems that every home that has sold this year in this neighborhood has ridden on the coattails of the comps and gotten away with it- each priced a little higher than its cohorts.
Of the three main cities here in the Temecula Valley, Temecula, Murrieta and Menifee, Menifee already has the highest inventory and slightly lower prices, although they spiked over the summer. Who knows? Maybe there’s some kind of problem with title or something that is holding up the placement on the market. In that case what else can they do? It’s one of the smallest models in the community at 2391 square feet. Most of the comps are 2900 square feet.
This house has been a rental for years and last sold in 2006 for $417K Z-estimate is $584.6K. That seems really generous, even for Zillow but it does have a very nice pool. Is it worth the extra $40K or more? I guess we’ll find out how hot this market really is. Several of the larger homes at 3,304 Square Feet have sold for well over $600K, which moves toward the higher median price associated with Temecula.