$150,000 price cut on a house in California.

Sellers are cutting prices in California. But these price cuts are not enough. This house in Temecula is still over $900,000.

The monthly payment on these houses is $7,000/month in 2024 due to mortgage rates being at 7%.

Meaning you need over $250,000 in order to buy this house.
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[ChrisSauer-oeve]

Ain’t no house in Temecula worth $950k unless it sits on 10+ acres!
Fact!

[BronxBombers_]

I almost moved to Temecula...until I saw the traffic going into San Diego in the morning and evening.

[Radke]

That's why there are 5-6 cars outside of every home in Temecula

[uorfezc]

Most of those homes were previous foreclosures during 2008-2010, sold for $50K-90K back then.

[kellyname]

I lived in a neighboring city during the crash in 2008. Upside down $150K. I managed to sell it and walked with 0 dollars, yep, zero dollars. I just satisfied the loan and had to start all over like a first time home buyer. CA is ridiculous. The Inland Empire is not near anything and even 'if' you wanted to drive 'anywhere' it would take you 3-4 hrs. of grid lock traffic. No reason to live in CA and definitely not in the arm pit of CA. These sellers are delusional.

[JayZ-toup]

They still need to make 4 more $150, 000 dollar cuts to bring it in line with its actual worth. Maybe even 5 lol.

[Resultsnottalk]

They need 3 more price cuts reminds me of a house in Miami in 07 that was listed for 1.1 million, then 925k, then 850k, then 699, then 600k and finally foreclosure and sold at auction for 382k!

[carlbowles]

$950.000 for a house in Temecula is insane. 😮

[bekind]

THIS IS A $240, 000 DROP .Not a 150k drop. That is a 20 % cut in value. Your math is Wrong. House insurance in Temecula would also be greater than $329 per month because it is in a severe fire risk area.

[James-cndz]

They’re not trying to sell to Americans. Those high listing prices are for foreign investors who want to move their money out of the reach of whatever tyrannical government they currently live under, like Russia or China.

[matthewbrandley]

Needs to go down to 300 k for affordability

[KevinCollins-kghl]

I moved from Tampa to Santa Clara a few years ago . I’m a new dad and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? Looks like NVDA, TSM and AMD and AVGO are strong buys this week.

[ronsanchez]

Bought my house in 1986 for $107, 000
Now worth $780, 000. It has become extremely difficult for young couples to buy their first house now in California.
Most will have to wait for their inheritance

[ShaareiZoharDaas]

I remember Temecula when it was desert😅

[norwegianblue]

Temecula used to be the place you bought a home because it was affordable. Granted, that house would be at least $1.1 million, and that would be nowhere near the ocean.

[spriggsgone]

Reventure coast to coast!..
You sure do get around!!!..
These houses were going for $350k back in 2012..

[montuna]

The fact he used Zillow to guess the monthly payment was funny

[kthwkr]

The owners who bought and flipped my house started their sale price at 1.3M$. Over 6 months cut to 850k$. They did such a nice job of flipping it especially compared to what I could have done, I am thinking of buying it back.

[cynthiamarquez]

Insane California has us packing a U-Haul

[jakemarlow]

In my neighborhood in basic suburbia Orange County, CA, three houses just sold over asking price this month. The cheapest one was $1.2M. The most expensive was $1.5M.