Posted by Rick Goates on Tue, Oct 13, 2009 @ 11:19 AM
In a first for many years the active available home inventory was approx 1254 today! It hasn't been this low in years and may mark a turn in our local real estate market.These are the actual "Actives" and not the Active and pendings.
At the height of the market in 2004-2005 there was approx 800 homes in the active available category.This led to a frenzied state where multiple offers were common place as there were more buyers than homes in the marketplace.
We are still seeing multiple offers on REO-bank owned homes in good area's that are in decent shape that START out at the right price but the other inventory continues to sit.
If you are a Seller in this market you must be priced right-out of the gate or you will end up reducing and reducing and taking less later....True Story! I can you give you plenty of examples but won't go there!
For pricing info feel free to contact me should you wish to know exactly where you are at today....
Regards,
Richard
530-248-5627
Posted by Rick Goates on Mon, Oct 12, 2009 @ 10:51 AM
Redding California starter home inventory takes another drop with only 8 single family homes under $125k that are 3 bedroom available.
We are seeing homes in the lower price ranges being absorbed at an increasing rate as buyers scramble to get something into escrow and try and take advantage of the tax credit.
The total active available single family homes hovers just above 1400.A significant drop from last year at this time.
As spring approaches we should see the under $150k market shrink as more investors are purchasing homes for rentals!
What did not pencil out 3-4 years ago is penciling out very nicely right now.With that in mind investors are cherry picking the best homes to pick up now before the (under $150k) home rush of spring 2010.
It shouldn't be long before you won't be able to get a livable home 3 bedroom or more for under $125k.
Regards,
Richard