Redding Ca Real Estate-Is it Still a Buyers Market? Yes and No....
Posted by Rick Goates on Mon, Oct 17, 2011 @ 02:13 PM
Redding Ca News-Redding Ca Real Estate,Homeowners may have relief!
If you have been shopping/searching for homes in the greater Redding Ca area recently you have probably found some things out that you didn't expect?
We hear its a buyers market its a buyers market but that is not necessarily the case and here is why.It may be a buyers market for that 3500 sq.ft home on the hill but in the entry level market it is far from a buyers market!
Many of the homes that CAN be financed in the greater Redding area have multiple offers if they are priced right to start with!
Currently there are 1143 active available homes on the local Realtors MLS today....out of that number 185 are REO's and 208 are listed as Short Sales or "Long Sales" as I like to call them!
34% of All listed properties in Shasta County are either REO or Short Sale....Regular sellers only stand a chance if they price very aggressive!
Out of the 1143 homes guess how many can be financed with an FHA or a VA loan?? Try less than 17%!! That's only one out of every 6 homes you can get financing on for your VA or FHA loan!! Can you see the shortage here?
In the entry level market under $125k there are currently only 9 homes that can be financed in the Anderson/Redding cities....that's nine......wait an hour or two and it might be 8 !!
So you can see the trend here.....getting financing/finding ahome that will qualify for your FHA or VA Loan is getting HARDER and harder to find....the majority of bank owned homes are sold AS-IS and will not qualify for an FHA or VA loan!
So is it a BUYERS MARKET? NO......in some price ranges with regular sellers it may be....in the lower price ranges for anyone needing to finance....the answer is NO.....
If you are in the market for a first time home or a second home and you need or want to finance with FHA or VA make sure your agent/Realtor lets you know right up front that the home stands a very good chance of being financed that way!! This is critical because if you have your heart set on a nice home and it needs a roof and it's a bank owned home being sold "As-IS"....it probably Won't work !!
Contact me today for Redding Ca Real Estate Info