You tell us, we listen! Here are some opinions from Northern California Real Estate Agents on what’s currently happening in the California Real Estate Market:
Without looking at my stats and merely writing in regard to my current clients, what I am seeing is that it is location, location, location. The places buyers want to live are finding multiple offers. Yes, the REO market has been declining month over month for the past 15 months and the short sale market has continued to climb. Due to the length of time it takes for a short sale to finally hit the sold mark, this leaves the charts in disarray. As far as Obama and his claims to help distressed homeowners I unfortunately think there will be a lot of hopeful homeowners out there that will be let down once again by the claims of government stepping in to help them out. And if Congress does not extend the 12/31/2012 date for them to be exempt from paying taxes on the difference in what they owe and what the house sells for, then we will more than likely see quite few short sales and foreclosures in the near future.
It is an incredible time to buy right now. One of my 1st time home buyers is getting a 3.75 loan…sounds like a car loan instead of a home loan! My investor is paying cash and my Canadian buyers are coming in with half of a luxury home price. Some sellers are testing the market since there are buyers who don’t want to wait for a short sale to finally be approved and those sellers are firm on their prices. If they don’t get their price than they take the home off the market. I believe we have hit bottom and by the time everyone announces it, we will be on the upswing. We need to stay in a flat plateau for about a year in order for home prices to start on the upward trend. And I believe we are there, unless we have more governmental interference.
I’ve noticed some builders are back to building again which is a good sign and places, like Folsom are preparing to subdivide and develop over 3500 acres with no redevelopment funds…this is a good sign and a sign that we are pulling out of the doldrums of despair.
That’s my take.
~Gena Riede at Sacramento Real Estate Voice, Sacramento
That’s pretty much exactly what I am seeing…more buyers than sellers and plenty of cash floating around in the market. I’m hoping we get sellers popping out of the woodwork in the spring. Otherwise, it’s going to be a frenzy as too many buyers fight over an already picked over inventory.
~Dave Roberts at Sonoma.net, Sonoma
Great article! Note on the Central Coast in Carmel inventory levels of homes on market have not dropped, however year to date sales volume was 22.9 percent ahead of last years, medium sales price was lower than 2010. In Pebble Beach inventory is down approx 12 percent, however year to date sales volume is 11 percent ahead of 2010, and medium sales price was down in 2011. We are a huge second home buyers market, buyers are very active, many all cash buyers in our markets. Over priced listings not selling, right priced listings SELL.
~Nicole Truszkowski at Estates of Carmel, Carmel
I would agree regarding buyer incentives. My business model has had great success generating buyer leads and activity, thus the need to drive a little more seller traffic through an article like that. Anyway, I think your graph work seems to be on track and would curious how it progresses.
~Matt Heinricy at Fresno Real Estate, Fresno