Yes, as quoted on CNBC by Sam Zell, Equity Group Investment Chairman January 13th.
Yes, as quoted by the California Association of Realtors in their closely watched “2010 CA Housing Market Forecast”, January 15th.
Yes! Yes! Yes! The worst is over! As quoted by local blogger/REALTOR®, Judy Pagel, on January 15th.
In Kingsburg the second half of 2009 showed a significant increase in the number of residential sales, a decrease in Active inventory and a decrease in the number of day’s property stayed on the market waiting for that Buyer. This tells us that the current market trend is showing stabilization. Yippee!
Each quarter of 2009 showed better than the last. We are still not seeing a huge increase in the Price per Square foot, but it is improving, bit by bit. Sadly to say, the number of foreclosures is still on the rise and these properties, in part, are keeping our equity from improving.
Affordability is the outlook’s silver lining, especially with the renewal of the Federal $8,000 first time home buyer credit and stable interest rates on home loans. Here in Kingsburg a huge factor in the stabilizing trend in the market is the sale of higher end homes and new construction. Typically what has mostly been selling in the past couple years are lower end homes, priced from $150K up to the $300K mark. The last half of 2009, 5 new or newer large custom homes sold from between $380K up to $460k, which certainly helps with that Price per Square Foot (PSF) issue. The average PSF for these 5 homes is $160, which is awesome!
Our office is experiencing an outstanding January to date. Normally, January is pretty slow, but we have been super busy. In December (remind me never to move during the Holidays) we moved into bigger and more private offices, just two doors down from the old one. We also launched our super-duper snazzy online Multi-Media Marketing Plan which been very well received by Buyers and Sellers alike.
So in a nutshell, we predict that the worst is over and the housing market will continue to improve!
Visit our blog for news on current home values, recent sales and whatever information we deem relevant to the housing industry. We also welcome your comments, questions and referrals.