Local Market versus State and National Trends and other “stuff”.

Even though the Kingsburg real estate market does not typically reflect state or national trends, the recent report that came out from the California Association of Realtors (C.A.R.) has several key findings that fit our market here to a “T”.
Below is an excerpt from the 2009 California Survey of Home Buyers. It details how home buyers have changed their behaviors in recent years to adapt to the new housing market environment and to the increased use of the Internet in the real estate business. Some of the key findings include:
• Distressed sales made up more than half of sales in California. According to results from the survey, 49 percent of all buyers bought a home through a regular market sale, 38 percent bought an REO/bank-owned property, and 13 percent bought a short-sale property.
• Home buyers, in general, were optimistic about the future direction of home prices in their neighborhood. While fewer than one in ten believed prices would go up over the next year, one-third believed prices would go up in the next 5 years, and 60 percent thought prices would go up in 10 years.
• Home buyers continued to experience considerable difficulty in obtaining financing for the homes they bought. On a scale of “1” to “10”, with “1” being “very easy” to obtain financing and “10” being “very difficult”, home buyers reported a high average level of difficulty in obtaining finance of 8.1.
As you can see from the new CMA figures to the right of this blog, our local market is still uncertain. We had the same number of sales in April as March (7), fewer Active listings and it’s taking longer to sell the same 7 homes. Our PSF (price per square foot) is up a little, which is good, considering the number of short sales and foreclosures we are all experiencing.
Our business is still “brisk” and we are busy days and evenings, listing homes and writing offers. Life is good!!!
On a lighter note ….. don’t forget that the Swedish Festival is later this week, starting with a Swedish Pea Soup and Pancake (yum) Dinner Thursday evening at the opening of this years Farmer’s Market with the Smorgasbord dinner, Queen crowning & Police Dress Review Friday evening. Saturday will begin with the Swedish Pancake Breakfast at 7:00 am and continue throughout the day with loads of entertainment and fun. Call the Chamber of Commerce at 897-1111 for more info.
Also, the Fairfield Inn is expected to open for business sometime towards the end of May.
And, last but certainly not least, the Kingsburg Relay for Life will commence on May 22nd at 9:00 AM and finish up at 9:00 AM on May 23rd. Our team “Kingsburg Racing 4 a Cure” is right on track with our fund raising and looking forward to the actual event and all the exciting things going on during those 24 hours. Remember, if you would like to donate or participate, we welcome anyone at anytime to join. Call me at 647-1812.

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