Kingsburg Low Prices, Lower Interest Rates and the Holidays.

Last week my dentist asked me if I was ready for “The Holidays”. My goodness it was only the first week of November. My first reaction was to kick her, but I thought better of it after I calmed down a bit. “The Holidays” are coming fast enough as it is. And NO, I’m not ready for “The Holidays”. (See the Dr. Seuss quote under Seuss-isms below and to the right hand side of this Blog …. couldn’t have said it better!)
Okay ….. I feel better. Now, on to real estate.
The market in California is actually doing better as a whole then we are here in Kingsburg. Last month the average sales price in California went up and our average sales price dropped about 5%. What is truly worth noting is the fact that we went from 16 closed escrows in September to only 5 in October. Wow, what happened? We are not sure. We do know that after the 3 major banks announced their moratorium on foreclosures due to legal problems, our phones quit ringing. Although California is one of the few states that employ a simple foreclosure process that does not involve the judicial system we have still felt the result of this freeze on foreclosures. It has made some Buyers wary of entering into a foreclosure transaction at this time. Although if anyone was involved in a questionable transaction, the title policy that is typically purchased protects the Buyer against claims that prior owners still legally own the property.
Currently we have 51 homes for sale here at an average of $125 PSF (price per square foot). The upper end homes on the north east side are listed up in the $145 to $160 PSF price range and are actually selling and closing escrow. Our problem continues to be the foreclosures and short sales which are down in the $110 range. We just sold a home on Harold/Madsen for $146 PSF within 7 days from the day it was listed.
To help put this in perspective, in September, 2009 there were 7 Sold listings and 31 Active, so there is not much difference from a year ago, just a slightly higher number of Active listings.
The current affordability of homes and the extremely low interest rates still make this a very good time to purchase a home. There is renewed interest from lenders in those “fixer-up-type loans (203K) for that first time home buyer. Help get those kids into their first home with these great low prices and low interest rates. Call us for all your real estate needs.
Back to the issues of Holidays: We sincerely extend all our best wishes to you and your family for a wonderful Thanksgiving Holiday, hopefully filled with family, fun and festivities.

Advertisements

2 Comments

Filed under Uncategorized

2 responses to “Kingsburg Low Prices, Lower Interest Rates and the Holidays.

  1. Hi Judy. You mentioned (although briefly) the renewed interest in the 203(k). This is absolutely TRUE and spot on! But it’s not just the lenders who have a renewed interest, it’s also the Realtors, like you, contractors, asset managers … all because consumers are demanding it. So, kudos for you for being on the forefront of the 203k movement.
    We operate the 203k Contractor Education program which educates contractors for lenders, consumers and Realtors on the intricacies of the 203k. You can find these Certified 203k Contractors at http://203kContractors.com.
    Keep up the great blogging!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s