The Kingsburg Real Estate Cycle Is Still Turning

The local market here in Kingsburg is still trending to stabilization. To compare March 2011 to March 2010, the number of Sold properties doubled from 7 to 14, Days on the market went from 65 days to 78 days, the Price per Square foot went up a couple dollars to $106 and the average price per home stayed almost the same, just a couple dollars lower. Of the 14 properties that Sold in Kingsburg in March of 2011, 7 of them were full foreclosures, 3 were short sales and only 4 were traditional sales. So you can see, we are still under the burden of the foreclosure market, but improving a little bit better each month. We currently have 20 Pending properties in escrow, which means these transactions should be closing in April and May, so; again the pipeline looks strong.

Your Mortgage Interest Deduction is Still Under Attack. Ever since the federal income tax was introduced in 1913, the government has used the tax code to encourage homeownership. Now, as a result of the effort to reduce the federal deficit, the mortgage interest deduction is under fire. Proposed changes to the tax code would have a dramatic impact on home owners and would significantly reduce the value of this deduction. Let your voice be heard by going to this link:
savemymortgageinterestdeduction.com.
Don’t forget the Kingsburg District Chamber of Commerce 17th Annual Car coming up this Saturday, April 16th. There will also be a Cruise Night Friday before the car show starting at 6:30 p. m. I understand there will be an awesome band and a sock hop. Also, be sure to attend the Senior Center’s Pancake Breakfast on Saturday morning from 7 – 11 a. m. It looks like we will have beautiful weather for the weekend.

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