Alligators, an Obstacle Course and Snake Pits!

If the housing market were human, it would look like it just wrestled a few alligators, after running an obstacle course through a snake pit. To say the least the market has been beaten and bruised, but is still trying to emerge from the recession.
We are no different here in our own little corner of the world in Kingsburg. The month of June continued to show small improvements in almost all areas …. again. Take a look at the June CMA to the right of this post and you can see that our inventory is still decreasing and we are now down to only 30 Active listings within the city limits. Supply and demand! 14 homes closed escrow and the average days it took to sell these homes shrunk to only 77 days. Our price per square foot is not doing as well as we would like, due in most part (again) to the foreclosures and short sales. Speaking of short sales, we now have 11 homes in escrow waiting for the Seller’s bank to approve their short sale transactions. That’s a lot, when you consider we only Sold and closed escrow on a total of 14 sales in June.
In our humble opinion, the real estate industry will remain flat and not able to rebound until/when the job market stabilizies, starting with the building industry.
When it’s all said and done, there are some great real estate deals now and especially with the interest rates so low. Great time to buy!!!
Notice: new California Carbon Monoxide (CO) law SB183, effective July 1, 2011 states that all single family homes that contain a gas heater or appliance, a fireplace or an attached gargage, must install CO detectors. Landlords, this especially pertains to you! Call 897-4077 if you have any questions.
Please join us on July 21st as our sister mortgage company, New Era Financial, hosts the Summer Bank Concert in Memorial Park in Kingsburg. Concessions open at 5:00 PM and the concert begins at 8:00 PM.

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