We’ve Bounced Off the Bottom ….. Time to GO!

Well here we are cruising along in August looking back at the Kingsburg real estate market in July. Inventory for July was up slightly to 14 homes for sale within the city limits as compared with 12 in June. We only had 5 homes close escrow during the same period. The real significance in the numbers for July is in the Price Per Square Foot category, for both Active listings and Sold listings. The average PSF for Active listings is $142 and for Sold listings, the average is $151. Again, we have another month where the Price per Square Foot of Sold properties outperformed the Active listings.
The “Bounced off the Bottom” reference is directed to the lack of inventory for Buyers, the PSF and interest rates. We have nowhere to go but up! There is just not much for Buyers to choose from in the Kingsburg market. We have qualified Buyers that just can’t find that affordable home. As a point of proof, the last three homes we listed in July were all sold prior to the MLS publication. Simply unheard of a couple years ago.
Interest rates have ticked up a little also (which impacts the amount Buyers can qualify for) and today are hovering around 4.5% for a conventional 30 year fixed rate loan. FHA loans are at the 4.25% rate for the same type of loan.
Be sure and read the new Seuss-ism post to the right and watch the video below to catch up on upcoming events.
As always, thank you for taking the time to read and watch our blogs.

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