I read some pretty exciting news in the Business section of the Press Enterprise this morning that I wanted to share.
According to experts the volume of unsold inventory on existing and new homes continue to drop!
The surge of homebuying is a direct result of lower home prices and first time home-buyer's and investors snatching up bargain basement prices on properties. This coupled with interest rates at historically low interest rates (the last I checked you can get a loan for under 5%) means that folks that once felt hopeless that they would never live the American Dream of homeownership are taking advantage of an incredible market.
WHAT'S HAPPENING HERE IN THE MENIFEE AREA?
Just to give you an idea, from a local point of view...I checked the Multiple Listing Service, (a service where Realestates have access to real time information of properties) this morning and ran search on single family homes priced under $200,000 with 1500 square feet or more, 3+ bedrooms and 2+ baths and found only 23 properties available.
I remember running this same search 7-8 months ago and there were literally hundreds of properties available.
TIMES ARE A CHANGIN' !!!
The Press Enterprise reported that '...this latest report is the steepest decline reported to date...' and the decline shows that we could potentially be on our way to a housing recovery. There is a caveat to this however, and that is unemployment rates could dampen the surge. There are also reports that the median price of homes in the Inland area has leveled off.
If you are a First Time Homebuyer or Investor and live in the Menifee area, please give me a call. I can answer any questions you may have about real estate and even help you on your way to homeownership!
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