Home inventory is going down and sales activity is going up! That is great news for the Shasta County real estate market. Anything under $200,000 sells...that seems to be where the buyers are. This is primarily due in part to the First Time Home Buyer Tax Credit which was recently extended through 2010. For those that waited "until prices come down", their patience was well worth it!
The average days on the market for homes in the Redding, CA area are around 130 days. Almost 50% of our unsold inventory is a foreclosed property or pre-foreclosure (short-sale). Homeowners who have not been able to sell are being challenged by these rock-bottom, foreclosure properties.
Have we hit bottom? It depends who you ask. The local news-reporter will say one thing, while the local real estate agent will say another which will be entirely different from what a home-buyer or home-seller will say. One thing is for sure, it will take many years before we will begin to see double-digit appreciation on home values, California (and Redding for that matter) was out of control. We were past due for some correction and equilibrium of the market. Personally, we're keeping our eyes on unemployment and consumer confidence indexes. It's simple really, low unemployment means confident consumers, which equals more home purchases. The truth is, Redding is still facing double-digit unemployment rates, almost 15% as of October 2009, more than doubled from 2005 numbers when it was 6-7%.
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Thank you for reading! Chris & Maria Jeantet Direct: (530) 510-8880
Experienced Residential Sales & Marketing Realtors
Short Sale Specialists
Helping Homeowners Avoid Foreclosure
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