Local Press Confirms What I've Said All Along
As a REALTOR® in Imperial County, CA I provide value opinions known as BPOs (broker price opinions) and CMAs (comparative market analysis) for a variety of private and professional clients and track housing prices for neighborhoods and areas throughout Imperial County for my home buyers, short sales, and REO disposition clients.
I am interested in news stories regarding our local housing market, whether positive or negative. News articles allow me the opportunity to digest the information and interpret housing trends for my clients. Local IV Press confirms what I've said all along.
Elizabeth Varin, a staff writer with the Imperial Valley Press wrote an article regarding housing prices in the El Centro CA area or Metropolitan Statistical Area (MSA) entitled "Housing Prices Fall in EC Area".
The article confirms what I've said all along, "it's a great time to buy a home in Imperial County, CA".
In the article Ms. Varin quoted various statistics from the popular consumer real estate website http://www.zillow.com/profiles/ivforeclosures as a source for housing prices.
Zillow maintains their "Zestimate® is accurate "...depending on the home data received...in your area". Zestimate® home data is pulled from public record data and "is public because it's the consumers right to have access to information about ... their home" value.
The "Value Range" associated with the Zestimate® provides a low and high range for value associated with the property.
In short, the median home prices that Zillow provides are based upon their Zestimate® and Value Range as described above.
Historically relying on these types of values can potentially be skewed in terms of the low range, or be off the mark based on the high end.
As a service to my home buying public, I pulled out my Imperial Valley housing stats to review any differences or discrepancies in the housing price data.
In September 2008, the median housing price for Imperial County was $165,000, which is 26.67% less than the September 2009 median housing price of $121,000. The median house price for October 2009 is $120,000, a negligible price difference. Median sales prices from April through August 2009 remained only slightly higher than September.
While housing prices have noticeably dropped during the last few years, there are certain areas and neighborhoods in the County which are experiencing slight value increases and stabilization.
Coupled with the extended Home Buyer Tax Credit of $8,000 for first time buyer will assist those making the move through mid-2010 is expected to bolster home sales. In addition to extending the first time buyer tax credit, a new $6500 tax credit for existing home owners was introduced.
What does this mean to home buyers in today's market?
All of this good news means one thing; it's a great time to buy a home in Imperial County. So whether buying you're first home or your dream home, one thing is clear, housing prices are down about ½ from their previous lofty prices a few short years ago.
If you're in the market to buy a home, talk to me, Your Imperial Valley Housing Specialist about your favorite neighborhood, this way I can help you find the right home at the best price in the market today.