The weather has been great and the real estate market in the area seems to be picking up. So I really wanted to sit down today and write an update for the Magalia market with a flashy headline like, “The Spring Real Estate Market Has Officially Started in Magalia.” Unfortunately, my update on the Magalia real estate market will have to go in a slightly different direction.

Although the interest rates are still fantastic at an average of 5.88% for a 30 year fixed rate mortgage and there is plentiful available inventory experiencing record numbers of price reductions week after week (10 occurred last week), there doesn’t seem to be too many Magalia properties going under agreement or closing escrow. This past week only 3 properties went under agreement and no properties actually closed escrow. Of the properties seeing activity right now in Magalia, it is the manufactured homes that are getting the most attention with 22% of the listed properties currently under agreement.

I would therefore encourage all the Magalia prospective buyers to get out there and try to make a deal on a home as the Magalia sellers are ready to negotiate. Plus the interest rates are FANTASTIC!

For a more detailed market report, please feel free to give me a call. I’d love to provide one for your specific needs.