Here are the most current real estate market trends for November 2011 for Placer County and the communties of:
Auburn Real Estate Market Trends under $300k Auburn Real Estate Market Trends over $300k
Foresthill Real Estate Market Trends
Meadow Vista Real Estate Market Trends
In general our foothill communities are out-pacing the nation. Inventory is down year over year and entry level properties are seeing stiff competition from investors that are now convinced that low interest rates coupled with affordability make for a good investment and hedge against inflation as these properties recover and not only generate income now but also have great potential for future appreciation. California Association of Realtors is stating by 2015 California will see a substantial housing shortage and that by 2020 we will see home prices double. The cause? influx of new people, the age of youth will be of home buying age, renters realizing that ownership at low interest rates is cheaper than renting and the formerly displaced homeowners from short sales and foreclosures will have sufficient credit recovery and be able to buy again.
We are now experiencing multiple offers on those properties priced well and in great condition with updates completed! The time on the market for these homes are days not weeks. Many buyers are lamenting there are not as many to choose from as they expected. With these new sales stats it is likely we will start to see prices moving from stability to marginal increases.
Barring major economic changes and global catastrophies, we are now leaving the bottom of the market. Don't wait too long to answer opportunity's knock, it could cost you more and the home you really wanted may have someone else living in it.
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