Real Estate Monthly ~ Redding, CA

NOVEMBER 2007 

MARKET UPDATE: Forecasters indicate that the market won't be necessarily robust next year but will average 2% or so overall growth, which is roughly the same as this year.  Our personal prediction is that the housing market will turn around in 2009, as we start to see the baby-boomers retire and begin to sell and buy properties. We know that historically it has taken longer for the real estate market to turn around, but because of the millions of baby boomer's playing a huge role in our economy, we believe they will change the course of the real estate market. These 78 million people are seeking a different "lifestyle", they want comfort, good amenities, conveniences and when it comes to their home, they're not looking for an assisted living place.

LOCAL MARKET CONDITIONS: Depending on which side of the fence you find yourself, today's housing market can be a good or a not-so-good thing.  Sellers in Shasta County like many other sellers around the country are experiencing emotional and financial issues as they are forced to make certain decision about selling their property. Many have very little room to negotiate, so we urge agents to counsel their clients before putting an offer on the table. There's just not much room for low-ball offers! In our area, most  sellers are taking their agent's advice and pricing aggressively, but they still have to be patient as they wait for an offer. It's encouraging to see the MLS and noticing that several homes are going "pending" within 10-days, 30-days and 60-days! Counseling our clients is key in avoiding the market chase and getting an offer quickly. 

BUYERS:  You're on the other side of the fence, and that's a great thing for you! If you have to buy a home or have been waiting for the right time to buy one, what are you waiting for? If you're qualified and approved for a loan, then take action before interest rates begin to climb at a faster rate. You've got choices, tons of choices.  The supply of homes is huge, the interest rates are excellent and the sellers are ready to talk business! You've heard it before, smart investors BUY IN A BUYER'S MARKET AND SELL IN A SELLER'S MARKET!.  We're in a Buyer's Market, it's your turn. 

Quick Facts:

California Median Home Price:  $530,000 (Sept. 07)

Redding CA Median Home Price just under $280,000