SOLERA REAL ESTATE NEWS
By Diana Mangan
STATE WIDE REAL ESTATE NEWS
Buyers signed fewer contracts for homes in California last month, as higher mortgage rates hampered demand, according to the California Association of Realtors.
Pending home sales in California fell 5% in August from July. The index represents contracts signed but not yet closed -- a sign of future market activity.
Rising interest rates over the past several months and an expanding supply of homes have caused a slowdown in the market. “The growing supply of homes is a good sign”, according to economist Gerd-Ulf Krueger, “especially because the supply is primarily coming from homeowners rather than banks looking to unload repossessed properties. Sales of foreclosed homes continued to fall, hitting 7.1% of the resale market — the lowest rate since June 2007. In February 2009, foreclosure resales peaked at 56.7%.”
SOLERA REAL ESTATE NEWS
This cooling off period is happening in Solera as well. There are more homes for sale compared to a couple of months ago and fewer people shopping for homes. It’s taking longer to sell homes and many sellers have had to reduce their asking price in order to sell their homes. When I wrote this article on October 15, there were 14 Solera homes for sale, ranging from a list price of $195,000 to $325,000.
The following are recent AVERAGE sales prices for the three models available in Solera (per information from MLS):
- Solera Princesses: $175,983
- Solera Trillions: $219,639
- Solera Emeralds: $274,714
As a long time resident of Solera Oak Valley Greens, Solera's Real Estate News Reporter and a Realtor who proudly represents Solera buyers and sellers, I am 100% dedicated to every real estate transaction in our community. I enjoy keeping you updated on general real estate news as well as what's happening in the Solera community. If you have any questions on what's happening in the real estate market here in Solera, never hesitate to call or email me.... I am always happy to help!
Solera • Solera Oak Valley Greens • Solera Real Estate News • November 2013
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