Some Real Estate experts say we have officially hit the bottom and will see a slow up tick from now on. Here is the desert we have seen purchase prices rise from this time last year. Short sales and REO’s are seeing and have been seeing multiple offers above asking price and usually all cash offers. Active listings are still deeply discounted but have increased a bit in purchase price in the residential resale market. Land is deeply discounted however not seeing alot of sales activity. Usually our land market follows our residential market. We should see that pick up soon as well. Our California State stats are below:
U.S. foreclosure activity decreases 2 percent in February
Foreclosures decreased 2 percent in February compared with January, according to RealtyTrac®’s monthly foreclosure market report. Foreclosure filings were reported on 308,524 U.S. properties in February, a 2-percent decrease compared with January, but up 6 percent compared with February 2009. The report also found nearly one in every 418 U.S. housing units received a foreclosure filing in February.
Foreclosure activity in California decreased nearly 5 percent in February compared with January and was down 15 percent compared with February 2009. One in every 195 housing units in California received a foreclosure filing, according to the report.
I am seeing many more Buyers this year already. Many are cash, out of state or country, and capitalizing on their good exchange rates and our low property prices. Interestingly enough..my Buyers that sat and waited for the past year hoping for prices to continue to decrease have now jumped off the fence and may be paying more than last season..depending on the area/development they are seeking.
Residential price adjustments always lead the way; Commercial on it’s heels..2010 is going to see huge commercial drops, vacancies and very inexpensive lease/sf prices. Vacant land is normally behind Commercial, so that will probably keep adjusting for several more years.
Our valley is an amazing place to live, especially if you are only here during season! We are a resort area after all. If you’re a buyer looking to pick up a second home or horse property, now’s the time! If you’re a Seller..price aggressively and remember you will make it up on the backside where you buy 3x as much house. Distressed Sellers; remember there are options..explore them and get educated!