Hopefully, everyone knows what to avoid already. But if not, here is a short informative PSA.
Brief Mortgage Fraud video via C.A.R.
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2177 Cadjew Redding ’05 2198 sqft 4/2 Auction bidding starts at $69,000
This lovely Coughlin Development home near Lema Ranch will be auctioned off on Monday May 14.
The home is currently rented, and has tenants. DO NOT DISTURB! Thus, it will not be open before the auction to view inside.
The 3 car garage is 644 sqft according to records. We have images of the interior from a prior listing we can show you. It has (had?) a beautiful tile kitchen with oak cabinets. Coughlin built really nice homes. We can represent you, or even just advise you about the purchase at no cost to you. Call for more details or more info.
Call or Text (530) 255 4070
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Local housing market graphs for April
We like to look at local home sales every month. Here’s April results.
Again we see inventory is down over the last 24 months. The bars reflect Days of Inventory, or how long it would take to completely sell out if no new homes come on the market.
Above, the numbers behind the chart. Sales were slightly off for the month. Again, we think this is because there are buyers out there with no homes to buy. Currently the local Shasta MLS is filled with homes outside our traditional marketing area, like Alturas, Weed, and Weaverville. If you want to live in or near Redding, chances are you are not shopping that far outside the area. Accordingly, the numbers seen here are only the immediate area near Redding, and exclude outlying areas. You may see different numbers elsewhere, but this is what we use to try to be more accurate to local sales.
Here is a different set of charts from what we have shown here before. This set reveals some important general trends.
I put red arrows on some important points. List Prices are trending up. Days on Market is trending down. Most importantly, Sold to List Ratio is practically exponential. That shows that homes are selling much closer to list price than before. No more lowball offers if you want to be successful in this market.
If you’ve been thinking of selling, this is the best market in years for buyer demand. We do an awesome job of real estate marketing, using online video and the latest mobile technology to get your property seen. Call or Text (530) 255 4070
Are we at the local housing market bottom?
Today I was quoted by David Benda in the local newspaper. An article about Shasta County foreclosure trends. One local broker goes out on a limb to predict a market bottom. Not me. Here’s a chart from my spreadsheet of Shasta County Home Sales since 2011.
Above, is Shasta County homes only, and the data is from the Shasta MLS. If you look at these Average prices (instead of Median), you might have called bottom in May 2011. Or last October. Meanwhile, taken as a whole, the average price has dropped $37,851 over the last 14 months.
I have said there are 2 thresholds that might set a bottom.
1. When you can’t build new for what you’d pay to buy already built.
2. When you can buy for less monthly than you’d pay to rent a similar home.
We crossed both those thresholds some time ago, but prices still decline. Another of my quotes in the article is that pricing seems to be set not by supply and demand, but by large banks and the government. With so much impact from foreclosure inventory affecting local prices, local home values are whatever they say it will be. Want to know when the market is at bottom? Ask them.
Only 30 or so foreclosures in the paper today; happy post-Thanksgiving.
Thankfullness is over, apparently. The normally thin Monday paper today bulges with Notices of Trustee Sale (NOTS). A bit shocking to find 2 pages of them under our coffee, but in fact it was more than 2 pages.
Some familiar names in there. This is a small town after all. You have our sympathy. NOTSo much to be thankful for today. Black Friday, Cyber Monday, NOTS to you. So many NOTS for us all.
Statewide home prices down for 12 straight months
Here’s a brief video about October home sales results statewide from the California Association of Realtors Economist Leslie Appleton Young.
13263 Tierra Oaks Dr Redding Ca 96003 Luxury foreclosure home for sale
Here’s a nice REO home in the Tierra Oaks neighborhood. It’s said to be a 2550 sqft 4/3 on 3 acres. It once listed as high as $526K. We recall it as failed short sale from a while back. Now it’s a Fannie Mae asset, and while it is as yet un-priced, it should be listed shortly. Give us a call if you have an interest and we’ll make sure you are among the first to know when Fannie spins her big wheel and picks a price.
Here’s a fun fact. Use the Zoom Out function in the Google Map below to see the neighbor’s airstrip to just to the south. Nice neighborhood!
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Selling homes and a visa to foreigners to bail out housing
This idea took me off guard at first. Sell off our real estate to foreigners, in return for a visa in the U.S? On reflection, what could be more American, or more purely capitalist? In the name of reducing pressure from the housing crisis, we again demonstrate that in America, everything is for sale. At least for half a million bucks. I’m certain the idea makes perfect sense to any U.S. senator. Click on the image below to read the whole story…
Click on the image to read more...
11.9 Cottonwood acres with manufactured home $110,000
Here’s a terrific deal on a place to live with great privacy. It’s located in the Quail Ridge Ranches development, off a paved road. Behind the gate, and out of sight, up the long gravel driveway, is the 1995 model manufactured home, not on a permanent foundation. There are also a few other potential building sites on this rolling and oak studded 11.94 acres, so you could live in the current home while building your dream home on a bluff with mountain views. There is a lot of natural beauty here. And did we mention privacy? You can call us for more details, or have your Shasta or Tehama County Realtor show it. There are a few more images of this Cottonwood home at the link, and here’s a short video we did about the property.
Mortgage loan interest rates below record lows
It seems counter intuitive to me, but although S&P downgraded the nation’s credit rating, mortgage rates didn’t go up. They continue to drop. This morning I got this note from Matt Haywood over at US Bank:
These are the lowest rates I’ve seen in my 11 years as a mortgage loan officer!
Great time to buy or refi!
So according to the flyer below, if your mortgage payments are around $950 per month for a $200,000 home (not counting taxes and insurance), what does $200K buy around here? Here’s a link to 63 Redding California area homes for sale that are in that price range. Some nice ones.
We’ve worked with Matt in the past, and he’s a good resource. Check it out:
