From the Desk of Josh Barker
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In 2015 new housing projects returned to the local market in larger numbers. Home prices have climbed enough to support a moderate amount of new housing projects and these new homes are being sold in relatively short amounts of time. The newly added inventory is also creating inventory in the resale market as as many new home purchases are local residents selling existing homes. The harmonious blend of new and existing inventory helps to prevent housing bubbles; and we all know what bubbles can lead to.
Home prices have increased moderately over the past year. The bubbles that are currently present in other areas, like the Bay Area and Southern California, have not reached the Redding market. This is a good signal to home buyers who otherwise may stay on the sideline out of fear of a major housing correction.
The rental market has remained extremely stable. Rents have increased moderately and the vacancy rate has remained very low. Investors looking to purchase rental property have enjoyed stable cash flow and predictability.
Foreclosures have dropped as low as pre-recession levels. Our local neighborhoods are returning back to the way they looked prior to the housing crises. The few foreclosures that do take place are resold quickly and often receive a nice face lift and look beautiful again within just a few months.
The Real Estate Market in Shasta County is functioning well. Our local market may not be receiving the massive amounts of appreciation like the "hot markets" are, but we are also not sitting stagnate like markets in other areas either. If a home owner wants to sell their home for a reasonable price, they can. If a buyer wants to purchase a home at a fair price, they can. The best way to describe our local market is "stable"
Your local Realtor,
*This is not intended as a solicitation if your home is currently listed with a real estate broker.