From The Desk Of Josh Barker at RE/MAX
I am very excited to share our new marketing tool...The SkyCam! Imagine having a helicopter fly over your home, around your home, even through your home. That’s right, through your home. With the help of a GoPro video camera, and the guys at JB Quad Multirotors, we now offer a home tour experience like you have never seen before...except at the movies. I am very excited about what this SkyCam can do for Redding Area Real Estate.
June proved to be a strong month for real estate. Over 220 properties sold in the greater Redding Area. The average sales price was $222,000 with an average list to closing period of 103 days. In 2012, the average sales price for June was $191,000.00. Home prices have recently shown a pattern of increasing in the first half of the year and stabilizing the second half of the year. I fully expect to see price appreciation slow for the second half of the year. The greater Redding Area has seen prices climb over 25% over the past 18 months. It is perfectly normal to see home price appreciation slow down. The great news is that homeowners are gaining equity, and confidence is improving.
As I have stated multiple times in the past, interest rates are going to rise. In April, rates averaged below 4%. In July, rates have averaged just below 5%. There may be a small correction, but I fully expect to see rates inch up over the next 12 months.
Home inventory has grown as expected this spring and early summer. At the low point this year, home inventory averaged 650 homes for sale. In July, home inventory has been averaging over 800 homes for sale. It is typical to see home inventory grow in the spring and summer and then decline slightly in the winter. If home inventory inches up, it could have an impact on appreciation.
Home prices are up over 25% overall, since the bottom in the 4th quarter of 2012. The lower price range has received the highest amount of appreciation and the upper end has seen little to no change. Upper end homes are receiving more showings and more homes have sold over the past 12 months.
Foreclosures and short sales
Foreclosures and short sale numbers are trending down. There is going to be a continuous supply of distressed property sales in the market over the next 18 months. The largest change is that banks have been conducting more repairs on vacant homes, and in most cases the homes have sold at fair market value.
What buyers should know
Home prices have trended up. Interest rates are also trending up. The monthly cost associated with purchasing may be lower today than what it may be in the future. Smart buyers in today's market have a plan. There are still great deals to be had, but you have to be ready. Here is my advice...Become experts in the price range that you are shopping in. The more you know, the higher your confidence will be. The higher your confidence, the better you will feel about making a decision quickly when the ideal home presents itself.
The Josh Barker Real Estate Team stats for June
Homes listed for sale........................................18
Homes sold for sellers......................................15
Homes sold to buyers.......................................11
Thank you for all your great referrals!
For more information regarding buying or selling a home in The Redding Area visitwww.reddinghomes.com or call contact me at the office at 530-222-3800