Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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REDDING HOME SALES IN JANUARY ON PAR BUT PRICES STILL FALLING

SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
February 18th, 2009

108 homes sold in the area served by the Shasta MLS including 54 in Redding during the month of January. The units sold is on par with January 2008 when 107 homes sold. However, the average price and average cost per square foot continues to slip.

All but 12 of the homes that sold in January 2009 were priced below $350,000. Only one home sold above the $550,000 price point. According to a local appraiser, the average cost per square foot for a home in Redding is $138.44. The average price was reported to be $244,803. The median price, as per the local paper, is closer to $190,000.

The average price per square foot for Redding in the last quarter of 2008 was $148.16. Unfortunately for home sellers,  January numbers indicate an acceleration of price erosion. Home owners need to take this into account when pricing their homes for sale or estimating value for refinancing. The average home size is about 1768 square feet.

Bad news for sellers is good news for home buyers. Lower home prices and interest rates combine to make the dream of home ownership a reality for many buyers  frozen out of the market during the recent market bubble. Many buyers are reluctant to jump off the  fence due to concerns of not being approved for a mortgage in a tighter lending environment and falling home values.

The stimulus package being hammered out by Congress may provide some relief if stemming the tide of foreclosures is adequately addressed. Otherwise, expect more price declines as banks unload properties they have taken back in foreclosure.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Wednesday, February 18th, 2009 at 11:03 am and is filed under SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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