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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Home Price Declines Slowing

INDUSTRY NEWS
August 4th, 2009

CreeksideSales of new and existing homes rose last month leading some to believe the three year slide in home prices may be nearing an end. Existing home sales have been increasing month-over-month for the past three months while sales of new homes increased in June by the largest percentage in 8 years according to numbers released by the National Association of Realtors and the U.S. Commerce Department.

Home prices in Redding continue to get beat down by a steady stream of distressed properties sales. Bank repo’s are lowering the bar on home prices forcing homeowners to compete with banks that are offering below market pricing, closing cost credits to buyers and commission bonuses to agents that represent buyers of REO properties.

Some skeptics believe the market is merely taking a time out before prices fall further. Market statistics have been showing positive signs of recovery for several months in major cities across the country. Maureen Maitland, vice president for index services at Standard and Poor’s was quoted as saying “It is very possible that years from now we will say April 2009 was the trough in home prices.”

I believe prices in Shasta County will fall even more before they start heading back up. REO’s and short sales must represent a smaller portion of the listing and sales volume before prices stabilize in this part of California.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

RELTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

CORNER OF COURT AND PLACER IN REDDING

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

 

This entry was posted on Tuesday, August 4th, 2009 at 1:21 pm and is filed under INDUSTRY NEWS. 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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