Key Indicators Home Values Will Increase Highlighted
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
November 19th, 2009
Snippets of news cautiously point to positive economic signs indicating the bottom of the real estate market is here.
However, an article in Smart Money takes these generalizations a bit further suggesting there are six signs a home you are considering buying is about to rise in value. Here they are:
- Unemployment Rate-Common sense, higher unemployment, less potential buyers in a given market place. Shasta County’s double-digit unemployment rate will keep prices down until this number drops to the historic average
- Rising Incomes-Numerous websites will give you income data for cities and even individual neighborhoods. The Bureau of Economic Analysis is one such site.
- Fewer foreclosure filings and sales-The local paper has laid out these numbers monthly or can be obtained through Realty Trac. This indicator has not been favorable this year for Shasta County.
- Declining inventory- Today, just over 1400 homes are listed for sale. The highest inventory level locally during this bubble burst was about 2500 in 2007. Overall the inventory has been very stable with minor seasonal variation.
- Shrinking list-to-sales price ratios- I haven’t been tracking this but would guess it’s not shrinking yet in our local market.
- Decreasing sale prices-That has certainly been the case for 2009 here in Shasta County. I would peg that number close to 20% for this year alone, more than 40% for 2006-present. The low-end of the price spectrum seems to have bottomed but I expect the upper-end not to bottom until 2010-2011.
Our local market stats show some signs of recovery but that could stall or tank if some of these numbers don’t improve in the coming months. Reduction in unemployment and foreclosure filings are what I feel is absolutely necessary locally before we can say this ugly chapter of the housing meltdown is behind us.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS REAL LIVING
CORNER OF COURT AND PLACER IN REDDING
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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