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/Shasta County Real Estate Market Update

HOME LOANS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
October 21st, 2010

Sundial BridgeRedding home prices slipped downward in the third quarter to $122/square foot on average for a 1500-2000 square foot home.  That represents about $4/square foot less than the 2nd quarter of 2010. The number of homes listed for sale dropped from the August high-point of 1649 to 1521 this week.

Pending home sales peaked at 529 in May as buyers rushed to take advantage of the federal tax credit. Today, 431 homes are in escrow. More than 58% of pending sales are distressed properties-147 are bank-owned and 102 are short sales. 

The majority of sales remain concentrated in the under $300,000 price range. 183 homes sold in September of which 157 were listed at or below $300,000. Year-to-date home closings are 1610. Roughly 2000 homes should  close by year’s end.

The number of available bank-owned homes listed for sale has risen steadily over the summer. In early June, 196 REO’s were listed for sale. Today, 260 bank-owned properties are looking for a buyer. The voluntary foreclosure moratorium by Bank of America has had no impact locally.

Interest rates continue to drop. The 30-year fixed rate is just over 4% and the 15-year fixed is in the mid 3% range. Lenders today are reluctant to give firm interest rate quotes due to new underwriting guidelines which take into account a variety of factors besides credit scores.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN A QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE 

This entry was posted on Thursday, October 21st, 2010 at 12:40 pm and is filed under HOME LOANS, 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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