Weekly Market Report for Paradise and Magalia California
Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers
For more information, you can visit my Web site or feel free to give me a call.
Tammy Vertrees, Paradise California Realtor
Interest in real estate investment triples
Interest in purchasing real estate as an investment has more than tripled in the past year, according to a survey conducted by Move, Inc. Nearly 17 percent of potential home buyers said they plan to purchase a home in the near future as an investment compared with 5.6 percent in March 2009, according to the survey.
The survey also found more than 10 percent of Americans planning to purchase investment property in the near future said they will pay for the property using 100 percent cash, and 12.8 percent will use cash for more than 50 percent of the purchase price and finance the remainder. Nearly half reported they will buy the property with less than 50 percent cash down and finance the remainder. Nearly half of the potential real estate investors said they plan to own the property for six or more years; 16 percent expect to hold the property between two and five years; while 10.6 percent plan to own the property between six and 24 months.
While interest by potential home buyers in purchasing a foreclosure to live in has declined 31.1 percent in the past five months to 26.5 percent, the survey found interest in purchasing a foreclosure as an investment is on the rise, with interest in purchasing a foreclosure as an investment to fix it up and resell rising 42 percent in March.
Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers
For more information, you can visit my Web site or feel free to give me a call.
Tammy Vertrees, Paradise California Realtor
530-413-8383 Direct
530-872-5428 Office
Follow me on TWITTER
© Tammy Vertrees 2010. All Rights Reserved.
Visit Tammy Vertrees on the web at www.TammyVertrees.com for real estate information and to view all available Butte County homes for sale.
Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers
For more information, you can visit my Web site or feel free to give me a call.
Tammy Vertrees, Paradise California Realtor
530-413-8383 Direct
530-872-5428 Office
Follow me on TWITTER
© Tammy Vertrees 2010. All Rights Reserved.
About: Tammy Vertrees is a full service real estate agent serving the discerning needs of clientele throughout Butte County, California
Ms. Vertrees specializes in representing sellers and buyers of residential real estate in Paradise, Magalia, Chico, Oroville, Gridley, Biggs, Durham and the surrounding areas. Ms. Vertrees provides clients with a strong level of comfort, powerful negotiation skills and use of the latest technologies.
Visit Tammy Vertrees on the web at www.TammyVertrees.com for real estate information and to view all available Butte County homes for sale.
Median list price rises in March
The median list price of homes increased by 1.07 percent in March to $263,754, and the median price reduction declined 3.02 percent to $20,200, based on homes surveyed by ZipRealty for its monthly review of Multiple Listing Services in 26 major U.S. markets.
San Diego and San Francisco were among the housing markets with the lowest percentage of price-reduced MLS-listed homes. In total dollars, San Francisco, Orange County, San Diego, and Los Angeles were among the markets with the largest median price reduction.
Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers
For more information, you can visit my Web site or feel free to give me a call.
Tammy Vertrees, Paradise California Realtor
530-413-8383 Direct
530-872-5428 Office
Follow me on TWITTER
© Tammy Vertrees 2010. All Rights Reserved.
Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers
| Spring Has Sprung On Paradise Housing |
| The past 7 days have brought a solid ray of sunshine to the housing market. Not only did the January S&P/Case-Shiller Home Price Index rise for the eight straight month but SUPPRISE, SUPPRISE, SUPPRISE, February’s Pending Home Sales beat market expectations 8.2% (a decline of 0.2% was anticipated. Steven A. Wood chief Economist at Insight Economics, LLC states: |
| "The S&P/Case-Shiller 20-City Home Price Index ROSE by 0.3% (seasonally adjusted) in January to 146.3, its eighth consecutive increase for the first time since September 2005 - April 2006 at the end of the boom." |
| “Home prices ROSE in January for the eighth straight month. This trimmed the year-on-year rate of decline to its slowest pace in 2 years. Although home prices are still falling on a year-on-year basis, there are increasing signs that home prices have begun to stabilize, even in some of those areas where the housing boom was quite substantial. In many regions, home prices have actually begun a modest recovery. Even in those areas where housing boomed the most, the rate of home price decline has slowed significantly. However, with unemployment remaining high, with mortgage delinquencies still climbing, and with more mortgage rate resets on Alt-A and Option ARM loans due to take place over the next year, home prices are still at risk for another dip.” |
| "Pending Home Sales ROSE by 8.2% in February to 97.6, compared with market expectations for a 0.2% decline. Pending home sales are counted when sales contracts are signed and a viewed as a leading indicator of existing home sales. This surge occurred despite the severe snow storms in mid-month and may reflect homebuyers' attempt to purchase before the expiration of the extended homebuyers' tax credit at the end of April. Pending home sales are 17.3% ABOVE their year ago level. The regional composition showed a huge increase in the Midwest, big gains in the South and Northeast, and a moderate decline in the West. However, in every region, pending sales are ABOVE their year ago level." |
| "Pending homes sales have plunged between October 2009 and January 2010 as the initial first time homebuyers tax credit expired. With the extended tax credit 'now set to expire at the end of April, homebuyers appear to be returning to the market. If that is indeed the case, another sharp run-up in home sales should occur through April before another sharp decline is experienced. A bottom has been reached in existing home sales and a recovery is underway but it is being heavily underpinned by government stimulus." |
For more information, you can visit my Web site or feel free to give me a call.
Tammy Vertrees, Paradise California Realtor
530-413-8383 Direct
530-872-5428 Office
