Since I specialize in Fair Oaks, I get asked about the state of the real estate market a lot. I tell people that I have some good news and some bad news. The good news is that inventory for single family homes is down almost 25% compared to the same time last year. Additionally sales are up when compared to sales of the same period last year which is encouraging.
What isn't such good news is that home values have dropped significantly. The median price for homes in Fair Oaks has dropped nearly 30% over the last year. The influx of foreclosure homes is what has really had an effect on home prices. In 2007, only 14% of the home sales were from foreclosed homes; this year foreclosures account for nearly 50% of the sold homes in Fair Oaks.
Of course, declining values is a big negative for homeowners, but it is very good news for home buyers trying to get into the highly-sought-after Fair Oaks area. There is a silver lining in everything, so I tell buyers that it is time to make their move because what goes down, must go up!
What isn't such good news is that home values have dropped significantly. The median price for homes in Fair Oaks has dropped nearly 30% over the last year. The influx of foreclosure homes is what has really had an effect on home prices. In 2007, only 14% of the home sales were from foreclosed homes; this year foreclosures account for nearly 50% of the sold homes in Fair Oaks.
Of course, declining values is a big negative for homeowners, but it is very good news for home buyers trying to get into the highly-sought-after Fair Oaks area. There is a silver lining in everything, so I tell buyers that it is time to make their move because what goes down, must go up!
Its nice to hear this info in plain, easy to understand terms and even with a positive twist! I wish I could move up and take advantage of the prices, but like many people I don't have equity in my home...am upside down and can't sell. I just need to remember to be thankful I have a house at all and hopefully will be a winner when the market turns to a seller's market again!
ReplyDeleteGood point, Pete, and I will tell you that someday the market will turnaround and you will be able to sell the one you have and buy something different. In the meantime, congratulations for being thankful for what you have?
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