Chico Housing Market: Blue Skies Ahead!
July 25th, 2008categories: Chico CA Real Estate Market Stats
by Mike Wiegert
A survey and report by the Leading Real Estate Companies of the World, a conglomerate of brokers in early July points to some easing of adverse conditions in the housing market.
Fifty-nine percent of those surveyed believe there will be a strong housing market over the next sixty days. An overly abundant supply of residential units is the foremost concern among those respondents surveyed with many seeing a decline in inventory from a year ago.
While eighty-two percent agree that prices are down, seventy-five percent indicated that such a decline is less than ten percent and thirty-three percent believe that prices have only dropped five percent in their communities. A statement issued by Leading RE, “We believe our affiliates represent a good cross-section of the U.S. brokerage community because many of these firms are the market leaders in their areas and encompass a large number of transactions.
The findings from this month’s ‘Housing Beat’ survey mirror what others in the industry are reporting - that we are not out of the woods yet, but that inventory is beginning to be absorbed, financing difficulties have eased, sellers are more realistic about pricing and buyers are growing impatient with waiting to purchase their next home.”
For questions specific to the Chico Housing Market, call Chico Homes 530-895-9378.
This is almost a pointless post. This whole post is based off of a survey of real estate brokers, did you really think they would say any thing other then they think the market is going to turn around? Its there profession to convince people that right now is the best possible time to buy in the foreseeable future, so right now they are telling every one that we are almost at the bottom and the market is going to take off again, when the market was booming they were telling people to buy now because prices are going to keep on going up.
Lets get real and talk about some actual points here that could be affecting how fast the market will turn around. what about interest rates moving up, what about inflation worries being such a great concern, what about the value of the US Dollar, what about the stock market and what about banks failing.
The value of our dollar is a lot less then it was a couple years ago, it cost more for us to buy food and fill our gas tank. Most of us are to busy worrying about being laid off right now to even worry about a pay raise to compensate for inflation. A lot of people have money tied up in investment properties that they cant sell with out taking a loss or in the stock market where they have lost 10%+ this year. Indy Mac was taken over by the FDIC along with a couple of smaller banks, there could be a good bit more banks to follow in their foot print and how does this help ease lending difficulties?
All you were doing in this post is putting lipstick on the pig. I hope the market turns around and we can get back to investing and making money but with the economy the way it is right now that is not going to happen in the next 2 months, who are you trying to fool.
REO’s are definately not an asset on the banks books…
nice writing - I am going to add you to my rss reader.
Mike
http://realtorlinkback.com/