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Real Estate Update 9-8-09 Note for Buyers: The first time home buyer tax credit of $8000.00 ends November 30, 2009. Is there still time to buy? Yes, but I highly recommend focusing on REO’s (bank owned properties) and traditional sales. The transaction has to close by the November 30th deadline. Even if you have a contract before the date but escrow has not closed, you will not receive the credit. If you are pursuing a short sale be prepared for delays. Economist Kevin Gillen of E-consult predicts a mad rush to close as the deadline nears. Bruce Hahn, president of the American Homeowners Grassroots Alliance in Arlington, Va., is pushing for an extension and an expansion of the credit. Note for Sellers: Inventory is low and demand is high. There are many buyers in our Bakersfield market wanting to buy a home but constantly being outbid in a multiple offer situation. Listings that are priced right are only remaining on the market for a few days before going contingent. If you are thinking about selling or curious about the short sale process, get the information you need and enter the market. With inventory down, now may be a great time to advertise you home and get it sold. Bakersfield Market Update: - There are only 1,220 active listings on the market, down 63% from the same time last year. This number is lower than August, 2005 at the peak of the “boom”. - Distressed listings and sales continue to decline in “market share”. - Multiple offers continue to dominate the market for reasonably conditioned properties. - Sales volume both in closed and pending is stable and with 60 days inventory on the market and 60 days average marketing time, thus the market is “in balance”. - Median prices increased another $5,000 or 3% last month to $135,000 bringing the total price increase over the past quarter to $21,000 or an average increase of 6.1% per month. - Foreclosures declined 35% last month to 678 from the previous record setting month of 1,045. I attribute much of the decline to the “state mandated” foreclosure moratorium. I expect to see a large increase in foreclosure inventory in the 3rd and 4th quarters of 2009 and a corresponding drop in pricing. Taken from the Preliminary Crabtree Report for July, Gary Crabtree – Affiliated Appraisers
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