Is the Chico Real Estate market turning

I’m beginning to “feel” signs of change.  We had 3 SOLD listings on our newest Chico MLS tour this morning.  With the first time buyer credit coming to an end in a little more than 2 months and inventory shrinking in the lower price range homes are selling quickly under $275,000.  Most of the seller’s unfortunetly aren’t moving up yet though, so the higher price ranges are lagging and probably will for awhile.  We saw some unusual homes this morning, a “DONE TO DEATH” home on Eastwood, a classic Chico street close to downtown.  A really cute home on corner of Filbert and Sheridan for $315,000 and super clean home on Windham for $419,000, so clean you could eat off the driveway!! Interest rates are hovering around 5% or slightly less, we’ll keep watching for the Real Estate tide to turn away from declining market.  Chico CA is always a great place to own any real estate because its still highly desirable as a place to live, ride and have fun!

Inventory is Down!

 As much as you hear bad news daily, the real time situation is this: In the local Chico area we currently have 218 homes on the market total.  We at the same time have 122 homes in escrow, including 22 short sales and foreclosure sales on bank owned homes. 
So about 20% of our market right now is short sale and foreclosure homes, considering many parts of Northern Calif. are broaching the 50% ratio of bank owned or short sale situations we aren’t doing to bad for little Chico. 
It’s not surprising to have multiple offers on any homes under $300,000 right now, in fact there is one home in the popular Avenue’s neighborhood that has over 30 offers on it currently!   An underpriced home in a good location with no to much fixing up to do equals lots of current buyers!! It’s surprising how many CASH buyers there are also, the key is getting financing lined up and ready to go quickly! Having your loan preapproved in this price range is KEY!

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