The most recent quarterly report of market trends for Shasta County shed light on what's happening and what it all means.
-Homes priced at $250,000 and below continue to drive the market, while the $500,000+ range is keeping quiet.
-The actual inventory of homes for sale is down, which is good news for those looking to sell: more exposure to buyers and a higher level of competition.
-The average number of days homes are spending on the market is down from the same quarter last year, so buyers are reacting quicker and sellers are seeing results sooner.
-Sellers are averaging about 95% of their asking price. In other words, there is only about a 5% discount from asking price to actual selling price.
At the national level, the Senate has approved an extension of the $8,000 First Time Homebuyers Tax Credit- good news for buyers AND sellers! Instead of a November 30th deadline, buyers have until April 30th to take advantage of the program and the deal has only to be signed by April 30, not closed. (There is a 60 day closing allowance.) Additionally, an amendment would expand the terms to allow longtime residents of the same principal residence to claim a tax credit of up to $6,500. Homebuyers would have to have owned and used their principal residence for any five-consecutive-year period during the past eight years to claim the exception.
Give me a call if you have questions about how to take advantage of all this good stuff!