Home Buying in 95336>Question Details

Yesenia, Home Buyer in California

Prices are going up?!

Asked by Yesenia, California Tue Jul 3, 2012

why are the prices going up for the new homes in manteca?
about 6 months ago, the cheapest one was around 189k or 199k...now, they are around 216k and up. why is that?

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Answers

11
UPDATE: Yes, prices continue to rise in Manteca, and the surrounding area for that matter. These increases in prices are a direct reflection of multiple factors. House prices a year or so hit rock bottom, which presents enormous opportunity for home buyers and investors. Interest rates are at all time lows. Inventory was also at all time lows. Add those all together and the result is the attraction of a huge number of buyers trying to capitalize while they can. As soon as you add increase "demand" to the equation by increasing the number of buyers and fear that they won't be able to get a home and BOOM...Prices go up! As a matter of fact, the average Price per Square Foot in Manteca rose by a whopping 31% for the 1st quarter of 2014 over the same period in 2013.

For more details, including Median House prices in Manteca and valuable information see published report at:
http://leadingrealestateexpert.com/?p=1369
0 votes Thank Flag Link Fri Apr 18, 2014
Hi Yesenia,
As mentioned in the other responses you received, yes prices are rising and buyer demand is supporting the prices being asked by builders and equity sellers. Recently, there has been a slight drop in buyer demand and an increase in new construction and equity sales. All of these factors have made for a more inviting buyers environment over the past 30-60 days in the San Joaquin and Stanislaus County area. If you are still in the market I would be happy to help you locate your new or new to you home!

Rachel Maricich
209-481-7279
0 votes Thank Flag Link Tue Sep 17, 2013
Yes prices are going up. They may even being going up a little faster than they should. With inventory being low, and buyers using their emotions instead of sound financial sense, sellers are taking advantage of those who have extra money available to pay down above the appraised value.
Care should be taken not to find yourself starting out upside down. It is my belief that as prices trend upward, there will come a time in the very near future that the market will soften some and prices may fall a little. Be careful not to get caught up in the hype.
0 votes Thank Flag Link Tue May 21, 2013
Prices run on a supply and demand roller coaster, they may dip again but for now the excess properties are shrinking. Causing slight price increases. (surprise surprise typical market is slowly returning:) http://www.chooseahomenow.com
0 votes Thank Flag Link Thu Nov 8, 2012
Dear Yesenia,

All of the answers below are from real estate agents! Keep in mind that the demand for homes is increasing because investors are buying them. Real families have difficulties getting approved and as the price goes up, the so does the number of investor owned homes.

It's easy for these agents to remain competative and drive up the prices. I see many homes in my neighborhood become available and get purchased right away by an investor.

Good luck in your search. You are not alone. Manteca prices should not be as high as Tracy or Mountian House. Yes, it is a nice community but who are you going to live next to??? If the home is investor owned, reners move in and out. This means you never know who you will be stuck with.
0 votes Thank Flag Link Thu Nov 8, 2012
Dear M711, Thank you for your reply.

You mention one point in your reply. "Who are you going to live next to???" - I assume are you referring to Stockton crime pointing? I am thinking to buy something next to Woodbridge area. Is price currently charge by Atherton Homes, Bright Homes and other building coming out $160 to $175 sq ft is justifiable? Please give me your through on this community?
Flag Sat Jan 19, 2013
Yesenia,

Manteca still has a smaller town feel than the larger surrounding towns, and therfore has a high demand which turns prices around a little quicker than neighboring Stockton or Modesto. Prices are still slightly creeping upwards as our inventory is currently very low and demand remains at all time highs. The new home builders in Manteca are also seeing a huge upswing in sales which shows that prices are almost surely done dropping.
0 votes Thank Flag Link Wed Aug 29, 2012
Hi Yesenia,
Yes that is something that I too noticed recently. The cost of building materials is steadily increasing this is a factor that I know happens often when building new building projects that span over a large time frame, from school to hospitals and yes even new homes. So the question is why wait for the prices to climb any higher than they already are? If you are looking for a home now is a great time to get started, especially while interest rates are extremely low.




Frankie Danner, Real Estate Agent
Connect Realty.com
DRE:01909729
http://www.Frankiecanhelp.com
Frandannersellshomes@gmail.com
209-221-2318
0 votes Thank Flag Link Tue Jul 3, 2012
Here in San Joaquin County (and every other county in Northern California) we are experiencing very low levels of inventory (available homes). In addition low interest rates and low prices have caused a surplus of buyers to enter the market. As a result, we currently do not have enough supply.  As a result, buyers are competing for desirable homes which in turn causes prices to go up.

Best Regards,

Rocky

Rocky G.H. Hawrysz
http://www.TeamHawrysz.com
Prudential California Realty
(209) 444-6610 - Office
(209) 915-6209 - Mobile

"Committed to your success!"
0 votes Thank Flag Link Tue Jul 3, 2012
Yesenia prices on house are going up. if i put a property on the market and the property is in great condition i usually received anywhere form 5 to 12 offer. so there is a lot of buyers out there. please give me a call and i live in Manteca and my office is in Tracy.


Prudential California Realty
Mauricio Denys
Broker Associate/DRE#01424377
209-832-5400 Office
209-495-6531 Cell
0 votes Thank Flag Link Tue Jul 3, 2012
That is the market at work! We have been telling buyers for a while now that the real estate market was bottoming out. We also said that soon, buyers would look back and say, "Oh, that was the bottom, we passed it." Well, apparently that is what you have just done, looked back and said, "Darn, I missed it!"
0 votes Thank Flag Link Tue Jul 3, 2012
Surely you can figure this out:

Supply and Demand;

The Builders couldn't raise the prices if the people weren't willing to pay them.

Don't be discouraged, the prices are still relatively low and the Interest Rates are rock-bottom!
0 votes Thank Flag Link Tue Jul 3, 2012
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