Foreclosure in Modesto>Question Details

J.P., Home Buyer in Tampa, FL

There is a lot of talk of a softening real estate market. How would you describe the real estate market in Modesto?

Asked by J.P., Tampa, FL Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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Um, we share the status of extremely high default and foreclosure rates with San Joaquin and Merced counties. Banks own many properties in our area. The forecast for March includes a wave of adjustable rate mortgages to adjust upward and price many owners out of the market. This will continue to increase inventory and drive prices downward for another 6-12 months. However, interest rates are low, and if you plan to buy, fix, and hold, you will do very well in 5-7 years.
0 votes Thank Flag Link Tue Jan 15, 2008
The Market has definitely shifted to a buyer's market in Modesto. Prices definitely aren't crashing, but if you're pre-approved with a lender and ready to close in 30 days you should be able to negotiate a great value.
0 votes Thank Flag Link Mon Apr 23, 2007
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