While I am answering this several years later, now 2013, I would have said as I am saying now, the price of condos won't be going up all that much. With association fees and low interest rates, demand fall mostly to single family residences versus condos. There is a market but I wouldn't look to see the values really become strong until after 2020.... more
The Modesto market is on fire! Properties last sometimes just hours. Lenders are beginning to think about sub-prime loans again ( see my blog). Many home buyers are making offer after offer without any results. FHA buyers are almost finding it impossible to get a seller and their agent to consider their offer. Conventional and cash buyers are willing to pay in excess of the appraised value to win the day! Sellers are paying too much in commissions considering little or no effort is required to get their house sold! Here at McGrath&Aguirre we offer full MLS service for only 3%. We believe the property owner shouldn't have to over pay for marketing and services that aren't necessary in this market.
Sebastian, yes I see the prices declining a bit in the fall. Inventory has increased form 1.9 months of inventory to almost 3. All this within a 3 month period. I've been getting more calls regarding short sales and most the homeowners I meet with have been through a modification but at the end did not feel comfortable with the payments or the balance on their mortgage. With this and unemployment increasing prices will come down to what I believe last years lows. It's a very interesting market right now. This doesn't mean that the transaction count (homes sold) have gone down, actually for us it has gone up. We are selling more homes but we are still seeing the increase of inventory.
As long as rates remain low we will continue to move the market forward.... more
Spencer as I see you are writing from Modesto I will assume you're asking about the Modesto market. I have flyers and MLS sheets from the early 90s from the Dry Creek area (Near Spring Creek Golf Course). At that time you could buy a home 2040 sf home for $159,900 ($77/sqft) today you can get that some home for $164,900 ($80/sqft.).
So to answer your questions prices are today almost as low as the early 90s.
Its very similar scenario if you look at the Horn built homes in that area which are built in the 1970s.
I hope it helps.
Daniel Del Real, CRS
You'll really have to provide an address. Price per/Sq foot can be all over the map and it really depends on location and condition. Sounds like a great deal, but a bit hard to believe. Are you sure thatâ€™s not the size of the lot?
Good luck and let us know if you have any other questions.
The rental property demand for Modesto is high specially with this market that many home ownrs are loosing their home and they need to rent .Those people pay pretty good rent and they know how to take care of the properties since they used to have home.The average rental for 4 bedrooms two story home run from 1400 to 1700 dollors.... more
Honestly Roselia there isn't a clear answer for question. I take it that this is a home that you have seen that you know is vacant or foreclosed on. Honestly this is a long process that can take weeks even months to be on the market. Us agents CAN help you find something similar or even set you up for an automatic update via email when this home hits the market.
I apologize for not having the exact answer you are looking for.
Tyler Flaherty... more
Unless the home in question actually sold in Dec 2002, you would only be able to get a professional opinion at best. For this, you could get either a "retroactive" appraisal or BPO (Broker Price Opinion). Unless you needed something official for a legal matter etc, a BPO should be fine. My staff provides historical BPOs for several bank clients, so we are happy to helpm
I would not wait to long. We are seeing investors coming in now and the inventory is being reduced. Get everything lined up and be ready to move.
I'd also suggest that you look closer to the metro area.... more
Part of the reason Trulia's sales stats are so high is due to the fact all REO's are sold twice, yet the market continues to drop. That is why I suggest using agents for the best answers, any other questions I can answer for you?