The Calaveras County Realtors Association (CCRA) reports that second-quarter real estate figures indicate higher year-over-year home sales and prices for four straight months and that this past quarter’s sales reached the second highest level in nearly two years. Along with the improving economy, CCRA spokesperson Teri Rogers notes, “Sellers are not being too greedy…properties are being priced for the market and buyers see the value in that and are making their offers closer to the asking price. It’s called ‘fair market value’ and this is one of the best types of markets to be in, because buyers and sellers negotiate in the fairest of manners.” In other words, she says, “It’s not a buyers market — it’s not a sellers market — and it brings people to the market as champions.”
While home sales softened in April, according to CCRA data, the housing market momentum picked up in May and continued to be solid through June. “We are in a wonderful leveling off period with slow growth, which is what it should be,” Rogers states. Looking ahead, she estimates, the leveling pattern with fair market value and cooperation should continue for the next 18 months to two years.
After that, a seller’s market with incremental price increases and a shrinking inventory is likely to kick in.
“It’s a good time for investment purchases, as prices are affordable,” notes Rogers. “If people buy now and sell in six to eight years, they will make money. It’s all part of the cycle and the trends.”
$250,000 Buys ‘Good Bones’ Rogers adds that the county’s current median price range around $250,000 also represents a popular buyers’ price point. “It buys you a nice, solid home that has good bones and quality to it, but you might want to change out the flooring or do a new countertop — upgrades to make it your own — which aren’t ‘big ticket’ items,” as she puts it. For buyers, she points out, “It’s important to know the value of a home in our median price range buys you a nice home that doesn’t necessarily need a lot of work.”