Stockton, Lodi California Real Estate Market Notes
The State of the Market
Prices are starting to stablize, but a shortage in inventory plagues the market indicating we are in a seller's market according to Metrolist and Trend Graphics statistics. Buyers are competing for homes throughout Stockton, Lodi and San Joaquin County. "Many buyer's are writing 5 to 6 offers before they have accepted offer",says Hugh Lilly of PMZ Real Estate in Stockton, Ca.
At the end of June there were 1,719 home for sale a decline of 62% from June of 2008.
There is only a month and a half of Homes for sale in San Joaquin County
There is a lot of specualation on the reasons for the shortage: The 90 day moratorium on foreclosures mandated by Sacramento, the increased cooperation with mortgage holders to participate in loan modifications. There is some speculation that banks are trying to stablize price by keeping forclosures off the market. The result is buyers are competiting for properties by offering over market prices. Many homes are selling in 1 to 5 days on the market.
The First-Time Home Buyer's Tax Credit
The tax credit is due to expire. Buyers must close their home purchase before midnight of November 30th of 2009. Stockton Real Estate prices are affordable, interest rate are the lowest in years and when coupled with the tax credit buyers are in a position fo maximize their purchasing power. It takes time to purchase, so it time to get started time is running our to take advantage of the tax credit. the following steps are essential :
These steps take time and many times the're unforeseen circumstances that come up, each purchase is unique so extra time needs to be factored into a purchase. Send for our free report on the first time home buyer's tax credit at www.your-new-addrees.com . We can help you navigate the market in Stockton, Lodi and the San Joaquin County. Contact us at 209-631-8552 or hliily@pmz.com.