Homes In Stockton Real Estate Market Report
The inventory for homes in San Joaquin County has decreased from the same time last year by 70%. In September of 2008 there were 5,000 plus homes for sale a 1,500 pus homes for September 2009 according to Metrolist MLS. This is having a direct impact for buyers. Many listings are receiving multiple offers and being sold at above asking prices. Inventory of homes in Stockton has decreased from 2,700 plus to 744 homes for sale. Homes in Lodi for sale have decreased from 451 listing to 286 homes for sale.
There are three types of listing for sale REO (foreclosures), Short Sales, none-REO home sales. The current mix of MLS listings for sale in San Joaquin County is 23% for foreclosures, 34% for Short Sales and 43% for non-REO and Short Sales. The indications are that regular seller's are coming back into the real estate market. The measure of any real estate market is homes selling and closing escrow. The current mix of MLS listings sold in San Joaquin County is 62% for foreclosures, 15% for Short Sales and 23% for non-REO and Short Sales. The hottest market for homes for sale is properties less than $300,000.
Many of the real estate sales in Stockton and Lodi have been driven by the $8,000 first time home buyers tax credit. This tax credit is slated to expire on November 30th although congress is actively moving forward to extend the tax credit for another six months and perhaps making it available for all buyers.
Steps to take to meet the November 30th deadline:
- Finding a Realtor
- Shopping for a mortgage
- Searching for homes that meet your needs
- Making an offer
- Inspections and appraisal
First time home buyers in Stockton and San Joaquin County have never been in a better position to buy a home. The chief advantage is the low purchase prices and interest rates of around 5.875%, low down payments and the First-time Home Buyer's $8,000 Tax Credit. Home buyers are able to access a mortgage for as little as 3.5% down for FHA loans and zero down for VA loans. Just as we have helped others we can help you, we have some great neighborhoods in Stockton: Spanos Park, Weston Ranch, Brookside, Morada and many other fine addresses. Call us today at 209-479-9222 or visit us at www.hughlilly.com and we will put you into your 1st home.