Trends for Homes for sale in Stockton and Lodi
Good morning, the stats are in for the Stockton and Lodi Real Estate Market. Continued mortgage defaults, foreclosure homes are resulting in an increase in available homes for sale in California as well as homes for sale in Stockton and homes for sale in Lodi. San Joaquin County has in the past led the United States in foreclosed homes. Loan modification and mortgage refinance are not helping the great number of home owners with distressed mortgages and many are turning to strategic defaults and Short sales. Short sales are becoming the predominate source of homes on the multiple listing service.
Sales are slowing in Stockton and Lodi markets as well as in San Joaquin County and California as a whole. Please review the statistics for the month of June 2010:
· There has been a marked drop in homes sold in Stockton in the last 12 month period; 5,395 homes were sold in Stockton in comparison to the same period in 2009 when 6,958 houses sold a 22 percent reduction.
· At the end of June there were 2,343 homes for sale in Stockton
· There is approximately a 3.6 months inventory of house for sale in Stockton on the Multiple listing service. 471 homes in Stockton were sold in June.
· The average home price in Stockton was $146,000.
Statistics are great indicators but how do there affect our financial lives and how can we use them to our advantage? The law of supply and demand indicate that the increasing of number of homes on the market in Stockton and Lodi on the Multiple Listing Service should put downward pressure on the purchase price of homes for sale in California and Stockton homes. But conventional financial indicators have failed us in the recent past and the effect of governmental influence and financial reforms are not fully realized.
How can the home buyer view their opportunities in this market. To put it in perspective there have never been greater opportunities for first time home buyers, real estate investors and those wanting to move up to their dream home. Interest rates are at their lowest point since 1971, 4.57 percent and lower, FHA loans only require 3.5 percent down and purchase prices are at an historical low.
Hugh Lilly Realtor has been helping home owners and home buyers take advantage of their opportunities and realize their real estate goals. He can be reached at 209-479-9222 or e-mail him at thelillyteam@comcast.net.