Redding's Ups and Downs

Looks like home prices continue to drop in Shasta County. The median list prices are down from $244,900 in March 2009, to 224,450 in March 2010.

The number of Single Family Home that sold in Shasta County are up in March from 152 in 2009, compared to 190 in March, 2010, probably because of the incentive programs available.

The average sales price went from $195,871 in March 2009, down to $190,353 in March 2010.

In year to date statistics, the number of homes sold increased from 448 from January 1^st to April 13^th in 2009, compared to 492 in 2010 to date.

Interest rates are still at an historical low.

If you are a first time home buyer and are still trying to get a home in escrow before the deadline for tax credits, here are a couple tips.

Do not put an offer in on a short sale.  I can't imagine any bank and owner would respond before April 30th.  Plus, it's too frustrating to go through the hoops once in escrow.  Currently, there are 10 homes that went into escrow before January 1st, and they're still not closed. 

I believe it is also a risk to put an offer in on a bank owned property.  Do so with caution.  Have your agent contact the listing agent for confirmation.

Bob Mitchell CRS, GRI