The Chico real estate market heated up over the summer – and it wasn’t just the weather.
The number of homes sold increased as much as 20% with average days on market at just 4 days. The average sales price increased by 5% to $272,000.
Sellers are able to sell quick because of the limited inventory selections in the average price range, with 633 units which is down 8%.
This indicates more buyers entering the market due to the increase in available funds and low interest rates which will continue to hold, according to the Federal Reserve who decided in September to not raise prime rates for the remainder of 2015.
By these indications, this market trend will continue with steady-upward movement into 2016.
What should you do?
Buyers are competing severely with one another. Buyers need to be prepared well in advance with a pre-approved home mortgage loan, be quick to write a purchase offer with your Realtor when the right home hits the market and ready for those frugal sellers looking to negotiate a tight deal.
Sellers also need to be prepared in this hot market by having their home show-ready for potential buyers and eager to negotiate the terms of the sale. It’s a good idea to have inspections completed before listing a home, perform those minor repairs and have the home in tip-top shape with clean curb-appeal.
Have questions? Need answers? Contact The Laffins Team – Chico’s #1 Real Estate Team.
Sales Data supplied by CRMS and The Select Group Real Estate Companies