Chico Real Estate landscape is changing along with the color of the leaves. As the Fall season nears, the rush of home buyers and sellers wanting to make a change before the holidays are in full effect. In Chico we have noticed a drastic increase of homes hitting the market. The change may be attributed to the rise in home prices this year, and also the fear that the increased mortgage rates will effect the amount of people looking at the possibly of purchasing a home.
When Chairman Ben Bernanke
said in February that the central bank will soon conduct a review of its
strategy and possibly raise the benchmark interest rate, the Real Estate market
in Chico has shifted. Potential home buyers in Chico and across the country
immediately became nervous and started looking for a home to buy. This message
forced the people waiting it out or on "the fence" to eagerly contact
a Realtor and start looking. As we know, the fundamentals of supply and demand
tell us that if there is too much demand then the price will go up. Well the
prices went up and soon after the mortgage interest rates slowly went up as
well, forcing more home buyers out of the market. This change in rates forced "move up" buyers to stay where
they are at and first time home buyers into a lower price point. Please don't get me wrong, the cost
to borrow money is still very low and it is still a great time to purchase a
home.
Currently there are 268 homes
for sale in Chico out of those, 234 are standard sales (not reo or short sale)
14 are foreclosures/reo and 14 are short sales. If you would like to search the
MLS for a home in your price range I have created several links to speed that
up.
Homes between $100,000-$200,000
Homes between $200,000-$300,000
Homes between $300,000-$400,000
Homes above $400,000
Brent McCarthy
Coldwell Banker Dufour Realty
PH: 530.896.3174
CELL: 530.228.1232
FAX: 530.343.8233
Search the market like I do..
ChicoRealtor.net
License #: 01724028
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