The Real Estate Market: Turning the Corner?

by Mike Wiegert (Sandi's broker at Chico Homes)

There’s a lot of talk in the news these days about the end of the housing slump, home prices stabilizing and increases in real estate sales activity in the West. Last week while speaking at a banking conference in Tokyo, former Federal Reserve Chief and guru Alan Greenspan announced that he expects an end to the drop of U.S. home prices by early in 2009. Greenspan added that as housing inventory is reduced, “it is very likely that home prices will stabilize well before that.”

In nearby Sacramento county, an area among the highest in U.S. foreclosures, a recent survey of 1200 residents indicated that 63 percent believe that now is a good time to buy a home. The study conducted by Sacramento State University’s Institute for Social Research fine tunes the data by stating that 47 percent believe that now is the right time to buy and 16 percent believe that between now and six months will be the best time to buy. Additional, less than comforting information, is that 58 percent said that they have concerns that their income will be insufficient to cover their expenses.

Outskirt communities of San Diego County such as Oceanside, Escondido, Valley Center and Ramona are experiencing a burst of new activity as buyers and investors take advantage of significantly lowered home prices. Brian Crisp, a San Diego broker has stated in the North County Times that investors are pouncing on deals....

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With interest rates continuing to hold in the mid to high fives, this in a fantastic time to buy real estate in Chico, CA!