Weekly Magalia Real Estate Update

Last week was another light week in the Magalia real estate market. There were 9 new listings that hit the market, 4 listings that went under agreement, and only 1 listing that closed escrow. There are currently 229 total real estate listings in Magalia with only 13% of those listings being under agreement. This leaves about 200 property listings of inventory available in Magalia. The largest segment of the market is currently made up single family homes under $250,000, manufactured homes, and land. The majority of properties that are moving under agreement and closing escrow continue to be those homes under $250,000, as well as the manufactured homes. With interest rates still being very low at 5.72 for a 30 year fixed rate mortgage, the monthly payments on many of these properties is much less than renting. Ask me how to move into home ownership today.