Where's the Move Up Market?

Something interesting that was pointed out last week at the MLS meeting. El Dorado County may be getting their share of first time homebuyers, but many of them are buying bank owned properties. Banks don't take that money at close of escrow and buy up to the next level house, so it impacts the normal rate of move up buyers.

Once tha bank owneds are absorbed better into the market, we'll see more movement in an upward direction. First time homebuyers, buy second home. That seller then buys up also and finally we'll have some reasonable movement and pricing in this market.