Magalia, CA

This morning I awoke to a chilly wind and light rain sprinkles.
Nothing like the weather event plastered all over the news
media for Saturday Feburary 14, 2009. Over the past two hours it has begun to snow and accumulate covering sidewalks that were once cleared, now they pose
hazards to any one walking down them.

The tall ponderosa pines are laiden with white and swaying to the chilly breeze. Large snow flakes falling down are pretty to look at the first few times but after awhile even snow becomes a bother, If it prevents you from getting up and getting going doing your daily chores. Be safe in Magalia today!

As for me, I am staying indoors to a warm fire in the woodstove cuz having a picnic is out!

A stronger week for the Magalia real estate market than what we have been seeing in week's past. There were 6 properties that closed escrow and 4 properties that went under agreement. As expected, the majority of the Magalia real estate activity continues to be seen on those single family homes listed under $250,000, as well as manufactured homes.

Other activity in the Magalia real estate market included 7 new listings and 16 price reductions. The Magalia sellers have been continuing to lower the prices of their listings week after week in an attempt to get the attention of Magalia area buyers. Great interest rates seen this week, with a slight drop to 6.05% for a 30 year fixed rate mortgage.

The Magalia real estate market has been moving at a slow pace. Last week there were 2 properties that went under agreement and only 1 listing that closed escrow. The Magalia sellers however are hoping to pick up the pace as 22 sellers lowered the price on the real estate properties they have on the real estate market. That represents about 18% of the single family homes for sale. So with low interest rates and Magali sellers ready to negotiate, it is time for Magalia area buyers to start looking!

The weather has been great and the real estate market in the area seems to be picking up. So I really wanted to sit down today and write an update for the Magalia market with a flashy headline like, “The Spring Real Estate Market Has Officially Started in Magalia.” Unfortunately, my update on the Magalia real estate market will have to go in a slightly different direction.

Although the interest rates are still fantastic at an average of 5.88% for a 30 year fixed rate mortgage and there is plentiful available inventory experiencing record numbers of price reductions week after week (10 occurred last week), there doesn’t seem to be too many Magalia properties going under agreement or closing escrow. This past week only 3 properties went under agreement and no properties actually closed escrow. Of the properties seeing activity right now in Magalia, it is the manufactured homes that are getting the most attention with 22% of the listed properties currently under agreement.

I would therefore encourage all the Magalia prospective buyers to get out there and try to make a deal on a home as the Magalia sellers are ready to negotiate. Plus the interest rates are FANTASTIC!

For a more detailed market report, please feel free to give me a call. I’d love to provide one for your specific needs.