Magalia, CA

There was a great deal of excitement in Magalia this past week as the 30 year fixed mortgage rates again took a drop. They are currently 5.69 for 30 year mortgages, with the 15-year fixed rates being even more desirable. The Magalia area mortgage rates haven't been this low for about 2 years, which brings some obvious excitement to this slower paced Magalia Real Estate market. Magalia had 17 price reductions over the past week; this was likely in part a result of sellers trying to get their homes noticed in the midst of all the mortgage rate decreases. The Magalia manufactured home inventory and those homes under $250,000 are still moving quicker than all other types of properties in Magalia with approximately 17% of the inventory going under agreement this past week. Magalia homes exceeding $350,000 had absolutely no activity. With increased amounts of inventory and incredible mortgage rate opportunities, there is no question that this is a great time to enter into Magalia home ownership.

With the morning light came a scurry of snowflakes falling with intensity down in to the county of Butte. The photos I provide to you are of the upper ridge in Magalia above Paradise Lake. Beautiful as they maybe cause concern for drivers as the roads are slick and icy.

The snowfall is wet, which means for residents that the roads are dangerous. If you don't need to drive on days like this stay home and give the police, VIPS and other officials in the town of Paradise and Magalia a break. Listen to the Butte county public scanner at www.thenet411.net to get up to date weather forecasts. You can even listen live or sign up to receive email updates like me. It's no wonder Magalia is gorgeous it gets enough snowfall and or rain to keep those ponderrosa pines going strong. Enjoy the snow day!

The New Year is starting out very slow in the Magalia real estate market. With 9 new listings, 12 price reductions, and only 1 sold listing; inventory is continuing to build in Magalia. Activity surrounding the manufactured homes market in Magalia is still the strongest with the properties selling at a rate of 15%. The 30 year fixed rate fell slightly from 6.17 to 6.07, making the real estate mortgage conditions very desirable to take advantage of the continuous price reductions.