This Chico real estate market is keeping me on my toes. We have had another shift in the market!!!! This is the third one this year. It is an encouraging shift as well. In the last 3 weeks, I have listed 3 houses from move up sellers. This segment has been all but non-existent for the last two year. Almost all of the market has been first time home buyers. My reading of this is people are starting to get more comfortable with their financial situation and are comfortable selling their current home to purchase an appropriate new home.
This is what our market needs too. In the 400k and above range there is at least 9 month of inventory yet under 300k there is only 2 months. The lack of balance between the different price ranges is creating a systemic bottle neck. With move up buyers starting to enter the market, the lack of inventory that is strangling the low end will expand and sellers above 400k will have buyers.
There are still economic issues that need to be worked through but I am seeing hope.
If you know of someone who wants to sell their current home and move up, now is the time. With 5% interest still available, this will be the year that home buyers will look back upon as a right time to buy.
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Matthew Herman
Keller Williams Realty
530-809-3754 (Office)
530-809-3755 (Fax)
License: 01505777
Do not forget to check out Chico Real Estate and Homes for Sale at www.matthewherman.com
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