Visalia Real Estate Market Update
January 2007
Visalia, Tulare and
Exeter have seen significant change in the real estate markets in 2006 and
into the early parts of 2007. We saw all the signs of a softening
market in 2006 and are beginning to see the first indications that the
market may be stabilizing in 2007 in Tulare County and throughout the
region.
Average Home Prices |
Time on Market |
Total Homes Sold |
Interest Rates |
Visalia Forecast
Visalia Sales Prices
Leveling off???
The chart below shows the median home price in Visalia over the course of
the past year. From January 2006 to January 2007 Visalia saw a 13%
drop in the median home prices. However, most of that drop came
from the Spring and Summer months and we are currently seeing the first
signs of Visalia prices leveling off in 2007. During this same time
period the median prices in Exeter and Tulare increased by a small amount.
Time Needed to Sell
Homes in Visalia Slowly Increases:
With a larger and larger number of homes for sale in Visalia we have seen
the time needed for homes to sell increase from 6 weeks to about 8 weeks.
It is important to note that this is the time on the market for homes
that actually sold. There were a number of homes that stayed on
the market for 6+ months without selling. The homes that actually sell
tend to be priced well from the beginning and sell in a reasonable period of
time.
There Are Still a
Lot of People Buying Homes!
Though a large inventory of homes in Visalia has caused the prices to dip,
there has been a steady number of sales throughout the year.
Interest Rates Are
Very Good.
Interest rates climbed during the early part of 2006 but they have declined
steadily into early 2007 and make for affordable payments and great
opportunities.
Visalia Real Estate Forecast
for 2007
It's a good time to buy in Visalia- with interest rates low, prices
at their lowest point in a year and a very large selection of homes to
choose from it is a very good time to consider buying property. As we
enter the spring, you can expect a lot of the best deals to get snatched up
more quickly than they did in the fall and winter and you will need to be
prepared to act quickly. Let me know what kind
of property you are looking for and I'll point you to some of the best
deals in Visalia or anywhere in Tulare County. Or, please feel free to
sign up for automatic property updates to
stay in the loop.
Price your home realistically - if you're getting ready to sell your
home make sure your agent paints a detailed
picture of what's happening in your town and in your neighborhood so you can
price your home well from the beginning. Your home will not sell for
what it would have sold for a year ago...BUT...it is close. And, to
get the best price for your home you best chance is to price it well from
day one.
Work with an
Expert Visalia Real Estate Agent.
Contact Preston for a no obligation consultation.
Other Valuable Information:
California Association of Realtors - Market Trends Archive
Interest Rate
Trends from Mortgage-X.com
* Disclaimer: The information
on this page is NOT intended as a guartantee of market performance.
Anyone buying or selling real estate should recognize the unpredicatable
nature of the market and make decisions accordingly. The information
provided solely for the purpose of helping clients make more informed
decisions.
 |
