North State real estate broker says housing market leveling out

Jun 12, 2014 6:29 PM by Brian Johnson

A North State real estate broker said the housing market is finally beginning to level off after a spike in home prices last year.
But he added, this return to a more normal market comes with positives and negatives for both home buyers and sellers.
Megan Yates is relieved she finally found a buyer to accept the price on her quaint late 1930s Chico cottage.

And it only took a little more than a month to do.

"I was hoping somebody would think it was as cute as we did," Yates said. "I guess they did, and that's good."

She sees the pending sale as a sign of the times.
She bought it for $219,000 one year ago, and just had her offer of $236,000 accepted-a nearly 8% jump in value.

"I'm really glad that the market is a little bit better than it was last year, so that helped a lot," Yates said.

She did have to make sacrifices apart from repainting the band room and fixing up a fence.
"It went pretty fast once we lowered the price," Yates said.
Yates said she lowered the price by $15,000, which is not uncommon right now, according to Yates' broker, Cory Meyer.

"When you price your home, you just gotta be realistic about it so you price it correctly and it doesn't sit on the market," said Meyer, Owner of the Cory Meyer Home Selling Team.

Meyer said home sales are down this year, which is a perceived negative for many.
"It's not a negative thing necessarily here in 2014," Meyer said. "We're seeing a leveling off. In 2013 we saw a big spike in the real estate market in terms of home prices."
He said inventory is up, which is good for a buyer like Yates now looking in Redding.

"It's actually so much it's overwhelming," Yates said. "I have I think like 20 houses I want to go look at right away."

"It does create an affordability issue for Chico or Redding right now. There's just not a lot of homes in the market that fit into the average income earner in the whole entire North State," Meyer said.

Meyer said interest rates are still incredibly low, so no buyer beware there, and Yates would tell any other potential sellers in the North state, to go for it.
Granted, the stars did align for her.

"[It's] close to town, [a] cute house," Meyer said. "Even though it's an older house, there's not a of homes right here that are available like it. So it's supply and demand."

For buyers and sellers, Meyer recommends interviewing multiple agents so you can get the best person to accomplish your goals.


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