Tips For Sellers Category
Redding Real Estate:Newer The Home, Higher The Value!
February 9th, 2010
By Brad Garbutt
A local appraiser points out that homes 5 years of age or newer have the highest average value on a cost per square foot basis. The average price of a newer home is $286,172 or $155.9 per square foot. The average of homes 6 years or older drops precipitously to $116.7/square foot. All homes sold [...]
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Know An FHA Borrower Struggling With Mortgage Payments?
February 1st, 2010
By Brad Garbutt
President Obama signed into law a program to assist FHA borrowers experiencing financial hardship before they fall behind in payments. The Helping Families Save Their Home ACT of 2009 grants FHA broader authority to hopefully prevent FHA borrowers from slipping into foreclosure. Prior to this law taking effect, borrowers had to be behind in payments [...]
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Is Fed Poised To Kick Crutch Holding Up Housing Market?
January 26th, 2010
By Brad Garbutt
Low interest rates enjoyed in 2009 by home buyers and homeowners refinancing may be history come March. The Federal Reserve propped up the ailing housing market by quietly buying up mortgage-backed securities and lowering key interest rates which influence costs for consumer borrowing. Lenders loaned money only because they knew government sponsored enterprises (GSE’s) were willing to buy them. [...]
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Is Your Taxable Property Value Too High?
January 21st, 2010
By Brad Garbutt
Proposition 8 requires county assessors review property values used to calculate property tax bills when the current value drops below the base year valuation. Some California assessors have waited for property owners to request a new appraisal while others, including our elected assessor Leslie Morgan,  have taken the initiative to examine thousands of properties purchased after 2002. Leslie Morgan and [...]
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Redding Home Prices Slip Further in 4th Quarter 2009
January 13th, 2010
By Brad Garbutt
Despite news that prices have bottomed elsewhere in California, Redding home values dived nearly $4 in the average cost per square foot in the last quarter of 2009 from $133.35/foot to $129.7/foot. The average cost per square foot year-to-year dropped from $148.16/square foot in the final quarter of 2008 representing a 12% drop in value for homes [...]
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Shasta County Housing Market-A Year In Review
January 6th, 2010
By Brad Garbutt
Thankfully, 2009 is in the history books! It was a trying year for many in the housing industry. Real estate offices closed, escrow companies pared their staffs to the bones, lenders struggled with ever-tightening underwriting rules and appraisers are valuing properties conservatively after being blamed for overvaluing properties during the bubble. What follows are my tabulations of yearly [...]
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Inventory Of Bank Repo’s On The Rise
December 21st, 2009
By Brad Garbutt
Shasta County has thus far absorbed the onslaught of bank foreclosed homes until just recently. I’ve tracked the number of REO’s (real estate owned), as they are called in real estate jargon, for the past year and the number of these avaiable homes has been relatively stable until Halloween. November marked the beginnining of a steady rise in [...]
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November Home Sales Dip In Redding
December 7th, 2009
By Brad Garbutt
As expected, the number of homes sold in November declined after two months of sales increases as first-time buyers bought before knowing the federal tax credit would be extended. 163 homes sold in November, up slightly from 152 during the same period of 2008. 84% of these homes sold were priced below $300,000.
Sales and listing activity slows during the holiday [...]
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