Redding Real Estate

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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Redding Real Estate Market Update

November 24th, 2009

By Brad Garbutt

Last year about 1/3 of all homes sold fell in the distress sale category. This year that number has increased to 44%-no big surprise. Next year expect half of all sales to be distressed sales-either bank foreclosures (REO’s) or short sales. So far, 1792 homes have closed escrow on the Shasta MLS for 2009 of [...]

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Key Indicators Home Values Will Increase Highlighted

November 19th, 2009

By Brad Garbutt

Snippets of news cautiously point to positive economic signs indicating the bottom of the real estate market is here. However, an article in Smart Money takes these generalizations a bit further suggesting there are six signs a home you are considering buying is about to rise in value. Here they are:

Unemployment Rate-Common sense, higher unemployment, less potential [...]

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Fannie Mae Offers Foreclosure, Lease-Back Option

November 17th, 2009

By Brad Garbutt

Last week, Fannie Mae announced a new program targeting borrowers that can no longer afford their home. In exchange for expediting the foreclosure process the borrower is offered the right to lease back the home for up to a year. This allows the lender to avoid the more costly and time consuming traditional foreclosure process while the borrower gets to stay [...]

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Fine Points Of Homebuyer Tax Credit Discussed

November 13th, 2009

By Brad Garbutt

An enrolled agent from Southern California once again spoke with local Realtors about the extension and expansion of the federal tax credit for homebuyers. Earl M. Salter, said this tax free credit not only applies to first-time buyers but homeowners who have owned and lived in their personal residence for 5 consecutive years during the last 8 [...]

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E.A. Discusses Tax Implications of Short Sales

November 12th, 2009

By Brad Garbutt

Enrolled Agent, Earl M. Salter, addressed members of the Shasta Association of Realtors regarding what sellers of over-encumbered homes should expect  from the IRS. Homeowners in this predicament should consult with an accountant or enrolled agent prior to pursuing a short sale. It is a viable option for those that took out a purchase money loan to [...]

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