TRUCKEE CALIFORNIA REAL ESTATE NEWS
By Bonnie Jessee, Dickson Realty
530 412 3984
bjessee@dicksonrealty.com

As a homeowner myself and working with homeowners as my professional and livelihood on a daily basis, I typically find the news regarding economics and real estate depressing. Perhaps you feel the same way, however ~

Sometimes what might sound like really bad news at first might not be so bad if you closely examine the numbers. Let us consider the California housing market recent year developments. The state’s median price for homes dropped nearly 40% from July 2007 to July 2008. However, this percentage/number is very misleading.

The unusually large number of forced sales has in themselves pulled down the median price. A large increase in the volume of sales; particularly of deeply discounted foreclosures and short sales in localized hard-hit parts of the state provides the ‘statistics’ for much of the decline. And a larger share of recent sales is homes at the lower end of the price spectrum (during any economic correction, lower income homeowners are more directly affected, thus the increase in sales at the lower sales amounts).

What we have ascertained in working daily in the ‘business of real estate’ is that the value of any particular home probably hasn’t dropped nearly as much as the 40% number the media is always screaming about. Consider also that the increase in sales volume is good news, signaling the onslaught of sophisticated buyers and investors, confident that prices will head up.

The California state of affairs is being played out across much of the nation. Large numbers of troubled sales in localized markets are pulling down the median percentage numbers. However, on a one on one basis the chances are, the value of your home hasn’t suffered nearly as much damage.

So it appears we will continue to see the knowledgeable buyers continuing to come to Truckee and North Tahoe and our surrounding areas to make that purchase, before the upswing! Call me!
Bonnie Jessee 530 412 3984