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Foreclosures & Short Sales

My 2016 Year End Oakdale Market Update

How is the Real Estate Market in Oakdale?

I looked back at my last couple of updates, in fact, all the way back to 2014 to see what I thought then, verse now.  The conditions then are remarkably similar; New Home construction (they are building them), interest rates (they are still low), appraisal issues for new loans (appraisers are still behind the curve) and overall inventory levels of pre-existing homes are still about 4 months of inventory on hand. The problem with being in the business a long time (26+ years) is sometimes you can’t see the trees from the forest, yes I said trees from the forest, and no I am not dyslexic.

Prior to the election many of experts, “economists with degrees”, the National Association of Realtors, Presidents of large Real Estate Companies like Century-21 etc., had predicted a modest growth in 2017, around 3-5%.  The unexpected result of the election has added a degree of unpredictability to the equation, head scratching is now quite common and the new points of view are very charged with emotion.

The truth is:Why we buy and sell our homes has not changed.  We do it because we want to or, because we need to change where or how we live.  That fact has not changed one bit. Up or Downsizing, we are all re-sizing, because our wants and needs are changing (about every 7 years on average).

The truth is:We are in a level market, that is to say the Buyers and Sellers are struggling to find a mutually agreeable sales price.  Neither has any distinct advantage over the other. One wants more and the other wants to pay less, Normal!

The truth is:FHA just changed their maximum loan amount from $276,000 to $299,000, first increase in 3 years.  This will give us a boost on both sides of the deal, YEA!   Interest rate are still low, 4 to 4.5% and they may raise slightly in the middle of the year. Great credit scores can reduce your rates, by the way.

When it is your time, this market may not be the very best, it's solid, it's steady and it's moving !

 

As always, Enjoy Your Castle and Keep It In Great Shape!

 

My 1st Quarter 2017 Oakdale Area Market Update

How is the Real Estate Market in Oakdale? YOU ASK


Well it is fascinating, simply because we are a relatively small market that does not tend to react to outside forces. We just keep moving forward & pressing on. Those who need or want to sell are succeeding, but those who want or need to buy are having a little trouble getting what they want. NORMAL, why? It’s simple, supply and demand, lots of demand and not a lot of supply! Prices are up, but the question is - HOW HIGH UP?
 

The truth is: Sellers, who need to sell, are finding that the Buyers think the prices are too high and for now the appraisers are still agreeing with them. The values are up, but certainly NOT the pre-recession ballistic. I review the homes on the market for my buyers and sellers constantly. It’s critical that we know our competition. So I see the number of price reductions for homes on the market as soon as they are updated. Generally, price reductions are due to sellers wanting to push towards those pre-recession values. This market is solid, sustainable, moving upwards, yet certainly not the bubble from days of yore.
 

The truth is: A buyer’s ability to buy is a function of affordability, they are reaching up to the seller’s price, but today’s lending criteria, income verse debt ratio and interest rates are eliminating a growing percentage of these would be Buyers. A little known fact; a ONE percentage point rise in the mortgage lending rate (4% to 5%) eliminates over one million buyers from the housing market, nationwide. Many of today’s buyers are contingent on the sale of their current home. If their home is priced to high for the market – their offer on your home is not sound. I see both of these forces at work as I review the number of homes that show Pending and then go Back on the Market.
Fortunately for all of us, there are still lots of people who think Oakdale is the Diamond of Stanislaus County and have heard that Oakdale Is “A Great Place to Grow Kids” and they keep coming!
 

The truth is: We are still in a level market, that is to say the Buyers and Sellers are still struggling to find a mutually agreeable sales price. Neither one has any distinct advantage over the other. One wants more and the other wants to pay less, Normal!

As Always, Keep Your Castle In Great Shape!

 

 

2015

Click this link for Scott's End Of The Year Market Update

Click this link for Scott's Mid-Year Market Update

 

2014

We are back, headed towards strong & steady, February  2014

Yes we are back!!!!!: 
We are seeing a return to a normal market, (whatever that is today).  The inventory is still low, new home builders are gearing up, home prices are up and many homeowners have regained some equity. Thats the good news, the bad news is the U.S. Treasury Department is reducing its mortgage purchases from 85 BILLION per month to 65 BILLION per month. This trend will gradually cause a rise in mortgage interest rates, as private investors, demanding a higher interest rate, buy more of the mortgages. Mortgage rates were 4.25% and are now trending to 5%.  Not a giant jump but definitely a HOP!  Remember money is a commodity, no different than gasoline, food, almonds, cars, ETC.  “Supply and Demand”

The truth is:  
Our recovery is getting stronger and stronger.  I am very confident 2014 will reflect this growing strength. We are all very happy that the USDA loan program was extended for Oakdale.  This means our entry level market still has low money down financing available, this is huge for us!  This entry level market is the foundation for the entire real estate market.  They buy and we all continue to trade up to more valuable homes or more homes etc., etc.   

Also:
Pay strong attention to todays water issues, this is not a passing fad I am sorry to say. It is as serious as a stroke! We are an agricultural based area, water is our lifes blood.  Lots of opinions out there, be watchful and involved.  It is a very complicated set of issues, not just the lack of rain, but water wells, reclaimed water usage, drinking water, environmental concerns and causes.

You've heard it here AGAIN and AGAIN:
NOW is the time to help your kids buy a home!! Home ownership for your kids, may be your greatest legacy, unless you plan to take it with you!  Several of my clients have heeded this call to action. Also, if you lost your home to a foreclosure 3 years ago or did a short sale 2 years ago, talk to your lender; you may be able to buy now. Dont stand still; opportunities exist in every part of our country! The market is ready for your business!!! The time to act is NOW, it only gets better!

As Always, Keep Your Castle In Great Shape !

2013

Click this link for the Good News To Report In Oakdale !  Mid Year 2013 

Yes it Happened!!!!!:  
WE ARE BACK and back so fast that the Buyers and Sellers are having trouble adjusting to the role reversal in the market.  Prices are climbing, very few “Good Deals”, whatever that was (?)  The inventory is still way to few, new home builders are starting to gear up, and property taxes are up like the temperature.  Thats the good and bad news.

The truth is:

We still have more short sales and some amount of FannieMae REOs to wash through the system. New home builders really have started to build and not just on foreclosed lots.  Developers are digging new roads, i.e. the 54 lots on West J and Crane.  GOOD NEWS my friends, we are back!!! That being said, the lack of homes to buy combined with low interest rates and more jobs locally has created a very nice increase in values in the Oakdale market place.

The other truths:

Our economic recovery is still fragile, be confident in our continued success and participate when and wherever possible. If Congress worked has hard as the American people are working at solving OUR issues WE would be a lot farther down the road towards sustained prosperity, just my opinion.

You heard it here AGAIN:

This is the time to help your kids buy a home, now is the time!! Home ownership for your kids, may be your greatest legacy, unless you plan to take it with you!  Several of my clients have heeded this call to action. Also, if you lost your home to a foreclosure 3 years ago or did a short sale 2 years ago, talk to your lender; you may be able to buy now. Don't stand still; opportunities exist in every part of our country! The market is ready for your business!!! The time to act is NOW, it only gets better!

As Always, Keep Your Castle In Great Shape !

 

Click this link for Scott's March - Calif Assoc. of Realtors Update

This is GREAT News for all of us ! California Home Prices Hit Highest Level in Five Years
 

Leslie Appleton-Young Vice President and Chief Economist for the CALIFORNIA ASSOCIATION OF REALTORS®'ae (C.A.R.)

Driven by strong sales in high-end coastal areas and shrinking inventory, California's median home price hit its highest level in March since May 2008, according to the California Assoc. of Realtors.

The median price for a single-family home increased 13.7% in February, after a shift from a previous two-month decline.  The month-to-month increase was the highest recorded by C.A.R.
The median price in March 2013 was 28.2% above the  $295,630 median price in March 2012 and the 13th consecutive month of year-over-year price increases.

 " Higher sales in the coastal areas of Marin, Orange, San Diego and  San Luis Obispo helped push up the median price.  Sales of homes priced $500,000 and higher are up more than 34 % from last year, and have been on a rising trend since early 2012."

California continues to deal with low home sales caused by a low supply of available homes, an issue that is impacting markets across the U.S.

Statewide inventory dropped 36% from last March and was below three months of inventory for the second time in the past few months, CAR reports.  "Supply conditions are particularly tight in the lower-priced segment of the market, as inventory for homes priced below $300,000 plunged more that 50 % from the previous year." C.A.R President Don Faugjt said in a release.  


Homes continued to sell faster in March.  A house typically stayed on the market 29.4 days in March before selling, down from 34.2 days in February and below the revised 52.2 days for the same period a year ago.

As Always, Keep Your Castle In Great Shape !

 

Click this link for Scott's January - Good News - Market Update

 

2012

Click this link for Scott's September 2012 Market Update

Click this link for Scott's Mid-Year Market Update

2011

Click this Link for Scott's 2011 Update

2010

In a nutshell- 'In confusion there is profit' - let's move on ! 

2009

Click This Link for Oakdale‘s Fall 2009 Update

Click This Link for Scott‘s 1st Quarter 2009 Update

2008

June 2008: Click This Link for Scott‘s Market Update

February 2008: Click This Link for Scott‘s Market Update

 


 
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