Scott Hopper's blog: NEVADA COUNTY REAL ESTATE MARKET UPDATE 7/30/12

Monday, July 30, 2012

NEVADA COUNTY REAL ESTATE MARKET UPDATE 7/30/12

As many of you know, homes in your neighborhood are selling and many of which are sold in just a few days. I would like to offer you as a reader of my Blog the opportunity to follow the sales activity around your home. Please email me at scott.hopper@eracornerstonerealty.com with your address and I will place you into my email data base. This data base will send you any sales activity within a geographic area. I will generally cover a one mile radius so if you want the search to be larger please include that as well.

Currently there are just two listings of single family homes located in downtown Grass Valley (Hughes Rd. at $49,000 and East Main St. at $189,000) as well as three in downtown Nevada City (Broad St at $695,000, Cottage St. at $793,000 and Secret St. at $1,090,000). The market is tight!

The market has change in the past six months so if you have thought about selling, now might be the time to give me a call. The inventory of single family homes currently on the market in Nevada County stands at 484 units. Just one month ago there were 592 and as an example, in 1997 there were over 1,400 homes for sale in Nevada County.

What does this means to you as a home owner? As inventory gets tight, prices tend to rise.

Earnings of most large corporations which trade on the New York Stock Exchange have met or beat their market expectations, which shows the economy is improving. Interest rates are still very low so many first time home buyers are purchasing, thus reducing the already tight inventory even more. If you would like to sell and move up to a larger or even down size to a smaller property you may want to capitalize on today's market strength.

Now moving to the other side of the transaction. Buyers are looking for great deals, but with the inventory being so low, sellers are holding on to their asking price as buyers don't have many choices. I will use downtown Nevada City and Grass Valley as your example. If you would like to purchase in either quaint small town their are only five homes. Sellers do not and are being encouraged by the agents not to take the low ball offer. There are more buyers in the market than there are sellers, so get pre-qualified and write offers or you may miss the boat.

The bottom line here is, if you would like to become more familiar with what is currently occurring on your street, in your neighborhood or the county, please ask me as I would like to help.