The overall market in Nevada County has 356 single family homes for sale which is very few.
What does this mean for the market looking forward? It is simple supply and demand. The supply is historically low right now and demand is rising. Prices should move higher over the longer term.
Over the shorter term we are waiting to see what the government does with their pending short sale tax law change. Banks and short sales have provided a lot of inventory to the market place over the past few years and most people who have struggled to pay their mortgage have cleaned their balance sheets. If there is no incentive to sell your home below the note value many will hold on to the property.
If Nevada County's single family home supply does not increase we shall see continued price strengths on lower sales volume.
This is a great time to trade up to a larger or higher quality home. Prices are still low, loan rates are low so if you have a home which would sell for less than $200,000 and you can afford to purchase a home above $300,000 now is the time to act. Homes which are priced above $300,000 are staying on the market twice as long or more.
In conclusion, if you have good credit with recorded income, we have hit the bottom and you have a very good chance of building equity over the near and longer term.
Scott Hopper - Realtor, 530-477-2277
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