After 3 months, we are finally back down to an average of $215 per square foot for the homes I am tracking that are for sale. I had seen some nice declining trends in late spring, but then all of a sudden in the summer, the average started climbing again.
In general, the homes that are pending sale in my criteria (in Folsom and EDH) have a lower average list price per square foot. It seems, the few buyers that are out there are looking for bargains. Speaking of buyers, contract activity it is still really low.
My total listings did finally drop this week, as end of the month expirations and escrow closings kicked in. But I imagine it will pick back up as more homes drop their prices below my price cap. I have been seeing quite a few meaningful price drops the last month or so. Of course there will always be the annoying $1,000 to $2,000 drops, but those are now the minority.
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Well the correction is still going here in arizona.A lot of private sellers are still drunk on the spiked kool aid.The only place to buy is from a new builder.There are some sweet deals here now.
Did anyone catch the update on loser boy casey serin over at housing panic. His wife find ditched the loser and he is pimping his consulting services around the valley.
Caveat emptor
I am starting to see a lot of homes that I am interested in drop below $150/sf. Mainly Roseville/Rocklin/Lincoln area 2000-3000 sf.
I have seen a few get to around $120/sf and if they were a few hundred sf smaller I would be seriously considering buying one now.
But we got a few more years of downward movement to go, I just gotta force myself to be patient.
I'm only looking at smaller homes, 1600 sqft. At $120 by checkbook would be out. $150 is still unappealling.
Yep, my pricing point is $120 /sq ft too. It seems it is also other's pricing point as well.
Unfortunately, we are not there yet. I've made an offer on a house for $118/sq ft and it was rejected last week.
So back to the MLS looking for a house I like in a good school district that is $120/sq ft or less. But I am in no hurry, am still looking for most part, unless a really good deal pops up (Gold River under $140/sq ft??).
I had made a deal with hubby that it would have to be around $185 for me to seriously consider it...but that was back in January....
I might have to revise my criteria soon =)
I just remember looking at homes in my target areas on ziprealty a couple years ago in the 250-400 range (300 would be good for me) and there was nothing listed. Absolutely nothing.
Today there are 88 so it is definitely improving from my perspective.
Now I just have to force myself to be patient while the banks take back 50% of these homes or more.
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