Friday, August 25, 2006

LOCAL STORY FROM KGET

Local real estate market shows signs of slowing Video

Posted 8/24/06BAKERSFIELD - The foreshadowed bubble burst of the real estate market could soon be a reality with home sales dipping to their lowest level in 2 1/2 years nationwide.
Sale prices are dropping across the country showing a sign of a slumping economy. The western part of the country has been hit the hardest, but Kern County appears to be in better shape.
So, if you've been trying to sell your home in the last few months, there is definitely a new trend. There are now more homes on the market with fewer buyers, pushing sales prices lower than last years. In fact, some say it’s a dramatic change from the boom days of 2005.
“The days of just putting a sign on the lawn and selling a house and getting four offers in two days for $10,000 over asking price are gone,” said local seller, Don Weagle.
Realtor with Prudential of Bakersfield, Diane White, said, “Sellers have in their head last year’s prices, and sellers really have to get last year out.” She adds, “They really have to sell their home, today”
Experts say in today’s market, sprucing up a for-sale home is a must, possibly even paying for things like closing costs.
Despite a nearly 6 ½ percent drop in west coast home sales, developers locally are optimistic.
“We're still living in a very good market,” said Miguel Soltero. “In some areas, Bakersfield being one of them, but I think we just got a little spoiled.”
Meanwhile, there is more than 4 times the number of homes for sale this year, than last year. And, everyone seems to agree that it has turned into a buyers market which is great for those looking to pick up a new home.
But, with both buyers and sellers waiting for better days, there's fear the economy could go the way of a slowing housing market.

5 comments:

smoggiebakersfield said...

“We're still living in a very good market,” said Miguel Soltero. “In some areas, Bakersfield being one of them, but I think we just got a little spoiled.”

I think they / he just got a little greedy! The market sucks, the majority of the homes being sold are the flippers screw-ups.
They have to cut the price, to sell, if not no sale, period!

smoggiebakersfield said...

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=130019625338&ssPageName=ADME:B:FSEL:US:1

Bidder, Bidder, do we have a winner?

Wonder, if this auction is a last ditch effort, on a flippers part to unload their mistake?

smoggiebakersfield said...

"Housing, energy prices strain shoppers"

Sounds like a recession to me!


http://hosted.ap.org/dynamic/stories/T/TAPPED_OUT_CONSUMER?SITE=FLROC&SECTION=BUSINESS&TEMPLATE=DEFAULT

Anonymous said...

What happened to this idiot?

http://www.sacbee.com/content/business/projects/boom/story/13702903p-14545580c.html

BAKERSFIELD - In another era, David Crisp might have raised cotton or drilled for oil.

But nowadays the business of Bakersfield is real estate, and Crisp, 26, makes his millions buying and selling property in the second-hottest housing market in the nation. He does it in a style that would make an oil tycoon proud, tooling around his hometown in a $560,000 Mercedes-Benz McLaren sports car and flying investors around on private jets.

"The young hotshot of Bakersfield real estate," says his 58-year-old business partner, Carl Cole.

What a dumb cocky prick!

Anonymous said...

There is only one good way to sell a home quickly when there is a lot of competition....DROP THE PRICE. Sellers are going to need to learn this.