Central Valley home prices fall to 2004 levels
Median home prices in the Central Valley have dropped to 2004 levels – or further, according to figures compiled by DataQuick Information Systems of La Jolla, a real estate information company.
But the president of a Sacramento company that matches distressed homeowners with investors and prospective buyers says this could be a signal for buyers to re-enter the market.
Patrick McGilvray, president of the Web-based company TheHomeBuyingCenter.com, a unit of Online Broadcasting Systems Inc., says the drop in prices means more average workers will be able to afford home ownership.
Gone are the sky-high prices of 2005, he says, and in their place are homes in the Stockton, Modesto and Sacramento areas priced as low as $100,000. Sellers are more realistic about asking prices, he adds.
“What we’re seeing out there is a return to sanity in terms of housing prices relative to people’s incomes,” he says.
Mr. McGilvray says a key to success in today’s market for buyers is to be pre-qualified for a mortgage before they start home shopping. He says this allows buyers to move quickly when they spot the right property.
Mr. McGilvray talks about the Central Valley housing market in today’s CVBT Audio Interview. Please click on the link below to listen or to download the MP3 audio file to your computer or iPod.
http://www.centralvalleybusinesstimes.com/links/mcgilvray.mp3
http://www.centralvalleybusinesstimes.com/stories/001/?ID=8215
Tags: , Central Valley, online broadcasting systems, Patrick McGilvray, real estate, real estate investors, the home buying center, thehomebuyingcenter.com