Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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After the decrease in home prices during the financial crisis of 2008, a gradual increase in home values was seen across all regions. Since we saw a great increase in home prices during 2020-22, due to the pandemic, some stabilization has occurred with some minor fluctuations in home prices. Currently, property values are up 6.5% in the past year whereas during the pandemic, home prices rose 20% per year. In the month of May, 61 homes sold compared to 56 in April. The average sale price in May...
It is difficult to predict a market crash. Currently, the demand for housing is low due to high interest rates. Supplies remain low, as well. Experts expect to see an increase in demand as summer arrives but we expect the lack of affordable housing to be a problem for years. According to a leading real estate data company ATTOM, their Housing Risk Report states that Kern County is one of the 50 most at-risk counties in the U.S. Based on home affordability and underwater mortgages (1.14% of...
Uncertainty has rocked the real estate industry in recent weeks. Since the Sitzer-Burnett verdict, a pending settlement, which must be approved by a judge, will provide a path ahead for real estate professionals and their clients. Instead of relying on a verbal conversation, a written agreement will now be required between a buyer and their real estate broker. This written agreement will be legally binding. It is designed to protect both the client, the broker and the real estate agent. This wri...
The real estate market has certainly had its ups and downs in recent years. During the pandemic housing prices soared due to the demand for homes with an extra bedroom or an office. Many people also decided they didn't need to live in a large city anymore because the need to be close to the company office fell away. After mortgage rates hit a 20 year high in 2023, the market quickly slowed. But with the decrease in interest rates from last year, mortgage payments have become more affordable for...
