Redding real estate market now

[gemstone1]

"We had a great house under contract and it burned down".....damn.....sorry about your luck.

[skycrane]

Over a 1100 homes burned up and normal inventory including land, condos and everything is only around 700-800 listings so if you do the math house prices will be going up based on supply and demand. I live here and already have seen 30-40k price increases. To get into a new house your looking at mid $400ks like in Shastina Estate etc. Having said that Redding and the Carr fire has really united the town and the new police chief is cleaning up the city.

[oldtrader]

Originally Posted by Yattycathy

So what’s up with the damn housing market in Redding and surrounding areas?

We put in a few respectable (within 10-15k of asking price) offers on houses and no one engages. It’s very confusing as to whether these listed houses have owners who truly want to sell. I doubt people who had houses burn down can pay 500-600k for a new house. It’s like suddenly everyone thinks their house has increased in value.

We had a great house under contract and it burned down.

You have a problem understanding in a tight market like in Redding, that people can get their asking price if it is true market price, and the majority are not going to take a low ball offer such as you are making.

Low ball offers such as you are making will not be accepted or often even acknowledged.

If you want to buy a home in Redding, you are going to have to pay the asking price or above to buy the home.

In some tight markets, you are not even going to get to buy a home at full asking price, as the demand is so high that there will be a bidding war on every home that is desirable and priced anywhere near the local market value. As Redding gets settled down again, you are going to see prices increase even more.

You think you are making fair offers, but as you find out you are not, and your offers are being rejected. If you want to buy a home in Redding area, buy at asking price now, or you may find as much as a 20% increase in value for homes as home sales pick up.

[CCbaxter]

Originally Posted by oldtrader

You have a problem understanding in a tight market like in Redding, that people can get their asking price if it is true market price, and the majority are not going to take a low ball offer such as you are making.

Low ball offers such as you are making will not be accepted or often even acknowledged.

If you want to buy a home in Redding, you are going to have to pay the asking price or above to buy the home.

In some tight markets, you are not even going to get to buy a home at full asking price, as the demand is so high that there will be a bidding war on every home that is desirable and priced anywhere near the local market value. As Redding gets settled down again, you are going to see prices increase even more.

You think you are making fair offers, but as you find out you are not, and your offers are being rejected. If you want to buy a home in Redding area, buy at asking price now, or you may find as much as a 20% increase in value for homes as home sales pick up.

I would tend to agree. I bought my house here in Redding a little over 2 years ago. Last week the agent that I bought it from was talking to me and told that it’s value has increased roughly 10% not including improvements. That’s before taking about 1000 homes out of the market.