Lake County Real Estate Blog

Hi Everyone,

I have just updated my Monthly Sales Comparison page and for the first time since September of '07, sales are above the monthly average. I would not call it a trend yet but it is an encouraging sign.

If you take a moment to visit the comparison page, please be sure take a look at the some of the other stats as well. Prices are excellent right now for buyers and there are great homes available. Search the MLS from my home page to see for yourself, it's the top button on the left side of the page.

Thank you so much for staying in touch and please be sure to contact me anytime by phone or email if I can answer any questions about property you have seen, or about the market in general. If you are thinking of investing in a vacation or retirement property, or of relocating, I'll be glad to show you the possibilities here in beautiful Lake County on your next visit. 

My very best regards to you all!

Steve McKenzie  

Hi,

Just a quick note today to let you know that I have completed the March sales comparison chart. It can be found on my website at the center tab located at the top of the page. It's titled  "Monthly Sales Comparison". The numbers are very good news if you are a buyer in Lake County. They're not so good if you're a seller. I will do my best to keep you up to date on market conditions here in Lake County and will write again soon.

Come and visit anytime to see what great home values you can get for your money. I would be more than happy to show you around. The weather is great, the lake is beautiful, the air is clean, and prices are fantastic.

Best Regards,

Steve McKenzie

I just listened to this interview on www.MarketWatch.com with Joel Naroff, chief economist with Commerce Bank. He is discussing the record drop in home prices in January as seen in the home sales index mentioned mentioned below. Here is a little bit of what he had to say:

The record drop in home prices as seen in the S&P/Case-Shiller index for January show "the problems are being reflected in the prices, and that's the market working" says Commerce Bank chief economist Joel Naroff. While the drop is painful, Naroff says, "We're getting towards that bottom. Maybe not in prices, but prices have come down enough that we're probably going to see stability if not a slow rise in sales as we go through the summer into the fall."

This is very wolcome news for buyers! To hear more just click on the link provided below (or above). It's under five minutes and worth the time.

Thank you very much for reading my blog! - Steve McKenzie

http://www.marketwatch.com/tvradio/player.asp?guid=%7BC2DB7640-9AF0-4D0D-82FE-09FBB8527F62%7D 

Hi

As Mom used to say "If you don't have anything good to say, don't say anything." Well, I haven't written in a while because I've been scouring the media to find a good sense of perspective about the current market. I think I'm making progress. 

I came across a couple of interesting articles that help somewhat. One is by Scott Burns and can be found on MSN.com and the other is by Marcie Geffner which was in the Sunday SF Chronicle real estate magazine. They both look at the current foreclosure situation and offer a perspective not heard (by me anyway) on TV or in print media up to this point.

They both have looked at the numbers and concluded that the foreclosure "crisis' may well be overblown. As Scott Burns said "this news will disappoint the doom and gloom crew and all those seeking the excitement of financial upheaval".

The statistics would seem to bear them out. The actual national average rate of foreclosures was still only 1.033% at the end of 2007. About 30% of all home are owned mortgage free and another 30% or more are rented and thus paying for themselves. This means that for all the "noise about a crisis" out there, only 7/10ths of 1% of all homes out there were in foreclosure.

Further they say, the national numbers tend to mask what are essentially regional problems in various areas of the country. For example, in the top 100 real estate markets, only 34 had foreclosure rate above the group average while 51 had averages of 1% or less. The Stockton area has a high rate of about 4.9% while Providence Rhode Island has a rate of .41%.

I think what it comes down to is that all real estate is local in nature. Here in Lake County there are some foreclosures as well but while they factor into the market, they do not drive the market as a whole and the market is not "depressed" overall. There are many homes on the market and prices are lower due to the credit crunch but this situation will dissipate in time and the market pendulum will begin to swing back to a buyer and seller balance.

Keep an eye on the residential market here in Lake County by visiting the Monthly Market Comparison page on my website. It's the tab at the top of my homepage in the center. You can track the "health" of the market over time and hopefully get a sense of where the market is now and where it is going.

I hope you find this information of useful and I thank you so much for taking the time to read it. - Steve McKenzie

Happy New Year! 2008 is going to be an interesting year in real estate. If you are looking to the future when making an investment in real estate, the market has not looked this good in years.

I wanted to let you know that I have added a new page to my website. It is a tab at the top of the page labeled MONTHLY SALES COMPARISON. On it you will find a chart with a monthly moving average of residential sales per month in Lake County. That average is compared to actual sales per month. The chart is designed to help indicate whether the pace of sales is moving higher or lower compared to the average. The theory is that as sales accelerate over time, prices will begin to firm and vice versa.

I will be modifying the page over time to include the sales of each month in 2008 so please check back to see how the market is moving. 

Again, have a great 2008. I appreciate you visiting and will continue to work to make my site as useful as possible for you. If you have suggestions for it, please let me know. 

Thanls very much!     

It can be a confusing time for buyers. I hear people asking all the time, Is it a good time to buy? Should I wait? Are we there yet? Well, I heard an interesting observation the other day that I wanted to share with you. It goes something like this:

With interest rates so low, so much inventory to choose from, and sellers who are willing to negotiate, prudent buyers are snapping up great deals. For those who wait, the market will only get better for sellers because this buyers market will not last forever. I think it makes good sense.

I have seen more buyer activity in the last few weeks than I have for quite some time. I think they are on to something. They have not been people looking to make a quick buck on a flip, they have been investors looking for great deals. 

To this point in 2007, the median sale price of a residential property in Lake County is down about 8.5% from 2006. It's good to remember that all real estate is local. Every area is unique. Many places in this country would be thrilled if prices were down only that much. 

As we scrape along at the bottom of this market, try not to be looking for that perfect "bottom" time, look instead for that great deal. It is sure to be there for you.

Hi Everyone,

It's a very interesting market these days. Prices are the best they've been for several years. I mean, for a buyer, it does not get much better than this. Great homes on the market, plenty to choose from, and sellers in a very negotiable mood.

The one little problem? Lenders! Suddenly they seem afraid, reluctant,           (insert your word choice in the space provided). With low interest rates and great prices, homes should be disappearing from the MLS into the investment portfolios of home buyers everywhere, but loans seem especially hard to come by right now. I am assured that this problem is only temporary and will change as lenders regain their equilibrium and see the errors of their recent ways.

I do not see home prices dropping much, if any, from here on. Once lenders get their act together, prices will begin to climb out of this, the market bottom. Loan pre-approvals are more important now than ever. 10% of all California home transactions fell through in August mostly due to lenders pulling out of the deal. Be prepared ahead of time so that when you find the home you want, there are no unwanted surprises waiting for you.

It is truly a great buyers market these days - all we need are the buyers!

Have a great week! Drop me a line if you have any comments or questions, I'd love to hear from you.

Whether you're a first time buyer or a seasoned investor, with so much inventory now available on the market, a great opportunity has developed for buyers to get the best real estate prices in years.

Interest rates dropped .5% today! It is an excellent time to make your investment. It does not get much better than this if you're looking for real estate, prices are LOW and interest rates are LOW. Over time, as more buyers move into the market, prices will solidify and begin to rise again so, if you've been waiting for the right time, this is it.

Call or email me anytime to see what's available, to get listings, or to talk more about the excellent possibilities available in Lake County. 

Thanks very much for reading my blog. I will send another market update soon.

Hi,

I want to let you know that my company is having a big open house event this weekend. It will take place on Saturday and Sunday and will have over 150 homes open for viewing. There will be all types of home in all price ranges. Click the links below for the schedule and maps.

It is the best buyers market in years, interest rates should be dropping next week, and credit should be more readily available too.

Just click on the link for all the information. If you have any questions or need further information, call or email me anytime. Enjoy!

http://www.countryair.com/countrytrails/ 

Hi,

Here's a nice article about Lake County dated August 10th, from CNN.com -enjoy.

http://www.cnn.com/2007/TRAVEL/getaways/08/10/lake.county/index.html