Foreclosure home in Tulare County, California is expected to rise after the end of the moratorium. Industry experts said that so far, the increase is not yet evident in the real estate market in the area, adding that the current inventory of foreclosure houses for sale is at its lowest level.
Experts said that right now, the market needs more foreclosure properties so as to give buyers more choices and to keep up with the rising demand for cheap houses. Meanwhile, industry veterans and experts predict that the absorption rate of the current market will be enough to handle the expected release of foreclosure home that may result from the end of the moratorium in California.
Experts pointed out that the current state of the real estate market is best approach through long-term investment. They said that from a long term perspective, an individual who does not own a home, is searching for a bigger house or if a person is seeking for an investment, then now is the right time to buy.
According to market data, there are currently 916 active housing listings, a drop from the 933 in August, compared with 1,681 from a year ago and 2,013 in the same month in 2007. The data also showed that there are about 3.12 months worth of supply of houses at the current rate of market sales.
Meanwhile, industry experts noted that the slowing down of new home sales and slight credit tightness experienced by the housing market in 2007 had an effect on the new-home market. But they said that some local buildings are experiencing an improved level of home sales.
On the other hand, the home sales volume rose by 48 percent in the first seven months of this year, compared with the same period last year. Industry experts said that interest rates have always played a key role to home sales. The current interest rates are about 5.5 percent, which is near historic levels.
Meanwhile, online real estate buying and selling is playing a major role in the current market, according to experts. They said that online buying and selling help boost the current housing market in Tulare County. But industry experts are one in saying that affordability is the single, most important factor that has expanded the real estate market in Tulare County. And again, the abundance of foreclosure home is driving the market expansion.
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