Turlock and Central Valley Housing Market Update - April 29, 2023

[Transcript Below]

0:00 Hey everybody, Caleb O'Hara, the Red Show Realtor with the court team at REMAX coming to you with your weekly Central Valley housing market update for April 28, 2023.

0:12 Let's go. So what's been happening in our current real estate market? Well, much of the same is going on as what we've been experiencing before.

0:20 You'll notice the number of active homes for sale is 47 down from last week with 55. We have 67 homes pending.

0:27 See. Last week, 10 homes sold in the last week in Turlock down one from the week prior. Number of average offers on properties that went pending in the last week.

0:36 Look, we're up 3.12 here in the city of Turlock. So that means. That there's a lot of competition out there.

0:43 Three plus buyers wanted every single home that went pending in Turlock. Modesto number of active listings 132 down from last week as well.

0:52 185 pending down from last week as well. 134 sold closed escrow in the last seven days and the average number of offers on homes down slightly from 3.8 to 3.13 offers again still three plus people for every single home that went pending this last week.

1:08 In Modesto, crazy, right? City of Ripon, 18 active listings down from 21 the week before. Number of homes that went pending 19, probably why there's less active.

1:18 19 when pending 13 when pending the week before zero. So absolutely zero closed escrow last week and the number of offers on the homes that went pending this last week.

1:32 . Yeah, 1.2. So averaging just. Slightly over one offer. So 1.2 offers. So that means that there's probably about one plus people maybe two for every single home.

1:43 Oh, and pending again. Remember the market in Ripon price point is higher. The vast majority of homes that are available in Ripon are higher.

1:49 Price higher price points are not experiencing as many offers as the lower price points are.

2:04 What does this mean for you as a potential home buyer and as a potential home seller in the Central Valley, it means this same thing last week.

2:13 Inventory is low in demand is still incredibly high as indicated by the number of. Active listings, very few and the average number of offers that continue to pour in on all of our listings.

2:23 That means that if you are a seller and you have a home to sell or you're thinking about selling, now's the time to do it because there's a lot of.

2:30 A lot of demand and when there's high demand and there is low when there's high demand and there's a low supply of something that you own such as a home that almost always means that you are going to get a higher price for yours.

2:44 A lot of demand and you're going to get a higher home that increased demand means higher offers with better terms.

2:47 It is a great time to be a seller. If you are a buyer in this market you've got to just realize that you need to be competitive and you probably need to be shopping tended 20k higher than your max depending on your price.

2:58 If you're at a point the type of loan that you're using or if you've got cash, etc. But as a general rule of thumb, you should probably be looking 10 to 20k below.

3:06 So if the active, if you're, if your absolute max comfort price is 450,000, you should probably. You should probably be looking at homes that are listed for sale at 434 or less so that you can be competitive in those situations.

3:17 The absolute most important thing that you can have is a great real estate agent that understands the numbers in the market, knows how to negotiate on your behalf and knows how to strike.

3:25 You should be able to make sure and offer to make it stand out from the other pile of offers that are going to be flooding into that listing agent.

3:32 So listen, if you live here in the Central Valley here in Turlock, Modesto, Ripon, Manteca, or the surrounding. Area, give us a call.

3:40 The core team at Remax executive. We keep you moving forward. Call us anytime, 209-237-0303 with all your real estate questions.

3:47 We want to be your go to resource for all things Real Estate. Everybody have a fantastic weekend. And we'll catch you next week.