San Joaquin County - Residential
FOR SALE: 572 -17.1 % from 690 last month.
SOLD: 215 +2.9% from 267
PENDING:266 -0.4% from 267
AVE LIST PRICE: $712,000 -2.1% from $731,000
AVE SOLD PRICE: $534,000 -6.2% from $569,000.
AVE DOM: 29
AVE PIRCE PER SQFT: $300.00 -6.2% from $320.00
Sellers' Market: 2.2 Months of inventory.
San Joaquin County - Commercial property
FOR SALE: 73
SOLD: 4
PENDING: 6
My Opinion: The Fedsare expected to lower the interest rates three to six times in the new year / 2024. As rates do drop more buyers will qualify for higher loan amounts. This will increase the competitionin the local market.
More programs are now availablefor all home buyers and added funds for first time home buyers'programs. Some other good news is the lowered required down payments for single family and multi-unitinvestment properties- we are now in the 5% ranges compared to the old minimumsof 20% down for investment properties.
We will see a huge wealth transfer in the new year with commercialbuildings currently sitting at an under value of 30% to 40% showing great opportunity for new investors.
If you have any questions,please feel free to ask me and I would be happy to help.