So far homes and property are selling here in Lake County, California, but at a slower pace than we have seen in the last few years.
It is interesting that home buyers still have very reasonable interest rates available, yet that alone is not enough to encourage more buying activity. All around Clear Lake there is an abundance of homes for sale in all price ranges. More home sellers are competing by lowering their price and some are offering credits towards buyers closing costs, buy down rates or even down payment.
It appears that it is a great time to buy and sell real estate, so why are there not more homes being sold? Some sources believe that the stock market keeps people on edge and worried. Others feel it has a lot to do with the rise in gas prices.
We do see homes selling, sometimes very quickly, when they are priced at or below the competition. So, there are is activity when a house is priced right from the start. This appears to be a better strategy than starting high and spending months lowering the price to attract attention in order to sell it.
Time will tell what is in store for the real estate market here in Lake County and also for the entire state of California.