Cypress Hills is one of the most popular neighborhoods in Grass Valley and there are very few homes that sell for under $350,000. In the last year I have only previewed five or six homes as most list and sell over the price point of this blog. Still, it is good to go look, after all, if a fixer comes up it is good to know what the home would sell for if it were repaired and made ready for a flip. This home is not a fixer. The list price reflects that.
Inventory remains low, but that is typical for beginning of February. We still have not seen enough of the new listings from the spring market to say definitively if prices are rising. The time it takes a home to sell is still quite short, there is still pent up demand from buyers who were looking before Christmas but could not find a home, so they are feeling desperate now. But that kind of demand dissipates quickly in the spring when a wave of new listings come on the market. Until we get the point where there five new homes being listed every day, the market is not yet in full swing. It’s when there are 50 new homes to look at every week is when we find out the true direction of prices for the year. Until then, I keep looking at homes up to $340,000, knowing in two or three weeks I will be deluged with homes under $300,000 and there will lots to say about comparing prices between last year this year.