Home prices are surging and that means there may be a tight demand here in Bakersfield, according to a local real estate expert.
During an appearance on “The Richard Beene Show,” local appraiser Gary Crabtree provided his assessment of the region’s housing market, and he told host Richard Beene that he sees plenty of positive movement.
“We are starting to see multiple offers,” Crabtree told Beene. “The tells me we have a lack of product.”
Crabtree said he hasn’t seen this many multiple offer transaction since the boom of the late 2000s.
Crabtree said there about 1,200 homes on the market and that equates to about 1 percent of the housing available in the marketplace. In turn, coupled with the continuation of low interest rates, has created an increase demand for housing in Bakersfield.
As a result, new home construction is starting to take off in the northwest and south of Bakersfield, Crabtree said.
Beene asked about the pricing of the unsold inventory of the home if it was higher-end homes that are still on the market, or cheaper homes. Crabtree said 80 percent of the unsold inventory is valued below $300,000.
Despite some gains in overall family income, Crabtree said Bakersfield still lags behind the national average when it comes to home ownership.
“I think the national average is about 61-62 percent, which is an all-time low,” Crabtree said. “Our home ownership rates are below that.”
Listen to the entire interview:
