If you want to sell your house in Ceres, there’s never been a better time. A recent analysis ranked Ceres as the top 10 easiest places in California to sell a home.
The analysis was done by the New York financial technology company SmartAsset and ranked places in the U.S. by the number of days their homes spend on the market. The report indicated that Ceres homes were on the market an average of 34.7 days.
Escalon, a small town in San Joaquin County north of Modesto, ranked 7th in the state. Coming in as the fastest place to sell a home were Concord (an average of 22.3 days on the market); followed by Antioch (22.4 days); and Pittsburg (25.3 days).
Ceres real estate agent Renee Ledbetter said Ceres homes are selling fast because stock is low and interest rates are at record lows.
“Inventory is so slim,” said Ledbetter. “And honestly throughout the Valley homes are not staying on the market for more than three to five days just because inventory is so slim.”
Many of the owners who are selling are moving out of state to Idaho, Arizona and Oregon, she said. Many are just fed up with California’s politics, homelessness, cost of living and traffic.
“This year alone I have moved probably seven or eight families to Idaho and two to Oregon.”
Many of those looking to buy a home are renters who want to take advantage of the low interest rates. She said people with a good credit score, good income to debt ratio and a solid job for the past two years are qualifying for interest rates as low as 2.65 percent.
“There are certain lenders out there that can qualify buyers to close within 21 days,” said Ledbetter.
Agents are finding that when homes do pop up on the market, multiple offers are coming in, which are driving up prices.
“We’re seeing houses go well above list price – I’m talking $30,000, $40,000, sometimes $50,000 above list price. That’s how competitive the market is.”
EXIT Realty, the firm she works for, listed a house in Stockton for $360,000 and her clients were willing to offer $380,000 and willing to pay $5,000 over appraised value. The house received 26 offers, the highest at $410,000.
Appraisers are beginning to level things out now, she said.
“That’s a good thing because they’re normalizing the market. It’s not going crazy.”