Hey everybody, This is Sunny with Synergy Real Estate and Property Management here in Bakersfield, California. Today we’re going to be talking to you about the Bakersfield housing market. We want to go over what’s been going on in the face of COVID-19.
Now we’re pretty far into this thing and people are starting to fall into place as far as how we’re taking care of COVID, what the restrictions are, and how everybody can move about their daily life.
What we’re seeing in Bakersfield, especially during this time, is that prices have actually increased quite a bit. Where our average price or median price right now is running around $290,000, some people are saying that we can even top $300,000 by the beginning of next year as our median price.
Of course this is depending on how interest rates run and barring any problems going on with the economy living forward, as well. But, as far as Bakersfield is concerned, right now we are seeing a volume of sales going through.
So What Does That Mean For the Market?
What I mean by that is, most people are focused on that sub 300 or sub 350 range, and in that market those ones are going quick. The inventory is very low and the competition is high for the buyer, so that’s looking really good. However, another market that isn’t as focused on is the market above that 350 range. In Bakersfield that market had kind of slowed down a little bit and it was sort of lackadaisical.
According to a few appraisers and professionals around town, we’re now seeing houses at that price are starting to move. They’re being sold because a lot of owners, maybe older owners, have purchased and lived in these homes for a little while now.
What they’re doing is, they’re selling that home because of Coronavirus and not having to work in a specific location. All of those things are happening and we’re starting to see people moving from outside of Bakersfield into Bakersfield.
This is allowing people to purchase these $500,000 homes or $600,000 homes relatively easily because they’re coming from locations where the average home is $500,000 to $800,000. For them that’s very affordable. They’re getting quite a bit for their money. I mean, if you’re looking at a $500,000 to $600,000 home it could be that you’re getting close to a half acre or more. It could be getting that you’re getting 2500, 3000 or 3000+ square feet, as well.
So, definitely a lot of upside to the Bakersfield market and what’s going on right now. The market is currently hot and prices are increasing. People are seeing that prices should continue to increase into the future as well given our economic factors, our physical place in California, and things like that.
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Thank you for your time,