The Bakersfield real estate market has been in a slump for some time now. Most if not all neighborhoods have seen declining home values over the past 2+ years. The foreclosure epidemic has spread throughout the town and affected the highest priced neighborhoods down to the lowest. Everyone has an estimate of when it will turn around- 6 months?? 2 years?? 10 years?? No one can know for sure, but we can watch for signs and there have been signs lately of better times to come.

Multiple offers! - Most serious buyers right now have probably experienced this over the last month. Hot properties that are priced aggressively have a surplus of offers. Buyers are making full price offers on a home and getting beat out by other people. That was one of the main causes of the boom in the first place. The difference is that there are still plenty of other properties right now to choose from, but for the ones priced well there is a race to get them!

Values holding steady! - Working with the banks and asset management companies, we do broker price opinions (BPO- its like a mini appraisal) all the time. We do them for our properties and for other properties all over town for a small fee. Usually the active comparable properties hold more weight in determining value since the market has been declining in most neighborhoods. Lately though I am not seeing as much of a difference between the active on the market, the pending, and the solds. It looks like in a few neighborhoods things have leveled out. That is not the case everywhere, but it could be soon!

Phones ringing! - Our phones are ringing off the hook with people curious about prices on different properties. They are not all necessarily ready to go buy one, but interest is definitely up.

Is the bottom here?? Only time will tell, but it really seems like things are looking up for the Bakersfield real estate market!