Lynn Franklin

As a Paradise homeowner and realtor I try to be as green for our community as I possibly can. That is why I will be frequenting the Paradise Farmer's market that officially opens this upcoming Tuesday, June 3rd.

The Farmer's Market is on Clark Road next to the Paradise post office and open from June through October on Tuesday mornings. The hours of operation are are 7:30 to Noon and open in both rain and shine.

A couple of great things about the Paradise Farmer's Market (other than how incredible the fruits and vegetables are!!)

1) No long distance shipping. Save the gas and environment!

2) Support our local Paradise farmers. Helping our local economy helps our Paradise community and our Paradise real estate market.

A stronger week for the Magalia real estate market than what we have been seeing in week's past. There were 6 properties that closed escrow and 4 properties that went under agreement. As expected, the majority of the Magalia real estate activity continues to be seen on those single family homes listed under $250,000, as well as manufactured homes.

Other activity in the Magalia real estate market included 7 new listings and 16 price reductions. The Magalia sellers have been continuing to lower the prices of their listings week after week in an attempt to get the attention of Magalia area buyers. Great interest rates seen this week, with a slight drop to 6.05% for a 30 year fixed rate mortgage.

Last week in the Paradise real estate market there were 9 properties that went under agreement. 5 listings that closed escrow, and another 25 new listings that hit the market. Of the Paradise properties that that went under agreement and closed escrow, the majority were single family homes priced under $250,000 and manufactured homes.

Some great news for the market is the 30 year fixed mortgage rate that continues to remain at great lows, 6.05%. This is especially ideal for all those buyers out there that want to take advantage of the 25 properties that experienced price reductions last week. YES...that's right 25 price reductions. The Paradise real estate sellers are ready to negotiate and make a deal!

I am often asked about the Paradise real estate market conditions and whether I feel we are currently in a buyer's market. I have to tell you, this is not an easy question to answer. Reason being, you will find little consistency when asking real estate professionals and financial experts the true definition of a buyer's market.

Some of the definitions out there,

1) The average days on market in a typical market are 180 days for most real estate markets. If the average days of available housing inventory falls above that then the market is in favor of the buyer. If the average days fall below 180 days then the market is in favor of the seller. The days on market is relative the amount of inventory that is available.

2) If there is more real estate inventory available than buyers then we are in a buyer's market.

3) If average home prices are declining than we are in a buyer's market.

I've included some Paradise real estate statistics for January through April of 2008 and January through April of 2007. Based upon the definitions and the statistics, what do you think? In your opinion, is the Paradise real estate market in favor of the buyer?

Paradise Manufactured Home Sales, January - April

Paradise Single Family Home Sales, January - April

The Magalia real estate market has been moving at a slow pace. Last week there were 2 properties that went under agreement and only 1 listing that closed escrow. The Magalia sellers however are hoping to pick up the pace as 22 sellers lowered the price on the real estate properties they have on the real estate market. That represents about 18% of the single family homes for sale. So with low interest rates and Magali sellers ready to negotiate, it is time for Magalia area buyers to start looking!