BAKERSFIELD, Calif. (KERO) — The San Joaquin Valley has been experiencing lower interest rates for the last couple months. Some realtors are urging potential home owners to invest into the market while rates are low.
- Interest rates rise during the summer months and lower during the winter months.
- Some realtors suggest this is the best time to buy
- Gary found 2023 rates were more steady compared to 2024 up and down rates.
BROADCAST TRANSCRIPT:
The housing market can be affected by many things like elections, season changes, and construction in the city. Im Eric J Dockery your Bakersfield neighborhood reporter. The city of Bakersfield's interest rate has declined in recent months to where it may be the best time to buy property.
Gary Crabtree the creator of the Crabtree report, tells me a good market is going to be steady, like last year (2023) he saw the median value, rise during the summer months and then go back down for winter. That compared to this year, where the value has fluctuated more dramatically...
Gary Crabtree said "This time of the year the market always slows down and traditionally the market will go down about 3-5% so if you want to catch both the lower interest rate and the lowest price now is the time to buy."
Interest rates change year-round, from March through September, rates tend to be higher than October through February which is known as the off-peak season. He tells me that now is a good time to buy because the lowered interest rates to 6%.
"We have seen fluctuation over the last 6 months, the median home value has gone up and down and up and down. More recently this month it has gone down probably about 4% here. Now I'm talking about Bakersfield it went from about 405,000 median home value down to about 380,000 median home value." said Kevin Oliver
Oliver tells me they are seeing southwest Bakersfield starting to grow again, bringing up property values in the area. Crabtree said new construction is also seeing a rebound.
Gary Crabtree said "We have seen a great influx of new construction mostly in the south part of town and also towards the northwest part of town. The main thing is that new construction is now almost commanding the market. Last month one of every three homes sold in Bakersfield was new construction."
Officials tell me it's not just Bakersfield but the rest of San Joaquin Valley's low affordability and the new construction market is booming.
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