Salinas real estate
Salinas is a county and the largest municipality of Monterey county in state of California. The average population is about 150,000. This largely suburban city is located at the mouth of the Salinas valley about eight miles from the pacific Ocean. It has mild climate. It is basically an agricultural place.
Real Estate of Salinas is on demand. Average listing price of real estate in Salinas, CA is $489700. The average price per square feet is $168
The medium price ruling is $231800. Real estate price in Salinas has gone up in recent year. There are about 1000 number of sales open currently. Out of these 290 houses are hot. There 40 open homes for sale. 2300 homes have recently sold. 2300 homes are taken up for foreclosures.
The basic trends in the real estate market of Salinas were discouraging. The price of one bedroom house that was $309000 one year ago dropped down to$101000. The price of 2-bedroom house dropped from $342,000 to 147,000. The price of 3 bedroom house dropped from $432,000 to $210,000. In average for all bedrooms the price fell down from $447,000 to $231000.These are major falls and don't augur well for the real estate market.
This is the reason for increase in number of sales of real estate properties and homes in particular in the year 2008-09. Compared to the home prices in the nearby cities house prices in Salinas have fallen down more. All types of property are for sale or lease including Land, Office, Retail, Industrial, Apartments and Hotels. Single family home with 4 bedroom and 3 baths at Canelli County is available for $289000. Another house in Randall road is available for$217,900 with 3 bed rooms and 2 baths. $89,900. A Condo at N Main street with 2 bedrooms and one bath is available for sale at a price of $89,000
California mortgage rate that is applicable in Salinas is of mixed trend. 15-year fixed mortgage rate currently ruling is 5.098% that is higher than last week's rate of 4.958%. 30-year fixed rate is also higher at 5.34%. 1-year ARM is ruling at 4.179% and this is lower than that of last week's rate. 3/1Year ARM is 4.045% and 5/1 year ARM is 4.302%, which are marginally lower than last week's rates. Buyers taking up mortgages must have credit score of 600 to be eligible.
Real Estate is one of the most valuable investments any one makes in his entire life. The real estate may be home, duplex, on income property. Professional approach to finding a suitable house in suitable locality with necessary amenities, good neighbor, good infrastructure and other facilities is must. A good tenant if the house is for rent is to be found by truly professional brokers. A good professional property manager is required all through to guarantee peace of mind. They can assist in listing the property, in determining the best price for the property, enter the property into the multiple listing service with the institutions, market the property, process applications, obtain credit report, verify references and income of the buyer, review application forms prepare lease agreements and other services required. If the property is managed one additional services are required to be performed by these professional managers such as execute property management agreement, collect proper security deposit, assist in enforcement of lease terms, rent collections, etc.
Real estate agents can help prospective buyers with all necessary formalities. Buyers who are pre qualified for purchase a home face less difficulties and remain in competitive advantage while negotiating for a home. Agents can really help non-qualified buyers with more care and follow ups. They can find about the most suitable plans for a selection of a house. They can analyze the information and credit report of the buyer and advise about the plan. They can advise on maximum loan the buyer can deserve against the qualifications submitted.
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