Bakersfield, CA Real Estate News

By Christopher Craddock
(Miramar Real Estate)
On Leap Day, The Bakersfield Real Estate Caravan leaped from Thursday to Friday, and from Hometown Buffett to the Bakersfield Association of Realtors. We looked at nine properties South of Ming Avenue, between Hwy 99 and Gosford Avenue. We call this Area 52, or Southwest Bakersfield.Prices ranged from $176,000 to $317,000, and there were Short Sales, REOs, Resale, and New Construction.Houses were on Chesire Dr, Westporte Ct, Half Moon, Plaquemines, Rio Viejo Dr, Whitegate Ave, Domingo St, Brazil Ave, and Trentino Ave.
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By Lisa Lambert, ESQ. (1031 Exchange Expert)
(Asset Preservation)
ONE SALE - TWICE THE TAX BREAKS!Sellers of farms and ranches are able to take advantage of two different tax code sections to minimize capital gain tax liabilities. By utilizing all the opportunities available in the tax code, many ranch and farm owners can meet their investment objectives and defer capital gain taxes! Often some of the property can qualify for tax exclusion under IRC §121 and the remainder can qualify for tax deferral under IRC §1031.BENEFITS OF IRC SECTION 121The 1997 Taxpayer Relief Act provided property owners significant tax advantages on the sale of a principal residence. IRC §121 allows a homeowner to exclude capital gain taxes if they meet the following requirements: · Couples filing a joint tax return can exclude up to $500,000 of the capital gain on the sale o...
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By Miguel Garcia, Certified Default Advocate - Short Sales, REO
(Miramar International Inc)
Hello everybody, Well is a reality now that there is a lot of REO's and Short Sales in our current market. This is very painful for the Borrower that are now facing Foreclosure. The dreams of thousands of homeowners are now turning into a nightmare but their is hope for this people?I think yes, and is on the way. Their is this great website where homeowners can check www.hud.gov and can learn ways how to try save their homes from foreclosure also they offer counseling so this is very good. The home owners that are thinking in letting their homes go into foreclosure my advise as a professional Realtor is to consult with your Real Estate Attorney and Tax preparer. They can help you understand better and can advise you better on the consequences of letting your home go into foreclosure, al...
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By John Fariss, Appraiser - Bakersfield, CA
(Fariss Appraisal Services)
In a prior post I estimated that Bakersfield will end up with around 6,200 sales of single family homes for the year, which is about 40% lower than 2006. I just looked at the number of homes currently listed - 3,993! Wow. There is almost a full year's worth of inventory on the market right now. Okay, not quite a year's worth but about two-third's.With 268 sales per month in Bakersfield, the inventory of homes for sale will last for about 14 months. Of course, this varies quite a bit depending on the neighborhood. I've seen some neighborhoods with inventories that will last 2 years! The listings are averaging 83 days on market which is well above the average of 63 days for all the sales year-to-date. I think Bakersfield is in for a very slow winter. 
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By John Fariss, Appraiser - Bakersfield, CA
(Fariss Appraisal Services)
After posting information on the decline in average per square foot prices for Kern County, I thought I'd take a look at Bakersfield. The data here is for single family residences, however the occasional condo or manufactured home might be included because it wasn't listed correctly. Also, some new construction might slip through the cracks as well. Looking at the sales through our local listing service, the total number of sales should end up around 2,500 lower than the 5,757 sales in 2006. However, sales have been slowing down the past few months, so the total number this year may be even fewer. If we include sales that recorded in public records and not just in MLS, this year should end up around 6,200 sales compared to last year's 10,683 sales. Over a 40% drop in sales volume, provi...
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By Christopher Craddock
(Miramar Real Estate)
We have a Caravan every Thursday, which is where agents Caravan to a group of houses and view them. Some of the agents play a game, called Bakersfield, Come On Down, where we try to guess what the houses will sell for. When it sells, we check and see who had the best guess. Here are the houses we looked at and the sale price guesses.Caravan for August 30th, 2007:4709 Stancliff Ct Bakersfield, CA 93307, Listing Agent: Bradley J Reese Jr.. DOM: 5. BD: 3. BA: 2. Sq Ft: 1218. Listing Price: $249,000. Sale Price Gue$$timates. Helen Martinez: $239,000, Chris Craddock: $239,000, Kyle Wigley: $219,000, Marge Fredenburg: $235,000, Pattyann Grubbs: $215,000, Average: $229,400.2707 El Caballo Ave Bakersfield, CA 93304, Listing Agent: Luz Mayorga. DOM: 7. BD: 5. BA: 2.75. Sq Ft: 2230. Listing Price...
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By Jane Doe
(South Carolina Mortgage Associates)
Hello to all. Well today is our company's first trade show and we are nervous and excited. The nerves come more from having to speak to a crowd and not being comfortable with public speaking. The excitement is from knowing our vision has come true and being able to share it with everyone we meet.If you are in the Bakersfield area please come by the Doubletree Hotel between 5:15 and 8:00. We would love to introduce ourselves and meet you.I will post this weekend how everything went and any new ideas we may come across tonight.
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By Renee Holman
(Riverlakes Mortgage)
Looking to remove a collection from your credit report?  When talking with a collection agency, know that they pay just pennies on the dollar for the debts they are collecting....  most of the money they get from you is pure profit.  There are some important things to remember:DO NOT talk to a collection agency on the phone. Ever. Get your terms in writing before you even pay a penny.  Never believe a creditor on an agreement that was made verbally. Everything has to be in writing. Keep good paperwork. Having proof is everything, they will never remember what was agreed upon. Send all paperwork thru registered mail, with a return receipt. Keep a copy of every letter you send. If you call (what? Don't call!!!), keep notes of when you spoke, and who you spoke with. Ask for the name of the...
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By Renee Holman
(Riverlakes Mortgage)
With Zillows "Zestimates,"  the owner of a property can make changes to give a better value on their home.  Sometimes this site will have an error on the number of bedrooms, or maybe the square footage.  So, if you own your house, you can click on your property and fix any errors.  Zillow is using mostly public records data which can be wrong and incomplete. But, it can be a good starting point to find approximate values.Zillow allows people to create EZ Ads to advertise their services. It's an inexpensive way to get your name (and possibly face) out there and you can target certain zip codes.  It ony costs $0.01 for each time the ad is shown.  I have placed my first EZ Ad, and I'll let you know if I get any results!  I have only had my Ez Ad up for about a month, and no responses yet.....
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By Renee Holman
(Riverlakes Mortgage)
I am really impressed with this site already, as I just recently became a member!  I received a great opportunity right out of the gate!  I am very excited to help others become home owners, and to help existing home owners with refinancing.  As a Bakersfield home owner myself,  I know how it feels to go through the process (I bought my 2nd home in 2005).  Having a realtor who actually cares and responds to a buyers questions is very important, and I know a few that I would feel very comfortable in referring if anyone needs one.  I am just very happy to have found this site!
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By David Petersen
(Watson Realty ERA)
Real Estate in Bakersfield, California has been on a roller coaster ride this last year. Our prices did take some dip, but did not crash like it was prodicted. The interest rates are still very low and that makes it a perfect time for buyers to get a new home. There is a good inventory on the market and sellers are willing to help buyers with the closing costs. This makes it a great time for buyers to purchase their first home, or for homeowners to move up into that home that will better fit their needs. If anyone has owned their home for several years they are able to have benefited from the appreciation that was realized in our market the last few years and use their equity to purchase a new home. The market seems that it will stay more in a normal appreciation over the years. So it i...
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