Bakersfield finds itself in a very interesting situation. As one of the areas of the United States that faced the greatest challenges during the housing recession, they are now poised to experienced the third highest growth in property values according to economists.
In a statement released today by economist Stan Humpries of Zillow , “The housing market has finally turned a corner. In Q2, we saw continued momentum in the housing recovery, despite of some economic turmoil, like flagging job growth numbers and sovereign debt issues in Europe. Nationally we hit a bottom in the first quarter of the year, and the Zillow Home Value Forecast shows that 67 of the 156 markets it covers will experience an increase in home values over the next 12 months. Nationally, Zillow forecasts home values will rise 1.1 percent.”
According to Humphries, Bakersfield California is only slightly behind Miami-Ft. Lauderdale and a few points behind Phoenix, AZ for forecasted home appreciation. “This is great news for homeowners in Bakersfield,” says Jack Hardy, CEO of Century 21 Hometown Real Estate. “The families in Bakersfield and elsewhere throughout the central valley of California needed some relief, and we are blessed to see this shimmer of recovery,” says Hardy.
Century 21 Hometown Realty agents in Bakersfield commented that inventory is low, and they are desperately seeking home sellers to meet the company’s strong buyer demand. Many home prices for active listings are moving upward as they stay on the market longer.
Here are forecasts, courtesy of Zillow.
