Sales in Benicia Remain Steady, Rents are on the Rise
There is no better time to invest in Benicia Real Estate than right now. Prices remain very affordable, but how long will this last? The Water’s End building project is coming to completion, and once done the only way to own property in Benicia will be to buy an existing home or a vacant lot. Supply and demand would dictate that home prices should increase in the next couple of years, given the absence of new construction. Yes, you still have time to get your down payment together and line up your financing, but with the recovery in full swing you may have less time than you once thought.
Here are the Median Sold Statistics from January 1, 2011 to April 30, 2011 courtesy of Bareis MLS:
Median Selling Price $367,450.00
Median Square Feet 2039
Median Price/Square Foot $180.21
Benicia is still way undervalued when compared to other waterfront communities in the Bay Area, and that secret is out. We are seeing more and more people from all over coming to live in this amazing waterfront community. Did you know that Benicia has been featured in the latest Sunset Magazine?
Let’s contrast the sale figures with the rental market in Benicia. There is a very high demand for rental property in this wonderful community, and rents are climbing. In fact it is hard to find a rental home in Benicia of any size; three and four bedrooms are often only on the market for a week or two before being snatched up. We expect this trend to continue, if not intensify, as summer arrives and school lets out.
Traditionally, families move during the summer and try to be settled in their new location before the next school year. With the market being dominated by short sales and foreclosures for the last few years, the tenant pool has grown significantly. Families simply have been forced to rent for a while after selling their home. They need a couple of years to allow their credit to recover before they ready and qualified to buy again.
Word to the wise for the would-be renter: Be sure you are working with a reputable landlord or property management company. Be aware of online scams asking for funds without any screening process clearly defined. When you do identify the property you would like to rent, and you have vetted the landlord/property manager, jump right on it. That property will likely be gone to another applicant tomorrow.
Whether you buy or rent, make your next home a Benicia Home.
Eric Hoglund is a long-time realtor with Estey Real Estate.