Stockton CA Properties Will Be HOT in 2020

Introduction

This article is about Stockton, CA properties and why it's going to be an extremely hot market in 2020. Not only will it be a HOT market, but by the peak season, it will become a sellers' market even with high inventory. Sellers will be able to demand top dollar for their properties for many years to come. I am not a psychic. However, I do pay close attention to the economy, politics, corporations, buyers' shopping intelligence and real estate trends. These are my personal observations from working with buyers, sellers, research and assessments from the trenches of AgentQ. You don't like reading? Here's the link to the video Stockton CA Properties Will Be HOT in 2020

Stockton, CA

It’s hot hot hot! Stockton is back on the map no matter how you may feel about it. If you live in Northern California, I am pretty sure that you have heard of Stockton, CA. Stockton is in San Joaquin County in the Central Valley. The city is located on the San Joaquin River. The University of the Pacific “UOP” is in Stockton. At one point, it was the capital of foreclosures in California. Stockton filed the largest municipal bankruptcy in U.S. history, was known for its high crime rate and suffered severely during the late 2000s and early 2010s from the 2008 financial crisis.

San Francisco Bay Area residents are making this city a hot market! Why? First, its strictly due to affordability. Second, the average sales price in Stockton is $322,000. Third, it's often said in real estate location location location! Believe it or not, Stockton is 73 miles from San Jose, 75 miles from Oakland, 83 miles from San Francisco, 49 miles from Sacramento and 37 miles from Antioch. This makes it an easy commute. The homeowner can drive to a park and ride, jump on BART, take Amtrak, carpool or vanpool to get to work and still afford to buy a house.

Below are average sales prices and real estate trends for making offers in major Northern California cities in comparison to Stockton’s average sales price of $322,000 and market trend of making an offer for 1% under list price:

• Antioch, CA - $429,000, 0.4% over list price
• Atherton, CA - $1.85M, 0% over list price
• Berkeley, CA - $1.15M, 14.2% over list price
• Brentwood, CA - $620,000, 0.8% under list price
• Hayward, CA - $687,000, 0.6% over list price
• Marin City, CA - $929,000, 2.7% over list price
• Menlo Park, CA - $2.9M, 0% over list price
• Napa, CA - $620,000, 2.1% under list price
• Oakland, CA - $758,000, 9% over list price
• Palo Alto, CA - $2.65M, 1.3% over list price
• Richmond, CA - $525,000, 4.5% over list price
• Sacramento, CA - $343,000, 0.5% under list price
• San Francisco, CA - $1.39M, 8.5% over list price
• San Jose, CA - $930,000, 0% over list price
• Santa Clara, CA – $1.3M, 1.1% over list price
• Santa Cruz, CA - $935,000, 1.6% under list price
• Vallejo, CA - $429,000, 0.4% under list price

It's over and buyers are no longer willing to pay these high prices for homes because it's just not in the budget! High paid hard-working professionals from the San Francisco Bay Area residents are flocking to Stockton and Sacramento. More employers are allowing their employees to telecommute. I am even seeing a trend of employers allowing their employees to specifically telecommute on Mondays and Fridays to avoid major traffic. BUYERS are willing to commute for affordability. Key word the price is right. Imagine what a homebuyer could purchase for $400,000 to $800,000 in Stockton in comparison to these other cities.

Recovery in Stockton, CA

In 2015, the City of Stockton successfully exited bankruptcy. Open Letter to Community Stockton Exits Bankruptcy and Confirmation Order. In 2017, prices started increasing and within 5 years by 2022 values will have increased by 92% and will continue to steadily climb. If you are a homebuyer waiting for the prices to go down, you may be waiting a long time. In Northern California, Stockton ranked top for "home value increases". Home values will also increase in near by cities i.e., Manteca, Lathrop, Modesto, Ceres, and Merced. You will continue to see this trend with homebuyers moving farther away from where they work so they can afford to purchase a home.

We are literally living in the days of Haves and Have Nots as real estate in California continues to climb in prices and is becoming more and more difficult to purchase. Homebuyers are becoming more business savvy and are not maxing out their loan amount approvals and are paying closer attention to the economy and upcoming Presidential election.What the 2020 presidential candidates are saying about housing. Now let's add COVID-19. These cities' home values will continue to rise beyond any homeowners belief.

Homebuyers Trending

On this ending note, I have watched many of my homebuyers who resided in Antioch, Sacramento and all the way from Pacifica move and relocate to Stockton where they could make their dreams of homeownership materialize.

Are You Thinking About Selling or Buying In Stockton CA?

Contact Quintella Griffin Realtor at Better Homes and Gardens RE - Royal & Associates at mobile (510) 295-9298, Office (925) 776-2740 or email me [email protected]. FREE home valuation, tours and consultation.

My special niches are probate listings, successor trustee sales, inherited properties, divorcing homeowners' listings, listing foreclosure properties with positive equity, bankruptcy listings and listing and selling multi-family homes such as duplexes, triplexes, quadruplexes and 5 unit apartment complexes.

Happy New Year 2020! AgentQ.

Resources

6 REASONS TO MOVE TO STOCKTON, CA

Home prices nearly doubled in this surprising California city

Are people really fleeing the Bay Area in droves? Here's what new Census data says

Why are all these Bay Area residents leaving?

Bay Area, It's Hard to Find a U-Haul