Bakersfield homes flying off the market the minute for sale signs go up

Investors buying up homes all over the valley

BAKERSFIELD, Calif. - All across Kern County "For Sale" signs are being taken down the minute they're put up.

"It's up about 36% over the same period last year. The current median sale price right now is $188,000, it increased an additional 4% just last month."

23ABC sat down with Affiliate Appraiser Gary Crabtree about this boom in housing that may not be helpful for local buyers.

"Almost 1 out of every 3 homes sold in the last 2 years have sold to investors who are in turn renting those properties", Crabtree explained.

As more construction projects continue to pop up, it may start to feel reminiscent of a certain housing boom that collapsed our economy back in 2008.

According to Crabtree, that scenario won't be playing out again anytime soon.

Crabtree said, "underwriting loans is very very stringent and they're asking for 20% down which before they were obtaining 100% financing."

 

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