Kern County’s market is largely unhealthy, scoring close to the minimum and far lower than its surrounding counties. Zillow estimates that 4.1 homes out of 10,000 faces foreclosure every year, and the average for homeowners with negative equity is twice the national average. Overall, things in Kern aren’t going so well. Even with the expected rise in values only time will tell whether or not the market stagnates.
Homes in places like Homaker Park, Casa Loma, Downtown, Lakeview, East Bakersfield, Rexland Acres, and Southgate have the lowest median values – often less than $100,000. With high unemployment and crime rates, nobody’s looking to move in. Buyers choose to stay away from these areas in favor of better neighborhoods closer to stronger job markets. These homes are among the toughest to sell, and things aren’t changing.
The outlook in Kern County is bleak. A lot of homeowners are down on their luck trying to find a buyer. The average listing time is roughly 104 days for homes that do sell on the traditional market. Out of those homes, about 14.5% sell at a price cut, and nearly 14% sell for less than their previous sale price. Though this is unfortunate, it’s not unexpected. In a rough market, that’s all part of the real estate game.