Bakersfield real estate trends

[Gene Hacker]

Gary Crabtree predicted that future demand will rise by 7%.  He also stated that the oil sector is adding jobs.  

BP Fund predicts that home prices will rise 3.3% in 2017.

I have noticed much more strength in single-family homes under 200K, where the higher end of the market has been slower. 

There are a few trends that look favorable for Bakersfield...

Oil....if it holds above 50, it looks like the worst of the pain is behind us.

Water....farmers will have ample surface water for the first time in years.  

Loan limits...It sounds like FHA and conventional will have rising limits this year.

Value...Bakersfield prices are still well below their previous peak.  Most areas of the west are pushing all times high.

I would love to hear what others are seeing or thinking...