The Real Estate Market is changing and we want to share more of the changes we have experienced!
Prices have nudged up! Last year at this time, Ryan and I started working with several buyers. One in particular was looking for a home in the $500,000 – $600,000 range. There wasn’t a ton of inventory, but we had several options every week. Their plans were put on hold for a couple of months due to an employment change. When they came back into the market, the inventory had shrunk and finding the right home became a real challenge. They made an offer on a home that was listed at $774,000 of $676,000 in March. The sellers countered at $757,000. We countered that at $690,000 and the negotiations died. 3 months later and some 100 homes viewed, we went back to that seller and met their price. The appraisal came in low and the buyer and seller settled at $746,000! The same square footage closed at $690,000 in February 2 doors down.
We represented another buyer who was in a multiple offer situation on a home with a list price of $184,900. Our client offered $214,900. They got the home and this time the home appraised for $230,000! First time I have seen that in the last 6 years!
We closed on a home inCarmichael. A year ago, I felt it would not crest the $200,000 mark. It closed last week at $217,000 and we were able to bring in the appraisal. All in all, we are finding prices have inched up 7 to 10% in the last year.
Builders are getting back into the market! As previously shared, this is yet another sign that the market is in recovery. We sold a custom lot in a gated community to a spec builder in June. In the 3 months prior to that sale, 2 other lots were also sold in that community all to spec builders. Several big builders are cautiously ramping up production as well.
I’m all sold out! That’s right. We have closed over 30 sales so far this year with about half being short sales! I have sold all the listings I have and have closed all but one short sale which is slated to close in 2 weeks. Haven’t been there in over 7 years. Needless to say, I am now accepting new listings!
What does all this mean? The market is changing. Whether or not it will continue depends on many things, but most importantly employment and Federal money policies. If you want to know how all this affects you, don’t hesitate to give me a call. (916) 284-7133 Remember, there is no charge to call me, but there might be a huge benefit for having done so! Ryan and I have over 50 years of experience and as we always say, Experience is not expensive, it is priceless! DRE # 00356708
In closing, we have just improved our web site at www.SacramentoHomeHunter.com. Chances are if you are reading this you are on the site. We would ask that you go to our new Facebook page using the link on the web-site Or go to www.Facebook/Viki Benbow & Ryan Laining – The Sacramento Home Hunter Team and “Like” our new page!