sacramento real estateThe New York Times says there are signs of recovery in the Sacramento real estate market. Well, if you read it in the Times, it must be true, right? :) Part of the basis for this claim is the fact that home buyers and investors are fighting over the few morsels left on the market. Inventory is low. But it's been low for months. Sacramento home buyers and investors have been going neck-to-neck over the choicest homes for months as well.

None of this is news. Except to those first-time home buyers who are still looking at the list price of a home and wondering how low they should go. Those are the buyers whose offers keep getting rejected.

The number of foreclosures is still rising; however, the inventory is not available for sale. Where is it? Some of those bank-owned homes are sold privately in bulk to investors. Some banks are renting them out, waiting for prices to improve. Others are sitting empty as weeds multiply in the front yard.

Come June, the state of California is initiating a 90-day moratorium on foreclosures, which will most likely simply delay the inevitable. The question is when will we receive this tsunami of foreclosures? Nobody seems to have the answer to that.

The fact remains that often the hardest hit markets are the first to recover.

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Elizabeth Weintraub is an author, home buying columnist for About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

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Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

 
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9 Comments on Has the Sacramento Market Hit Bottom?

MAY
05
2009
1,542,562 Points 116 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Elizabeth:  I like your last statement about the hardest hit markets.  Prince WIlliam County, VA is evidence of that.  Your blogs are so reflective of my own professional reality.  I thought we would never recover.  It was so bleak.  But we are seeing the light at the end of the tunnel and zooming right to it.  I know we won't see the end of the foreclosures for a while, but I really believe what you and I with short sales is helping that too.  Can't go to foreclosure if the bank agrees to a sale first.

Keep up the good work!
9:54am • #1
596,286 Points 70 Featured Posts Outside Blog Called Shot Master

Elizabeth - We're seeing it too down here in Ventura & Los Angeles Counties.  While the overall, the counties are still considered declining markets, we are seeing more and more pocket area that are on the upswing.
12:09pm • #2
805,240 Points 43 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

The comment about the hardest hit markets are the first to recover rings true, there is no place to go but up.
12:33pm • #3
949,331 Points 52 Featured Posts Called Shot Master

Elizabeth - I'm coming into contact with many of our area agents, as well as media articles that are swiftly becoming "bullish" on Sacramento!
2:44pm • #4
1,273,389 Points 2 Featured Posts Outside Blog Hit Router

Hello Elizabeth

Back in action again. Hey my friend I thought that you had all the homes sold in Sacramento by now? There are a slew of them here, and the commercial ones are hitting now as well. I told my son that we need to visit Dad's wonderful friend out west; he's ready for the next Amtrak.

Tom
3:02pm • #5
648,680 Points 15 Featured Posts Localism Sponsor Outside Blog

I attended today's auction at the county court house.  About 4 were auctioned off, one cancelled and one postponed.  It's hard to tell for sure what is going on in this area.
8:49pm • #6
569,437 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp

I have seen more activity here than we have seen in a long time. The combination of Spring and good news makes for a nice change in the market.
9:35pm • #7
MAY
06
2009

If you read the overwhelmingly critical comments posted on that NYT story, you'll quickly realize it was nothing more than a shill piece directly from the NAR. But if you're satisfied regardless, more power to you.
patient renter
1:12pm • #8
998,663 Points 108 Featured Posts Localism Sponsor Outside Blog

Hey Patient Renter: Did I say I was satisfied? Hmmm . . . couldn't find it. The only thing I know for certain is my business has exploded over the past couple years. Personally, it makes little difference to me which way the market moves. I have no control over it. We busy agents simply adjust.

sacramento agent
5:52pm • #9

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Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE (Top 1% at Lyon Real Estate #00697006) Rainmaker_large

Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE

Sacramento, CA

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Top 1% at Lyon Real Estate #00697006

Address: 2801 J Street, Sacramento, CA, 95816

Office Phone: (916) 233-6759

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Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Guide at About.com. Sacramento short sale agent.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying guide for About.com, a Land Park resident, and a Land Park agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully closes short sales throughout Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

 


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