The 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.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com
Photo: Elizabeth Weintraub, Sacramento Real Estate Agent
Certified HAFA Specialist
Sacramento Real Estate Listings
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.
The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.
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.