Land Park Home Prices; up or down and how should you come up with an offer price?
I see (and know) so many buyers waiting on the side line for the bottom of the market. I heard someone say, "They don't ring the bell at the bottom." I have seen so many over-confident buyers waiting out a home they like to get it for a lower price only to find out that someone else came along and "valued" the house at the listed price and put in an offer. I have actually had buyers crying in my car (do you know how hard it is to drive with someone sobbing in your car?)
These over-confident buyers are so sure that they are going to convince me that the bank (that may own a foreclosure) should take their (low) offer and that should be that! No one else should come along and put in an offer at or near list price for the house! I recently refered these buyers out to another agent, as I could not help them.
The most sound advice I can give a buyer is to look at the most recently sold homes that are the most similar and then to look at the trends of home sales, with the use of "Trendgraphix" tm to see how the market is doing? Where are the trends in prices, days on market, sold price/list price.... This will tell you where the offer should come in, give or take more or less for condition, days on market, etc ....
The one strong admonition I give buyers is that REOs or Foreclosures, as they are known to buyers, usually priced low in an attempt by the bank and the listing agent to get multiply offers. This also occurs with sellers (and more pointedly) their listing agents (on prominent one in my town told me she lists low so she can attract buyers and then sell the leads!) Sooooo, they can and should make full or better than full price offers, based on comparable sales.
I'm going to say this again, here in print, as I have said it many times to buyers.... People buy homes on the way up to the top and on the way down to the bottom.... and if you're buying your first home, you love it, you can afford it, and gotta have it. Get your offer in. If you're a first time home buyer, you really shouldn't be speculating, you should be feathering your nest (the home of your dreams). There is a reason why buyers are qualified on income, credit and house price, last of all. It tells them what they can afford (or what they are willing to pay), not what people should be selling their homes for.
In Land Park, a lovely neighborhood located just south of downtown Sacramento, there are currently 115 homes on the market. Many of them in the outer stretches of the zip code of 95818. There are 12 short sales, most of which are under $280 - which is a great value. The average price is right around $440K, not cheap (you're buying neighborhood, here).
Thanks,
Land Park Real Estate agent
All photos are from "really free photos" on google
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