Looking to buy a home for sale in Elk Grove? The first thing you need to know is it's NOT a buyers market!
I had a call from a prospective client who frankly wanted to argue with me that it was a Buyers market. You see she watches the news and hears about all of the foreclosures and short sales in Elk Grove. She saw all of the real estate sale signs and just assumed she was going to be able to go out and get a discount on a home. That's my job, to educate the buyer and let her know what she can expect when buying a home right now in Elk Grove.
------------- > THE ELK GROVE HOME INVENTORY IS WAY DOWN! < ----------------
Most homes in good condition have multiple offers in a matter of days. Leaving the seller options and the ability to pick which buyer they want to work with. It also tends to push the price above asking price. The sellers have the upper-hand right now, as buyers for the most part don't have leverage to negotiate.
For example ... I listed two homes for sale last week and both had multiple offers within a matter of days.
I would bet there are some of you you reading who still don't believe me... So let me show you what's going on in the Elk Grove Real Estate Market!
As you can see... Looking back over the last 12 months... We are at the lowest point in inventory in the Elk Grove Market.
Last year at this time we had 661 homes for sale... ONE YEAR LATER... There are only 248 available to buy! I would say buyers are becoming more interested in jumping back into the market and now there are 62% less homes to choose from. If you are looking to sell your Elk Grove home.... Find out what your home is worth now! If you are thinking about selling your home? Now is the time to talk to me!
So what are 5 things you need to know about buying a home in Elk Grove?
1. Get signed up for a new home email drip! AND LOOK AT IT EVERY DAY!
Any good Realtor will set you up on an automatic email drip for all homes that come on the market for the day that meets your criteria. If you are not set up yet to receive new Elk Grove homes for sale, visit my website and get setup on my FREE Listing Alert Service! Watch this list daily. Contact your real estate agent if you see something you like immediately!
2. Be prepared to look at homes during the week!
The good homes go in a matter of days. Be prepared to get in the car and meet your Elk Grove real estate agent at a drop of a dime. The buyers who get their offers accepted are aggressive and will go out in a rain storm to find that perfect house.
3. If you are going to get a discount... The property is going to have a problem most likely!
If there is a ton of demand for homes right now in Elk Grove... The good ones go fast. What's usually left are homes with issues. This could be a major issue with the condition of the home or maybe a short sale with multiple lien holders that has fallen out of escrow a couple times. Does that make these homes bad? No... Just maybe less desirable because there will likely be more of a headache involved to get it closed. Don't forget that homes with condition issues are not able to get financing in many cases. You will need to look into alternative mortgage programs like the 203k FHA mortgage.
4. Don't be shocked when your Elk Grove Realtor suggests you need to write a full price offer or more!
If I can get a client a discount I will, but there are cases where that is just not an option. It comes down to how much the client wants the home. In most instances, I will advise my clients to offer over asking price in a multiple offer situation. That means multiple offers have been submitted for the home and it's my job to get my client to make their highest and best offer from the gate. Some want to leave room for negotiation. The truth is if you don't go in with your highest and best offer on many cases... You could miss out on the home altogether because your offer was not countered by the seller (they choose another offer to counter) because it was too low compared to other offers.
5. Be prepared to write a couple offers!
You might not get the first house you write an offer on. There are several other buyers who want the same home in Elk Grove and your offer won't always be accepted. I am aggressive when getting my client into a home (their offer accepted), but my tactics don't always result in an accepted offer for my client. Be prepared for the potential let down of not getting the home. That just means the right one will soon be on the market!
---------> BONUS TIP!!!!!!!
WORK WITH AN ELK GROVE REALTOR WHO IS AGGRESSIVE!
You need a bull dog like me in this market. You need someone who will submit your offer right the first time... Someone who follows up with the listing agent... Has a good reputation for getting their deals closed... Someone who won't let up until they get a YES from the seller.
Looking to buy a home in Elk Grove? Even though there is the challenge of the low inventory... An aggressive Elk Grove real estate agent can help you successfully get into a home!
I'm here to help! Call me at (916) 585-3858... Let's get started!
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