Has the recovery started in the Elk Grove area? Are we near the bottom of the market?
These questions are starting to be asked more frequently in the past few weeks...I've been hearing them more and nore. I have tracked our numbers for the past year and the change has been pretty dramatic recently.
On March 12, 2007, there was a total of 1252 active listings in the 3 zip code areas of Elk Grove (95624, 95757 and 95758), with the following percentages of homes pending that week:
95624 had 16.60% of homes going pending; 95757 had 16.10% of homes going pending and 95758 had the highest percentage with 24.00%.
Take a look at our numbers as of today - 1 year later - March 11, 2008
1177 active listings total in the 3 zip code areas - not down too much from a year ago, but take a look at the pendings:
95624 - 31.05%, 95757 - 33.16% and 95758 - 44.19% - our pending sales are up between 15 and 20% in Elk Grove!
This new trend began just 4 weeks ago! We still have plenty of foreclosures and short sales - there are still more to come on the market. However, our prices have dropped to a leval of affordability for first time homebuyers again! Plus prices are such that an invetor can now have a positive cash flow on their rental properties!
Buyers are seeing that now is the right to buy! They are not waiting any longer! Agents are reporting multiple offers on new listings - many times in the first week or two on the market. If a property is priced right, it doesn't last long on the market - especially if it's priced under $250,000.
For those of you still waiting, don't! There are great first time homebuyers programs available now, interest rates are still great and there still are a lot of homes to choose from. Take advantage of this market! Get prequalified, find out about foreclosure or REO properties, get educated and find a great Realtor to help you through the process...
Don't wait any longer...
And join us for our next free foreclosure bus tour, scheduled for Saturday, March 29th, from 9:00 - 1:00. For more information, go to www.AllElkGroveHomes.com or call today - (916) 405-5765.
Lori Mode and Bruce Durham, Keller WIlliams, Elk Grove
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