This may not be true in all areas but it is true for some zip codes. Multiple offers, above asking offers, homes not appraising because the purchase price is too high. Explain all that to your clients thinking it is still a buyers market. In August of 2007 in the four county Sacramento region there were 16262 homes for sale, as of January of this year there are only 8947 homes on the market. Homes are selling fast! Going by months of inventory in September of 2007 there were 14 months of inventory, come January of this year there is only 4.7 month of inventory. How can this be? I thought a buyers market typically consisted of above a 6 month inventory level. Now this is a broad scope. The numbers vary from zip code to zip code and neighborhood to neighborhood. But this is good information to know. Why is nobody letting this stuff out. The average sold price in the four county region has gone down 49.2% since August of 2007 though January of this year. The worst part is that prices are still falling. Try buying a four bedroom home in 95823 area at or below asking price. It won't happen. Homes are selling for above asking price all day long. Investors are out with cash and buying. Competition is getting fierce. The low end is getting gobbled but nothing of this is making it to the news. Sales are up, prices are still sliding, interest rates are down. These are all good things for home buyers and investors. Have we hit bottom? I can't say that yet. Are we close? YES! Will we bounce along the bottom for a while? Probably. Is it a good time to buy? YES! Is it a good time to sell? Depends on your situation and your reason for selling. Homes are selling fast if they are priced in line with the market. These are exciting times in real estate and I am glad to still be in the business. My advice to the politicians....don't intervine anymore, the market is fixing itself, so let it! These are my two cents for the day.
Steve Jacobs
Lyon Real Estate
916-412-6493
Comments(3)