Carmichael CA Real Estate Market Recovery
In order to truly evaluate the real estate market recovery in any area, I believe that a “snapshot” of the market at a particular time doesn’t really tell the story. I like to present graphs showing the last 12-15 months of transactions to demonstrate how the real estate market is trending in a certain area, like Carmichael, California, a suburb of Sacramento.
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This first graph illustrates the number of listed homes (light green), the number of closed sales (dark green) and the homes placed into escrow or pended (red line) each month from October 2010 through December 2011.
It includes all single family residences (SFRs) in Carmichael, and the picture is clear that the market is recovering. Inventory is much reduced, while sales and new pendings are up. And in case you are wondering if this is simply seasonal, compare December 2010 with December 2011, and you will see why I believe in the Carmichael CA real estate recovery.
Here is a simple graph that shows months of inventory – a little different way of looking at the market trends. In other words, at the rate that homes are selling at a given time, it is anticipated that it would take that many months to sell them all.
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Carmichael is pretty much an eclectic market, with homes for less than $100,000 and homes in the millions of dollars, and everything in between. The most popular price range in all areas of Sacramento County is around $200,000-399,999, and here is a chart limited to the SFRs in that price range.
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We went from 244 homes sitting on the market in all price ranges to just 151, while the number of closed sales went from 37 to 59 and the number of new escrows went from 47 to 58.
In other words, homes that are placed on the market are selling much more quickly than they did in 2010, and it appears to continue to improve.
When it comes to condos, however, the story is very unclear. Here is a graph showing all of the condos listed and sold in Carmichael CA during the same period. While it follows the same general pattern as the full market, there are some differences.
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And here is a chart with the months of condo inventory – you can see that it looks pretty erratic, so more information is needed to understand what is occurring in each condo complex. Call me for more detailed information on any complex.
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Obviously, when trying to evaluate the condo market in Carmichael California, each community must be considered separately. Some condo communities are overloaded with renters, making financing difficult for new purchasers, or there are restrictions on renting, or they have a large number of residents who have experienced difficulties and are in default in their association dues. These things make selling difficult, since in some complexes now, the units must be sold for all cash to a buyer who will be living there.
Other complexes might be so new that units are just coming on the market, or might have a number of foreclosed units. Therefore, if you are interested in a certain complex, contact me or another realtor who knows the Carmichael area to get the specific information to permit you to adequately evaluate it.
I can tell you from my own experience that we are seeing more and more multiple offers on homes and condos in nice condition.
If you are a seller, follow your Realtor’s advice on preparing your home for sale, and you should be able to get it sold quickly and for the appropriate market price. Remember that your buyer will be getting an appraisal that will determine the loan he can obtain, so if you overprice your home, it will not appraise and you might not be able to close an escrow that opens, so that is a waste of your time. Ask your Realtor to provide you with comparable sales information and market trends, so that you can properly price your home.
If you are a buyer, consult a Realtor familiar with the area in which you are interested, and ask her to guide you through the process of getting preapproved for a loan amount, searching for homes in the price range that your loan will cover, and making the right offer, with price and terms that will be comfortable for you. There are many programs available for low down payments, down payment assistance, energy upgrades, and you might even qualify for a grant (free money you do not have to repay). Your Realtor and lender can find all the programs that will be right for you, and some of them can be combined to get you great deals.
Real estate recovery in Carmichael California is happening every day!
This is a great time to buy, but it is also a great time to sell! Call a local Realtor and ask for a free consultation to review your options.
If you are in the Sacramento County area, give me a call and I will be glad to meet with you.
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Susan Neal "Happy clients make me happy."
Broker / Realtor
Century 21 Noel David Realty
Fair Oaks, California
Full time real estate services in Fair Oaks CA, with friendly professionalism, 30+ years experience.
I work hard to give my buyer or seller a low-stress transaction.
For all your real estate needs or questions, call me at (916)705-8951 or visit my website at www.SusanNealFineProperties.com.
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