Anyone who is claiming doom and gloom for Sacramento's real estate market, simply isn't paying attention.
I just read a post on my Facebook page in which an agent is asking for everyone to keep their fingers crossed....they are among 10 other offers presented for a listing that has been on the market one day. One of the comments expressed appreciation that they are only competing with 2 other offers. I wrote an offer last weekend on a property that already had 2 offers and, by the time an offer was accepted, there was a total of 5.
This isn't an anomoly. I have been hearing the same stories at regional association meetings, charitable events and in conversations with other Realtors around the city. Our market has been increasingly strong for the past 5 months. Our inventory is frustratingly low. We have way more buyers than properties to sell them, so when a good one comes along, they are chaffing at the bit to purchase.
Here is the new advice: be prepared to pay over asking price for a new listings priced right. Be prepared to have sellers be not quite so accomodating. As banks slowly but surely get their act together and allow more short sales be approved in a more reasonable time, be prepared to make offers on short sales. There is no onslaught of shadow inventory coming...so waiting won't help.
The bottom line? If you are looking for a home, don't wait a minute longer. Interest rates are amazing...I had a client who just locked in a 3.5% interest rate for a conventional loan with no points. Prices are not going to keep dropping. It is now time to get on the bandwagon, because it simply isn't going to get any better!