Mike Lyon with Lyon Real Estate Trend report for December 2007

Pending Sales Jump for Homes under $300,000 “This market has been a bonanza for buyers who have done their homework, with great deals being made by professional REALTORS® and their clients,” said Michael Lyon, CEO of Lyon Real Estate. “This is reflected in higher pendings for the month of November. Overall, pending sales increased 5% in the Tri-County Sacramento Region but in the price-range below $300,000 the increase was closer to 25%.” “The average seller is discounting 10% to 15% below the most recent sold to attract a buyer and that reduction is what market pundits had been projecting for 2008. So, if you can get the discount now along with the currently low interest rates, there are opportunities out there for you. However, it can take months of watching and analyzing to know when the price is ‘right’. The market has slowed, not only due to the seasonal winter drop in activity, but also due to buyers waiting for the ‘bottom’ of the market. The best advice for buyers right now is: educate yourself with facts before you buy.” TRENDGRAPHIX’s latest report shows that sales decreased 8 percent during the month of November for the Tri-County region of Sacramento, Placer and El Dorado Counties. November 2007 sales were 23 percent lower than November 2006 sales. Pending sales increased by 5 percent from October 2007 to November 2007. November 2007 inventory of 14,029 homes for sale is 18 percent higher than November 2006 inventory. This is an 8 percent decrease for the regional inventory record high of 15,302 set in September 2007.