Home values in the Sacramento area, including Elk Grove, Rancho Cordova, Roseville, Carmichael, Citrus Heights, Galt, Roseville, Rocklin, El Dorado Hills, Fair Oaks, Carmichael, and West Sacramento are shooting sky high. Some areas are experiencing market appreciation spikes of up to 36% over the past 12 months! How do I know? As a Certified Real Estate Pricing Specialist, I am called upon by financial institutions to prepare broker price opinions (BPO), a report somewhere between a CMA (comparative market analysis) and an appraisal. I have been performing BPO's for over 3 years and the growth I've seen is mind-boggling!
Why the jump? Low listing inventory due to the near absence of bank-owned properties is a major reason. Many savvy investors have snapped up low-priced "fixers" and after some renovations, they are able to make a large profit on these move-in ready homes. The traditional equity sellers can now come out of the woodwork and actually make money on the sale of their homes.
THIS IS ONE OF THE BEST TIMES TO SELL YOUR HOME whether or not you are in an equity position. Short sales are still a major part of the market as loan modifications have NOT been the great housing market solution it was made out to be. Banks are willing to approve a short sale to avoid the costs of foreclosing on a home; home prices are moving upward, and so are interest rates. Buyers are frustrated and tired of competing with others for the few listings available.
Folks who have equity and need to sell are very pleasantly surprised at the multiple offers they receive on their property ABOVE ASKING PRICE. Before interest rates shoot up higher and reduce consumer buying power, take advantage of the buying frenzy and sell your home for top dollar.
Contact me with additional questions or regarding what your house may be worth in today's market.