Usually I explain to potential sellers that owner occupants will pay more for a home than an investor, but that doesn't seem to be the case this summer among entry-level homes in Sacramento. It's making me think about buying rentals again, and my husband is saying, no, no, we already own two houses. (He doesn't expect me to agree.)
But it does make me wonder. I suspect Bay area investors see prices rising and figure it's now or never because next year homes in Sacramento will cost more. They are paying cash and bidding against each other. On the other side of the extreme are the reluctant owner occupants, your first-time home buyers who hem and haw over every little aspect and expect for some ungodly reason to pay less.
You can read more first-time home buyers and the market in Sacramento in my personal blog at this link: We Need a Price Reduction to Pay For Our Preferred Upgrades.
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