The last couple of months in Elk Grove have been interesting....the market has been changing again! Is it improving? Have we hit the bottom? What in the world is actually going on?
While we still have a whole supply of REO properties to hit the market in the Elk Grove area (zip codes - 95624, 95757 and 95758), there certainly has been another shift in the market. Homes are selling quickly with multiple offers and for over list price in some instances. Take for example a home we had listed...
8642 Adamston Way, Elk Grove 95624 4 bedroom, 3 bathroom, 3668 square feet...This was a Countrywide REO, and was listed for $383,900 which was approximately $111.00 a square foot! Within 1 day of going on the market we had multiple offers and it ended up selling for $410,000! It closed escrow on May 8, 2008.
Maybe the graph below will help you to understand the shift a little.,,,take a look at the curve. We have very quickly started an uphill climb as far as CLOSED sales!
Now, this does not mean that our prices are going up...What it means is that the banks are now pricing their REO listings at prices that are causing them to sell very quickly! Our prices have come way down...take a look at the statistics below on the 95624 zip code area, comparing the same 3 month period for the past 3 years.
Here is February 15, 2006 through May 17, 2006
And February 5, 2007 through May 17, 2007
And now today, February 17, 2008 through May 17, 2008
Notice how the average prices have been declining but now are SOLDS are increasing while the days on the market has also declined since 2007!
What does this all mean to you? If you are a buyer, NOW IS A GREAT TIME TO BUY! Prices haven't been this affordable for years and interest rates are great! As a buyer, you need to make sure your Real Estate agent is staying up on the market, watches the statistics, and knows the values in the neighborhoods you are interested in. You should be on an automatic email system where you get emails daily of new listings that match your criteria...that way you will know about these great deals as so as they come on the market.
To get on our automatic email update system, email us at Lori@ModeandDurhaM.com.
To get a FREE list of REO properties, go to www.AllElkGroveHomes.com.
For more information on how to purchase REO properties, Tips on Buying REO properties...Part 1, Tips on Buying REO properties...Part 2 and Tips on Buying REO properties...Part 3
Lori Mode and Bruce Durham, Keller Williams, Elk Grove
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