I hope this email finds you well and you are adjusting to the sudden change in seasons!
As a Realtor, the most commons questions I am asked involve what is going on with the market and when we may ultimately reach the bottom. As you are probably aware, the Sacramento Bee has always been very critical of the local market. It often seems that they would rather report negative news than focus on anything positive. That being said, there are a lot of exciting things happening lately and even the Bee could not help but publish a story about the sudden surge of buyers in the market. See:
Region's home sales show big rebound in April By Jim Wasserman Published May 19, 2008
There are some incredible buying opportunities out there right now and smart buyers and investors are starting to capitalize on the situation. In my opinion, the best buying opportunities are at the entry level price point or below (basically any home priced under $225,000). These homes seem to be reaching the bottom point of where their values can go. The best candidates for these houses are first time home buyers and investors. As an example, I had a client that just closed escrow who did 100% financing through FHA on a $210,000 loan and the monthly payment with taxes and insurance was under $1600. For investors, you are going to need to put 20-25% down. But at purchases prices under $200,000, I could show you hundreds of examples of houses, duplexes and triplexes that will cash flow. Last week I had a client write a full price offer on a four bedroom house for $99,000!
If you have been patiently sitting on the sidelines waiting for home prices to be affordable again, I applaud you. It may now however be the time to get off of the sideline or at least be more prepared to get into the game. If you would like to talk more about how to get ready to buy a house or where the best buying opportunities are, please give me a call at your earliest opportunity. I look forward to hearing from you.
Best,
Scott Ostrode
Keller Williams Realty
(916) 799-1662 Cell
(916) 404-3667 Office
(916) 404-3668 Fax
By the way, I am never too busy to work with your referrals!
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