Home buyers in Sacramento know something is changing in our real estate market, but they are not sure what that means to them, exactly. Some interpret the change to mean they can make crazy lowball offers, which they always can if they can find an agent to pursue that strategy. Others need to buy a home today. Between the two, we all know which agents prefer to work with.
On the other hand, sellers haven't quite gotten the word. A potential seller called me yesterday to say she would like to sell her home AS IS -- and let me add that Chris Ann Cleland was right in that some sellers don't know the extent of those words. She said her home needed work and had no updates. In pondering a sale, she suggested that she remove the carpeting and install ceramic tile or else just deduct the cost of that installation from its market value.
Those 2 choices were the best she came up with and had obviously thought this through.
You can't laugh when people say things like this because they will hang up on you.
She also noticed a few homes had sold in her neighborhood over $300K. After I looked at her previous listing from 1998 online and pulled the comparable sales, it was clear to me that her home was worth closer to $265K.
Those other sales she gravitated toward were updated homes and larger. This is a difficult concept for sellers to grasp. That nicer homes and larger homes make their smaller and not-so-updated homes worth much less. They view real estate as the same product, like loaves of bread on a grocery store shelf.
Well, you can see all of our market stats and many charts displaying activity in our Sacramento real estate market in the following link. Please read more in my personal blog today at this link: Sacramento Housing Market Report Reflects Seasonal Dip.