Sacramento Real Estate Views

Selling a Home In Rocklin

Important Statistics You Need To Know

I was hunting around the MLS this morning pulling some useful statistics that should be important considerations in pricing a home to sell in Rocklin.  After looking at the data, I was surprised by some things that I’ll elaborate on here.  Hopefully, if you are considering selling a home in Rocklin, this will help you in the most important decision regarding the sale:  What price you choose.

Bank Owned Homes (Foreclosures) vs. Short Sale Listings vs. Neither

There are significant differences between foreclosures, short sales and regular real estate transactions.  “Regular” real estate transactions are defined as selling a home that has the equity to pay off the mortgage and selling costs.  Short sales are where the home will not sell for enough to pay off the mortgage and foreclosures have been seized by the bank for default by the homeowner on the mortgage obligation.

Averages in the Last 90 Days

Over the last 90 days, only 24 of the 178 sales were short sales comprising only 13.5% of the sales in Rocklin over all.  While on one hand this might seem surprising, on the other, short sales take an quite a while to close if they get closed at all.  A good majority of them become foreclosures or go to auction after due process.

Although I haven’t run the numbers on this, my assumption is that there are a higher percentage of active short sale listings than there are short sale sales.

Regular real estate transactions, not foreclosure or short sale, comprised 76 of the remaining 154 sales in the city of Rocklin.  This represented 42.7% of sales and the remaining 78 sales were foreclosures.  This represented 43.8% of sales.

The encouraging thing to know is that there is still a market for homes that aren’t foreclosures.  Unlike many areas of the region, in Rocklin, it’s reasonably balanced between regular real estate and foreclosures.  Many communities in our region aren’t so balanced.

Sold Prices – The Encouraging News

There is a bright spot in Rocklin home sales:  Regular real estate transactions are selling for more than the short sales and foreclosures.   Many agents will tell you that you’re competing against the foreclosures which, in part, is true.  But it’s like comparing an pippin apple to golden delicious in terms of pricing.  Still an apple but vastly different taste.

Numbers don’t lie. The average sold price of a non foreclosure and non short sale was approximately 49% above a foreclosed home and 31% more than a short sale for a similar property.  Will this always be the case? No, it won’t.  However, over the last 90 days, these were the averages.  The conclusion?  In the Rocklin real estate market, regular real estate is still selling for more than short sales and foreclosures.  How much more will be determined by the location and condition of the home.

Average Days on Market

The average days on market most always represents the price the home is listed for vs. the condition and location of the home.  The foreclosures, because they are priced lower than the short sales and regular real estate, sell the fastest.  Short sales and regular real estate have sold in about the same amount of time although they are priced very differently.

This is where the foreclosures beat regular real estate and add to the days on market for regular real estate.  The banks know that if they price a home low to begin with, they will always get a higher price for it due to the competition for the “good deal”.  When people see a home like 5062 Concord Road priced well below market, the multiple offers come in and a “bidding war” ensues driving the price upwards.

This works for regular real estate as well.  In fact, it’s the strategy I most recommend to get the highest and best offer on your home. (keeping the apples to apples comparison in mind)

The Bottom Line

The bottom line here is that there is a difference between the status of homes in Rocklin and in other communities as well.  If you’re considering selling, make sure you’re comparing foreclosures to foreclosures and regular real estate to regular real estate when determining what price to list your home for.  Try to strike a balance in the price and you’ll end up getting the highest and best offer for your home in the shortest time possible.

Most of all, hire someone who knows the difference between homes in your community whether it’s Rocklin, Roseville or where ever.  This single step could save you time, frustration and most of all, money.

Please contact me if I can help you. Click here.

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Data from Metrolist Services, Inc.  All rights reserved.

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Tags: homes in rocklin, rocklin real estate agent

This entry was posted on Sunday, November 30th, 2008 at 9:29 am and is filed under Home Sales Reports, Rocklin. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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