Sacramento Real Estate Views

Sacramento Homes for Sale

Sales Down, Sales Prices Up

Average home sales prices have gone up every month consistently since May in Sacramento while home sales have continued to dwindle.  Concurrently, the inventory of homes for sale has steadily decreased in Sacramento since the beginning of the year.

The appreciation may be short lived depending on when and if the banks release the homes that have been foreclosed on to the open market.

The total number of  foreclosed homes not on the market could be as high as 30% of homes owned by the banks in the Sacramento real estate market.

Average Sales Price Increases

The average sales price in Sacramento climbed 1.75% since August and 3.5% since May for all zip codes of Sacramento.  There are some areas that have appreciated a little faster than others due to the values being lower in these areas than others.

The first time home buyer tax credit is accounts for the competitive sales environment we’re experiencing.  It expires November 31st and at present, there is no definitive sign that it will be extended.

Right now, first time home buyers are scrambling to get into escrow.

Most every home for sale has multiple offers and all offers must represent the buyers highest and best terms and price in order to be considered.  The only offers getting a counter offer are those selected to be the highest and best offer.

Don’t Buy Because of the Tax Credit

At this point, if you’re not already in escrow, it might be a good decision not to try and purchase to close prior to November 30th.

The tax money, while attractive, will be long gone in the short term and you’re going to live in your home, hopefully, for the long term. 

Hurrying to buy a home could cause you to pay too much for something very important and make a poor decision in the process.

Think about the opportunities that will exist after the tax credit expires.  Hopefully there will be a little less competition as the holidays are upon us and most folks will be preoccupied.

If you need help buying a home, please contact me.

Thanks for visiting!

No related posts.

Tags: homes for sale sacramento

This entry was posted on Tuesday, October 6th, 2009 at 1:38 pm and is filed under First Time Home Buyer Info, Home Sales Reports, Rocklin & Roseville New Homes. 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.

Leave a Reply