Sacramento Real Estate Views

The Sacramento Regional Real Estate Market Is Shifting!

Homes for Sale Continues Increase

The total number of homes for sale in the Sacramento region has been steadily increasing all year.  Now that the federal first time home buyer tax credit is gone and the California tax credit is almost gone, buying has slowed.

Where does that leave our market?

As the inventory continues to increase, there will be downward pressure on values.  I’m seeing that in the offers I’m submitting.

I have a client who submitted offers on 7 bank owned homes in Sacramento.  Each offer was roughly 8% to 12% below the listed price but in line with the average market value.

In the past, none of the sellers would have been responded to any of these offers.  We got responses from 6 of the 7.  If they had higher offers, would they be responding to a low offer?  No they wouldn’t.

The real estate market is shifting.  The lower end investment grade homes are building up.  We could see another dip in our housing market before the end of the year.

Frankly, I’m happy to see it slow down and become a bit more balanced.  Buyers will have a greater selection of homes to choose from and prices will hold or decline slightly if everything stays similar.

Homes For Sale By Status

These percentages haven’t changed much over the last couple of months but the numbers have  increased.

Bank owned homes, or foreclosures, are just 18% of the available homes for sale.

Foreclosures are being cancelled in record numbers in favor of short sales.

Short sales occupy 29% of the market and the remaining 54% are regular real estate listings.

The number of regular real estate listings out there seems high considering there isn’t much equity left in the marketplace.  That said, it’s good to see.

Are you considering selling your home?  If you’d like information about selling your home, please fill out the form below and we’ll get back to you promptly.

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Tags: Homes For Sale, Rocklin, Roseville, short sale

This entry was posted on Tuesday, July 6th, 2010 at 1:28 pm and is filed under Real Estate Market Commentary. 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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