Somebody is Buying Homes in Sacramento!!! or trying too.
In the last two weeks I have been showing homes to a few groups of people with different buying criteria. The one thing that has become very apparent is that there are a lot of people trying to buy houses in the area. When my clients look on Zillow or Trulia or Realtor.com and send me requests for information on a particular property, it seems that most of what they are sending is already spoken for. Either the properties are Pending which means that most of the inspections and contingencies are out of the way or the Seller no longer wishes the property to be shown, or they are Active Short Sale Contingent which means that the owner has accepted an offer and is submitting it to the lien holder for their approval. In either case they are spoken for and Buyer’s must proceed to the next property on their list.
These are just a few examples of what I am talking about:
A client wants to buy a 5 to 6 Bedroom house over 2700 square feet in Elk Grove for up to $400,000.00, you might think that there would be a large selection based on what the local media presents. The reality is that there are 99 homes in the Multiple Listing Service that meet that criteria and only 28 that are available for offers. That means 72 percent of the homes are spoken for at this date.
Another client wants a 4 Bedroom home in West Sacramento for under $400,000.00. Again you would think they would have a field day trying to choose, but, there are 92 homes in the MLS with only 18 available or 81 percent that are in contract.
Lastly, a client wants a 3 or 4 Bedroom home in Rancho Cordova/ Gold River. There are many more that meet this criteria but the story remains the same. Between $150,000.00 and $400,000.00 there are 266 listings and 71 percent are already locked up.
So, in these three sub-markets of Sacramento homes, there is less than 1 out of every 3 signs or internet postings you see that are available. This would maybe give pause to those who are waiting for the market to turn. Buyer’s would be advised also that if you see something that you like, you should probably not wait too long to speak up. Many of the available homes are not competitively priced or are in need of a loving hand. It is truly a beauty contest out there and most every one is getting the bouquet.
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