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Nancy Bergman's Blog

By Nancy Bergman | Agent in San Diego, CA

Sacramento Is Now A Seller's Market

Reposting from Sacramento Business Journal...

Sacramento heats up as seller's market

Sacramento Business Journal by Sanford Nax, Staff Writer

Date: Wednesday, July 11, 2012, 10:19am PDT
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Home tracker Zillow has listed Sacramento fourth in the top 10 seller's markets in the United States -- behind San Jose, San Francisco and Las Vegas.

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Sanford NaxStaff Writer- Sacramento Business JournalEmail | Twitter | LinkedIn

As usual, my timing is perfect.

I moved to Sacramento a month ago, and am renting until I decide my next step. Rent a larger apartment? Rent a house? How about buying a house? I considered the latter choice and called a real estate agent who had a listing down the street from where I was staying in Elk Grove. The first words out of her mouth were: “Are you an all-cash buyer?

Then she explained the current offer was likely to collapse, but 19 other prospects were lined up waiting to enter the fray. I just sighed and said forget it.

In our print edition, I also recently wrote about how homebuyers are being driven to buy new, as investors are being lured by rock-bottom prices.

So I guess I shouldn’t be too surprised to learn that home tracker Zillow ZillowLatest from The Business JournalsReport: Refi market drying upUnderwater on your mortgage? Hang out with Zillow and feds online30-year mortgage rates continue to drop, to 3.39%Follow this companyhas listed Sacramento fourth in the top 10 seller’s markets in the United States -- behind San Jose, San Francisco and Las Vegas.

Zillow analyzed sale-to-list price ratio, number of days listings stayed on Zillow, and percentage of homes with price cuts to determine whether buyers or sellers have much negotiating room. A seller’s market, according to Zillow, is one where sellers are likely to sell for close to the asking price, and where listings spend little time on the market.

Some of the top seller’s markets, such as Las Vegas, Riverside and Phoenix, are cities where prices fell greatly. Thus, investors are busy in those communities, buying up distressed and lower-priced properties and sparking bidding wars.

Sound familiar?

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