Rob Saxe's Blog

Results of Sold Homes Survey in North Natomas

I’ve got a buyer who I just love working with.  As much as I like he and his girlfriend, they are depending on me to get them into a home for the holidays.

This used to be a pretty easy task.  You find a home, write an offer that’s attractive to the seller and off you go to escrow.

Now, not so much!

Dramatically Low Inventory Levels

As the foreclosure crisis churns on and banks are releasing fewer of the foreclosures to the open market for whatever the reason, the number of available homes for sale has decreased dramatically in the last year.

This has created a fiercely competitive market for buyers and sellers are, again, enjoying getting their listing prices as high as appraisers will allow them to go due to multiple offers on almost every home.

Days on market, depending on the area and price range, has declined as well.

The declining amount of homes for sale is why you’re currently having trouble getting your offer accepted.

Agents are communicating with each other only to the extent of “give us your highest and best”.

Beyond that, mum’s the word.  As a result, it then becomes a mystery has to how to structure an offer that gets accepted.

Until now!

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Homes Available for Sale Continues Decline

The total number of single family homes is down again this month in the Sacramento, Placer and El Dorado county areas.

As of this article, there were 5549 detached single family homes for sale in the 3 county area.

This is down from a high in January of 6538, 1000 fewer homes representing a 15% inventory decrease over the last ten months.

Foreclosures Increase, Banks Holding Back Homes

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Understanding The Market

The Sacramento real estate market is presenting buyers with challenges at the moment.

This article is about getting better acquainted with our market so that you can make offers in as strategic a manner as possible and finally buy a home rather than just making offers without success.

Education is key to success in any market and the Sacramento real estate market is no exception.

1) The Inventory of Homes for Sale is Low

The banks are in control of the real estate markets nationwide at the moment.

I speak to agents from Maine to Florida to Southern California to the Canadian border weekly.

The story is the same.  There just aren’t as many homes to sell as there were last year.

Lack of inventory creates a “frenzy”,of sorts, the result of which is that homes stay on the market for a very short time.

As of this article, there are 6121 single family homes and condos available in active or active short sale status listed in the MLS.

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Banks Becoming Easier to Work With

Over the last couple of years, short sales have been nothing short of a complete pain in the butt.

Getting a response out of the bank was difficult and it seemed that they would rather foreclose on a seller than to sell short and make more money in the process.

That seems to be changing throughout the Sacramento and Placer county area.

I just closed a Wachovia short sale in under 30 days from the list date!

While that’s not typical, it has and can be done.

Selling Short vs. Foreclosure

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U.S. Senate Could Approve This Week

According to an article posted on APP.com, Senator Bill Nelson of  Florida is citing that the tax credit should be extended later in the week through 2010.

Gradual Reduction

Although the tax credit will be extended, it could be reduced gradually throughout the year.

Buyers purchasing from the time of the extension will get the full $8,000 to April 1st.  After April 1st, the tax credit will be reduced $2000 per quarter to the end of the year.

Personally, I think this is a great idea.  It promotes purchases in the otherwise slow selling season and puts pressure on buyers to get their purchases behind them to take full advantage of the tax credit prior to April 1st.

Two Proposals

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All Sales from 10/1 to 10/15

In comparison to other months over the same time period, October has been a solid month of home sales in the Stanford Ranch community in Rocklin.

Our community has been hard hit with value declines, it’s good to see sales continuing.

13 homes have sold/closed with a median sales price of $285,000 from 10/1 to 10/15.

The average home sold in this time frame is 2318 square feet, priced at $148.11 square feet, 3 bedroom with 2.5 baths.  The average selling price on this home is $337,942 and sold in 55 days.

Searching for home in Rocklin, 95765?  Click here to search all homes available!

Homes for Sale in Stanford Ranch, Rocklin

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Sales Steady Amid Price Declines

Values all over the south Placer County area have come down dramatically from the highs of 2005 but even since last year the declines in the median home prices have been in the double digits.

Roseville 95661

The up and down nature of home sales throughout Placer County this year has been a story in itself.

Since May in 95661, sales have steadily increased with exception to August, a month when most families are gearing up for school or on vacation.

The median home sales price has declined 18.78% September 2008 vs. September 2009 in 95661. The median home sales price for September 2009 was $268,000.

In September of 2008, the median sales price was $330,000 while this September the median sales price has declined to $268,000.  That seems like a very large decrease in values year over year.  Would someone please stick a thumb in the dyke!?

Roseville 95678

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