maryosteen, Home Seller in Sacramento, CA

Is it true that home sales in the Sacramento region have dropped 38% in the last month or so?

Asked by maryosteen, Sacramento, CA Wed Jun 11, 2014

Our agent told us we'd need to lower our asking price by at least $10,000 because of this drop.

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5
I'm not sure where your agent is getting that information. Possibly for a specific area of Sacramento? The number of homes that have sold in Sacramento County has only decreased 4.1% from April to May of this year but the average sold price has increased slightly.
0 votes Thank Flag Link Sun Jun 15, 2014
Wow! That would be interesting to see! Not sure if this is correct. Sacramento has seen an increase in sales in some markets over 100%. Probably same reason why you listed your house. Since you did not disclose your property than it would be hard to say.

I would ask for a Comparable Market Analysis of the market with a 5 Mile radius or radius big enough that would effect the decline in value.

Ok so from the information provided above and based on your home . You currently have 107 Properties on the market within your area on a 5 mile radius. As of Today and going back 90 days 265 homes have sold. That sort of means you have a hot market area.

Lets pull down the criteria to 1 mile radius since this is what BPO and appraiser will use to value your home. You have a big mix of property ranges. Looking at the homes in the area some have been updated and some have been in left in original condition. I do like the pool! Which sometimes drive buyers to the home.

Days of Market are sort of low for wanting to change dollar amount so drastically. Pending Sales are still showing above market range. Market area is volatile with alot of Solds that vary in market range. Yet the three comparable (sold) closest to your property are at your current asking price.

I dunno, I would stick to your guns. If you are looking to move fast than possibly drop it. If you want the value than keep it were it is at. Sometimes a quick drop with a short Days on Market could give you lowball offer's. Just my opinion.

If you want the documents I stated just contact me I will save them for you.

Best of Luck!
0 votes Thank Flag Link Thu Jun 12, 2014
Mary,
I don't know the stats of your area either, but in many markets inventories are still low. This has caused some sellers to be overly optimistic and overprice their homes. It's entirely possible that even if the market was up in your area, if you have been on the market for 30 days and haven't received an offer something needs to change. Price is easy, but are you the best looking, best marketed, easiest home to see and price appropriately within your homes market? If not fix what's not right and get it sold.
I've attached a link to my blog where I explain these 4 keys more completely. Best of luck.
0 votes Thank Flag Link Wed Jun 11, 2014
Your agent is closer to your situation than we are. There is a difference between the statement that "sales have dropped off" and "prices have dropped off". In Silicon Valley sales have dropped off due to the fact that our inventory is so low there are fewer homes to sell. Our prices, however have not dropped off.

Ask for an updated comparable market analysis of similar homes that have come on the market, those that are pending, and those that have sold, since you listed your home. Then discuss those findings with your agent to learn what you can do to position your home for a solid offer.

All the best to you.
0 votes Thank Flag Link Wed Jun 11, 2014
I'm not sure where 38% drop is coming from. Without more details about your house it's hard to say. How long has your house been on the market? Was is priced accordingly based off the comps? When you hired your Realtor they should have showed you comparable homes to base the sales price on, maybe you should ask them to run comparable's again. I'm not saying this is the case but maybe it was priced too high to begin with.

You can see the link below for Sacramento market trends.
0 votes Thank Flag Link Wed Jun 11, 2014
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