Home Buying in Elk Grove>Question Details

george, Both Buyer and Seller in 94539

Elk Grove REO and short sales houses are going for $100-120/sq. ft for 2000 sf. ft house and trend is down.

Asked by george, 94539 Fri Jan 2, 2009

With so many houses underwater by 40% and expected slow down of economy, I tend to believe that this will force many more owners to dump the house and mail the key in; thus, continuing/accelerating the trend. Do any of you see different scenerio? I am hoping a banker will respond to this since they are probably determining the final price. I am considering to purchase some houses to rent/live in this year. Also, how is the rental and job market in Elk Grove?

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Hi George,
Wait another year to buy, save another 20% on the price. Good Luck
1 vote Thank Flag Link Fri Jan 2, 2009
tHERE ARE MANY EMPTY RENTALS AND MANY EMPTY STORES AND MANY EMPTY THRASHED HOMES WITH MISSING AIR CONDITIONERS, COPPER PIPING, DRYWALL KICKED IN AND MOLD , MILDEW NOW BECOMING A HUGE PROBLEM IN THESE EMPTY COLD HOMES! THE BANKS PUT ONE NICE PLACE 4 BD 3 BA 3 CAR GAR, POOL ETC 2,200 SQ FT FOR $199,000 AS A CARROT TO PIQUE INTEREST IN THE OTHER SMALLER LESSER HOMES PRICED 30-40 GRAND HIGHER THAT ARE ACTUALLY FOR SALE!! YOU BETTER BE PLANNING ON OFFERING $50,000 OVER ANY LIST PRICE ON ANY SO CALLED DEAL YOU WILL SEE! AFTER SEVERAL ALL CASH OFFERS AT ASKING OR $5,000 OVER EVEN ARE ALL IGNORED !!! ITS A FRAUDULENT SCAM AND A LOAD OF CRAP WHAT THESE PINHEAD BANKERS IN COLLUSION WITH THE A$$ HOLE REALTORS WHO LIE AND MANIPULATE THE MARKET THEY HAVE ZERO REGARD FOR ETHICS OR THE FUTURE OF THE COUNTRY OR THEIR FLACCID COMPANIES AS THEY KNOW BIG DADDY DUMB A$$ (GOVERNMENT) WILL PICK UP THE SHARDS OF THE SHATTERD REMNANTS THEY SCATTER AT WILL KILL THE BANKERS STRANGLE THE REALTORS!!
0 votes Thank Flag Link Mon Apr 13, 2009
george, perhaps you have already looked at this, but if not it does have some interesting information on the housing market..

http://www.fhfa.gov/

and this
http://www2.fdic.gov/recon/index.asp

The rental market you can get an idea here of trends ect..
http://www.zilpy.com/

Job market
http://www.simplyhired.com/a/jobtrends/trend/q-location%3A%2…
Just one source, you can find many so look around...

Good luck, Dunes
0 votes Thank Flag Link Fri Jan 2, 2009
Dear George: I hope you get a response from a banker, but even better than that, a response from an agent who handles bank owned listings.

Everything I have read and heard in our thinktanks indicates that there is a moratorium on bank owned listings right now in an attempt to shore up the prices that these homes sell for. And that there will be an onslaught of listings of bank owned homes in 2009. So, what we are seeing is a slowdown of bank owned home sales and listings. Also, as a result of SB 1137, banks are required to attempt work out deals with the persons defaulting on their loans, hence, there is a decline in Trustee's Sales.

I have an article addressing this I could send to you if you contact me directly.

With regard to purchasing and investing in Elk Grove and asking about the rental market. All of my rental surveys show that Elk Grove has the highest number of vacancies in the rental market right now. So, although there are some great bargains for purchasing at the present time, unless you have time to hold the property afer sprucing it up to make it stand out before it rents, I would suggest other areas.

I hope this helps.
Web Reference: http://SoldByErin.net
0 votes Thank Flag Link Fri Jan 2, 2009
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