Will the price per square foot of the houses in natomas crossing go up in summer of 2015?

Asked by mpresley1984, Sacramento, CA Thu Jul 31, 2014

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theman, Both Buyer And Seller, Sacramento, CA
Wed Aug 20, 2014
Probably not, unless all homes that come on market are in mint conditions. I have few examples examples for you.

1) 17 Copper Crest Ct. It took almost 5 months to sell at $325,000. Five months is a lot of time in a predominantly sellers market. Believe me, there were no shortage of buyers when this property was on market. This was priced at approximately $149 sq/ft and in mint condition.

2) 17 Rockrose Ct. This was overpriced at $350,000 then later reduced to $343,000. It took almost two months and price reduction to get an offer. The house is current pending, with signs that the buyer might not be well qualified because the sellers are still entertaining "backup offers." Again there were no shortage of buyers when this property was on market. This is currently priced at approximately $155 sq/ft, in mint condition, but outdated kitchen.

3) 17 Stonepine Ct. Although there were no shortage of buyers when this property was on market. This house didn't get any real serious offers. Original listed for $350,000 and later dropped to in $320,000 range. The condition of the house was below average and house was dirty. Last time I checked it was unsold and withdrawn from market.

4) 24 Indigo Oak Ct. This a short-sale also the house condition was below average and it recently sold for $119/sqft.

5) 24 Stonepine Ct. In comparison to all the recent sales, this house was an absolute gem. It came with big swimming pool, great landscape, and high-end upgrades (appliances, cabinets, fixtures). In comparison to all recent sales of houses big or small nothing can even close. My best estimate, is that these upgrades were easily north of $75,000. This house sold for $335,000 and within days of listing. It's price came to $165sq/ft. In my opinion that is the absolute top price. And I challenge any listing in Natomas Crossing to offer everything this house had.

Since there are lot of renters in Natomas Crossing, especially on Innovator Drive. Lot of affluent families who have big money to spend will not be coming to this area. Moreover, the school district is just average (maybe little below) so again you will not have too many buyers who are willing to pay higher than $160sq/ft coming to the area. In addition, the canals is also an eye-sore and the dry soil nearby causes lot of dust issues and regularly dirties your car.

A short answer for your question is no one knows. People can only speculate using the information they already have. However, if you don't see houses selling like hot cakes in that area when the interest rates are fairly low and prices are in par with median price, then I don't think price point will be favored especially if the Feds increase rates. If you want to sell, this is the time. You can double-check everything I said on Zillow, it's public information :).
1 vote
David Gabris, Agent, Gold River, CA
Thu Aug 7, 2014
Though we can't predict the future, we can gain wisdom from looking at the past. Sacramento County has had a housing shortage for several years which, coupled with favorable interest rates, has helped to push prices upward. But, housing affordability could be radically altered for many buyers if interest rates move up significantly.

I have included a link for you that shows the average price per square foot in 95834 over the past 14 months. You will see that we have had considerable appreciation. We will only know the top of the market till after it has occurred.
0 votes
Thomas Moser, Agent, East Northport, NY
Thu Aug 7, 2014
If any of us knew where prices were going we wouldn't have to work for a living.
0 votes
Gordon Lane, Agent, Sacramento, CA
Thu Aug 7, 2014
If an agent tells you that prices will be going up in the summer of 2015 be cautious. Changes in the economy and interest rates can impact home prices, and agents don't have a crystal ball and shouldn't be predicting what home prices are doing a year from now.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jul 31, 2014
Be mindful that square footage costs do vary and don't account for exact location and other considerations, therefore it's in your best interest to also review recently sold similar properties in the immediate area. As to prices increasing, unfortunately none of us can accurately predict the future...
0 votes
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