Sacramento Home Sellers, NOW is the time!
Note to Sacramento Sellers– WE HAVE PLENTY OF BUYERS!! We NEED you! In Sacramento, there is no question, we are in a SELLER’S MARKET!!
The perfect storm of historically low interest rates (See Mortgage Rates Below), and home prices last seen in the 80’s & 90’s, have record numbers of would be Sacramento Home Buyers flooding our market. Sacramento Listing Agents are inundated with multiple offers. I spoke to an agent last week regarding a property one of my investor clients had interest…not only did he have over 50 offers, the highest offer was all cash, and $23K over list price…you heard right, “CASH” and “$23K OVER LIST PRICE” in the same sentence.
My Sacramento Buyer clients, frustrated by the market, ask me, “What the H*** is going on?”
Well, here is “What’s going on”:
Banks have all but pulled out of the market (…or so they want us to think)… Looking at a year-by-year comparison, In May of 2011, we had 746 more Active REO Listings than we do this year at the same time. (See Below: Sacramento REO Sales From 3/11-5/12)
The Sacramento Active Short Sale inventory is just as bad, dropping by 1257 listings since last May, and almost doubling the amount of Pending Sales. (See Below: Sacramento Short Sale Listings 3/12-5/12)
As a whole, Sacramento is down 2887 Active Listings, and Pending Sales are up by 576, creating a huge gap between what’s locked up in contract, and what’s still available…
So, who can fill the gap now? Good old fashioned Equity Sellers! What’s an Equity Seller you ask? What we used to have before we had to clear all sales terms with a Bank Asset Manager, or work with a Short Sale Negotiator. It’s time for regular old Sellers to get back into the Sacramento Real Estate Market…Supply & Demand say so!
If you’re considering selling your home, NOW is a fantastic time to act. Give me a call, and I’ll be happy to provide you a FREE market evaluation of your home.
Kyle Groves, DRE#01720537, is the Broker/Owner for J.K.Groves Real Estate Group in Sacramento, CA