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Old 06-15-2013, 11:21 PM
 
433 posts, read 531,215 times
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I've been hearing a lot about stiff competition for home buyers in Sacramento in recent months; multiple offers, investors swooping in with winning offers, and etc.

Been monitoring my own neighborhood (HOA community), and around 4 months ago, homes were selling for anywhere from $130k-150k on average, depending on square footage, how many bdrms and what not.

Recently, one of the houses that would have probably sold for $160k tops 4 months ago, listed at $249k... for a week or two, it was still not showing as pending, but seller lowered price to $225k and shortly thereafter the status of the listing went to pending. This was for a 3bdrm, 1600 sq ft home that 4 months prior would have sold for $65k less or so.

The week after said house went to sale pending status, another house on the street over listed for $210k (smaller house at 1350 sq ft). The weekend following when the listing went up, they had an open house, and by Tuesday after the weekend, the listing went to sale pending status at the asking price of $210. This for a 3dbdrm, 1350 sq ft home that would have gone for $50k less about 4 months prior.

Zillow/Trulia still lists the property values around the $140-160k range. I guess with the lower supply and greater demand, the home owners and their selling agents decided that they could get significantly more for their homes - and apparently, based on the current pending states, they were right?

Had a coworker that was thinking of selling since the value of his home went up $65-70k, but his agent is telling him to not sell yet, as she thinks the prices will keep going up.

Do you all think now is the time to sell due to interest rates creeping up and rainy fall season being around the corner? Or do you think these two recent home sales are flukes more than anything?
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Old 06-16-2013, 10:27 AM
 
Location: North Idaho
21,014 posts, read 25,807,125 times
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Keep in mind that house was probably going to sell for $450,000 before the crash. Prices are recovering, but no where near where they were.

Maybe they won't ever get back to that high pre-crash level. Or maybe they might, because the dollar is losing value and it takes more dollars to buy anything in this economy.
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Old 06-16-2013, 11:37 AM
 
Location: Mostly in my head
19,641 posts, read 53,545,549 times
Reputation: 18559
And if you sell, where are you going to buy? Inflated (comparative) sales price = inflated (comparative) buying price.
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Old 06-17-2013, 10:03 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,548,327 times
Reputation: 6356
Quote:
Originally Posted by ecsdude View Post


Zillow/Trulia still lists the property values around the $140-160k range.
Well, there you go then. It must be true if Zillow says so.
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Old 06-17-2013, 03:01 PM
 
9,083 posts, read 5,413,644 times
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Sacramento/Elk Grove real estate is boom and bust in lockstep with the economy, always has been. It is just recovering from a bust and is heading towards the boom. My guess is that if you wait, the price will go up even higher.

However, it is always tough to time the market and Sac/EG is usually among first to fall and last to rise. So if your entire motivation is to sell at the top, you need to pay close attention to the economy and to areas like Tracy/Stockton. If they start to fall then Sac/EG will follow soon.

.
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Old 06-17-2013, 03:09 PM
 
Location: The Berk in Denver, CO USA
13,125 posts, read 18,750,321 times
Reputation: 20445
Default Sacramento is not normal


25th, Median (50th) and 75th Percentile Asking Prices for Sacramento California
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Old 06-19-2013, 06:05 PM
 
518 posts, read 1,316,864 times
Reputation: 322
Sellers keep holding off as if they're going to receive higher than 2007/08 prices. I think they're crazy. I'm in the market upwards of $775k and there's no way I will move from a community that is selling for $100 to $150 per SF to a community that has been receiving $200 to $275 per SF following a 30% escalation in one year. Yes. This community is slightly better with a smaller school district, but is it worth the $250K premium plus the $5000 increase in taxes? Probably not. I'm not going to spend my hard earned money by overpaying. Some sellers are becoming quite greedy, holding off, and they're going to end up missing the right time to sell. With interest rates heading up and limited supply, NOW is the time to sell. I think that by waiting they'll loose out.
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