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Old 09-23-2019, 06:13 AM
 
39 posts, read 75,760 times
Reputation: 66

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Over the years i have had various projects: move to EHR/folsom, upgrade in EG, holiday home in Pollock Pines etc.

But i havent look recently until today.

Wow.

2500 sqft homes on 0.2 acres in EHR $575k
(many are now dropping prices by $20K and still not sold).

1500 sq ft homes on 1+ acres lots in Pollock pines for $250k sitting on the market since May.

1900 sq foot homes on 8000sqft+ lots in Granite Bay for $539K.

So I have two questions:

1) What happened that caused these price drops?
2) Is it temporary or going to continue?

Last edited by brotherfromthegutter; 09-23-2019 at 06:45 AM..
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Old 09-23-2019, 08:59 AM
 
137 posts, read 163,043 times
Reputation: 199
1) Part of it is seasonal. Prices always cool when Autumn begins. Also after last years fires, areas like Pollock Pines will have greatly increased insurance costs and risk profiles. There’s also a general trend of urban prices gains outpacing suburban or exurban ones - I mean have you seen the traffic lately?

2) Nobody can predict this, and you should never trust online forums for financial prognostication. All you can do is educate yourself about what has been occurring in the markets recently and historically and based upon your own financial situation, make the call that’s right for you at the time.

Unlike most people, the Great Recession was the best thing ever to happen to me financially. But I’d be a liar to say I predicted it. What I didn’t do was buy anything -ever - that was overpriced (for me). Once prices tanked it turns out I could afford quite a bit. So only buy what makes sense for you and you’ll probably be ok.
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Old 09-23-2019, 09:05 AM
 
7,367 posts, read 2,737,345 times
Reputation: 9666
Recommend Ryan Lundquist's blog for analyzing Sacramento area real estate trends.


Sacramento Appraisal Blog
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Old 09-23-2019, 10:37 PM
 
921 posts, read 917,773 times
Reputation: 438
Not in midtown, east sac or curtis park. I walk around and the realtors want 500k-1 million plus for tiny 1-3 bedroom places for sale. Way way cheaper to rent in downtown and midtown sacramento right now.
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Old 09-23-2019, 11:18 PM
 
Location: Living rent free in your head
35,169 posts, read 16,246,693 times
Reputation: 25770
Quote:
Originally Posted by brotherfromthegutter View Post
Over the years i have had various projects: move to EHR/folsom, upgrade in EG, holiday home in Pollock Pines etc.

But i havent look recently until today.

Wow.

2500 sqft homes on 0.2 acres in EHR $575k
(many are now dropping prices by $20K and still not sold).

1500 sq ft homes on 1+ acres lots in Pollock pines for $250k sitting on the market since May.

1900 sq foot homes on 8000sqft+ lots in Granite Bay for $539K.

So I have two questions:

1) What happened that caused these price drops?
2) Is it temporary or going to continue?
They're sure not dropping in Reno the house we sold there in 2014 is now valued on zillow for almost twice what we sold it for, the house we bought in Sac the same year is valued at maybe 20% more than we paid for it
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Old 09-23-2019, 11:30 PM
 
Location: Silicon Valley
18,652 posts, read 25,357,353 times
Reputation: 37243
Prices go up and then they go down. It's just the way it goes. There's a lot of uncertainty regarding the economy right now and people aren't as flush as the rosy economic reports say they are.
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Old 09-24-2019, 03:00 PM
 
Location: where the good looking people are
3,817 posts, read 2,964,517 times
Reputation: 3284
Quote:
Originally Posted by mixxalot View Post
Not in midtown, east sac or curtis park. I walk around and the realtors want 500k-1 million plus for tiny 1-3 bedroom places for sale. Way way cheaper to rent in downtown and midtown sacramento right now.
Upscale markets are always the last to decline and the first to bounce back
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Old 09-26-2019, 07:35 AM
 
921 posts, read 917,773 times
Reputation: 438
Not where I live bud. Midtown, Curtis Park, Land Park, Downtown, East Sac all sky high asking and selling prices for crapshacks. I walked by my place in Poverty Ridge and 2-3 bedroom places are selling for 500-1 million! WTF never knew state workers were paid and wealthy? Who is paying these prices? Average pay is low in Sacramento and don't tell me folks are spending 4 hours commuting daily to/from Silicon Valley.
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Old 09-26-2019, 10:32 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
7,060 posts, read 4,947,874 times
Reputation: 9735
Quote:
Originally Posted by 2sleepy View Post
They're sure not dropping in Reno the house we sold there in 2014 is now valued on zillow for almost twice what we sold it for, the house we bought in Sac the same year is valued at maybe 20% more than we paid for it
How accurate do you think Zillow is? I know some areas are better than others. When I bought my house Zillow said it was 60k more than I paid for it. A year later Zillow said it was 100k less than what I paid for it. A few months later it was worth 170k more than the last value they set. I like Zillow, but take it with a grain of salt.
What is the value in Reno?
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Old 09-26-2019, 12:34 PM
 
Location: Living rent free in your head
35,169 posts, read 16,246,693 times
Reputation: 25770
Quote:
Originally Posted by aslowdodge View Post
How accurate do you think Zillow is? I know some areas are better than others. When I bought my house Zillow said it was 60k more than I paid for it. A year later Zillow said it was 100k less than what I paid for it. A few months later it was worth 170k more than the last value they set. I like Zillow, but take it with a grain of salt.
What is the value in Reno?
It's pretty close for both homes, I always look at recently sold comps to get an idea of the accuracy of Zillow.
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