Yellow Pages |   News Updates |   Events Calendar |   Movie Times | Recycling
Rocklin & Roseville Today Local Events
HOME

Sacramento Foreclosure Discounts: Gone!





The foreclosure discounts here in the Sacramento real estate market are virtually gone, according to a recent housing report.  In the past buyers have come to expect if they bought a foreclosure or short sale property they would get a better deal than if they purchased a non-distressed house.  The disappearance of any significant discount for foreclosures (lender owned properties) and short sales is being caused by the low level of inventory of homes available for sale and the increasing demand from potential buyers.

According to a report issued by the National Association of Realtors (NAR) the nationwide discount for foreclosures has fallen to 7.7 percent.  Sacramento, by comparison, came in with the third lowest discount, 0.7 percent.  The two communities with no discount are Las Vegas and Phoenix.

Meanwhile, the places with the largest foreclosure discounts are:

  • Pittsburgh, Pa. (27.8%)
  • Cleveland (25.8%)
  • Cincinnati (20.2%)
  • Baltimore (20%)
  • New York City (15.5%)

The current supply and demand curve has made the Sacramento area a seller's market with many listing getting multiple over asking price offers within days of going on the market.  We recently submitted an offer for a client in under $200,000 price range in Roseville and received a multiple counter offer which went out to 18 different agents.  Of those, 14 responded with their highest and best offer.  From what I was told, it was a significant over asking price offer of cash which secured the contract on this bank owned property.  There was no discount on this foreclosed property, the lender received a premium.

Not only are buyers having to compete for properties with price, the terms of the offer are becoming increasingly more important.  This makes it very difficult to get a house for first time home buyers who are using low down payment loans such as FHA. 

December has traditionally been a slow time for the housing market as buyers and sellers are engaged in the holidays.  With the new year we should start to see more homes come on the market, especially if we get some good news about the Debt Forgiveness Act being extended which will allow underwater homeowners to short sale their house without worrying about taxes on the forgiven debt.

If you or someone you know is considering buying or selling a house and have questions about if this is a good time, let me know.  You can reach me at the MagnumOne Realty office in Roseville (916-899-6571) or by email to juliej@jalone.com.



Follow Us On Facebook



Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.

Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento




Placer County News Headlines

Roseville Gas Prices Pushing HigherRoseville, CA - With Brent crude oil prices rising above $55 a barrel for the first time in 16 months, Roseville residents

Paying for Infrastructure Without Soaking the TaxpayerPresident-elect Trump has many difficult fiscal tasks ahead - one of which is to promote long-overdue infrastructure construction at a time when the national debt

Raymer Seeking a Kidney TransplantAll the little boy wanted for Christmas was his two front teeth. Karen Raymer of Hidden Valley Lake, California, would like just one kidney

Attack on Pearl Harbor Memorial and Wreath-Laying CeremonyDecember 7th 2016 is the 75th Anniversary of the attack on Pearl Harbor.

Renewable Energy Job Training for Local StudentsRoseville - More than 25 local students from Sierra College have now gained invaluable hands-on training for jobs in the fast growing field of renewable energy

Placer SPCA waiving Adoption Fees in DecemberRoseville, CA - The Placer SPCA is thrilled to announce that every animal adoption fee will be waived from December 1st through December 31st

New California Laws 2017 - Part 1Roseville, CA - New California laws for 2017. Part 1 includes racial mascots, immigration, tobacco, marijuana, search warrants, mental health and much more.

27th Annual Holiday Craft Fair in Roseville Roseville, CA - The 27th Annual Holiday Craft Fair in Roseville takes place this Saturday at Maidu Community Center.

Roseville Flash Crime Report: Mail Theft on the RiseRoseville, CA - The Roseville Police Department's public police activity report for the period covering November 15-28, 2016.

Football Championship West in Roseville and RocklinRoseville, CA - The Football University (FBU) National Championship West region games will take place on Dec. 2-5 in Roseville and Rocklin.

Local Businesses Warned About Potential ScamThe California Department of Alcoholic Beverage Control (ABC) is warning ABC licensees and the public of a possible scam in both Northern and Southern California involving persons

18th Annual Holiday Show and Sale in RocklinRocklin, CA - The Ridley Gallery at Sierra College Rocklin Campus is proud to announce our Eighteenth Annual Holiday Show and Sale


NEWS: In Case You Missed It