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 firstname.lastname@example.org.
About Realtor Julie Jalone
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
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News Headlines13 Locations in Placer County for Free Medication Take-back Roseville, CA- A free medication take-back event will take place at 13 locations throughout Placer County on Saturday, Oct. 28.
Roseville Flash Crime Report (10.20.17)Roseville, CA - Digest summary update of Roseville Police activity through October 17, 2017.
Worst of Humanity: Arrests as FBI Targets Underage Human TraffickingSacramento - The Federal Bureau of Investigation, along with the National Center for Missing & Exploited Children (NCMEC), announced that 84 minors were recovered and 120 traffickers were arrested
Wildfires are Increasing Housing CrunchSacramento area Realtor, Julie Jalone of MagnumOne Realty in Roseville, writes about the wine country wildfires and how they are impacting the housing crunch and the displaced homeowners.
Sierra College Holds People & Culture Days CelebrationRocklin, CA - Have you sampled homemade tamales? Have you danced to Greek music? Can you make a Japanese origami crane?
Traffic Alert: Closure of I-80 and Hwy 65 Interchange ScheduledRoseville/ Rocklin, CA - On Saturday, October 21 from 11:00 p.m. to Sunday, October 22 at 6:00 a.m., PG&E will relocate three lines over Highway 65 between I-80 and Galleria Boulevard/Stanford Ranch Road,
Golden 1 Center Creates Economic Spark for SacramentoSacramento, Calif. - Downtown Sacramento Partnership and the Greater Sacramento Economic Council today unveiled new research explaining indicators that show the unprecedented change
California Fire Death Toll Hits 41California Fire Updates 2017: In the past week, over 245,000 acres have burned across California. More than 11,000 firefighters continue making progress on 12 large wildfires burning in the State
Volkswagen unveils versatile new GolfRoseville, CA,- The all-new 2017 Volkswagen Golf Alltrack. Volkswagen has attempted to build the Alltrack with some enviable features that give it the versatility that appeals to people who enjoy staying active.
Roseville Gas Prices Continue DroppingRoseville, CA, - More good news for Roseville area motorists as gas prices continue to move lower. The cooler weather is moving in and autumn weekday road trips are idyllic
31 Confirmed Dead in California Wildfire DevastationCalifornia Fire Updates 2017: The death toll has risen to 31 across 4 fires as estimates remain that 3,500 homes and other structures have been destroyed
Placer Women's Retreat in Roseville on November 4thRoseville, CA- The Placer Women's Retreat will take place at the Falls Event Center in Roseville on November 4, 2017.
NEWS: In Case You Missed It