yellow pages news jobs events calendar movie times
Rocklin and Roseville Today Since 2003
   |   Current Temp: 100.0 F (37.8 C)
 

Sacramento Foreclosure Discounts: Gone!


Share It.




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.






more news Print This Article


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

Rocklin Unified Violated Law with Employee RetaliationA recent ruling by Administrative Law Judge Robin W. Wesley has found that the Rocklin Unified School District broke the law by retaliating against four employees and violated Educational Employment Relations Act

Severe Drought Spurs Additional Water Saving MeasuresDrought Watch: As the lingering effects of a multi-year drought continue to cast their parched shadow on much of California, Placer County continues to take steps to reduce water use and eliminate water waste.

PCWA Limits Outdoor Watering to Two Days Per WeekDrought Watch: Directors of the Placer County Water Agency on Thursday (July 31) adopted new drought emergency regulations as mandated by the State Water Resources Control Board.

California Drought Brings Emergency RegulationsDrought Watch: An emergency regulation to increase conservation practices for all Californians is now in effect.

Placer United Soccer Claims San Diego Surf CupThe Placer United 97B Red soccer team claimed the San Diego Surf Cup with a 3-1 victory over Marin FC 97 Blue in the Menís U18 Super bracket

California State Parks: Sweeping Changes On The Way?The Parks Forward Commission, an independent panel of experts charged by the Legislature and Governor to review the future of the state's park system, issued its draft plan

Autism and Fragile X Participants sought for Memory StudyThe UC Davis MIND Institute is seeking participants for a study examining the benefits of a computer-based, game-oriented training program for enhancing working memory in children and adolescents with autism and fragile X syndrome.

Concerns Addressed Over Truckee River Rafting Trash With the commercial rafting operations on the Truckee River over for the year, Placer County is working with partners to provide cleanup of the trash and debris along the river.

Roseville Financial Advisor Sentenced for Ripping Off ClientsMichelle Lee Kern, 36, who worked as a licensed financial advisor at Ameriprise Financial Services Inc. in Roseville has been sentenced to 46 months in prison.

Roseville, Rocklin among California's Best Cities for Home OwnershipIn a recent Nerd Wallet report, Rocklin, Folsom, and Roseville, rank 11th through 13th (respectively) among California's Best Cities for Homeownership.

Hidden Falls Regional Park Receives GrantPlacer County's "gem of the foothills," Hidden Falls Regional Park, is the recipient of a grant that will fund innovative projects protecting long-term ecological values and economic viability

Roseville Developer Begins Senior Community in Elk GroveUSA Properties Fund will hold a groundbreaking ceremony for Arbor Creek Senior Apartments at 10:30 a.m., Aug. 4, at the project site located at Elk Grove-Florin and Calvine roads




more news

Featured Yellow Pages Categories

Auto

Business

Health and Fitness

Home Improvement and Services