Yellow Pages |   News Updates |   Local Jobs |   Events Calendar |   Movie Times |
Rocklin and Roseville Today Local Events Calendar
    (Independent and Locally Owned)
 

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

Chronic Fatigue Syndrome Often Not BelievedChronic Fatigue Syndrome (CFS), also called Chronic Fatigue Immune Dysfunction Syndrome, had Carl Miller and his doctors, completely baffled for a long while.

Lexus LX570 SUV: Big, Attractive and SafeWhat most drivers will like about the Lexus LX570 is the combination of gracious around-town capability and its ability to go off-road in rugged winter conditions

Can You Get a Mortgage?Realtor, Julie Jalone, of MagnumOne Realty in Roseville, writes about a the current mortgage underwriting environment, how it is perceived buy potential home buyers and what lenders should do to accelerate the housing recovery here in Sacramento and across the country.

Santa to Visit Roseville Neighborhoods ScheduleRoseville, CA - After talking with Santa, he was able to work some time in his schedule to visit six Roseville neighborhoods this year before the holidays

Holiday Ice Rink in Roseville at GalleriaThe outdoor Bayside Ice Rink at the Westfield Galleria at Roseville is now open for the holiday season.

Rocklin Gets Ready for Santa VisitRocklin, CA -- Once again this year Santa Claus has requested the assistance of the Rocklin firefighters in escorting him through the local non-gated neighborhoods of Rocklin

Old Sacramento Holiday Theatre of LightsKnown as a magical, electrifying and family-friendly holiday tradition in Old Sacramento, the ever-popular and FREE Theatre of Lights performances return on Wednesday

Thanksgiving Fire Safety TipsCooking is, and has long been, the leading cause of home structure fires and home fire injuries, and according to the

Immigration Executive Action: Republicans and DemocratsAnother stark contrast of opposing sides on Obama's Executive Action on Immigration, highlighted by two Republican Congressman Tom McClintock's remarks and the California Democratic Party

PCWA Moves Forward on Watershed RemediationIn the aftermath of the massive King Fire, the Placer County Water Agency is taking emergency steps to prevent and manage the runoff of fire debris and erosion into the

Holiday Flu Could Be Grinch This YearWith Thanksgiving nearing and the holiday season upon us, many people will be hitting the malls for shopping, the airways for travel, and interacting with large groups of people

Placer County Honors Citizens with Commemorative CoinsThe Placer County Board of Supervisors honored Dr. Bryce Jessup of William Jessup University and volunteer extraordinaire Fuzzy Jarnagin of Loomis Tuesday, presenting them with




more news

Featured Yellow Pages Categories

Auto

Business

Health and Fitness

Home Improvement and Services