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!





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.

Print

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

3 Teens Arrested in Burglary and Vandalism of Country ClubA Placer County Sheriff's detective apprehended three juveniles Thursday in connection with recent burglaries and acts of vandalism at the Auburn Valley Country Club.

Roseville Author Releases New Book NationwideROSEVILLE, Calif. - The new book "Resonance," a stimulating new book by Roseville author Emily Elaine is now available nationwide.

Genderally Speaking LGBTQ Exhibition in RocklinRocklin, CA--The Ridley Gallery presents "Genderally Speaking", photography by Ron Williams in conjunction with Sierra College Pride Days (November 4-6).

Rocklin History Series Presents Julia Morgan's GoldThe Rocklin History Series continues on November 16, 2014 with a live presentation by Julia Morgan Historian Karen McNeill Ph.D. at 2 pm at the beautiful Old Saint Mary's Chapel

Free Identity Theft Prevention Class in AuburnThe Placer County Sheriff's Office is offering a free identity theft prevention class on Monday, October 27, from 6 to 8 p.m. at the Auburn Justice Center.

Loomis Students to Learn About Pediatric Iron Lung for World Polio DayIn recognition of World Polio Day, Rotary Club of Sunset Loomis will bring a pediatric iron lung to Loomis Grammar School and Loomis Basin Charter School

Esteemed Roseville Historian DiesLeonard "Duke" Davis, considered by many the foremost authority on the history of Roseville, passed away on Friday, October 10.

Michaels Store in Auburn to Open November 16thMichaels, North America's largest arts and crafts specialty retailer, announces the grand opening of its new Auburn store, featuring an inspiring new design, located at 2785 Bell Rd

Janina VanVooren at Patrons Club November 3rd Rocklin, CA - The Patrons Club, a volunteer arm of the Sierra College Foundation, invites the public and those interested in becoming members of the organization to attend

Roseville Men's Tennis Team Edged Out in National ChampionshipsThe men's tennis team from Roseville, Calif., representing the USTA Northern California Section, finished second at the USTA League Adult 18 & Over 2.5 National Championships

Dermatomyositis: Woman Battles Weakness, RashIn 1993, and only two weeks after having given birth to her second child, Becki Lanser of Cary, North Carolina, was experiencing severe muscle weakness and fatigue.

Jeep Grand Cherokee: More Refined Than EverA 2014 "refreshening" has given the Grand Cherokee a more modern, sophisticated look that will have admirers giving it the double take.


more news