Yellow Pages |   News Updates |   Local Jobs |   Events Calendar |   Movie Times |
Rocklin and Roseville Today Local Events Calendar

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

Seniors First's Cafés Nourish Bodies and SpiritsDuring a rainy winter, when inclement weather can preclude a trip to the store or local food closet, it's important to remind the elderly and their families that there are local options available

Business Executive Fighting Lou Gehrig's DiseaseAbout five years ago, Todd Neva, now of Hancock, Michigan, began having trouble lifting his daughter from her carseat. Over time,

$226,278 Raised in Dutch Bros. Buck for Kids DayOn Friday, Dec. 5, Dutch Bros. Coffee and customers banded together to raise $226,278 for children on the company's annual Buck for Kids Day.

Roseville 5th Graders Provide Inspiration to PatientsEach month, fifth-grade students from Stoneridge Elementary School's Leadership Club visit Sutter Rehabilitation Institute (SRI) in Roseville to visit patients.

Rocklin Unified's Beleaguered Special Ed Program Seeks ChangeThe Rocklin Unified School District has contracted with WestED to perform a study on its beleaguered Special Education department.

Roseville Charity Hearts that Care Partners with Placer SIUOn December 17th, 2014, The Placer County Special Investigation Unit (SIU), a Placer County Law Enforcement Task Force comprised of State and local Placer County law enforcement

Roseville Crime Report Digest Update (12.19.14)Crime report digest update for Roseville California, December 19, 2014

Food for 400,000 Meals Raised for Placer Food BankThunder Valley Casino Resort and Whitney Oaks Golf Club have collected over 50,000 pounds of food for Placer Food Bank food drive.

Rocklin Man Victim of Elder Abuse and ID TheftLaura Kirkwood, 23 years old of Sacramento, was arrested and booked at the Placer County Jail on suspicion of elder abuse and ID theft of a 74 year old Rocklin man.

Shocking Find in Colfax Storage Unit: Human RemainsA woman called the Placer County Sheriff's Office to report a foul odor coming from an abandoned storage unit that she had just purchased through an auction

Napa Valley's New Year's Eve Bash in CalistogaCome celebrate the New Year with the return of Celebrate! Napa Valley's New Year's Eve Bash on Dec. 31, 2014 at 10 p.m. in Calistoga, Calif.

Murders by Guns Continue Declining, Suicides On RiseWhile the overall death rate from firearm violence has remained unchanged for more than a decade, the patterns for suicide and homicide have changed dramatically


more news