I’ve then “warning” of this for some six months now, and while exciting, it does prove to make the real estate market somewhat difficult to manuever in, especially for buyers, with multiple, multiple offers on many properties.
We’ve got a hot market! Most home sellers are recieving multiple offers, especially on turn key fabulous homes. The investors, both new and experienced are out in droves making aggressive cash offers on fix-it properties. Many homes are going into contract in a week or less, and even in the typically “slower” areas like North Sac, or North Highlands, or South Sacramento, home buyers are acting relatively quickly–30 days or so, compared to the more normal 75 days. And, seeing more and more homes for sale that are not foreclosures, nor Short Sales.
Look at these numbers:
March 2012–Homes on Market: 2458 Homes going into contract (“Pending Sale”): 2124
April 2012–Homes on Market: 1941 Homes going into contract: 2438 (These Pending Sales greater than listings could reflect Short Sales moving from the “negotiating” category to the “approved” category, as they move towards closing).
Total closings are up as well:
January–1200, February–1400, March–1700, April–1563. Despite the dip in April, you can still see the trend in all these numbers.
Sacramento Home Sellers are enjoying quick sales, but due to continued appraisal challenges, we are not seeing sweeping price increases. Sacramento Home Buyers, if you’re serious about buying, come prepped with a loan approval, review a Comparison Market Analysis, and plan and seeing homes as soon as they come on the market–so you can get an offer in right away.
It’s a busy time for Sacramento Real Estate, and it’s not going to slow down anytime soon! Congrats to all who’ve made it this far!