May 7, 2009

Sacramento Recovering?

Hello Neighbors,

Take a look at this video from CNN:

Are we recovering? Perhaps.

I think the note about the unemployment rate is very important.

I also know that we are VERY LOW on inventory right now under the $200,000 price point - less than 2 "months of supply" at current sales rates.

When offering on property under that price, you should absolutely continue as “business as usual” no matter what home you offer on. You should be prepared to offer on several homes (unfortunately).. and continue looking once your first offers are submitted.

The competition below the $200k price point is getting even more fierce. I was at a Finance meeting this morning at SAR (Sacramento Association of Realtors) for mortgage lenders… they reiterated what we are seeing – homes below the $200k price point in Sac County are generating a dozen offers, and quite frequently one is “all cash” from an investor. There were 70 mortgage lenders in this session, and nearly all agreed that’s the state of the market. Wow.

Hang on Buyers. If you are "on the fence"? Get going.

- Jim

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