*Hot Topics and Comments of the Moment*
- Buyers are having a hard time finding homes: Investors (NOO – Non-Owner Occupied) vs. Owner Occupied (OO) “Investors are buying up all the properties and making it difficult for owner occupied sales.” On our listings, we have been seeing many offers owner-occupied offers (the owner lives in the property), and all-cash is not unheard of … some offers being without appraisal contingency on financed offers. This isn’t a blanket statement, but things we’re seeing. It’s VERY challenging for many buyers right now … Sub 400K homes is a very competitive market. You might even be met with lines to get in to view homes as a buyer.
- REFIs: Refinance on your home, be aware that inventory is low and many areas have experienced a hike in values for their homes - so make sure to see what comparables the appraiser is using for your home. Most are probably accurate, but be proactive and watch the data and be prepared for the appraiser.
- We also have heard of folks knocking on doors offering all cash for their home … perhaps a sign of the times, or lack of inventory. Please folks, get an appraiser and know the value of your home. Do yourself the proper research before arriving at any major financial decision (yes I have heard this story two times from actual people).
- Inventory is very low: Yep, there are very few homes on the market right now in our area and we’re seeing multiple offers on many homes first day (or first few hours) in many of the price ranges.
- REO homes are not as much a major player in Active homes: Yep, the REOs have really dropped off the radar on the ACTIVE market. See the comparables from Jan 2012 vs. Jan 2013.
If you’re considering a move-up buyer or have been waiting to list your home and have been on the fence, give us a call and you can consider all of your options. We’ll give you all the information we have for you to make an educated decision. Any questions about what the numbers mean for you, or your specific neighborhood … please give us a call or send us an email – 916-308-2446 RosevilleAndRocklin@gmail.com
WOW, Rocklin just blew it OUT of the water with the average sales at $347,930!
- Shadow Inventory: Homes that may have been issued a NOD, or home is a REO / foreclosure
- REO: Foreclosure (sometimes called a REPO) “Real estate owned” but means bank-owned – note each REO has it’s own set of bank criteria you might see generalized comments of how to approach REO offers as a buyer.
- Absorption Rate (number listed is based on a ‘monthly’ scale): defines inventory levels and how many months it would (theoretically) take to get all inventory sold on the active market.
- Newer Metrolist Addition for short sales: Pending Short Bank Approval. Now our “ACTIVE” and “PENDING” properties are an accurate depiction of actual AVAILABLE (Active) Inventory. Unlike before when “Short Sale Contingent” was the Only Option for Short Sales before they were “bank approved.” “Short Sale Contingent” STILL exists – please note, but it’s not seen as often because of the requirements of the seller to still allow showings and offers.
Coldwell Banker Sun Ridge
916-308-2446 • RosevilleAndRocklin@gmail.com
4011 Woodcreek Oaks #110, Roseville 95747
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- www.RosevilleAndRocklin.com – Roseville and Rocklin Real Estate