“Builder Trends in Roseville and Rocklin – and What’s Going on with Luxury Homes in Loomis”
Steve Ostrom was interviewed yesterday 8/29/2012 by Neda Iranpour at CBS 13 Sacramento – THANK YOU NEDA! You were awesome. Neda is very sweet, we sure enjoyed our visit, and we were honored she found us online for the interview.
Neda on the Ostrom Orange Couch
So Neda came in and asked Steve a bunch of questions and we talked about interest rates and our ridiculously low inventory in Roseville and Rocklin area. Steve also spoke about lower home inventory in Roseville and Rocklin and that we have had quite a few new home sales lately and it has been an option our buyers have been exploring as inventory levels have now hit below two months of available inventory and both cities (August 2012 update for July numbers). When a home has been well-priced and in a highly sought after area, we ARE experiencing multiple offers. Sometimes people waiting to get in homes. There’s a sense of urgency we must visit the home THAT day if it’s priced well and fits a client’s criteria. Steve O gave his feedback solely what was going on in Roseville and Rocklin and then a second gentleman was interviewed for the Loomis portion of the story.
There may be not as many foreclosures (REOs) on the market, but you need to be aware of their presence and patterns observed with regards to ON-MARKET REOS as well as all shadow inventory. Which is why we include it in our monthly real estate market video updates. The number for shadow inventory (described above) has been coming down consistently over the past year, but is not at ZERO as mentioned in this article (in Roseville and Rocklin). Currently in Roseville and Rocklin, California we are at 16% in Rocklin and Roseville is at 8% of the homes are bank owned (active homes on market) for August numbers for July. We just checked the numbers for today 8/30/12 – and Roseville is at 7% and Rocklin is at 8% for bank owned active properties. In Loomis, there are two active REOs (not including REOs NOT on the market), with 48 homes on the market. We wanted to post this to give the frame of reference because Roseville / Rocklin vs Loomis are so incredibly different and the types of homes each area offers.
Some economists describe shadow inventory as “anyone that has missed a mortgage payment and/or behind on mortgage payments.”
Shadow Inventory: when our team looks at data, we only look at homes with NODs / “Notice of Defaults” through ForeclosureRadar.com – which does include REOs/bank owned NOT listed or available on the market for sale).
In the past three months, our team has personally been experiencing more new home sales interest in Roseville, many of which that have translated to closings. Simply put, when our buyers haven’t found what they want on the resale market (due to lower inventory levels), they have been turning to the new homes to see what it’s all about and if it’s a possibility for their next home. Our website has seen a higher increase in searches for new homes vs. resale homes. Our resale home supply is low and people ARE looking (not necessarily buying) to the new home developments to see what those options are …
Who’s buying? Many are folks that have equity in their home and want to move-up because of interest rates and/or the need for a larger size home, others are two-income younger families or couples who are often first-time home buyers, and parents helping out their kids move up to a larger home. But we’re also seeing quite a few relocations to our area … so that’s a positive. Granted this is only what our team has experienced, so please take these items into consideration.
Experiences are just that … experiences and we mentioned OURS and also what inventory is currently at … there’s no other way to cut it, the numbers are there. Also the classification of “short sale contingent” has now been replaced (in most instances) by the classification of “Pending SHORT Lender Approval,” which has in turn, given us a more true depiction of “ACTIVE” or available inventory.
And NOW … the Comic Relief Portion of our Article – Courtesy of Heather Ostrom
Yes, I was caught taking a picture – thank you Michelle F. for your text – I’m glad I made you laugh. 😉
Uh oh … I locked eyes with the Camera man and he’s not happy with me … I didn’t realize the camera was live. DOH! Bad … BAD Heather.
But this did make for a classic “Ostromism” … and it sure made my two little girls laugh hard and give them constant jabs at me for the evening. 😉
Property Questions or Showings?– Homes@RosevilleAndRocklin.com – REALTORs Steve + Heather Ostrom
See more informative posts at: www.RosevilleAndRocklin.com – Roseville and Rocklin Real Estate + Lifestyle
Steve Ostrom, Primary Listing Agent + REALTOR – 916-308-2446 – Homes@RosevilleAndRocklin.com – Coldwell Banker – Roseville, CA – CALBRE# 01344154 + 01899313 2200 Douglas Blvd B-200, Roseville, CA 95661