Although the news may make the market out to be poor, statistics show that sales were up again in February in Sacramento county and the city of West Sacramento. There were 1,575 sales in February 2009, which is a 2.1% increase over last months sales and an 81% increase over the 870 homes sold in February 2008. Distressed and bank-owned properties continue to make up the majority of the Sacramento market. Prices are down as the median home price fell from $169,000 in January to $167,000 in February (statistics from Sacramento Association of Realtors) . This is the lowest price since April 2001. Who is this good news for? BUYERS!! Now is definitely the time. We are fortunate to live in an area where people can actually purchase homes and pay about what they are paying for rent. Investors are also plentiful in the market, buying many bank owned properties at a discount and renting them out for a positive cash flow every month. Another incentive fueling the market are the tax credits offered to first-time buyers as well as new home purchasers. There is a total of $18,000 in tax credits available! If that is not enough, I am not sure what is. Take advantage of this time, help your child purchase a home and have them rent out the rooms to friends during college, buy a second home to reap the benefits of the interest deduction. We all know prices may never get to where they were during the “boom”, but history shows that prices will rise again. It’s time to take advantage while real estate is “on sale”. Although times are tough, there is opportunity out there.
A recent testimonial from a client about my service representing buyers in this market:
I am a real estate investor who just started exploring the Sacramento market for investment opportunities last year (2008). Focusing primarily on Bank REO purchases, I have worked with for over one year and during that time I have repeatedly been impressed by her enthusiasm, knowledge and thoroughness. She has helped me put over 30 offers in on Bank REO properties, advising me on the process and keeping me completly informed, usually almost up to the minute, on each and every one. We have closed on several properties with Jenica in transactions that were, for me, smooth and easy, because Jenica took care of all the details for us. Her knowledge of the Bank REO sales process, and distressed sales is very deep. Frankly, I don’t know how she does it, considering she has a good number of clients and they probably all get this level of service – OUTSTANDING, thank you Jenica.- Carl Nordman, CFO InnoVenture Group, Inc.
If there is anyone you know who I can provide this same level of service to, please feel free to email or call me.
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Sacramento Real Estate News, Trends, Buyer and Seller questions
I never thought about it like this.
Great site, Good info
I want to say – thank you for this!
If you have to do it, you might as well do it right