Could This Maybe, Kinda, Sorta Be the Bottom of the Market?

Looks like we could be at the bottom of the market. Experts are forecasting as slight 1% increase in home sales next year and a 1.7% increase in prices. It's small, but at least it's up. Of course, we'll never truly know we've hit the bottom of the market until about six months after it's passed.

Visit, for more info: http://www.bloomberg.com/news/2011-09-20/california-home-sales-to-climb-1-next-year-realtors-forecast.html


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The Bottom of the Market

Industry experts are starting to speculate whether we are at the bottom of the housing market. These same experts also say that we won't know for sure when the bottom of the market is until 6 months after it bottoms out. However, I'm sensing we are getting close. And by close I'm guessing next spring. For the first week in well over a year I have noticed that the "Notice of Defaults" for Sacramento County has dropped from the 500-600 range to the 200-300 range, and that's good news.

We still have issues with people qualifying for loans, but word is getting out that to get a house, you need to save money and fix your credit. Those buyers who are serious and have been saving money, will soon be poised to get a great deal on a home. Call me :0)!

We're Back to Multiple Offers

The real estate frenzy of multiple offers in the Sacramento Region is back, just as it was at the height of the market a few years, only now it's at the opposite end of the spectrum. We have plenty of inventory; however, the homes priced really well are getting multiple offers the first day on the market.

I was out showing homes in Elk Grove in the $210-240k range. There are a lot of buyers in this price range. After looking at several homes last weekend that all had multiple offers on them, I told this particular client that we needed to jump on a home the day it came on the market. So that's what we were doing, but we weren't alone. The first house we went to, which was new on the market that day, had buyers inside the house, we were next and as we were waiting, more buyers showed up. That house was pending by the next morning. Same thing happened at the second house we went to, which was also new on the market that day.

The days of waiting a few days to weeks to make an offer on a home -- that is priced well -- are over. Homes are flying off the shelf. I'm not sure if we're at the bottom of the market yet, but if you're on the fence, now is the time to get off.