(Pictured above-a meadow at Cosumes River Preserve, minutes South of Elk Grove)
Elk Grove is a wonderful community just South of Sacramento. It is a diverse area with distinctive neighborhoods ranging from older neighborhoods to newer neighborhoods, including some new construction. There are also plenty of parks and walking paths to enjoy. Its proximity to two major highways makes it a desirable area for those who work in Sacramento or the surrounding areas. We are close to the Wine Country, San Francisco, Lake Tahoe, the Sierras, waterways and so much more. We have enjoyed making Elk Grove our home since 1999. More about Elk Grove
Our market is still characterized by a lack of inventory and rising prices. There are 57 homes available to purchase and 159 home currently pending. Home buyers are having a tough time getting their offers accepted and, those that do, are presenting very strong offers, many with appraisal waivers. Some buyers and properties do not qualify for appraisal waivers. Many of them are agreeing to pay the difference between a low appraised value and a high sales price. One of my clients just had an appraisal come in way below the sales price. The seller would not drop the sales price because he had so many offers (19 in two days) and my client could not pay that much above the appraised value. We had to change lenders, get a new appraisal and hope for the best. Fortunately, the second appraisal came in right at the sales price. It really is that tough for home buyers right now. Is it all worth it? We probably will not know for a couple of years, but interest rates are low, most homeowners have a lot of equity in their homes and there is just not that much housing inventory. I think we will see a tight market for quite some time.
Featured Elk Grove Neighborhoods
There is one home currently available for sale in the Camden area, 9 homes for sale in the Cresleigh Ranch area and 4 homes for sale in the Laguna West area.
This Month's Neighborhood Preview-Camden Estates
Camden Estates is located on the East side of Highway 99. Many of the homes were build during the late 1980's and into the 1990's. The area features two small lakes and a nice greenbelt area through the neighborhood for pleasant strolls or quiet relaxation. Our running group, Runnin for Rhett, meets at the two lakes every Saturday and runs along the trail bordering the creek that feeds the lakes. It really is beautiful. There are custom homes available close to the lakes. Prices of recent homes sold range from the $435,000 to $845,000 with plenty in between.
Thoughts from Around the Country
"Appraisal waivers have really exploded in recent years – especially during the pandemic." Ryan Lundquist, The Sacramento Appraisal Blog.
"Our inventory is on 'life support' these days. It's the only way I can think to describe it" Nina Hollander, Broker, Charlotte, NC.
"The San Marcos real estate market continues to be a very strong seller’s market, based on the buyer demand and current inventory, and became even more competitive, with fewer homes for sale in March" Jeff Dowler, Carlsbad, CA.
"Make your offer as clean as possible. For some sellers, money isn’t always the deciding factor. An earlier closing date may put your offer in the winning bucket. Sellers concessions are another one that may cause your contract to be rejected by the sellers." Beth Atalay, Clarmont, Florida.