April was much like March in the Elk Grove market so I am tempted to just say, "ditto," but I will do my best to add something new and intriguing. Home prices are up 20% year over year. These are the kinds of returns that are more likely to happen in the stock market than the home market. It is remarkable. Homes are also going pending very quickly so there is not much supply. The only difference from March is that prices are up in Elk Grove just over $10,000. What does it take for buyers to get into contract? Offers above listing price, cash or conventional loan offers, great terms and possibly a free month or two rent back period for the seller.
Is it possible to get an offer with an FHA or VA loan accepted? It is a challenge, but my eXp Realty colleague, Marquita Ward-White, recently had two offers with VA loans accepted. Her secret, all of the items above and great communications with the listing agent. Her most recent offer accepted was $10,000 above list price, but it was not the highest offer. It was Marquita's great communication skills that made the difference. It is not always just about the numbers. Marquita asked great questions and listened to the listing agent, then wrote her offers addressing the information the listing agent shared with her. Marquita advises, "The Sacramento Market is extremely competitive right now and it can get highly discouraging, but find an agent that works hard for you and genuinely cares about your success. It is possible to eventually secure a home. The key is to NOT give up. Whatever you do, do not quit!" I concur. Find an agent that is willing to be persistent. If you are looking for a great agent in the Sacramento area, Marquita would make a great choice.
This month's featured neighborhood is Fallbrook. It is a very nice neighborhood just a little East of Camden Passage along Bond Road. The homes are generally mid sized homes built between 1989 and 1999. The homes range in size from 1,368 to 2,545 square feet. Homes are well maintained with mature yards and trees.
The neighborhood is built around a central park, Van Doren Park. Jack Hill Park and the lovely Laguna Creek Trail border the Southern edge of the neighborhood. Our running group enjoys running along this creek and through the park every Saturday morning.
Fallbrook has a very inexpensive, voluntary association. They sponsor many neighborhood events throughout the year and help foster neighborhood togetherness. It is a smaller neighborhood with no homes available for sale at the present time, but if you are a fan of Camden Passage, it might be worthwhile to keep Fallbrook on your radar. Both neighborhoods are very similar in style. Three homes did sell in Fallbrook in April for an average price of $585,833.
SEARCH FOR HOMES IN FALLBROOK (when available)
If you are looking for homes in the Elk Grove area and you need help getting to know the neighborhoods, let me know. I have lived in Elk Grove for over 20 years and would be happy to share my experiences with you and help you find the perfect home.
RANDOM QUOTES FROM AROUND THE COUNTRY
"Why won't anyone take my money!" My recent client after many rejected offers in Sacramento. Yes, we found a great home for her and she is very happy now. Persistence!
"Home Prices are insane (and so is the rental market)," Ryan Lundquist, The Sacramento Appraisal Blog. This article includes his monthly Sacramento Market Update, always an interesting read. Is he noticing some slowing in the market? Maybe.
"In Lodi, we have some homes selling within hours of being listed. Many only allow one day for us to show the home before it goes pending. This market has been very stressful for those trying to purchase a home. It takes a lot of hard work to get my clients into contract, but we have been successful multiple times in the last two months," James Hill, Lodi, CA.
"This is by far the strongest seller's market we have ever seen in Bend with desperate buyers bidding home prices up to levels we have never see," Lynnea Miller from Bend, Oregon. Prices are up 32% year over year. Wow!
"With prices at an all time high, inventory at an all time low for both single family homes, as well as, condominiums and townhouses, it is quite intense," Rocky Dickerson. Viva Las Vegas!
"Well, rents always seem to be going up and rentals always seem to be in high demand, but with the short-term rental arena that I deal in, the demand from prospective tenants is higher than the inventory available. Rents and rental values continue to rise," Brian England, The East Valley, AZ.