ó In March 2013, the median price increased to $218,750. That is 31.9% higher than one year ago!!!
ó 36.4% of the purchases in the month were ALL CASH. First Time Home Buyers are having a tough time competing with investors in the lower price ranges of $250,000 and below.
ó The available housing inventory is only 0.8 months. A “normal” or “balanced market” is between 4 to 5 months. Sacramento is currently in an extreme Sellers market.
ó The homes that are priced right, show well and have a high quality marketing plan are receiving multiple offers, above list price within a few days. Usually 5 to 10 offers on a single property.
ó High Demand and Low Supply/Inventory should continue to drive the market prices up as we continue through 2013, most likely at a little slower pace than we saw in 2012. 2012 was a market correction to homes getting under valued in 2011 and buyers reacting to the fact that “the bottom was yesterday.” This seller’s market should continue through the spring and summer. After that, it will be interesting to see how the market reacts heading into the winter.
Sellers are quickly finding out:
ó They have the upper hand right now
ó Multiple offers on most properties with them selling above list price
ó Buyers are even willing to bring extra cash to complete the sale if their appraisal comes in low
ó Sellers have equity for the first time in many years
ó Finally able to “move-up” into a bigger and better home before interest rates and prices go up more
If you would simply like to know what your house is now worth in this crazy Seller’s Market, Call or email me. I can easily provide you with a FREE market analysis of your home so you can know its current value. You might be surprised what your house could sell for while this seller’s market is going on.