West Sacramento market update
West Sacramento MarketThere are currently 224 homes for sale in the 95691 zip code of West Sacramento (the southern portion of the city). This area consists primarily of homes built within the past 10 years with some older homes mixed in. There were 164 homes for sale during the same time period a year ago.
Short sales and bank owned properties are having a noticeable affect on home sales in the area. Approximately 21% of the homes for sale are bank owned often referred to as REO (Real Estate Owned) homes and 31% of the homes listed are short sales that will require approval from the seller's lender to proceed with a sale that is less than the amount the seller currently owes on the property. This leaves 48% of the homes with traditional sellers that include builders, relocation companies and the average seller who is trying to move on for whatever reason.
Approximately 50% of all homes listed for sale throughout the greater Sacramento region currently are either REO or short sales. This area of West Sacramento is following the general pattern of the region.
What this means for buyers is that over 50% of the sellers are extremely motivated to sell as quickly as possible. Many of the banks are taking losses of up to and even over $100,000. There are attractive prices on many short sale properties, however buyers must have patience as they can take from a couple of weeks to several months to get approval from the seller's lender.
For sellers this market means pricing a house aggressively and strongly considering any offer that is received. Homes are still selling and there seems to be an upswing in pending sales in the past month. The average seller in the current market has to be priced with the short sales and bank owned properties in order to make a sale.
Search for West Sacramento Homes for Sale It is not always obvious from the public listing information if a property is bank owned or a short sale. Contact me if you have questions about any home for sale or if you would like more information.
Date: 2008-01-04 12:57:02Views: 1144