sacramento buyer’s agent
When you see Sacramento’s median housing price rose to $317,000 for April, you might wonder what you can buy for that and where can you buy it? Some of you might question whether we’re headed for a bubble, but that’s unlikely. Our median housing price was $374,000 at the height of the market in the summer of 2005. We’re a ways from that. Plus, lending is too restrictive now and many buyers are paying cash. If you’re thinking “bubble” forget those thoughts. Can’t blame the bubble.
Such a relief that I am not on the receiving end anymore when a buyer freaks out, but I do feel the ramifications when it’s the buyer in my transaction with cold feet and it’s my seller who is affected. In this instance, it’s neither of those situations, which is why I can tell you what happened. Because it’s not my transaction. But it is a transaction that almost happened, then didn’t, then got yanked out of the fire and resurrected.
Say an agent has a home listed in Fair Oaks. Along comes a buyer, the offer is accepted and escrow is opened. Then the buyer’s appraisal comes in for less than list price, and the seller decides to let that buyer go along his or her merry little way. New buyer pops into the picture. Writes an offer agreeing to bridge any difference in appraised value, but whoa! The appraisal comes in not at the previous appraised price like expected but another $30K less.
Because Lyon Real Estate is one of the oldest and well respected real estate companies in Sacramento, we often get invited to tour new projects before the public hears much about them, including the new luxury condos in downtown Sacramento, . In fact, a woman from outside of Sacramento called a month ago, demanding to tour luxury condos in downtown Sacramento, and apart from the units at 500 N Street, we had to tell her there aren’t any. Yet. Yet being the operative word.
Well, there have been a few, but there are none for sale now. The condos at the top of the Marriott come to mind, the Penthouses at Capitol Park, but those sold out. Lots of false starts and promises on other projects, but now that we have the Golden 1 Arena, downtown Sacramento is suddenly burning red hot.
Hey, all you Sacramento home buyers, are you ready for the spring market? This is going to be a tougher market than you’ve ever seen in your life to buy a house in Sacramento, but don’t let that little thought discourage you. Unless you’ve been working in real estate full-time with a ton of transactions under your belt, you probably are not prepared to meet the demands that this market is putting forth for you. It is not impossible to buy a house, but you better be working with an experienced buyer’s agent or you might not buy anything at all.
The one thing all Sacramento agents should try to avoid have happen with their buyer’s purchase offer is to give the seller’s agent and seller a reason to issue a counter offer. A few weeks ago, a seller had a counter offer out, and while we waited for the response, another buyer swooped in and submitted an offer that the seller accepted. After pulling the counter offer, of course. If one can avoid the counter-offer situation all together, a Sacramento agent can increase the odds her buyer won’t lose the house.