Home Buying and Selling in Sacramento
August 2020 Sacramento area housing market report is an excellent and exciting blog and makes you think. Every buyer out there in Sacramento should read this report. Enjoy. — JaCi Wallace
Trends in real estate are ever fascinating. Just as a flock of birds in the sky suddenly move in a different direction altogether, seemingly for no reason. The momentum in real estate is too omnipresent. Some people think greed and emotion have always driven the markets and real life in general. I think the driving common denominator of the two is desire.
Are home sellers generous to buyers? Well, it depends on many factors. Buyers often come in trying to negotiate a good deal. Of course, that is understandable, but it can sometimes backfire. Some sellers are very attached to their homes. The dreams of their lives are often wrapped up in the story of the house and what their dreams were.
I recently worked with a couple, and some buyers didn’t understand my sellers’ process. Some agents asked me if I was trying to talk buyers out of buying the home? I said no, but I am following my seller’s instructions. These sellers had their home on the market before, and often the reasons people did not buy it were evident as the features are listed on MLS. For example, three bedrooms and two baths. So when the buyer’s agents say they didn’t make an offer as they needed four bedrooms and three bathrooms, clearly the MLS says a three-bedroom. This is when a seller’s generosity often goes out of the window.
Closing escrows on homes in Sacramento lately has not been easy, but they are closing. Repairs have been complicated as have the requests for repairs. During Covid19, some buyers are asking for repairs. Depending on the property, some sellers with motivation to close are being more patient by offering to complete some repairs and / or offer credits.
Of course, credits are the preferred way for a seller; however, some things cannot be fully diagnosed without opening up the ground, such as a septic inspection and repair in Sacramento rural real estate. Also, pest inspections requiring further inspections can go on and on without fully definitive answers.
Real estate work during Covid19 requires patience as everyone is impacted on some level. Though real estate has been named as an essential service along with construction, don’t kid yourself it is not back to normal by a long shot. The scheduling of repairs is often booked weeks out. In many cases, as there have been layoffs in various businesses, a shortage of the workforce can mean delays. This week has been about working longer days. Whatever it takes we are putting in the extra time and effort.
March 2020 housing statistics for Sacramento County is certainly welcome news, per Josh Amolsch, who wrote this blog. Josh is an exclusive buyer’s agent on our team. He really brings to light the numbers and how you can apply them to your situation if you are buying or selling. Enjoy, it’s a great read. — JaCi Wallace
The first thing I noticed about the new March 2020 Housing Statistics for Sacramento County was that the median sales price for single-family homes reached $400,000. This is a 9.6% increase over March 2019. Going back to 2004 shows that this is an all-time record. The last time we were this high, besides last month, was August 2005 when the median reached $395,000. But, $400,000 may seem like a bargain when you consider the median sales price for the four-county region in March 2020 reached $440,000. Wow.