sacramento home buying
Classic Land Park Tudor homes are unlike any other — in my book, anyway. The charm and original touches take you back in time. Today, I was working in Land Park on a new listing by the Tower Theater. Carol Crestelo, one of our exclusive buyers’ agents, was accompanying me as we had a lot of work in the area.
While driving along the tree-lined streets, we noticed an open house sign. It was an old friend from a previous brokerage, holding open a fabulous classic Land Park Tudor home. We stopped to say hello of course, after all, we are Realtors, we love looking at homes too, lol. This property did not disappoint; it was amazing. The front yard was massive, with a huge redwood tree and mature landscape. The pitched roof in the front was impressive.
Should a listing have a pending sale sign in the yard? It depends. We have a Sacramento listing that recently had five offers. We are pending sale and have two back up offers. One of these two buyers signed a back up addendum and a multiple counter offer form. This buyer is ready to go into a sales contract if the first offer fails for any reason. In this case, the seller wants a pending sale sign in the front yard as soon as possible. The home sold in 5 days, so sellers are thrilled and want the neighbors to know how fast it sold.
When a home seller cancels the contract for non-performance, she must have a specific action that the buyer failed to complete. In this case, it is the buyer’s good faith deposit. The contract specifically states the buyer’s funds must be deposited into the title company within 3 days after acceptance of the buyer’s offer.
In this particular escrow, there have been many conversations about the deposit and several reasons why the funds have not been wired. A car wreck, an illness and then a tragedy in the family with their child. Another reason for the delay just happened this week. The funds were somehow wired to the wrong title company. The seller’s agent has been very patient. Everyone has a line in the sand and the seller and her Realtor have reached that point with the buyer. The buyer has truly tried everything within her means but has been unable to perform.
A buyer makes offers on the same property three times, is it the charm? This really just happened. In decades of selling real estate, this was a surprise. The first time the buyer wrote a very low offer per the seller, when there was a substantially higher offer on the table. The second time the offer was a bit higher offer, same buyer. The third time it is a viable offer, but is that high enough for the seller?
The first offer the sellers did not respond. They felt it was too low given the comparable sales on homes that had the same floor plan. Meanwhile the home went pending into contract with another set of buyers. So this same buyer submits a second offer, as a backup offer. The seller rejected the backup offer, still too low, he said. The property then fell out of escrow through no fault of the seller. The seller has been working hard every day to ensure the home shows well.
Our seller’s market is still here. For the fourth straight consecutive month, the pending sales are on the rise, confirming that Sacramento Real Estate is definitely continuing to support sellers over buyers. The first quarter shows closed sales increasing every month.
What does this mean for the Sacramento housing market? Does it mean Sacramento real estate is a continuing seller’s market? We are experiencing continuing price increases, based on high demand and housing shortages. Each neighborhood can be a bit different as this is the greater Sacramento county averages.