Rising Home Prices in Sacramento Knock Out Short Sales
Short sales are soooo 2012. When a reporter called to interview me a few weeks back, she asked if I am seeing appreciation in Sacramento and, if so, how much. How much are homes appreciating? Trying to put a finger on the exact amount is difficult without reviewing the variable stats, but my gut said double digit. I wanted to say in the 20% range but I didn’t reach out that far; although, in hindsight, it would have been accurate.
There are so many ways to show and predict the real estate market in Sacramento. You can look at month-over-month numbers and year-over-year, and compare square-foot costs to closed sales, you can manipulate the crap out of numbers to make them say just about anything you want them to reflect. You can say sales prices are going up because homes sold for more this month than they did last month, but that doesn’t take into account the fact that we have fewer homes for sale or more homes or that sellers are moving up and those are not first-time home buyer numbers, and so forth.
What I am seeing all over the board is the fact that rising prices in Sacramento are putting sellers into positions of equity. These are sellers who would have been a short sale candidate last year but this year they are sellers with equity. While they might have been kicked under the table by buyers in March of 2012, this month buyers are handing them real silverware, placing linen napkins in their lap and popping the cork. Sellers with equity are back.
When I get a call from a seller asking if I will handle a short sale for them, the first thing I do now is establish whether they have to do a short sale. Because you know what? They might not have to do a short sale. Many of these sellers are finding that they qualify for a regular sale. Even sellers who are behind in their payments are finding investors who are willing to make up the back payments, bring them whole and even put some money into their pockets — after all is said and done and closing costs are paid.
Is it obvious to everybody? I wouldn’t be writing this if it were. I see it. I see it even if the comparable sales don’t support it because I have special glasses, the kind that see through walls. Not really, but I do spot certain instances that others can’t seem to see. I know which way the wind is blowing. I sold over $32 million last year, and that’s a lot of homes — I see a lot of action. If you are wondering whether you need to do a short sale or if you can sell with equity, you should call this Sacramento real estate agent, yes, me, at 916 233 6759. I might be able to sell your home without it being a short sale.
And wouldn’t that be a fabulous thing for you? Relief might be right around the corner. Get a jump on it. Call Elizabeth Weintraub at 916 233 6759. I love my job, and I’m happy to talk with you.