- Sacramento Real Estate Adventures - Your Sacramento Real Estate and mortgage blog!

Looking to buy a home for sale in Elk Grove? The first thing you need to know is it's NOT a buyers market!

I had a call from a prospective client who frankly wanted to argue with me that it was a Buyers market. You see she watches the news and hears about all of the foreclosures and short sales in Elk Grove. She saw all of the real estate sale signs and just assumed she was going to be able to go out and get a discount on a home. That's my job, to educate the buyer and let her know what she can expect when buying a home right now in Elk Grove.

------------- >    THE ELK GROVE HOME INVENTORY IS WAY DOWN! < ----------------

Most homes in good condition have multiple offers in a matter of days. Leaving the seller options and the ability to pick which buyer they want to work with. It also tends to push the price above asking price. The sellers have the upper-hand right now, as buyers for the most part don't have leverage to negotiate.

For example ... I listed two homes for sale last week and both had multiple offers within a matter of days.

I would bet there are some of you you reading who still don't believe me... So let me show you what's going on in the Elk Grove Real Estate Market!

As you can see... Looking back over the last 12 months... We are at the lowest point in inventory in the Elk Grove Market. 

Last year at this time we had 661 homes for sale... ONE YEAR LATER... There are only 248 available to buy! I would say buyers are becoming more interested in jumping back into the market and now there are 62% less homes to choose from. If you are looking to sell your Elk Grove home.... Find out what your home is worth now! If you are thinking about selling your home? Now is the time to talk to me!

So what are 5 things you need to know about buying a home in Elk Grove?

1. Get signed up for a new home email drip! AND LOOK AT IT EVERY DAY!
Any good Realtor will set you up on an automatic email drip for all homes that come on the market for the day that meets your criteria. If you are not set up yet to receive new Elk Grove homes for sale, visit my website and get setup on my FREE Listing Alert Service! Watch this list daily. Contact your real estate agent if you see something you like immediately!

2. Be prepared to look at homes during the week!
The good  homes go in a matter of days. Be prepared to get in the car and meet your Elk Grove real estate agent at a drop of a dime. The buyers who get their offers accepted are aggressive and will go out in a rain storm to find that perfect house.

3. If you are going to get a discount... The property is going to have a problem most likely!
If there is a ton of demand for homes right now in Elk Grove... The good ones go fast. What's usually left are homes with issues. This could be a major issue with the condition of the home or maybe a short sale with multiple lien holders that has fallen out of escrow a couple times. Does that make these homes bad? No... Just maybe less desirable because there will likely be more of a headache involved to get it closed. Don't forget that homes with condition issues are not able to get financing in many cases. You will need to look into alternative mortgage programs like the 203k FHA mortgage.

4. Don't be shocked when your Elk Grove Realtor suggests you need to write a full price offer or more!
If I can get a client a discount I will, but there are cases where that is just not an option. It comes down to how much the client wants the home. In most instances, I will advise my clients to offer over asking price in a multiple offer situation. That means multiple offers have been submitted for the home and it's my job to get my client to make their highest and best offer from the gate. Some want to leave room for negotiation. The truth is if you don't go in with your highest and best offer on many cases... You could miss out on the home altogether because your offer was not countered by the seller (they choose another offer to counter) because it was too low compared to other offers.

5. Be prepared to write a couple offers!
You might not get the first house you write an offer on. There are several other buyers who want the same home in Elk Grove and your offer won't always be accepted. I am aggressive when getting my client into a home (their offer accepted), but my tactics don't always result in an accepted offer for my client. Be prepared for the potential let down of not getting the home. That just means the right one will soon be on the market!

--------->  BONUS TIP!!!!!!!

WORK WITH AN ELK GROVE REALTOR WHO IS AGGRESSIVE!

You need a bull dog like me in this market. You need someone who will submit your offer right the first time... Someone who follows up with the listing agent... Has a good reputation for getting their deals closed... Someone who won't let up until they get a YES from the seller.

Looking to buy a home in Elk Grove? Even though there is the challenge of the low inventory... An aggressive Elk Grove real estate agent can help you successfully get into a home!

I'm here to help!  Call me at (916) 585-3858... Let's get started!

Laguna West Homes for sale

Have you visited the Laguna West homes and real estate portal: Your single stop for finding a home in Laguna West. Here you can search every available home for sale in Laguna West a popular neighborhood in Elk Grove.

This great area of Elk Grove is very popular with my buyers. I recently sold a short sale located just 1 block from the lake! Find out more about this Laguna West short sale >>

As of today there are many homes and properties for sale that are available to search. The number of homes for sale in Laguna West changes daily, so be sure to keep coming back right here, to the best site for Laguna West homes for sale.

Make sure to sign up for my FREE Listing Alert Service! Find out when new homes in Laguna West in Elk Grove come on the market. I have lived and working in Elk Grove for over 30 years. I would love to show you around town and help you find a bargain this year.

Laguna West real estate portal: Search every home for sale in Elk Grove!

Looking for a HUD condo for sale in Elk Grove?

This HUD home just came on the market in Elk Grove! The absolutely stunning 2 story condo with 3 beds and 2.5 baths located in Laguna Pointe HOA. Impeccable design with an amazing floor plan. You will fall in love with this almost new home and the low mortgage payment!Take advantage of the low interested rates now and buy your first house in Elk Grove!

7515  Sheldon Rd #27103, Elk Grove, CA 95758 – $139,000
3 bedrooms
2.5 bathrooms
1757 Sqft
Built: 2008

See more pictures of this Elk Grove HUD condo for sale >>
  

HUD homes can be a great way to get into a condo without the hassles that come with FHA financing. If you use FHA financing to purchase this home, you can cut through all the red tape and get this one financed with out issues with the HOA.  

Contact me today to schedule an appointment to see this home! I am here to help you buy a HUD Home this year!   

Erin Newington
Elk Grove HUD Approved Realtor
Keller Williams Realty
(916) 585-3858
           

Sacramento HUD Homes for sale        

I love working with first time home buyers here in Elk Grove and throughout the Greater Sacramento Area.

They are great clients to work with because the entire process is exciting to them!!! They are looking to buy their first home in Elk Grove and they want to embrace the entire process. As a Elk Grove Real Estate Agent it just makes my job that more fun! I get to watch from start to finish as they realize that this will be their new home!

It's not just finding the perfect home that exciting to them. I find first time home buyers are engaged at each step of the home buying process. They listen to my guidance and leverage my experience to get the the best deal we can.

Meet Travis and Elizabeth! They just bought their first home and will have a mortgage payment that is cheaper than their rent.

I would like to help you too get into a home in Elk Grove? If you are looking to buy or sell a home here in Elk Grove or the Greater Sacramento Area... Call me! This Elk Grove Real Estate Agent is here to help!

I have several out of town clients I am working with who want to utilize the Homepath loan program to get into a Sacramento investment property.

Leverage is important when buying an investment property in Sacramento. The less money you have into a deal, the higher return on investment you will get. Not every investor wants to leverage their money though. Many park their cash in an investment with long term growth potential in mind. But for those that like to leverage real estate... the HomePath mortgage program is the way to go.

The best program that I know of for investors right now is the Homepath Mortgage Program. It allows investors to put 10% down on a purchase of a single family home... and there is no mortgage insurance!

It's the best thing going right now for Investors... but there are some rules!

Do I need to buy a specific home to qualify for the mortgage program?

YES... that's the biggest kicker of the program. You can only take advantage of this loan program if you purchase a Fannie Mae owned home. These are homes that have been foreclosed and Fannie Mae is marketing the home for sale to re-coop their loss. To get a complete list of homes available in your area check out www.Hompath.com

How much is my down payment?

The biggest benefit of this program is you only have to put down 10%.  There is no other mortgage program like it being offered that I know of.  This can make a big impact to an investor's return.

Do I need to pay for mortgage insurance?

If you put less than 20% down on any new mortgage, you will be required by the lender to pay for mortgage insurance. This insurance policy protects the lender because the less money you put down, the more of a risky loan they are funding. The Homepath program does not require mortgage insurance. This means you improve your cash flow every month because you don't have that expense.

What is the interest rate like?

Typically Homepath rates are higher than a mortgage where you are putting 20% down. But the increased interest rate is offset by the fact that you only have to put down 1/2 as much money.

What are the condition of these homes?

For the most part these homes are in great shape. Most of the time the place has been newly painted on the inside and the carpet has been replaced. There are homes that are not in as good of shape... but that is typical for bank owned homes.. it's hit and miss.  These homes are sold as-is. 

If you are looking to leverage your next Sacramento investment property purchase... Homepath homes could be for you!

I am a local Realtor... who can help!

Search for homes for sale right now in Sacramento >>

Are you waiting to buy a home in Elk Grove because you think prices may still come down? 

Some buyers I meet with really want to get into a home this year... BUT they are holding off on buying because they speculate prices may come down again.  I get it! Homebuyers want the best price possible for their Elk Grove home purchase. But are they waiting for something that will never happen?

The reality is trying to time the bottom of the market is near to impossible. Have we had downturns in the real estate market before?... Sure! Trying to predict and time our real estate market is unrealistic because there are so many other factors involved this time.

I can say that if you are looking to buy a home in Elk Grove under 250k... There is a ton of competition!!!  Competition means there is demand for these homes.... DEMAND KEEPS THE PRICES STABLE.

But instead of debating this with my buyers... I show them why waiting may not benefit them!

Have you watched the news or read reports about our economy lately? Artificially low historic interest rates have one way to go in my opinion...and that's up! Last week my loan officer said they dipped to high 3's%!!! That's just nuts! The likely-hood of rates staying at that level until this time year is slim to none.  But again... no one can predict this.

Here is a chart displaying the average interest rate for the last 10 years according to data from Freddie Mac.

As you can see, interest rates were above 5.5% for most of this 10 year time period. So the likely-hood of rates creeping back up to 5.5% is not unrealistic. One of the risks of waiting to buy a home in Elk grove is that interest rates will come back up.

Buy many buyers think that taking that gamble and waiting for prices to drop could ultimately benefit them. The purpose of this blog post is to show buyers... Waiting may not payoff!

So let's run the numbers... So we can take the emotion out of their decision to buy an Elk Grove home. 

What if prices came down another 10% and interest rates increased? How does that impact their home buying power? Take a look below... you might be surprised!

So do the results surprise you? This chart is just comparing the difference in mortgage payment for this scenario. There are, as of right now, lost tax benefits to factor into the decision as well. Also, rent for the most part, costs more than a mortgage payment for the same home (in many cases) in Elk Grove.

So why are you waiting to buy a home in Elk Grove? Really! Because someone told you prices will keep coming down?  Hmmm are you sure you want to gamble?

I'd love to help you get into a home this year... Or if you you are gambler... I'll sell you one next year! :)
It's your call... But be educated about your decision!

Serious about buying a home in Elk Grove this year? Search for homes for sale right now >>

Contact me though my website or call me at (916) 585-3858! I want to go to work for you and do what's in your best interest!

****DISCLAIMER****
All figures listed here are estimates. You should perform your own due diligence before buying an home in Elk Grove. There is no way for anyone to predict what interest rates or home values will do in the future.

OUR BUYER BACKED OUT BECAUSE THEY COULD'T GET THEIR LOAN APPROVED!

This home will sell this weekend! OPEN HOUSE SAT 8/13 and SUN 8/14 1-4pm! Come by and say hello!

10439  Danichris Way, Elk Grove, CA 95757

See more pictures of this home! >>

Absolutely stunning!!! This gorgeous home is immaculate and tastfully decorated. The rooms are large and inviting. The kitchen is amazing featuring Corian counters, a large island with a sink in it, a double convection oven, stainless steel sink, 5 burner cook top, tons of counter space, a pantry, built in microwave and down lighting under the cabinets. The laundry room is inside with cabinets and a sink. Take a look outside and you will be treated to a nicely landscaped and manicured lawn.

This one is an approved short sale for the listing price... We just need a buyer.  Offers to be presented this Sunday!  Come by and see if this home is the one!

Looking for something different in the same area?  Search other homes for sale in Elk Grove 95757

Are you looking to buy a HUD home in Elk Grove?

Many clients I speak with ask about the condition of these homes. The truth is they are in similar condition as a bank owned home. Some are in good shape and others are not.

There are incentives for buyers who want to purchase HUD homes that need work.  Join me for another video in my series... "How to Buy a HUD Home"...  to find out more!

During this video, I will share with you what you can expect when you tour a HUD home for sale. Get an idea of what these homes are like and what you should know before you make your bid on the home.

If you are interest to learn more about HUD homes, please give me a call (916) 585-3858!  I'm here to help you!

New HUD Home for sale in the Elk Grove

This home is a tremendous value and is a classic Elk Grove Home. The home is nicely landscaped, and shows very well. The kitchen is open as well as the living room area. The master bedroom has vaulted ceilings and the master bathroom has a separate tub and shower.

9550 Soaring Oaks Drive, Elk Grove, CA 95758 - $165,000
4 bedrooms
2 bathrooms
1912 Sqft
Built: 1990

See more pictures of the Elk Grove HUD Home for sale >>

This HUD Home in Elk Grove may not be what you are looking for!   Search for other homes in Elk Grove for sale  like this one currently for sale!   

Contact me today to schedule an appointment to see this home! I am here to help you buy a HUD Home this year!   

Erin Newington
Elk Grove HUD Approved Realtor
Keller Williams Realty
(916) 585-3858
           

Get your list of Sacramento HUD Homes for sale        

Sacramento HUD Condo for sale -  1824 K Street #2

This property is situated the very desirable and vibrant midtown area. Leave your car parked as it is close to restaurants, stores, and public transit. The community offers a recently updated gym and clubhouse. The pool and spa area are nothing short of luxury.

1824 K Street #2, Sacramento,  CA 95811 - $170,000
2 bedrooms
2 bathrooms
955 Sqft
Built: 1980

See more pictures of this Sacramento HUD condo for sale >>
  

There has not been another 2 bedroom unit sold in this complex since 2009! This Sacramento HUD acquired condominium is ready for a buyer and is FHA insurable. If you have had trouble getting a mortgage for a condo in Sacramento, HUD homes can be a great way to get into a condo without the hassles that come with FHA financing. If you use FHA financing to purchase this home, you can cut through all the red tape and get this one financed with out issues with the HOA.

Is this condo not what you are looking for?  See other condos for sale in Midtown Sacramento!    

Contact me today to schedule an appointment to see this home! I am here to help you buy a HUD Home this year!   

Erin Newington
Elk Grove HUD Approved Realtor
Keller Williams Realty
(916) 585-3858
           

Get your list of Sacramento HUD Homes for sale        

This listing is courtesy of  Campbell Real Estate.