- 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!

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.

Want to research homes online like a Pro and get the information you need about potential Elk Grove homes for sale?

We have partnered with Prospect Mortgage to offer you a NEW password-protected website to view the listings that match your home search criteria with picturs, prices, address, directions, and maps.

You can easily customize your search any way you like - search for homes by school district, square footage, price, number of bedrooms, and more. Save and track your favorite properties and receive email updates if the price changes or the property is sold.

Why does this website let me investigate homes like an Elk Grove Realtor?

This new home search is much more robust than others and offers buyers a great way to fully investigate each home online!

It will allow you to...

• Research which homes sold in the neighborhood recently and for how much!
  
• Research which schools are nearby!
  
• Get a birds-eye view of homes!
  
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This service is FREE and is a great resource for Elk Grove Home Buyers. Register for access to the Home Buyers Scouting Report Now >>

We just put this bank owned home on the market this weekend!  


This home has a popular floor plan with one bed and full bath downstairs plus an office-den, great room concept, large kitchen with island, 3 bedrooms upstairs, great location! Don't miss this one!

This is a Fannie Mae HomePath property. Purchase this property for as little as 3 percent down. This property is approved for HomePath Renovation Financing. Buy this home by the end of the year and get a bonus from FAnnie Mae! 

4725 Noriker Drive, Elk Grove 95757  - NOW $269,900
4 bedrooms
3 bathrooms
2428 Sqft
Built in 2003
.133 Acre

If you are interested in this bank owned home in Elk Grove...Call Erin at (916) 585-3858 to schedule a showing!

Looking to buy a home in Elk Grove? Make sure to visit my website to search for homes right now. Start your search now >>

Looking for a home to buy in Elk Grove? Here is our latest short sale listing... a Warmington home in Arcadian Village!

Beautiful one story Warmington home in Arcadian Village.Great floor plan with open air courtyard in center of home. Tile and carpet flooring throughout. Kitchen with upgraded cabinets and granite countertops. Backyard with beautiful in ground pool! Don't miss this one see today.

8498 Harbor House Court, Elk Grove, CA 95624 - $269,900
3 bedroom 3 bathroom
2770 sqft

If you are in the market to buy a home in Elk Grove... Make sure to give Erin a call at (916) 585-3858 to view this listing or others in the area!

Search on my website NOW for other Elk Grove homes for sale.

Struggling to make your payments?  We can help!  Find out how we have helped other Elk Grove residents short sale their home and prevent foreclosure >>