West Sacramento Real Estate Agent Talks Rising Home Prices 
Up, up, and away go West Sacramento home prices. The price of West Sacramento homes increased over 22% from December 2011 to December 2012. The average home price in both West Sacramento zip codes is now $241,000. This is welcome news for homeowners and sellers but buyers trying to buy a home in West Sacramento are worried!
Home buyers in West Sac feel an urgency to buy right away for fear that home prices will continue to rise and they’ll get squeezed out of the market. This is making for a very competitive real estate market. Take my current West Sacramento short sale on Martis Street. I had one, two-hour open house and received 7 offers for my client to choose from. The seller picked an offer over asking price. Once closed, this house will be a new high comparable for the neighborhood and prices will again shift upwards. That’s how home prices are moving up so quick!
Why the low inventory in West Sacramento? Home inventory is at a low across the nation. The banks definitely have a role in this. “Foreclosure” is more a dirty word these days than something the banks actually do. Foreclosures are more expensive and the house is usually in worse condition which means less money for the bank. Short sales are greatly encouraged by banks where homeowners can not longer afford to stay or must move. Not only does the bank get more in their pocket by not foreclosing but the home values stay higher which is what the banks want. There are many, many homes and homeowners in limbo right now, trying to decide if now is a good time to sell or short sale their home. This is all contributing to the low inventory.
Rising West Sacramento home prices really come down to basic supply and demand learned back in Econ 1A. Supply is low, demand is high, and prices are going up. It will be interesting to see what 2013 has in store for West Sacramento home prices. I’m always here to talk real estate.
West Sacramento Real Estate Agent Talks Rising Home Prices
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