June’s stats from SAR (Sacramento Association of Realtors) show homes are selling faster. If you are a buyer in this market you have no doubt seen that there is much competition out there right now during this busy season and homes are going pending or contingent (short sale with offer and seller approval but waiting on bank approval) quickly especially if they are priced right. The stats are summarized below:- For June, sales increased 5.1% from May
- Year-to-year, closed escrows were down 2.4%–Making up the closed escrows this month were 735 REOs (42.4%), 396 short sales (22.8%) and 603 conventional sales (34.8%).These numbers have changed month to month with REOs up 2.1%, short sales down 2.5% and conventional sales down .8%.
Homes are selling faster!
- 75% of escrows this month spent less than 90 days on market. The DOM (days on market) is figured from the time the property is listed to the time the property enters escrow. Continuing this analysis, 50% of home sold this month spent less than 35 DOM and 25% of all homes sold this month entered escrow in less than 15 days of being on the market. Compare these numbers with February, where 75% of homes sold entered escrow in 107 days, 50% in 52 days and 25% in 17 days on DOM. Homes are spending less time on the market, this is especially notable because more than 65% of all homes sold were distressed properties (either REO or short sales).
What am I seeing out there?
People often ask me what I am seeing out there so I have decided to share a personal experience on my blogs when updating you on the market.
- Right now many properties have multiple offers. If they are not priced right they will sit on the market.
- We are still seeing sellers credit 3% toward buyer’s closing costs but if there are multiple offers and you are a buyer who really wants the property, you will have a better chance of getting it if you don’t ask for closing costs.
- As far as short sales go. They are everchanging! What can ruin a short sale when you are a buyer with an offer out there? Well the seller can file bankruptcy in the middle of it, the property can go to foreclosure, the seller can decide to try and keep the home and do a loan modification, or the bank can ask for money from the sellers and if the sellers can’t pay and you as a buyer don’t want to pay it, that can also ruin the deal–because of all of these items it is VERY important that all buyers work with an experienced Realtor.
- For sellers and short sales-we are getting short sales approved even when sellers are not behind on payments so you don’t have to be late to do a short sale–remember the short sale often times costs sellers no money and sometimes the banks will even pay a seller to cooperate!
Happy Buyer Clients 
-Robert and Karen– July 14th, 2011–They ended up getting a property while it was still in escrow with another buyer who could not perform–sometimes there are situations like that. With persistence we were able to get them the property even before it had a chance to come back on the market. What a happy time for them!! Congrats Robert and Karen!!
-Robert and Karen– July 14th, 2011–They ended up getting a property while it was still in escrow with another buyer who could not perform–sometimes there are situations like that. With persistence we were able to get them the property even before it had a chance to come back on the market. What a happy time for them!! Congrats Robert and Karen!!
See our newest addition to our website, Client Surveys –see what our clients have said about their home buying/selling experience with us
Until Next Time
Jenica Williams~
