Buy a House in Elk Grove – Where’s the Inventory?
Buy a House in Elk Grove – Where’s the Inventory?
It’s funny how many Elk Grove buyers think it’s a buyer’s market. That’s just not the case. Inventory is the lowest it’s been in since 2004! With just over 1 month of inventory, Elk Grove buyers are having a hard time finding a house. My listings are getting multiple offers and selling quickly. It’s turning into a seller’s market!
Does low inventory mean the bottom of the real estate market? It’s possible. Prices in Elk Grove didn’t go down this month and probably won’t go down for the next couple months. In fact, prices went up almost 3% in the last month. However, they are down almost 6% overall from this time last year.
I don’t usually make predictions but here is my opinion on the Elk Grove real estate market: There will be low inventory through this summer. Elk Grove homes will continue to get multiple offers and prices will remain steady. This Fall and Winter, the banks will release more foreclosures and more Elk Grove sellers will realize the need to short sale their home. The inventory will increase and sales will slow due to the slow selling season. Prices may dip slightly or stay steady. One thing is for sure, house values will not start substantially increasing in 2012.
What does the low inventory mean for Elk Grove buyers and sellers? For sellers, it means it’s a good time to sell. You’re house will sell quickly and you’ll have your pick of the most qualified buyer increasing your chance of a smooth sale. As an Elk Grove buyer, you should team up with an experienced Elk Grove real estate agent who can advise you on the best way to get your offer accepted. Here are my tips for scoring a great house in Elk Grove despite the competition:
- The highest price doesn’t always win. Sellers consider other offer terms as important as the price. Length of escrow time, transfer fees, loan type, and the buyer’s flexibility will all contribute to the sellers decision.
- Submitting your offer first is important. On well priced Elk Grove homes with multiple offers, sellers and their agent can be overwhelmed be the amount of offers received. Submitting your offer first insures you’ll be noticed and shows you’re serious about buying.
- A complete and neat offer is key. This falls on the shoulders of your Elk Grove real estate agent. Your offer should be sent to the seller and their agent in one complete package. It should be typed, easy to read, and not have missing signatures and dates. Your lender pre-approval (dated in the last 30 days) or proof of funds should be included. An incomplete or messy offer is a turn-off for the seller and shows lack of organization.
- Ask the sellers what they are looking for. This is another job for your real estate agent. Maybe the sellers need to rent back for a month or two. Perhaps a quick escrow is more important to them. If it’s an Elk Grove short sale, the seller may want to know how committed your are to waiting for a short sale approval. Writing your offer to fit the needs of the seller carries a lot of weight and will help you get your offer accepted.
- Pick an experienced Elk Grove real estate agent. Your agent is a reflection on you. Your Elk Grove real estate agent should have at least five years experience. Real estate should be their only job and they should have at least 100 sold homes under their belt. Experienced real estate agents understand how to best write your offer and give you the greatest chance of getting accepted.
Buy a House in Elk Grove – Where’s the Inventory?
Posted by Elk Grove Realtor – Allan Sanchez
Buy A Short Sale Home in Elk Grove
Buy A Short Sale Home in Elk Grove
It’s a Buyers Real Estate Market and often the best deals, with the most room for negotiating come from short sale listings.
A short sale is when a seller owes more on their home than it’s worth and must sell, negotiating with the lender to accept less than the mortgage amount.
As an Elk Grove short sale buyer, your best chance for a successful short sale starts with hiring a Elk Grove short sale expert. Real estate agents who specialize in short sales know how to best navigate a short sale on the buyer’s behalf.
Duties for an Elk Grove Short Sale Buyer’s Agent:
When buyers write an offer on an Elk Grove short sale, they typically want some kind of assurance that their offer will be presented, accepted, submitted to the bank, approved by the bank, and closed. The short sale process is long, much longer than a traditional sale, but it can be much smoother and shorter by using an Elk Grove short sale agent. Here are some things an experienced Elk Grove short sale agent can do for their buyer:
Buy a Short Sale Home in Elk Grove
1. Verify that the listing agent is also experienced selling short sales. If they are not, chances are good that the short sale will be a long process and possibly not happen. Because short sales are so different from traditional sales, there is a huge learning curve for inexperienced agents. Don’t let them learn on your valuable time!
2. Find out the identity of the lender and wheater there is one loan on the property or two. There are certian lenders that have adapted well to the short sale process. They are a pleasure to work with and quick with responses. They are other lenders who are completely bombarded with short sale offers and have not developed a system to handle them. Your Elk Grove short sale agent will be able to advise you about the lender and if they are easy or difficult to work with.
3. Talk to the listing agent to see whether they will be negotiating the short sale or referring it to a third-party short sale negotiator. If a short sale negotiator is being used, the buyer and buyers agent have less control during the transaction because they are not dealing directly with the negotiator.
4. Run comparables. Your Elk Grove short sale agent will expertly compare the home with similar homes. You’ll want to write an offer for an aggressive price but also a price that the bank will accept. Lenders get third party opinions and appraisals. Although they will generally sell slightly below market value, they will not steeply discount.
5. Craft an offer the bank will accept and will eliminate competitor offers. You want a tough negotiator on your side so that you get the best deal, the seller and bank accept your offer, and you don’t miss out on the house all together.
A short sale is not the time to pick an inexperienced real estate agent.
Contact Allan Sanchez for a LIST of Elk Grove short sale homes for sale.
Buy a Short Sale Home in Elk Grove
Posted by Allan Sanchez Elk Grove Short Sale Agent www.AllansHomes.com
Chase Bank Short Sale Elk Grove – Elk Grove Short Sale Agent Allan Sanchez
Chase Bank Short Sale Elk Grove – Elk Grove Short Sale Agent Allan Sanchez
Take a look at my newest Chase Bank short sale in Elk Grove. 7012 Springmont Drive is a 2 bedroom, 2 bath home with 1,044 square feet and a courtyard entry! It has laminate wood floors, a double-sided fireplace, and a newer AC unit. This home is in the heart of Elk Grove with easy freeway access to both I-5 and HWY 99. Offered at a great short sale price, $140,000.
A year or two ago, short sales had a bad reputation. It was difficult to obtain a short sale approval and buyers often waited 6 months or more, only to have their offer rejected by the bank.
Big banks, like Chase, have since streamlined their short sale process. A successful short sale still takes a very competent short sale agent but financially stressed sellers and buyers are now finding short sales an excellent option.
In addition to obtaining a short sale approval from the bank, Short Sale experts should also fight hard and negotiate on behalf of the sellers to avoid a deficiency judgment so that the seller is not liable to pay back any loss to the bank.
Find out if you Qualify for an Elk Grove Short Sale
Read about Elk Grove Short Sale FAQs & Facts
View more picture of 7012 Springmont Drive, Elk Grove CA 95758
Chase Bank Short Sale Elk Grove – Elk Grove Short Sale Agent Allan Sanchez
Posted by Short Sale Expert Elk Grove, Allan Sanchez www.AllansHomes.com
Elk Grove Short Sale – 10026 Blossom Ridge Drive
Elk Grove Short Sale – 10026 Blossom Ridge Drive
Take a look at this adorable Elk Grove short sale. 10026 Blossom Ridge Drive is located in Elk Grove Meadows, close to highly rated Castello Elementary School. With 4 bedrooms, 2 baths, and 1,659 square feet , this 1 story home as a great floorplan. It’s in good condition with laminate wood floors, tile entry, nice carpet and paint, and landscaped backyard. Priced at $200,000, this is a terrific deal!
Contact Elk Grove short sale agent, Allan Sanchez, to tour this home.
Elk Grove Short Sale – 10026 Blossom Ridge Drive
Posted by Elk Grove Short Sale Agent – Allan Sanchez – www.AllansHomes.com
Elk Grove Short Sale – 7012 Springmont Drive, Elk Grove CA 95758
Elk Grove Short Sale – 7012 Springmont Drive, Elk Grove CA 95758
Here is an adorable Elk Grove Short Sale! 7012 Springmont Drive is a 2 bedroom, 2 bath home with 1,044 sqaure feet and a courtyard entry! It has laminate wood floors, a double-sided fireplace, and a newer AC unit. This home is in the heart of Elk Grove with easy freeway access to both I-5 and HWY 99. Offered at a great short sale price, $110,000.
Elk Grove short sales offer amazing deals to buyers. Contact Elk Grove short sale expert, Allan Sanchez to find out how to view this Elk Grove short sale in person.
Elk Grove Short Sale – 7012 Springmont Drive, Elk Grove CA 95758
Posted by Elk Grove Short Sale Agent Allan Sanchez www.AllansHomes.com