June 16, 2009
Let’s check in on some stats on the size of price reductions. How receptive are sellers to accepting an offer below their asking price?
Let’s get down to the nitty gritty. Where are buyers currently getting the biggest discount off the asking price in and around Sacramento? Knowing which neighborhoods are softer in terms of sale price discounts off list price will better equip you when making an offer.
In the charts below, we have taken all sales data from last month in the Sacramento area and sorted it by zip code. We calculated the overall difference between the sale price and the list price. Note that this reflects the final list price, after all price drops in the listing. Any areas with fewer than ten sales are excluded from the top and bottom ten rankings, but interested readers may download the full data summary in Excel format (xls).
For a quick look at where a given zip code is located, just type it into the Redfin search box, or drop by the handy USNaviguide.com zip code map.
Here are the top ten areas with the largest overall discount:
The overall discount rate for Sacramento came in at 1.7%, which is relatively low compared to other regions around the state and the nation that Redfin serves. Auburn (95603) took the top spot.
Here are the ten areas with the smallest discounts:
Of the 52 areas we ranked, just the seven shown above came in with average sale prices above the list price.
Is the area you’re shopping not on either the top 10 or bottom 10? No problem, just download the full rankings in Excel format and hit the “FullSummary” sheet.
Of the 2,358 sales we tracked in the 1-month period, 191 homes (8%) sold for 10% or more off the asking price, while 409 homes sold for 5% or more above the asking price.
We will be keeping an eye on this data every month to see which neighborhoods are trending toward larger discounts and which are trending toward selling at full price.
Buyers should be aware that not all neighborhoods are created equal. While an offer 10% below list price may have a good chance of being accepted in a few neighborhoods where buyers are few and far between, some areas in and around Sacramento are still seeing enough interest to command full price or more.
May 6, 2009
On Monday the New York Times ran a front page article talking about Sacramento real estate conditions, Where Home Prices Crashed Early, Signs of a Rebound:
This city was among the first in the nation to fall victim to the real estate collapse. Now it seems to be in the earliest stages of a recovery, a hopeful sign for an economy mired in trouble and anxiety.
What’s driving the market is the high number of foreclosures (2/3rds) as well as falling interest rates and the first-time home buyers credit. For the buyers featured in the story this meant that buying a previously foreclosed upon home from a group of investors meant a lower monthly payment than renting an equivalent home.
For real-time stats and trends on Sacramento check out our Sacramento page.
April 27, 2009
To prepare for our launch in to the Sacramento market, we did some research on local real estate blogs. Here are our favorites:
Best Real Estate Blogs
Best Agent Blogs
- The Real Folsom “offers up-to-date information about the Folsom Real Estate market, recent Folsom home sales, handy tips for your home and money matters related to your home.”
- Sacramento Real Estate Gal writes about “Sacramento Real Estate, investment properties, market updates and real estate trivia.”
We’re new to the area, so please let us know which blogs we missed!
April 22, 2009
Redfin is excited to announce our arrival to the greater Sacramento, California area. We’re an online real estate brokerage that combines online tools with a customer-focused team of agents to help you buy and sell homes. Our launch includes an estimated 24,000 listings for sale in the greater Sacramento area–along with new information on property price histories, sale to list ratios and prices of similar listings and recently sold homes. Check out our Sacramento Neighborhood pages to get in-depth data on homes at a local level.
Here are the areas where you can work with a Redfin agent or one of our partner agents:
Meet our Sacramento Agents
Redfin agent Chris Diez will serve El Dorado, Placer and northeast Sacramento counties as a lead agent. Chris has been part of the Redfin team for two years and has helped close over 20 homes. In Yolo and the remainder of Sacramento county, you can work with one of our experienced partner agents.
|
Chris Diez
Redfin Lead Agent
Serving the East Sacramento Suburbs
Homes Closed: 20+
|
|
Luann
  
Redfin Partner Agent
Serving Davis & Woodland, West Sacramento, Sacramento & Elk Grove
Homes Closed: 650+
|
|
Peter
Redfin Partner Agent
Serving West Sacramento, Sacramento & Elk Grove
Homes Closed: 50+
|
Sacramento Home Buying Class
Save the date to come out and meet our agents at Redfin’s free home buying class in Sacramento on May 27th, location TBD. We’ll give you the latest pricing guidance, Sacramento neighborhood sales data, tips on how to get a mortgage and negotiate a great deal–along with pizza and beer.
Sign up with Redfin to receive free listing alerts for your area, keep track of your favorite homes, save your searches, schedule free home tours and get updates on Sacramento real estate pricing and trends.
If you already have questions, be one of the first to join the Sacramento Real Estate Forum to dish with other real estate junkies. We look forward to hearing from you!
