Of the homes that meet my purchase criteria in Folsom and El Dorado Hills area, the ratio of homes pending sale is at a record level, and has been increasing all month long. The under 500k market is where it's at.
Could this flurry of activity be due to the dip in interest rates? Or a rush to purchase while down payment assistance is still available. I'm not sure, but I have to admit, I was rather surprised by the recent numbers.
On the other hand, of the 150 or so homes listed in the MLS for sale in the EDH area over 750k, only 4 are pending sale. That's over 3 years of inventory (and that calculation makes the generous assumption that all three close this month).
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I'd guess increased activity is because the market is becoming more affordable, though with prices still not being wholly affordable, they'll fall more. Of course we always remember that much of the activity is still investor crap.
Interesting -- my feet on the street opinion for EDH is that the over 750k for sale right now is mainly:
a) spec homes that are overbuilt for the location, or just not built that great.
b) sellers trying to see if they can get out but don't really need too.
But I'm not seeing a lot of truly exceptional properties for a deal. Those with great locations are either not selling or asking a 2006 price.
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