I'm doing my happy dance now......cause even Folsom is above the line now. El Dorado Hills has been cooked for a while now.....and prices have been dropping pretty steadily when owners want to actually sell the house they have listed.
I called on a house today that has been on the market for over 169 days, and has dropped its price over $150k......not a singe offer since it was first put on the market (and that offer was considered low at the time.....but it was still $100k more than they are currently asking....that's what happens when you are greedy/stubborn....cause they don't owe very much on it).
Existing single family home sales are from the Sacramento Bee's website and are gathered by DataQuick each month. The inventory numbers are for SFH that were listed on ZipRealty's website.
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I'm surprised that Elk Grove doesn't have more months inventory. The prices there on the houses I'm interested in are dropping faster than anywhere else.
Elk Grove showing about a years worth of inventory, but its places like that that also have the buried REO properties in the wings.
Added a couple more homes to the September Good Buys.
They're both in Carmichael, and they've both dropped nearly 100K -- which is remarkable considering that they started at less than 400K and are now under 300K. Both over 1800 sf.
Thanks Cymst!
Both the open houses we happened upon when we were wandering around Orangvale in July have dropped as well....one 100k and the other 25k. Still too expensive...but again, very encouraging that the drops are happening in larger increments...
Another pet peeve of mine is the 1,000 to 4,000 drops on 450k houses that are overpriced to begin with. Why do they bother, that's less than 1%?
Well it is sunday night, haveing cold beer and watching football, life is good in the desert. Cardinals finally won a game today.
It is very strange how fast house prices have corrected in parts of az compared to cali. I am seeing homes from the 130's here.The builders here are not wasteing anytime moveing homes. One doofus down the street paid 326k for his house in 2005 and now the builder is selling homes here for 185k. Can you say bend over and grab your ankles fast enough? The builder would not let him back out of his contract because, drum roll please, he is a realtor. I think a lot of them got caught with their pants down listening to their own lies.
Caveat emptor fellow bloggers!!!!!!!
When the seller thinks in terms of his income and monthly expenses, $1000 to $4000 sounds like a lot. So, in the Seller's mind, he is really giving something up.
Unfortunately, when you look at it from a discount perspective, a 1% discount or sale would be a joke.
As it is.
I'm feeling a little better after looking at most of the houses under $300K. There are a few dogs, but a surprising number of nice homes.
My big dilemma now is whether to try to move to another rental, or stay put.
Cymst - Of course I vote for you to stay put in EDH.....its a lonely place for us liberals and I could certainly use the companionship...I take solace knowing you are nearby, and that I am not the only one in our zip code =)
When we first moved here, we were browsing through the weekly paper they throw in your driveway. They do a "man on the street" type interview with a few locals on some topic; the topic that week was "What do you like best about El Dorado Hills?" and a very perky-looking young woman's reply was that she liked the DIVERSITY, because there were people who had money that weren't afraid to flaunt it, and OTHER WEALTHY people who were more private about their money. I swear this is what she said. We were literally rolling on the couch laughing.
Since then, that same weekly paper redeemed itself to me by running one of the best fact-filled,unbiased articles ever when GW came to the Country Club to raise money last year. At a time when all the big papers were pretty much just repeating whatever the press secretary told them, this one actually pointed out what was being said vs. what the facts were. Kind of made me proud.
"woman's reply was that she liked the DIVERSITY, because there were people who had money that weren't afraid to flaunt it, and OTHER WEALTHY people who were more private about their money."
OMG! EDH really is the OC of the central valley. That is hysterical.
"woman's reply was that she liked the DIVERSITY, because there were people who had money that weren't afraid to flaunt it, and OTHER WEALTHY people who were more private about their money."
I really wish you hadn't told me that story...up till now it was almost bearable. Now I just want to hurl.
We will have to move to Cameron Park (cause I can't give up the foothills and proximity to the lake and hwy 50)
Gnoochi, il mio preferito. Tante grazie, ora io ho fame!
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