Well it seems home shoppers have taken an early holiday. Not a single home went pending last week. While I don't keep stats on this (only the total pending), I believe this is a first.
To boot, inventory crept higher as well. Of course these trends only apply to the homes that come up within my search parameters in EDH and Folsom.
Curious to know if anyone tried home shopping via Comcast OnDemand.....they show a lot of commercials for it. We tried it once and there was very little selection.
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I did try Comcast on Demand. It was gawdawful. The homes went by too quickly, and there were too few of them for it to be useful in the slightest.
Anybody that can figure out how to shop using Comcast -- or for that matter, how to do any of their "on demand" menu, which is a nightmare -- would surely have internet capability and already be using MLS.
Give it a week and look again. Many didn't enter data on Monday due to the semi holiday.
One market I watch, over $900K, Folsom, suddenly had 3 in the past 10 days after being dorment most fall.
Yea the Comcast thang was purdy and cheap, but you easily loose interest. . . .
QVC for homes - run away >; )
Last weekend my wife and I were roaming around the wine country and talked to a couple from the Bay Area. They were bidding against several others for the great deals in Sacramento Real Estate. They told me with the new prices that they are not nearly as negative with cash flow as they were two years ago. My eyeballs just about popped out of my head when I heard that. And yesterday I heard the exact same thing from another Bay Area investor.
I agree with all the fundamental analysis that there really is no economic reason the market should recover right now, but if these bay area buyers are snapping up the low end that will continue to prop up the market at unjustified values based on fundamentals.
Maybe that is why rents are staying so flat.
Back on topic - comcast sucks for looking at houses.
"not nearly as negative with cash flow"
LOL, and that's a good investment how?
My regular savings account earns over 4%.
Well Matt....as I keep saying....someone has to buy properties in order for the Comps to fall.....so that subsequent listers (i.e. Sellers) will list their property at a lower price.
But I agree....it is pretty shocking to hear if you have been following Sac Real Estate for the last year or so.
We were initially planning to use a somewhat distant family member for our RE agent..(she got her license a year ago)...but when I heard she became an agent cause she was interested in investing...I distanced myself pretty quickly. Now is not the time to invest.
Had a client a few years ago in Davis, never did much but smoke pot and take care of a rental. Then suddenly he had big bimmer and a lot of monthly spending money. He had refied the 10 or so rentals, increasing his cash flow by 5-6 k per month using normal mortgages, not teasers. (this was pre teaser)
To get to that point in life, they had lived in a POS until then and worked on the rentals. Davis RE had always been overpriced.
I doubt Sac region RE will ever return to 3x income.
Stunning story, Matt. Matches what I've seen myself. In my small neighborhood in Roseville the three most recent sales (mid 300s to low 400s) have all been to recent investors, including the house I'm renting. No one who actually wants to live in the house is buying at those prices.
All this is just propping up demand beyond fundamentals and is only delaying the inevitable. But it pisses me off because I would like to buy next year! Ugh!
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