Elk Grove Short Sale Information: Is the Market Getting Better

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Real Estate Agent with Real Estate Specialist - Keller Williams Realty 01391317

Elk Grove Short Sale Information: Is the Market Getting Better

elk grove short sale specialist and defualt advocateLooking for Elk Grove short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let’s talk about what is going on in the Elk Grove Real Estate Market

You read every other month that the Elk Grove Real Estate market is getting better and you begin to think – “should I hang on to my house?” And for sure the answer is – it depends. So what is going on in the Elk Grove Real Estate market? Are prices really going up? You read prices are up but sale are down. Then sales are up and prices are down. How is anyone supposed to make heads or tails of the situation?

I do not have a crystal ball and know that the conflicting reports can be very confusing. Being a pretty straightforward guy, what I can tell you is this: There is limited supply and pent up demand. The banks are still foreclosing but not as fast a rate as last year. What we also know is there are more buyers than sellers and it is not uncommon to get 3, 4 or even 10 offers on a single property within days of putting it on the market.

Well with supply low and demand high prices should go up right? Yes they should but where we run into problems is getting the property to appraise. Far too many times we have accepted and offer for a Elk Grove Short Sale or REO / Bank Owned property only to have it not appraise. When the appraisal does not come in at offered price we have to do one of several things.

The step that makes the most sense is to lower the accepted price to the appraised price. While this seems simple enough it is not always the case. Asset Managers for the bank owned properties want to minimize the loss as do the negotiators on Elk Grove Short Sales. In a Elk Grove Short Sale we have to actually go back and re-negotiate the price which is not always guaranteed. If the foreclosure sale date is close we could actually lose the property to foreclosure during this process.

What we also know is that as a rule only one third of the homes foreclosed on ever get released to the general public. The other two thirds are sold in bulk sales or to non-profits. This year being an election year there certainly seems to be even less homes than normal

What is going on in the market? Our best estimate is the market will remain flat for the next 3-5 years. Prices will be flat and rate will be low – maybe not a s low as right now but low by historical standards. What the politicians do know is that until unemployment gets to 8% housing will not recover and until housing recovers this country will remain in an uncertain economic state.

If you are upside down in your home more that 10%, don’t expect the economy to pull you out. With the favorable tax laws in place short sale makes the most economic sense.

Is a Elk Grove Short Sale Right for Me?

To get a better idea of when your Elk Grove home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest Elk Grove short sale information. Call me today and sleep better tonight; you’ll be glad you did

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Thanks for joining us,

Mike Rigley

CDAT, CDPE, HAFA CERTIFIED

916-396-7487

 

Whether you are buying or selling a home, Mike and Jennifer Rigley of the Rigley Realty Group are your go to local Realtors. Their strong focus on assisting homeowners in need and offering a free straightforward no nonsense consultation, is why they have been named one of "Americas Best Real Estate Agents for 2013". 

 

Mike is a Certified Default Advocate and Distressed Property Expert at Keller Williams Realty who specializes in Short Sales in Sacramento, Elk Grove, Natomas, Folsom, Roseville, Woodland, Yuba City, West Sacramento and more. Elk Grove Short Sale Information, Elk Grove Short Sales

 

Phone 916-396-7487

Cal BRE # 01391317

 Certified Default Advocate  CDPE HAFA Certification You Tube

 

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Mike Rigley's personal views and do not reflect the views of Keller Williams Realty

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