I read an interesting article in the Washington Post today.
It was about the reduced number of foreclosures and the greatly reduced discount of buying a foreclosure. These have both been obvious to any agent that is active in the Sacramento market, but it is always interesting to see the national market and media realize it too.
The quote that I like the most out of the article is “Zillow found that in Las Vegas and Phoenix, there is “no discernible difference” between foreclosure and non-foreclosure sales. Discounts have shrank to less than 1 percent in Sacramento, 3 percent in the Miami-Fort Lauderdale area and barely 4 percent in Los Angeles.”
While I never refer to Zillow for specific property prices, they are a huge number crunching organization and have a vast amount of data at their command. For them to state that the discount for a foreclosed property in Sacramento is only 1% is a pretty significant statement.
The market has shifted greatly and inventory is down to less than one months supply, the lowest it has been in over a decade. Prices have been climbing since December and multiple offers are common.
To top it all off, the national news is now reporting all about the tight market.
The housing market has definitely shifted!