The Elk Grove home inventory is shifting and beginning to impact sellers. If you own a home in 95624 in Elk Grove and are thinking about selling, I would like to share some stats with you.
When I look at market trends for Elk Grove, I first look at an overview of the zip code. That gives me an idea of what the area is doing as a whole. This post is going to narrow that scope.
Today… We are going to target homes located in the 95624 zip code of Elk Grove with over 3,000 feet.
Here is what you need to know if you are selling your Elk Grove home:
As of August of 2014, our available home inventory was at the highest point since 2011. I want to remind you this is only for homes in 95624 over 3,000 sqft.
When you look at the chart above, the light green lines reflect our home inventory and the dark green reflects the buyer demand. Having a high inventory of homes on the market (homes in 95624 over 3,000 sqft) , usually means sellers have to wait longer for their home to sell. A price reduction may be in order as well, depending on the time-frame in which you need to sell.
The combination of a spike in home inventory, paired with a reduction of buyer demand is what concerns me. Our buyer demand for August 2014 was the lowest point since February 2010! Now that deems dramatic, and yet it is a fact.
If you didn’t get an offer for your home in August, most likely this explains how the real estate market is responding to your home.
Here is what you need to know if you have a home in 95624 over 3,000 sqft:
1. If you really need to sell, it’s time to adapt!
We are heading into the time of the year where there tends to be less buyers looking. If we have a ton of homes to compete with, and less buyers looking for a home like yours, you are at a point where you have to adjust.
2. Is your home accurately priced for the market?
Which homes are your best competitors? How long have they been on the market? If you were a buyer, which one would you pick? I know it’s hard when you are emotionally attached to your home. Yet, we have to look at this objectively and adapt where we need to.
3. What is the condition of your home?
Again… Which house would you pick? What small fixes can you make that will greatly impact the impression of the buyer? Let me tell you… Buyers look at everything! Don’t think that just because you could overlook something they can. I showed homes this weekend and the buyer brought up some issues that did not seem like a big deal to me. Issues that with a little elbow grease could be resolved. Yet, that small item helped the buyer form an overall impression for the house. The small things matter! Carpet stains matter, dust matters, clean shower doors matter, landscaping maters, broken cabinet doors matter.
I realize that you are looking to make money on your home sale, not spend it. Yet I would also ask you if you could spend $1,000 to make $5,000 would you? I WOULD!
If you do not want to make adjustments to the condition of your home, you will have to reduce the price if you are not getting any offers.
4. Be patient!
Sellers with homes in this category are taking 43 days to find a buyer on average. If you know your price is good and your have made improvements to your home, then you may just need to wait a little while longer for the right buyer.
I hope this helps to give you perspective on this segment of the Elk Grove real estate market. Watching the trends is important if you are thinking about selling your home with over 3,000 in Elk Grove in 95624. We would love to sit down with you and discuss your options.
Give us a call at (916) 585-3858 and we would be happy to set up a time to review your Elk Grove neighborhood and what your options are!
Here are homes currently for sale in Elk Grove, located in 95624 with more than 3,000 sqft:
Listing Co-Office: Real Estate Masters
Listing Co-Office: RE/MAX Gold Laguna
Listing Co-Office: RE/MAX Gold Laguna
Give us a call at (916) 585-3858! We can give that dream an address!
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