Listings on the rise in competitive market
Roseville, Calif.- If you are a buyer looking in the Roseville area you know we are dealing in a very competitive market.
Homes in good neighborhoods which show well are selling at about 7 percent above the list price and go pending around day 5. The average Roseville home is selling for about 3 percent above list and go pending closer to 7-days. What makes it more difficult for buyers is most listings are getting multiple offers with waived contingencies.
Appraisal contigency
The most common contingency waived is the appraisal. This means regardless of the appraised valuation the buyer is agreeing to pay the contract price. For buyers who are making large down payments this is not a significant issue to overcome if you are willing to buy the house for more than the appraised value. For others, not having an appraisal contingency may be a deal killer as they may not have cash resources.
I started tracking the number of Roseville listing earlier this year. On March 24th there were only 74 listings in Roseville. Today, October 13, there are 173 available listings. If no more listings come on the market, we would be down to no listings in about 10-days. This is well below what many consider a balanced market of 180 days. Although we are seeing more homes come on the market, we are a long way from a buyer’s market.
Julie Jalone – Magnum One Realty
We specialize serving the needs of buyers and sellers of homes in the Roseville and Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.
DRE# 01418097