Don’t Believe Me…? Go to any weekend open house and watch the traffic.
I don’t care where you go these days in this region because what you’ll see are lines of cars parked to look at these “open houses”.
Last Saturday, I was out and about looking at property in the area for some investors I am working. My 1st stop was at a home for sale in Roseville on Petruchio Way that has a list price of $549,000.
The agents who have this home listed held it open from 2:00PM to 4:00PM. I showed up around 2:15 and couldn’t believe the crowds of buyers with and without agents viewing this property. This is large home but I was bumping into folks in just about any room I entered.
The neighbor who is a good friend of mine said there was still a crowd there til about 4PM.
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Then later on that afternoon, I was in the Rosemont area of Sacramento looking at a single family home located at 3201 Korovo Court that is a “short sale” listed at $149,000.
Just like the home in Roseville, I was not the only guy in there. It was amazing how many people were out looking.
The listing agent advised everyone on the MLS that offers would be presented the next day. Sure enough… it sold the next day for I’m sure a price well over the list price. The investors I’m working with made a “cash offer” of $160,000 and didn’t get it even though it did need some work.
This morning I wake up and get an update from RIS Media about Silicon Valley. Take a look at that short article I’ve posted below and you’ll realize with me that we are in the middle of a bubble or a boom. I think it’s more like a boom because the only thing holding back this real estate market now is the chronic unemployment.
January Housing Update: Nothing Left to Buy in Silicon Valley
If you have had the same experience.. let me know. I’d like to hear your feedback.
In the mean time…?
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR, CDPE 916-203-1260 favinger@rwnetwork.com
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