More Inventory – Higher Rates… A Connection…?

When Money Gets a Little Tighter… People Think A Little More.

I have some stats and graphs here from the METROLIST system that track some info over the last few months.

As you can see the AVERAGE PRICE PER SQ.FT. has gone up some over the last year or so.

These stats are for Folsom only..!

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Below here you’ll see the AVERAGE DAYS ON MARKET for the same period shown above.

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I have an update….I just ran down the data for the Active for sale properties & the Pending Sales.  You know what… it looks a little interesting.

• # Homes On For Sale Now…? 136
• # Homes with Pending Sales (includes short sales pending approval)…? 122
• Average Days On Market from Listing Date to “Pending Date”…?   30
• Average Costs Per Sq. Foot…?  $211

So What Do You Think the Bottom Line is…?

If You Are a Seller – Don’t get discouraged just because it’s going to take a little longer to sell.  Remember this… Because Buyer’s are having to pay a little more in interest to get a loan,  you must have your home “priced right” because they are going to be a little more “selective” and you’re probably not going to see as many multiple offers.

By the way, what these stats don’t show are the “price changes” during the listing period.

If You Are a Buyer –  Hey it’s a great time because you don’t have to rush to get your offer in fear that you might lose out.   Yes… you are going to pay a higher interest rate for the loan, but you’re going to get a better deal on the pricing side especially if you have a motivated seller wanting to move up.

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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