In just four years the Real Estate
market in Sacramento has changed dramatically. In
2005, housing prices soared and developers couldn't
build fast enough to keep up with the demand for
new housing developments. But when the housing
bubble burst just a year later, housing prices
began to fall and many new developments sat
unoccupied or unfinished.
The outlying areas of Elk Grove and Natomas used to
be large, undeveloped tracts of land. When the
housing prices began to rise in the early years of
this decade, developers began to build houses on
these tracts of land as fast as they could. There
was a huge demand for bigger houses in suburban
areas, so these former agricultural and flood-plain
areas grew exponentially in just a few years.
Unfortunately, these recently over-built areas were
hit the hardest when the Real Estate market began
to decline. Many properties went into foreclosure
because the owners could not afford the high
mortgage payments. Home values in this area
declined the most quickly in the Sacramento
area.
The more desirable and well-established
neighborhoods such as East Sac, Curtis Park and
Land Park were not as easily affected by the
decline in the Real Estate market. These
neighborhoods held their Real Estate value for much
longer than the newer, over-developed ares.
However, East Sac and Curtis and Land Park
eventually saw a decline in property values.
The crisis deepened as more people lost their jobs,
and even people with affordable loans began to
default. Areas where people bought houses that they
expected to improve in value were the most affected
by the decline in property values. Now even
outlying areas of Sacramento--such as Rocklin and
Roseville--are feeling the pressure of the drop in
the Real Estate market.
Declining
Home Values--The Short Sale
Solution
Keeping this brief history in mind, now could be a
very lucrative time to search for a home for sale.
Sacramento area short sales are taking over the
local Real Estate market. Short sales are a wild
card where virtually anything is possible. A seller
who owes more on the property than the property's
current value may agree to many of the buyers terms
in order to get out of the mortgage quickly. Short
sales are extremely competitive in this current
Real Estate market.
Whether you are a property owner looking to quickly
get out from under your difficult mortgage, or you
are a buyer searching for a good deal on a
property, WABroker can help you obtain the
information you need to make a sound Real Estate
decision. For more information about Short Sales,
navigate to the California Mortgage
section.
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