Real estate as a whole is not entirely in a black hole. The bright spot?... Rentals. After all, shelter is a base need according to our old friend Maslow (remember Psych 101?) Lots of people no longer owning homes, but where do they go?
As the rental market improves, we will also see more investor $ moving into the market. In Sacramento real estate we are already seeing first time home buyers and investors moving in on the good deals to be found. Multiple counter offers are back and in the Sacramento region homes under $300,000 are in hot demand. The good news, there are over 6,280 homes available under $300,000 in the region. Affordability is back!
As of February, in Folsom homes under $450,000 had a 2.9 month supply of inventory. To us real estate folks that means that the low end of the market in Folsom is in a BUYERS market. Yep, thats what I said.
FROM REUTERS 3/16/08 - There is one bright spot in the dim U.S. commercial real estate market.
Demand for rental apartments is up even as the market for offices, retail space and lodging struggles, according to a PricewaterhouseCoopers survey released on Monday.
Home buyers are having a tough time getting loans amid tighter credit standards. At the same time, prospective buyers are holding out for better prices and apartment developers have slowed or stopped their building plans, according to PricewaterhouseCooper's quarterly Korpacz Real Estate Investor Survey.
"Because you have so many people losing their homes or not able to buy homes, there's been an overall increase in the (apartment rental) sector," said Susan Smith, editor-in-chief of the study, which surveys 125 real estate investors and specialists from pension funds, mortgage bankers and insurance companies.
Rental apartments "is the only sector benefiting from what we're going through right now," she said.
Want to learn more about the Sacramento region? Ask for our Free Sacramento Relocation Package. When it comes to real estate we don't sell homes, we get homes sold. Contact us for additional information or market conditions for your specific market segment. http://www.hotfolsomhomes.com/ Werolin Real Estate Group Jeff Werolin jWerolin@GoLyon.com 916.741.9505
As of February, in Folsom homes under $450,000 had a 2.9 month supply of inventory. To us real estate folks that means that the low end of the market in Folsom is in a BUYERS market. Yep, thats what I said.
FROM REUTERS 3/16/08 - There is one bright spot in the dim U.S. commercial real estate market.
Demand for rental apartments is up even as the market for offices, retail space and lodging struggles, according to a PricewaterhouseCoopers survey released on Monday.
Home buyers are having a tough time getting loans amid tighter credit standards. At the same time, prospective buyers are holding out for better prices and apartment developers have slowed or stopped their building plans, according to PricewaterhouseCooper's quarterly Korpacz Real Estate Investor Survey.
"Because you have so many people losing their homes or not able to buy homes, there's been an overall increase in the (apartment rental) sector," said Susan Smith, editor-in-chief of the study, which surveys 125 real estate investors and specialists from pension funds, mortgage bankers and insurance companies.
Rental apartments "is the only sector benefiting from what we're going through right now," she said.
Want to learn more about the Sacramento region? Ask for our Free Sacramento Relocation Package. When it comes to real estate we don't sell homes, we get homes sold. Contact us for additional information or market conditions for your specific market segment. http://www.hotfolsomhomes.com/ Werolin Real Estate Group Jeff Werolin jWerolin@GoLyon.com 916.741.9505
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