Here are the housing market stats for August, 2008, in ZIP 95826, which encompasses College Greens and Rosemont.
You can see that inventory has fallen 65% from a high of 190 in September of 2007. Yet pending sales and closed sales have risen over the past 15 months. If inventory continues to drop, that could push prices higher. Much of the activity in the market in 95826 has been due to REOs and short sales. A flood of bank-owned homes could drive prices down, but if inventory doesn't increase, we could see home prices rise in College Greens and Rosemont.
This area is an investor paradise as many of these homes will produce a cash flow with 20% down. There is a high demand for rentals in 95826 due to its close proximity to CSUS.
As with any area in Sacramento, pockets of homes change from block to block, but many investors I work with prefer to buy north of Folsom to the river. In fact, an investor-client who bought a bank-owned home for her daughter this spring emailed this morning to say she is interested in buying another property in this neighborhood. She must be happy with her investment. She beat out 24 other REO offers.
If you're looking to buy or sell a home in College Greens or Rosemont, give me a call at 233.6759. I always answer my cell. I know the neighborhood well.
Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.