Market slow down (Roseville and surrounding area)

I thought it was an odd day when I got 2 calls from sellers (not my clients) that wanted my opinion why their house isn't selling.  I took the time to dig into the situations.  One property was in Old Roseville, and the other was in South Land Park, Sacramento.
My finding is rather simple, that demand has dropped.  In both cases the properties were priced where their comparable properties have sold for.  One of my listing in Roseville right now is priced at $369,000, very closely priced to one of the callers properties and we both have had 4 showings in 1 month.  This information was helpful for me as well to see why my listing of 2200 sqft for 369K hasn't gone into contract yet.  It's the lowest price property in Roseville with 2000+ sqft.
The graph below shows the tend over the last year in Placer county.  It's a pretty predictable cycle.  Slows down in the winter and picks up in spring/summer.  I think we're going to see a bigger dip in the pending this Oct compared to last year.  It could just be an anomaly, could be we're close to election time or simply a lack of buyers.  We're not seeing low ball offers.  That would be an indication of the market pulling back.
Overall, we're fine!  Rates are good, people have to qualify for loans now.  As far as a recession, we're not out of the woods yet, but hopefully there is light at the end of the tunnel.
I'll update when the Oct date comes out!
Let me know if you have any real estate questions!

-Chad @ Re/Max

Placer County Average Price per SQFT and For Sale vs. Sold - Stats thru July 2016

Below are two graphs that illustrate what our market has been doing.  August will be similar, maybe even a spike in solds as I know there where people scrambling out there to close escrow and get their kids into school.
Values might be peaking again!  This time of year the market tends to change as we head into fall/winter.   If the feds push up rates like they probably should then that will directly effect the monthly payments of borrowers.  We're in the mist of a crazy election year.  Uncertainty is in the air.  The stock market fells like a fugazi, not putting my money there.  At least real estate is tangible and people always need a place to live.  We're still in a good market when rents will cover a mortgage payment.
Our inventory has increased.  This should help to stabilize the market.  A health market has around 3 months of inventory and we've been well below that.
I have 3 listing coming on the market next week.  1 in Roseville, priced at $379,900, 2200 sqft.  That's $172 a sqft.  1253 Cresendo Dr.
Another listing in Antelope 4229 Cougar Hills Dr.  1900 sqft priced at $339,000.  Just been updated, floors, baths, kitchen...
Lastly a nice house in Folsom, broadstone area.  450K.

If you have any real estate questions or looking to buy or sell, feel free to give me a call.

Chad M Phillips Broker Assoc. (Lic: 01405825)
RE/MAX Gold (Lic: 00983982)
2998 Douglas Blvd., #125
Roseville, CA 95661
Primary: 916-390-1476 Secondary: 916-218-7500
http://www.realestate-roseville.com

from the buyers prosective

Here we are May 9th 2016.  The real estate market is continuing to rally.  We're seeing a shortage of inventory in almost all areas, from Natomas to Auburn.  If you want a single story with a pool your search just got harder.
I have a VA buyer that has been trying for 6 months to get into contract unsuccessfully.   It's not for the lack of offers or price, it's just been touch to make a VA offer as attractive as an over asking all cash close in 8 days offer as we just lost out to.
Timing is everything!  I've been able to get some folks into contract in Roseville and Rocklin simply by being strong in off the gate.  Some sellers don't want to deal with open houses and people going thru their house.  Day 1 on the market full price, and wrap it up.  Other sellers will play the game, they're "out of town" and wait for multiple offers to work with.  It's important not to get wrapped up in the craziness as a buyer and go with what you're comfortable paying.
If you have time to shop for a home then it will give you an advantage.  As this is a sellers market, you want to try and play to your strengths.  If you really like a property and there's other offers, then you're looking at a bidding war, over asking or more...
There are other ways to make an offer to buy a house strong, other than just price.  If you shorten your inspection period, or increase the deposit, or quick close can all be factors to help in locking down a property.  We're beginning to see some buyers go as aggressive as paying the difference of the purchase price and appraisal if it comes in low.  There's also closing costs that a buyer can take on to help the sellers bottom line.  The best thing you can do as a buyer is to find an agent who's been in the business for a while and has a good reputation.  Often times I've worked with these listing agents before and I'm able to get useful info in order to get you the deal.  I just has one where my buyers loved a property and we missed it.  The listing agent is a buddy of mine and he let me know that it was falling out of escrow, I slid my buyer right in there without fighting any other buyers.
Having a strong reliable lender is also key.  I have several local lenders here in Roseville, CA that I can recommend you talk to.
If you want to get started, give me a call to discuss!
Thanks,

Chad Phillips
Re/Max Gold
916-390-1476