Multiple Offers Plummeting, Inventory Up
Roseville, CA- Compared to last year, home buyers are facing less competition when making offers on houses here in the Sacramento area.
A study by Redfin indicated that only 11 percent of offers received by sellers in Sacramento had multiple offers. This is down from 58 percent in January 2018. According to the report, the numbers for California are down to 13 percent from 53 percent a year ago.
Less Buyers, Inventory Rising
The reason for the decline in multiple offer situations and less competition for buyers is supply and demand. The number of houses on the market is increasing, and there appear to be fewer buyers. Our experience at MagnumOne Realty reflects what is happening in the study but feel last year was a period of unusually low for sale inventory. The uncertainty with the economy and changes in tax laws may have caused potential sellers to take a wait and see attitude.
Buyers who are currently shopping are finding sellers who are willing to negotiate.
Facing less competition is allowing buyers more time to find homes which meet their “wants,” not just their “needs.”
For Realtors, it means spending more time showing homes, but greater success with the offers we prepare.
MagnumOne Realty / Julie Jalone
If you have any questions about this column or buying a home, please feel free to contact me at MagnumOne Realty office in Roseville (916-899-6571) . You can also reach me by emailing to firstname.lastname@example.org (DRE# 01418097)