Home Front: It's a jungle out there

Sign In
Join

Logout

Home Front

A blog about the economy and the Sacramento-area real estate market.

May 5, 2008

It's a jungle out there

Two local reports by e-mail suggesting that The Sacramento Bee might pay notice to a buyer "feeding frenzy" out there:

From Tom Loffman of Loffman Realty: "I don't know if you are aware of what has been happening in the local real estate market in the past few weeks, but there appears to be a "feeding frenzy" for lower-priced units. This extends all the way up to at least 300K.

"..Just this past week I have been showing a client houses in Lincoln in the 200K-300K range, and when I call the agents they ALL tell me they have multiple offers. This hasn't happened here in several years. Yesterday, as I was speaking with an agent about a property, he told me he had already received an offer, and as we were on the phone he said a second offer was coming in on his fax machine."

From Elizabeth Weintraub of Lyon Real Estate: As you have probably heard, Lyon Real Estate has 784 pending sales in April, which was around 300 a year ago. We are now on par with August of 2005. What's driving the sales right now are REOs, and right behind that are well-priced homes in desirable neighborhoods.
I am working with a bunch of REO buyers. Every. Single. Property. Has. 16. Offers....It's a jungle out there � a war zone. Buyers are fighting hand over fist to win offers. She offers statistics here.

hide comments

About Comments

Reader comments on Sacbee.com are the opinions of the writer, not The Sacramento Bee. If you see an objectionable comment, click the "report abuse" button below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.

What You Should Know About Comments on Sacbee.com

Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)

Here are some rules of the road:

• Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "report abuse" button to notify the moderators. Responding to the comment will only encourage bad behavior.

• Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.

• Do not attack other users; focus your comments on issues, not individuals.

• Stay on topic. Only post comments relevant to the article at hand. If you want to discuss an issue with a specific user, click on his profile name and send him a direct message.

• Do not copy and paste outside material into the comment box.

• Don't repeat the same comment over and over. We heard you the first time.

• Do not use the commenting system for advertising. That's spam and it isn't allowed.

• Don't use all capital letters. That's akin to yelling and not appreciated by the audience.

You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "report abuse" button to submit those comments for moderator review. You also may notify us via email at feedback@sacbee.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.

If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them, but you may ask our staff to retract one of your comments by sending an email to feedback@sacbee.com. Again, make sure you note the headline on which the comment is made and tell us your profile name.