Roseville Real Estate Market Spring 2021
As you've probably heard, things are hopping in our Roseville real estate market – often in a most unusual way. It's not just here in Roseville and Sacramento, or even just in California. I was talking to a banker in Arkansas and they are hearing similar stories to what is happening here – tho the prices are generally different (lower).
It was pretty busy last summer, then slowed a bit over the holidays – albeit not as much as the previous year. But WOWZER – things have really ramped up over the last few weeks. Or have they? For my latest real estate market update, let's take a deep dive and see.
All Homes For Sale In Roseville CA
I looked at all the residential listings that sold in the past month in Roseville CA which includes all the residential listings that sold in our 55+ Roseville CA retirement communities. (I wrote this on April 2, 2021.)
This does not generally include new construction homes as most of those do not go on the MLS. It also does not include any homes that sold off the MLS. (The above photos are all the current homes available – and continually updated so the newest ones show at the top.)
All Homes for Sale in Roseville CA That Sold In the Past 30 Days
In the last 30 days, 196 residential listings of all types (single family, condos, 55+, etc.) have sold in Roseville CA in all three zip codes – 95747, 95678, 95661. Of those:
Price
- 142 sold for over the listing price
- 30 sold for listing price
- 24 sold for less than the asking price
HOW MUCH OVER PRICE? UNDER PRICE?
The most dramatic examples of the overages included:
$100,000 over the asking
85,000 over the asking
81,000 over the asking
60,000 over the asking
56,077 over the asking
52,000 over the asking
All in all there were a LOT that went over a LOT – about half went over by $30,000 or more!
YIKES!!!!! They really have ramped up since last year!!!
And that's not all!
Speed
- 6 sold the day it was listed = This is called “0 days on market”
- 8 sold the next day = 1 day on market
- 9 sold the next day = 2 days on market
- 20 sold on 3 days on market
- 30 sold on 4 days on market
- 37 sold on 5 days on market
- 21 sold on 6 days on market
- the numbers keep dwindling from there
- only 7 took 31-66 days to sell
- 1 took 108 days
- and
- One house took 207 days to sell!
Multiple Offers
Of the 196 homes that sold, only 32 did NOT get multiple offers.
To keep that in perspective, though
- 33 only got 2 offers (and that could be one offer that fell thru or wasn't very good, then another offer that was accepted. We don't know whether or not they were competing.
- 131 got 3 or more offers – of those – 21 got 10 or more offers, 4 got 20 offers or more and ONE got 30 OFFERS! Zowie!
Speed AND Price
Of the homes that went 22 days or more on market, 1 sold for over list price, 6 sold for the list price, and the rest sold for less than list price.
Last Year
Just a quick peek back to March 2-April 2, 2020 – Although we went into covid quarantine during that time period which definitely slowed things down.
- 217 homes closed – so that's pretty close – tho definitely fewer homes.
- 100 sold for over the listing price
- 37 sold for the listing price
- 80 sold for under the listing price
- 110 had 2 or more offers
- Of those, 5 had 10 or more offers
- Of those, only 1 went over 20 offers – it received 21 offers to be specific AND IT ONLY WENT $20,000 over – for $320,000! In fact, it looks like the highest over was only $35,000! Now THAT is definitely different this year.
Let's take a peek back one more year, due to covid
- 211 homes closed
- 61 sold for over the listing price
- 54 sold for the listing price
- 96 sold for under the listing price
- 90 got 2 or more offers – of those there were 1 each for 7, 8, 9, 10, and 11 offers.
- 1 house closed for $31,000 over asking price, a couple were about $20,000 over and the rest were a variety – less than those.
My thoughts – You can see hints of what was to come – in spite of Covid. But YES! This year is definitely skyrocketing! What do YOU think?
55+ Roseville Retirement Communities
Are you wondering about our four 55+ Roseville Retirement Communities? Me too! So I looked!
In the same period of 30 days, only 26 Roseville Retirement Community 55+ homes sold!
Price
15 sold for over the listing price
7 sold for the listing price
4 sold for under the listing price
HOW MUCH OVER PRICE? UNDER PRICE?
Some approximate examples:
57,000 over listing price
52,000 over listing price
46,000 over listing price
45,000 over listing price
But the majority of these homes stayed closer to the listing price. Less than half went for 30,000 or more. And happily, none went to the extremes of the broader group above.
- Of those:
- 2 sold the first day
- 2 sold the second day when it shows 1 day on market
- 3 sold on 2 days on market
- 3 sold on 3 days on market
- 3 sold on 4 days on market
- 1 sold on 5 days on market
- 1 sold on 6 days on market
- 2 sold on 7 days on market
- 1 sold on 9 days on market
- 1 sold on 11 days on market
- Then it jumped and the rest were 20-31 days on market except for one that took 66 days (could have been due to covid- there were a few that put homes on hold during the initial period.
Interestingly – Of the 5 that took 20 days or more – 3 sold for less and 2 sold for listing price
All but 1 of those 5 showed 0 multiple offers
Of the rest, all but 1 showed 2 or more offers
4 offers was the most that any received
Just a quick peek back to March 2-April 2, 2020
- 25 homes closed in the same month period in 2020
- 3 sold for over the listing price – 2 minimally, 1 for $13,000 over
- 8 sold for the listing price
- 14 sold for under the listing price
And because of Covid – let's go back one more year:
- 28 homes closed in the same month period in 2019
- 5 sold for over the listing price – 1 for $10,000 over
- 7 sold for the listing price
- 16 sold for under the listing price
My thoughts – Again, you can see a dramatic difference in over the asking price offers. And while the amounts were less for our retirement communities – they still got some very hefty over-the-asking-price offers!
What does this mean for buyers?
You need to plan for prices to go over and be thrilled if that doesn't happen. Thus I would recommend that you start looking at homes that are $50,000 less than what you can actually spend. Frustrating! I know this and I feel your frustration even as I type this. I feel it for my clients who are currently dealing with this! An alternative option – to postpone buying for a couple of years til more houses have been built – is not a guarantee either. Prices could drop. But they could just as easily go up even more. And then you might be permanently priced out of the Roseville real estate market. We're seeing those prices heading up consistently – even with brand new construction. So I would recommend buying a less expensive house, build up equity, and buy a more expensive house in a few years.
Another hot tip – be willing to look at homes that have been sitting on the market for a while. Sometimes it happens for no good reason. Sometimes, there is a reason but the reason is something you can live with and you might get a decent price and less stress. Along with this idea is to look for a cosmetic fixer that, even if there are multiple offers, might still be in your price range. Our first house was a total fixer. But it was eminently livable as is. We eventually fixed it up, though it took us years, (we discovered that wasn't our skill set and work kept my husband very busy.) We finally finished everything – right before putting it on the market to move up to Roseville. BUT it gave us the equity we needed to buy a new larger house in Roseville that didn't need ANY fixing up. 🙂 It was well worth the wait.
Also, be prepared to be creative at making offers that get accepted. My clients and I have all had our share of turn downs. But each no gets us closer to a yes. Each rejected offer gives more ideas and options for the next offer. And we're willing to wait, to work, and to keep making those offers til the YES to the ADDRESS comes! 😁 Some suggestions include:
- Cash really is king, most of the time. If it is at all possible – pay with cash.
- Request home and pest inspections (YOU ALWAYS WANT TO GET THOSE) BUT let the other agent know you won't be asking for repairs unless it's major – NO minor repairs at all. In fact, no repairs at all unless it's a deal breaker.
- Ask your agent to talk to the other agent and find out what their seller needs – such as a longer escrow, a shorter escrow, etc.
- Use a LOCAL lender with a good reputation for communicating regularly. The two worst experiences I have had with lenders – one was out of state and terrible at communicating. The other was local but also terrible at communicating. Mistakes happen too easily and go too long uncaught that way. I work hard to stay in regular communication with all involved in an escrow I am working on. Yes, it takes more time. But it's worth it when my clients enjoy an escrow that closes happily with minimal stress!
What does this mean for sellers?
For sellers, it means you will likely get more for your house than you expected.
Also, if your house needs more than just a good sprucing up – maybe some repairs you don't want to make – you may have more options of pricing your house properly, with the plan to allow for some repairs via cash left in escrow for the new buyer to deal with them. That's a positive option for both of you as that way, they can fix it up the way they want, with the people they want and trust. The down side to that is not all buyers can do that. You might have to limit your funding options to just conventional and FHA or maybe even just conventional – which means fewer buyers, fewer bids so it could limit your house sales price. But in this market, you may still get plenty of offers.
The great thing is that right now, you will have MUCH less competition and there is a REALLY big need for more houses of all kinds to sell, so you would most likely be in great shape!
WHY Is This Happening?
There are several possible reasons. But to me, the three biggest are:
- Covid is leading to major changes in lifestyles, type of homes needed, and places people want to live as well as a major influx of new buyers – more than those who are leaving our area
- Not enough houses
- Many are coming from more expensive areas because they can get more house for less money – and often have cash from the sale of their house that let them purchase for a higher price for our area but lower price than the area they came from.
- GREAT interest rates – that make these higher prices affordable!
Any Which Way – Let's Talk!
As you can see – things really have changed. How about you? Have your needs to buy or sell also changed? Whether you want to buy, sell, or both, give me a call and let's chat. I have a great team to help you with all your real estate needs and we're looking forward to meeting with you and helping you along this exciting journey – working hard to achieve YOUR goals while striving to make it less stressful for you!
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