Granite Bay Market Update

The luxury home market in the Sacramento region has slowed as the majority of home buyers right now are first time homebuyers.  Because the market is flooded with foreclosures and short sales the number of move up buyers has decreased. So how has this affected markets like Granite Bay with exclusive gated communities and large luxury homes?  Granite Bay is in a strong  buyer's market.  There is currently over 12 months of inventory in Granite Bay with 194 homes on the market and 16 closed sales for the month of October.  There have been some foreclosures and short sales and it is likely that the number of distressed properties will continue to increase in the next few months.

 The difference between the original list price to sales price in the past 14 months  has ranged from a low of about 85% to a high of 92%.  This means that buyers have a lot of power when submitting an offer.  Just because it is a buyer's market it does not mean that sellers will just accept any offer.  Many sellers still have false ideas about what their home is truly worth and are unprepared when faced with a realistic offer.  

Currently 60 of the 154 Granite Bay Homes for sale are listed  for sale over $1,000,000.  Visit my website to find the perfect  Granite Bay home

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