More Inventory and a Bizarre Story

The median asking price is holding steady even though the inventory of homes available for sale continues to grow. As of today, HousingTracker reports 9,973 homes on the market in their view of Sacramento. The median asking price remains, as it has since May 1, at $395,000. This is a growth 17.5 percent increase in inventory over the past month and 421 homes in the past week (4.4 percent).

Today, most buyers have more homes to choose from than them to look at them and growing negotiating power. With that in mind I find it bizarre that this week; I had buyers who submitted an offer to what appeared to be anxious sellers only to be told they could not respond in a timely manner. Albeit our offer was only 95.6 percent of asking price it was from non-contingent highly qualified buyers looking to close within 30 days. We got the standard stall of agent out of town, wife busy, and husband not available. All this happened after three calls from the agent prior to the offer asking if we were going to submit one. They had lowered the asking price during the week and clearly wanted to see if they could attract another offer over the weekend. They could easily have had this time by countering back. My clients are willing to negotiate. They would have increased their offer. We are off to look at a few more today and know we will be in contract by the middle of the week