North Highlands Real Estate Market Trends / Loan Modification in Sacramento Region

North Highlands is a census-designated place in Sacramento County just South of Antelope, East of Rio Linda, West of the Foothill Farms area and generally surrounded by Sacramento. 

What’s been happening in the North Highlands real estate market lately?

north-highlands-real-estate-market-trends-2009

North Highlands Real Estate Market Data (entire area):

  • 738 sales in past 12 months
  • 163 sales in past 90 days
  • Median Price over past 12 months: $108,900
  • 83 current Pending listings
  • 32 current Active listings
  • 89 current Short Sale Active listings

Let’s take a closer look in North Highlands in a particular area typically called “Larchmont Village” or “McClellan Meadows”. Below is a map of this defined area.

north-highlands-real-estate-market-trends-2009-map

The trend graph and data below represent the area of North Highlands as pictured above in the map.

north-highlands-market-area-larchmont-village-and-mclellan-meadows-subdivisions

Larchmont Village / McClellan Meadows Market Data:

  • 200 sales over past 12 months
  • 49 sales over past 90 days
  • 25 current Pending listings
  • 8 current Active listings
  • 23 current Short Sale Active listings
  • Median Price over past 12 months: $105,000

Short Sales & Loan Modification:

When observing the data above in both the overall trend of North Highlands and a look at a specific neighborhood (Larchmont), it seems clear that the trend has been a declining market. It seems evident too that the current prices are becoming more attractive to buyers since there are a good deal of current pendings in comparison to the level of active listings.

One important observation to consider also is that there are more short sale listings than active listings (active listings are regular non-distressed properties or bank-owned homes). Short sales generally tend to stay on the market for a longer period of time and/or are less appealing for local buyers. Sometimes agents and buyers avoid short sales because they can be time-consuming or unfruitful to get an offer accepted in a timely manner. In light of this, it is common for many short sales to end up in foreclosure. So when we see a higher amount of short sales in an area, it is a bit of a red flag unless the market readily absorbs short sales (it does not appear to be the case here).

If you are potentially facing foreclosure, it is important to communicate with your bank or lender and find out what your options are. Sometimes banks are willing to modify the rate and terms of your loan, so that can be an excellent option to explore. If that is the case, you can always present your bank with a current and detailed appraisal to show them what the true value of your home is. I would be happy to help you with the appraisal process by providing you with a detailed analysis of your house and neighborhood so that the bank can see clearly what values are doing in your area.

You are welcome to call me at 916-595-3735, see my company website at www.lundquistcompany.com, or email me at ryan [at] lundquistcompany [dot] com. Whether you live in North Highlands or anywhere in the Sacramento Region, if I am able to help you, I will be glad to do so.

Lastly, the Sacramento Housing and Redevelopment Agency has excellent resources for home owners facing foreclosure. Please see www.shra.org for details.

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