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The bottom of Sacramento real estate over the past three years (under $20,000)

January 26, 2011 By Ryan Lundquist 1 Comment

Can you purchase a house in the Sacramento area for under $20,000? Yes, if you’re lucky and happen to be first in line on one of the rare sub-20K properties. The answer is mostly “no” though. Properties priced under $20,000 right now either have very extensive damage or they get picked up immediately by investors because of the low price. There is only one active short sale under $20,000 right now in Sacramento County, and very few sub-20K properties in surrounding counties too (Placer, San Joaquin, Yolo). There are a few condos priced at $20,000, but even then it’s slim pickings. Here is a graph of all SFR detached sales in Sacramento County under $20,000 over the past three years.

The lowest sale this year was $5,000, and I actually shot two videos of this property throughout the year because my friends at Housing Group Fund (also a client) purchased the property for a rehab program (NSP). I honestly didn’t realize this property took the lowest sale honor until I made the graph above, so it made me chuckle a bit when I saw it there. Keep in mind though that the original price on this MAJOR fixer was near $20,000 and was reduced to compensate for out-of-pocket code enforcement fines that had to paid to the City of Sacramento. Check out the video and let me know what you think. Would you have purchased this house for $5,000?

It’s interesting to see so few sales under $20,000 after 2010. What do you think is happening there? Why so few in comparison to previous years? Is this evidence of a decrease in inventory? Or has the bottom been reached?

If you have any real estate appraisal, valuation consulting, or property tax appeal needs, contact me at 916.595.3735, www.LundquistCompany.com or via Facebook.

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Filed Under: Market Trends, Videos Tagged With: $5000 house, appraiser in Sacramento, bank-owned fixer, code enforcement fines, graph of sales under $20K, HGF, houses under $20000 in Sacramento County, Housing Group Fund, investment, investor, Lundquist Appraisal Company, REO property, Video of Fixer House, video of major fixer

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  1. Tweets that mention A look at Sacramento real estate under $20,000 over the past three years | Sacramento Appraisal Blog -- Topsy.com says:
    January 26, 2011 at 9:53 PM

    […] This post was mentioned on Twitter by Ryan Lundquist, Ryan Lundquist. Ryan Lundquist said: Houses that sold for $20,000 or less in Sacramento County (with a video of the lowest sale all year – $5,000) http://fb.me/zK1zmThG […]

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