Looking to buy under $50,000? Let’s take a look at all sales in Sacramento County over the past 36 months under $50,000 (SFR only – not condos). There were 1615 sales under $50,000 during the past three years. As you can see below, there were more sales under $50,000 during the first year on the graph (55% from 2008-2009). That’s a good sign for the real estate market, right? There have been very few sales under $20,000 over the past couple years, which is also good. Most sales at that level are severe fixers, fire-burned or they are priced low to offset the out-of-pocket code enforcement costs that investors have to pay (like this house).
What’s for sale these days under $50,000? There are over 180 properties listed below $50,000. 105 of them are already either pending or “contingent” in status, which means a contract is already in place. The lower end of the market is very competitive, so if you are looking to buy up properties at this level, you need to have cash, be quick, work with the right agent and have connections (or all of the above). If you need suggestions for a good agent, contact me.
By the way, the lowest-priced active listing at $18,000 is located on 24th Avenue in the 95820 zip code (the lowest pending is at $16,100). This is a fire-burned property and it’s bound to be snatched up quickly. I wouldn’t be surprised if there were already multiple offers since it’s been on the market for 4 days now.
If you’re local, what are you seeing happen in the market under $50,000? How hard is it to get into contract? What gems would you like to find in this price range?
If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook or subscribe to posts by email.
