Is it possible that the local housing market is starting to rebound? According to two local real estate professionals it is. “Now is a great time to sell your home in El Dorado Hills,” said Hillary Sand a real estate sales agent with ReMax Gold in El Dorado Hills. “We are seeing buyers offering competing, greater than full price offers on homes for sale and homes that are properly priced are selling within days.”
Sue Palmer, a loan agent with Summit Funding which recently opened an office in El Dorado Hills echoed this sentiment. “There really is no inventory for homebuyers right now.” Palmer, who handles all aspects of real estate finance explained that despite the lack of homes for sale for buyers, those that are in escrow are closing. “We’ve seen a 400% increase in the number of loans in the past two months (April and May) over the beginning of the year.”
According to the Sacramento Association of Realtors, right now there is a six-week supply of homes on the market, which is a 20% drop from January. Normally, the market would have a three-month supply of homes.
Palmer says that while the market is picking up, the home values are lagging behind at the prices from 2-3 months ago, but she hopes that values will catch up in the coming months if the trend continues.
For parties who have family law matters pending or potentially upcoming, this could indicate that the days of fighting over which spouse gets stuck with the house may end, for now. In many marital dissolution cases, the greatest asset is the family home. With many homes having little or negative equity, home options for divorcing couples have been limited in the recent past. Though a bit too early to tell, the recent trend in the local real estate market may provide additional home options to couples in the midst of family law matters.
To learn more about your real estate situation, contact these or other real estate professionals: Sue Palmer, Hillary Sand. Contact the Stockdale Law Firm, Inc. for your marriage and family law inquiries.