The Elk Grove real estate market has really under gone some changes in 2009! 
If you are out there trying to purchase a home in this market now, you are probably experiencing some difficulty due to these changes.
Just a year ago, our Elk Grove inventory stood at approximately 1100 active listings in the Elk Grove area (zip codes - 95624, 95757 and 95758) and today that number has dropped to approximately 900. This number is significant in itself, but the real SHIFT has come in what makes up those numbers.
Last year at this time, the inventory consisted of approximately 40%-50% REO (real estate owned) or bank owned properties, another 30%-40% were short sale listings and the balance were equity sellers. On November 3, 2008 in Elk Grove we had 279 active bank owned listings on the market, while today we have only 81! This is a significant decrease! Today, the inventory has drastically SHIFTED to less than 10% being REO listings, while approximately 65% are short sale listings and then the balance of approximately 25% being equity sellers.
In addition, the short sale listings have made a SHIFT too. A year ago, our short sales were not selling quickly and multiple offers were almost unheard of on short sales. It is not uncommon today to have 
multiple offers on our short sale listings. We had one recently that we ended up with 22 offers on it and it was accepted for $25,000 more than the list price! This has become commonplace in the past few months. Out of the 900 active listings on the market in the Elk Grove area, 774 of those are short sales! But out of the 774 short sales on the market, approximately 500 of those are already Active Short Sale Contingent, meaning there has been an accepted offer that is being negotiated with the bank. The good news with short sales is the banks are approving more of them and most of the banks are starting to get the approval process moving faster.
The other SHIFT that has occurred in the market, is the flippers...out of the 25% of equity sales on the market currently, there is a large number of these homes that have been purchased by an investor who has fixed it up and has put it back on the market for sale. Since the inventory in Elk Grove has been so low and sales have been strong over the past few months, investors are looking to capitalize on profits now from flipping homes. But with this, comes a problem for a good percentage of first time homebuyers...the 90 days flipping rule for FHA. A contract cannot be written on these homes for the first 90 days for an FHA buyer, so these homes are off limits to a large percentage of our first time home buyers in the area.
So what does this mean for those of you looking to buy? Inventory is low, competition is stiff and you must be on top of the game right now. Will this change? Will more bank owned inventory be coming on the market? And why is this happening? There is no simple answer to these questions...so watch for more in an upcoming blog.... In the meantime, you might want to check out some of these posts for some help with the answeres:
Shadow Inventory - The Latest Urban Legend?
Sacramento Short Sales - getting a mortgage means you must be proactive!
Debunking Short Sale Myths
To check the value of your home, go to www.AllElkGroveHomes.com.
Search all Elk Grove Homes here!
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
I spent a beautiful California Sunday at our new home sales office in Monterey Village in Elk Grove. We had a ton of traffic today, so it was a productive Sunday this weekend.
Move in within 30 days! Don't miss your first time home buyer tax incentive! Plus 3% buyer incentive for closing costs! Homes from $185,000 - $305,000...2 bedroom, 3 bedroom, and 4 bedroom models currently available! Gated community located near new shopping & restaurants, parks, Toby Johnson Middle School and Franklin High School, plus close to Interstate 5 for easy commute to Downtown Sacramento.
Sales office will be open on Ocean Lane, Thursdays through Sundays, 11:00 - 4:00. For more information, contact Lori Mode or Bruce Durham, Keller Williams Realty. Call us at (916) 230-0371 or check out available homes at www.AllElkGroveHomes.com.
With the holidays quickly approaching, 
I thought it would be great to have a list of coming holiday events in the Elk Grove area.
Saturday, November 14th - SCEG's Holiday Bazaar - 9:00am to 3:00pm at Elk Grove Senior Center, Elk Grove, CA
Friday, November 20th - Elk Grove Police Department K9 Unit Holiday Fundraiser - 6:30 pm Franklin Ranch Pet Hospital & Hotel
10207 Franklin Blvd., Elk Grove
Saturday, November 21st - Holiday Craft Fair Monterey Trail High school in Elk Grove from 10am till 4pm in the multipurpose room.
Tuesday, November 24th 5:30 - 7:30 Christmas CanTree Lighting Kick Off Stroll through the garden sampling appetizers from local restaurants and wine from Carvalho Family Winery. Located at the Secret Garden - 8998 Elk Grove Blvd., Elk Grove
Friday & Saturday, November 27th & 28th - holiday Craft Faire - handcrafted items, including scaves, hats, slippers, jewelry, purses, baby blankets, even something for your pet. 9:00 - 4:00 each day at 9509 Grasmeer Way, Elk Grove
Saturday, November 28th - 22nd Annual Dickens Christmas Fair Dicken's Faire is held every year on the Saturday after Thansgiving. Elk Grove Blvd. will be closed between School Street and 2nd Avenue.
This is just some of the events going on during the Dickens Christmas Faire...free snow park, live music, free carriage rides, free pony rides, petting zoo, bounce houses, crafts, pictures with Santa, and Christmas caroling. In the evening starting at 6:00 there will be a parage of lights with a tree lighting ceremony.
The 2009 Holiday Shop Elk Grove KickOff will be on Saturday November 28th. For more information, make sure to visit ShopElkGrove.com. Here is a list of participating businesses. 
Friday, December 4th through Sunday, December 6th - The Third Annual Elk Grove Christmas Nativity Exhibit - Church of Jesus Christ of Latter-Day Saints 9910 Bruceville Road Elk Grove, CA 95758. Experience the wonder of Christ's birth depicted in hundreds of nativities from around the world.
To check the value of your home, go to www.AllElkGroveHomes.com.
Search all Elk Grove Homes here!
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
With the winter months quickly approaching and the first time home buyer tax credit looking as though it is going to be extended, what is our current Market in Elk Grove, CA doing???? With incredible interest rates, affordability at a 40 year low and tax credits still available, buyers have been busy - both first time home buyers and investors!
Here's the latest Statistical Summary for the Elk Grove, CA Real Estate market, based on data pulled on October 31st from California Metrolist
Active Listings:
There are currently 878 single family homes for sale in the Elk Grove area - this includes 95624, 95757 and 95758 zip code areas) .
Price Range - $95,000 to $4,350,000
2 bedroom, 1 bathroo.m, 828 square feet - 7 bedroom, 7 bathroom, 10,350 square feet
Average - 4 bedroom, 3 bathroom, 2241 square feet with an average price of $273,119. This average price is up from last month.
Of these 878 single family homes for sale, only 78 of them are REO's or Bank Owned Homes . This number has continued to remain fairly steady for the past 30 days, 208 are Short Sale listings and 458 are Short Sale Contingent - meaning they have offers and are negotiating with the bank(s). Both the number of short sales and the number of short sale contingent listings are up from last month...good indication that the market of the moment seems to be short sales!
Pending Sales:
There are currently 425 pending sales in the Elk Grove area!
Price Range - $89,900 - $1,200,000
2 bedroom, 1 bathroom, 1016 square fee - 7 bedroom, 5 bathroom, 5,569 square feet
Average - 4 bedroom, 3 bathroom, 2060 square feet
Average asking price - $250,731 and Median asking price - $235,000 with the average days on the market of these pending sales being 51 days.
Of these 482 pending sales in the Elk Grove area, 179 of them are REO's or Bank Owned Homes. The bank owned homes have been receiving multiple offers for the past several weeks and generally are selling for above list price; some for way above list price making appraisals an issue in many transactions.
Sold Listings - October 1, 2009 through October 31, 2009 
There were 243 single family homes sold and closed from 10/1/09 through 10/31/09 n the Elk Grove zip code areas. SOLDS have been remaining consistently stable over the past few months.
Price Range - $100,000 - $720,000
2 bedroom, 1 bathroom, 884 square feet - 6 bedroom, 5 bathroom, 5237 square feet
Average - 4 bedroom, 3 bathrooms, 2,111 square feet
Average Sales Price - $243,887
Median Sales Price - $235,000; both Average and Median prices dropped from last month
Average Days on Market - 19 days
Average List Price to Selling Price Ratio - Home sellers got an average of 101.32% of asking price for their Elk Grove area single family home.
Of the 243 single family homes that closed escrow in October 2009, 104 of them were REO's or Bank Owned homes.
For more information on market statistics or prices in the Elk Grove area, contact The Mode & DurhaM Team at (916) 405-5765 or Lori@ModeandDurhaM.com.
To check the value of your home, go to www.AllElkGroveHomes.com.
Search all Elk Grove Homes here!
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
I thought I would share my neighborhood with you. I live in the Camden area in Elk Grove. This is a picture of our lake taken at sunset this evening from a section of our running/walking/biking trails that I enjoy throughout the neighborhood.
Camden is a neighborhood of custom, semi-custom and production homes, consisting of Camden Passage, Camden Park and Camden Point. It contains the lake where I often see many people fishing, miles of trails winding throughout the neighborhoods, greenbelts, and several parks.
Search all Elk Grove homes here!
Search all Sacramento homes here!
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
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The team of Lori Mode & Bruce Durham, Is A Full Service Real Estate Team Serving Buyers & Sellers in Sacramento County. Specialties Include Resale, REOs, 1st Time buyers & Investor Buyers and Sellers.
Lori Mode and Bruce Durham of Keller Williams offer unsurpassed service to buyers and sellers of real estate in the greater Sacramento area. Lori and Bruce have a combined 45 years of experience in the real estate industry and their team is both experienced and energetic in helping buyers and sellers with new and resale residential single family and investment properties.
Meet Our Team -
Lori is a native of Sacramento, CA and has lived and worked in the Elk Grove area for over 30 years. Prior to real estate she worked as Branch Manager/Escrow Officer for area title companies for 20 years. She is a life time member of the Sacramento Association of Realtors Master's Club, serves on her Market Center's Agent Leadership Council and is Chairperson of the MC's Technology Committee. Lori is an active community member including serving as a Board Member on both the Elk Grove Piranha's Swim Team and the Elk Grove United Soccer Club and participaing in several other community organizations.
Bruce started in the real estate industry as General Manager for a property management company. This position steered him toward obtaining his real estate license and when the company was sold, on the advise of a friend, moved to Sacramento. Locally, he has worked for Great Western Real Estate in the early 1980's, then Coldwell Banker for over 12 years and currently Bruce is with Keller Williams Realty. Bruce is also a member of Sacramento Association of Realtor's Master's Club and has previously served on Keller Williams Realty's Agent Leadership Council.
Lori and Bruce have been business partners for 13 years in the Sacramento real estate industry.
Susan Easter, Accredited Buyer's Representative
Susan has been a resident of Elk Grove for over 18 years. Prior to choosing a career in real estate at Keller Williams, Susan was in retain management and merchandising for both Macy's and Gap, Inc. Susan obtained her designation as Accredited Buyer's Representative in December 2005 and has been with Keller Williams since the opening of their Elk Grove Market Center.
To search the entire MLS for not only Sacramento County, but also surrounding counties of El Dorado, Placer and Yolo Counties. Please browse through our website for area information, school information, area market statistics, and more! There you can also receive a free online valuation of your home or sign up for free emailed MLS alerts and very timely market condition reports. Make sure to visit often for updated information.
As an Elk Grove real estate team, we focus on residential resale, including homes for first time home buyers, move up buyers and investors. We work with both buyers and sellers on single family homes, condominiums and investment properties including duplexes, triplexes and fourplexes.
Buyers and Sellers need lots of information, whether buying or selling a personal home or investing in real estate. A big part of our job as a real estate professional is to make sure they get what they need so intelligent informed decisions can be made. We provide a variety of information through our website at www.AllElkGroveHomes.com, through our Market Analysis, our Free Reports for buyers and sellers, our market updates, and area statistics. We have weathered the ups and downs of the real estate market in the Sacramento area for over 20 years and know how to consult with our clients to get them what they want in the time they want. 
I was referred to Lori and was instantly impressed by her knowledge and experience in the real estate field. Lori was the best Realtor EVER! She was very knowledgable of the neighborhoods I was interested in. She was helpful, friendly, etc. etc. THANK YOU!
Kirsten Bosch, 4248 U Street, Sacramento, CA 95817
Lori and Bruce made the selling of our home on Lakepoint Drive in Elk Grove a painless transition. We were not looking forward to a long and tedious selling process and we were amazed at how quickly and efficiently the home SOLD. Their expertise and marketing techniques were very effective and we are very satisfied that we selected them to represent us! Thanks again for a job well done!
Jim & Cathy Eckman, 6711 Arboga Way, Sacramento, CA 95831
Our Realtors, Lori Mode & Bruce Durham, were extremely helpful in helping us buy our first home. We will be working through them again when buying our second home!
Ryan & Christine Goodwin, 9387 Soaring Oaks Way, Elk Grove, CA 95758
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