January 2008
 

With 2008 upon us it is time to prognosticate as to what the year will bring in our real estate market. Unfortunately for home sellers it will be a difficult year with distress sales dominating not only the Antelope market but the Sacramento market in general. In Antelope as in many of the other communities in Sacramento County that grew quickly such as Natomas and Elk Grove the level of homes for sale has risen dramatically over the past 18 months and the ratio of distress sales has risen at a greater rate. Some of these communities have seen 70% of their market is either a foreclosure or a short sale.

For buyers this is a great opportunity to purchase the home of their dreams at a price not seen since 2002. With interest rates hovering near all time lows, move up buyers have the best opportunity in a decade. This very opportunity has brought more buyers into the market in Antelope and will help alleviate the over supply. I expect more home sales in Antelope in 2008 than in 2007 as this affordability factor kicks in. The wild card in this scenario is the availability of 100% financing. If this loan program remains available I expect more first time home buyers picking up bargains this year.