Looking to buy a house in the Sacramento region? Better gird yourself for a fight. The Sacramento real estate market is on fire, and would-be buyers are finding themselves competing for houses in the most desirable neighborhoods.
ELK GROVE
Once viewed as a bedroom community, Elk Grove increasingly is seen as a vibrant city of its own, thanks to a city council that has worked to attract jobs and make the town more business friendly. One of Elk Grove’s hottest real estate micromarkets is the 95757 ZIP code—the area between highways 99 and 5 south of Elk Grove Boulevard. Most of the houses here are of newer construction, built after 2000 with families in mind. You can expect to pay $300,000 to $350,000 for a house with at least 2,000 square feet of space. These days, local house hunters find themselves vying with buyers from the Bay Area who’ve been priced out of their own market. “You can hardly get into Elk Grove for under $225,000 right now,” says real estate agent Kevin Cooper with Cooper & Associates Realty. “Anything under $300,000 is very, very competitive.”
Cooper points out that homes in the 95757 neighborhood, priced correctly, sell quickly and at close to full asking price, leaving buyers not much room for negotiation. Despite a heated-up market, he doesn’t foresee a return to the bad old days leading up to the 2007 real estate market crash. “The market feels healthier now,” he says. “Lending standards are being adhered to. Before, if your dog could fog a mirror, we could get him a loan.”
Why Elk Grove: “Foremost, it’s the sense of community. Elk Grove has lots of greenbelts, parks and aquatic centers. It’s a very diverse community and a great place to raise a family.
To see more neighborhoods: http://www.sacmag.com/Sacramento-Magazine/June-2015/Real-Estate-Hot-Neighborhoods/
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