Homes Selling In 24 Hours To Cash Buyers Frustrates First-Time Buyers
SACRAMENTO (CBS13) - There is a home sale phenomenon sweeping the Sacramento area as record-low interest rates and low prices have some homes selling the very same day they are listed.
"Flash sales" are proving very frustrating for some first-time home seekers.
"Such a relief," he said.
Wanting to invest young, 24-year-old Brent Lim finally has his first home. CBS13 first meet Lim a year ago when he started his search.
"I've put in about four different offers on different houses," Lim told CBS13 in March 2012. "A lot of them are getting rejected because it's not over the asking price."
He was far from done looking then, and after visiting 70 homes, he made 18 offers before finally finding his new home.
"I think it's just investors out there trying to get in at a good price, so they can later sell it," Lim said.
He kept losing out to quick cash-only offers, often coming from investment companies. Sacramento is a stomping-ground for them. The city ranks in the top 10 nationwide for homes sold the same day they're listed.
Phoenix, Chicago and Houston are ranked first, second and third. Sacramento ranks eighth in the country with 128 flash sales in the past five months.
Barbara Frago has been in real estate 37 years and has never seen a housing market like this one before.
"We didn't have the big investors coming from out of state, etc. You know, to buy," she said.
Flash sales are making Sacramento's housing market frustrating for first-time home seekers like Lim.
Although, Lim finally did land his big buy.
"Pretty big accomplishment, I'm proud of myself, very fortunate and very blessed," said Lim.
According to Metrolist, a database of real estate property listings, 21 homes went on the market Monday, while 49 homes were sold.
