With the debt ceiling in limbo and projected US default and recession, I am worried that the current pending sale of my house here in Fair Oaks, may be still in jeopardy. I am worried that my prospective buyer may have financial problem in closing the sale, so I did some Google Search and here's what I learned about the future owner of my home.
The prospective buyers of my house are a couple in their early 70's ( my guess on how they look). They owned a bigger home, 6BR, 4Bath and a 2-story, not too far from Treecrest. I checked this morning and learned that their house was sold 10K above the listing price of 600K. That answer my questions about the financial capability of the Buyers of my house.
In addition, I had a chance to talk to their agent. Their agent informed me that besides the equity on the sale of their house, the buyer had additional resources to pay my house. Their agent informed me why they are downsizing and why they like my house. They prospective buyer hurt his knee and their 2-story house is a Pain in the A--, so my one floor ranch-type house is perfect for him. His wife also loves plants and indicated that all my potted plants outside will be included in the sale of the House.
As of today there are 123 single homes
for sale in the 95628 zip code ( Fair Oaks). There are 59 Pending Homes
including my own. The price ranged from 425K to 1.6M. The mortgage rates
is still hovering 8%. for a 30yr fixed mortgage.
Who can afford a house with the mortgage interest so High? Not too many, unless you are downsizing or rich.
In April 2023, Fair Oaks home prices were down 3.6% compared to last year, selling for a median price of $623K. On average, homes in Fair Oaks sell after 9 days on the market compared to 7 days last year. There were 34 homes sold in April this year, down from 46 last year.
Meanwhile here are some of my garden Plaques for Sale:
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