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Tough Market For First Time Home Buyers

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(Sacramento, CA)
Thursday, August 16, 2012

Research firm DataQuick says the median sales price of a Sacramento County home in July was $165,000 - up 3% from a year ago.

Also up were sales to so-called "absentee owners" or people who don't live in the area and are buying, for the most part, to either quickly resell or "flip" a home or rent it out. It hit a record high of 37% in July.

"We're seeing a lot of people paying cash and it's putting pressure on the, on the first time buyer, they're not able to be competitive with the cash-buyer."

That's Chris Little, President-elect of the Sacramento Association of Realtors.
On Insight with Beth Ruyak, he said as a result of cash investors snapping up properties, there's now a supply shortage for first-time buyers.
"We have about 22 days worth of inventory on the market which is extremely low. And it's just a very difficult time for people to buy a home."
Little says with affordability at an all-time high, first-time buyers who can outbid investors are getting higher-quality starter homes.
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