Tuesday, September 1, 2020

California Real Estate Update 9/1/20

 Hey, I wanted to take some time to share some of the key points in today's Real Estate market. Remember we're in one of the world's largest economies, CALIFORNIA. California has more to offer than sunshine, especially if your a homeowner or preparing to become one in the near future. I currently practice Real estate in Sacramento California. Here's what I've been noticing while helping clients buy their home, there is a lack of inventory in comparison to the buyer demand or should I word it as not enough homes for sale. We're seeing the number of homes on the market decrease each month. There's currently .7 months of inventory for sale, down from 1 month of homes for sale the previous month. That means that if everything shuts down today and people stop selling their homes - All of the homes in the Sacramento County would be Sold in less than 30 days.


This low amount of inventory causes prices to steadily climb. The median price for a home in Sacramento California was at about $390,000 this time last year. Now the Median price is at about $422,000. If someone bought a home within the last 24 months, and they've been making their payments, there's a good chance their home has appreciated nearly 10% or more. Listings have decreased by nearly 50% compared to the number of homes for sale last year.


Low-interest rates have caused the buyer to flood the market with vengeance. Some of my colleagues are saying their seeing 10-15 offers on one home. This amount of competition requires agents to be at their best, looking for any degree of separation when submitting offers. I recommend you choose wisely because it is more than likely that if you in the purchasing range of $300,000-$450,000 that you will be in a competitive environment for your dream home. 


Overall, I am impressed and pleased with the Real Estate market. With forbearances being pushed back further we see no sign of the market slowing down. Any long term holds are definitely suggested, any buyer looking to have a low mortgage rate don't sit on the sideline for long; your opportunity is here and your competitors know it.


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