Dramatic Changes in the Sacramento Housing Market
Just as we have been reporting we have seen a dramatic change in the last few months in terms of available buyers due to higher inventory, increased interest rates, and extremely reduced investor activity.
A recent article in the Sacramento Bee cites real estate data and trends from DataQuick and confirms what we have been reporting that we have been seeing in the market and with regard to our listings.
Sacramento Home Price Increases Flatten
The drastic price increases that we have seen over the last couple of years and last year in particular have halted and prices have now flat lined. DataQuick reports that prices in Sacramento County have been flat for four consecutive months and basically price increases hit a wall mid-summer.
Sacramento Investor Activity Plummets
Investor activity plummeted rapidly to the lowest level in the four-county region in three years from 45% of buyers who were investors in January 2013 to just 29% in October. Cash buyers, who are also typically investors, also fell rapidly to their lowest level in 5 years; from 43% in February 2013 to just 25% in October.
If Interest Rates Rise and/or Inventory Increases Prices are likely to Decrease Again
If interest rates continue to creep up or even spike as experts predict they will, or as inventory continues to increase if there is not the buyer demand (since investors are out) prices will naturally start to decline again and short sales and foreclosures will once again rise which will continue to put downward pressure on prices.
Now May Be the Time to Sell; Contact a Sacramento Realtor and Sacramento Real Estate Attorney
This article and the data it cites confirms what we have been telling our clients. That is if you are already still upside down despite the price increases, it isn’t going to get any better in the near future and you aren’t likely to have equity.
If You are Still Upside Down; Short Sale
So if you have thought about short selling you should do it now in order to start rebuilding your credit sooner rather than later and in order to take advantage of generous relocation fees that may be offered to you.
If You Have Equity or Think You May Have Equity
If you have equity now after the recent price increases and you have thought about wanting to sell now or in the near future, you should consider selling now in order to maximize the amount you get for your home. If prices decrease again as it seems they may you will make considerably less on the sale of your home.
Complimentary Property Report and Analysis
For a free property equity analysis of either how much equity you have or how far upside down you are please contact us and we can provide you with this complimentary report.
Listing During the Holiday Season Puts You Among Less Competition
Now is a great time to list as most try to avoid the holidays, so you will be facing less competition from your neighbors than come early next year or the spring. It doesn’t mean you will have to move out during the holidays either; listings now will typically end up closing after the beginning of the year, depending.
We currently have offices in Roseville, Sacramento, Folsom, and Elk Grove, as well as we pride ourselves in serving clients in all of Northern California and Southern California. Our clients also come to us from the areas of Sacramento and Roseville including the communities of Sun City, Davis, Natomas, North Natomas, Elk Grove, Lincoln, Loomis, Rocklin, and Granite Bay.
Many clients are located in the cities of Auburn, Folsom, El Dorado Hills including the communities of Serrano, Shingle Springs, Placerville, Rancho Murrieta, Rescue, Orangevale, Fair Oaks, Antelope, Cameron Park, East Sacramento, West Sacramento, Rancho Cordova and Citrus Heights.
We also serve many clients through efficient time saving ways in communities including, Fairfield, Vacaville, Walnut Creek, Chico, Paradise, Marysville, Yuba City, Redding, Red Bluff, Stockton, Modesto, and Lodi. We also serve clients in the Southern California areas of Orange County, Los Angeles, Riverside, San Bernardino and San Diego.
Our California attorneys also serve the communities in and around Sacramento County, Placer County, El Dorado County, Sutter County, Yolo County, Solano County, Yuba County, Butte County, San Joaquin County, and Santa Clara County.
Attorney
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