Inventory is at a 10-year low and buyer demand is at an all-time high in our market. How does this affect you?
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What’s the latest news from our Tri-County market?
As most of you know, real estate normally functions in a seven to 10-year cycle, and there are three factors that can cause a possible shift:
- Interest rates
- Prices rising above wages
All three of these factors are extremely positive right now, so we’re not seeing a shift in the market, and we foresee a positive market for quite some time.
Locally, we’re seeing great strides in our Tri-County market. Inventory is at a 10-year low and buyer demand is at an all-time high because of the recent interest rate increases. We’ve seen interest rates rise by a full point or a point and a half. That translates into an increase of $300 to $400 a month for buyers’ mortgage payments.
Buyers are flooding the market, which is generating multiple offers and prices getting boosted over their original listed price. Many homes selling now are selling at prices similar to those of 2007 and 2008.
If you have any other questions about our market or are buying a home, selling a home, or investing in real estate, don’t hesitate to reach out to us. We’d be happy to help you.