Buying a home in Sacramento may seem like an overwhelming task, but you can follow some important tips to make the process as easy as possible. With a current inventory of just 1.5 months, this city has a unique blend of urban lifestyle and suburban escape. Listed below are tips on how to shop for local real estate.
Unsold Inventory Is Just 1.5 Months
While the real estate market in Sacramento is a seller's market, there's still competition among buyers.
Despite a strong buyer pool, the inventory remains low. In fact, there's less than 1.5 months' worth of unsold listings. This suggests that home prices will rise in the coming years. However, the current imbalance between supply and demand may lead to an increase in home prices.
In contrast, Sacramento's housing market is in the bull's eye. Its pessimistic outlook may be a sign of a looming imbalance between supply and demand. The current lack of inventory could result in a volatile housing market by 2023. But in the meantime, real estate agents in the area are bullish on home prices.
While inventory is down, Sacramento's median listing price, cost per square foot, and sales volume are up. Click here for more information about the changing home market in Sacramento.
The median home price in this County is $570,000. Home sales have decreased slightly since last year. Unsold inventory is just 1.5 months, which indicates that buyers are likely to submit multiple offers on the same property.
With such a low inventory, it will be tough to find a home that meets your requirements. The low supply means that buyers will pay top dollar for it. However, there is a good chance that prices will continue to rise.
Short Supply Of Available Properties
The shortage of available housing inventory has led to an unprecedented boom in residential real estate in Sacramento over the past year. The shortage of homes and increased demand for rental units have led to a tight supply-demand imbalance, driving up prices and rental rates. Click the link: https://www.huduser.gov/portal/pdredge/pdr-edge-featd-article-030716.html for more information about rental demand.
Due to the shortage of homes, the local housing market is seeing historically low inventories. Because of these constraints, home values are expected to continue to increase, despite lower mortgage rates.
The limited inventory is fueling home prices, as more people move into the area each year. The current market has just two months' worth of homes, meaning prices are expected to keep rising.
In fact, based on current statistics, home prices in Sacramento could increase 15.8% over the next year. This has attracted more buyers because of its affordability compared to other major cities. And since Sacramento is still relatively inexpensive, this has encouraged a shift in home ownership to those on a tight budget.
Buying A Home
In an overpriced housing market, Sacramento is a beacon of sanity. It embodies the California ideal that most of the state has lost, but is surprisingly cheaper than most other major metros. But how do you find a bargain in the Sacramento real estate market? By following these tips, you'll be able to save money and enjoy a better quality of life than you could if you bought in another major metro area.
The first thing to know is that the housing market is in sellers' territory. With pent-up demand and low housing supply, prices are likely to rise even more. Home prices in the Sacramento area are lower than those of many coastal markets, so the market is skewed in favor of sellers.
The area is also attracting Bay Area residents, who are looking for lower-priced homes. And, since Sacramento's population grew by 10% from 2010 to 2022, home prices will likely continue to rise in 2023.
The Sacramento housing market is also a buyer's market. The median home value in the area increased 20.9% last year, the highest increase in the state and the nation. The tight supply and limited supply has resulted in a buyer's market. A low-interest rate mortgage, for example, can make purchasing a house more affordable. However, buyers should be wary of agents who offer to waive inspection, appraisal and home price contingencies in 2023 or 2024.
