Sacramento Real Estate Market Update: August 2024

The Sacramento real estate market continued its upward trend in August 2024, showing strong signs of a seller's market. Key indicators point to a competitive environment with increasing demand and limited inventory.

Key Metrics

• Months of Inventory: At 1.97, the market remains highly competitive, indicating a limited supply of homes for sale. This figure has increased slightly from the previous month, but it's still well below a balanced market.
• List-to-Sold Price %: The list-to-sold price percentage rose to 100.3%, suggesting that homes are selling close to or above their asking prices. This indicates strong buyer demand and limited negotiation room.
• Median Days on the Market: Homes sold in August 2024 spent an average of 13 days on the market before going under contract. This is a significant decrease compared to previous months, reflecting a faster-paced market.
• Median Sold Price: The median sold price for homes in Sacramento reached $555,000 in August, showing a slight increase from the previous month. This upward trend is indicative of rising home values.

Market Analysis

The Sacramento market's performance in August 2024 can be attributed to several factors:

• Strong Economic Conditions: The region's robust economy, coupled with job growth and low unemployment rates, has fueled demand for housing.
• Limited Inventory: A shortage of available homes for sale has driven up prices and increased competition among buyers.
• Low Interest Rates: Although interest rates have been on the rise, they remain relatively low compared to historical averages, making homeownership more affordable for many buyers.

Outlook

While the Sacramento real estate market is currently favoring sellers, it's important to note that market conditions can change rapidly. Factors such as interest rate fluctuations, economic downturns, or shifts in buyer preferences could impact the market's trajectory.

If you're considering buying or selling a home in Sacramento, it's advisable to consult with a local real estate agent who can provide personalized advice based on your specific needs and goals.

Sacramento Housing Market Update: July 2024

Seller's Market Continues, but Signs of Balance Emerge

The Sacramento housing market remained a seller's market in July 2024, although there were some indications that the market might be starting to balance.

Here are the key statistics from the report:

• Months of inventory: 1.8
• List to sold price ratio: 100.4%
• Median days in RPR: 14
• Median sold price: $560,000

Compared to June 2024, months of inventory increased slightly (up 2.17%), while the list to sold price ratio decreased slightly (down 0.31%). Median days increased significantly (up 27.27%), and the median sold price decreased slightly (down 0.18%).

What does this mean for buyers and sellers?

For buyers, the Sacramento housing market is still competitive. Homes are selling quickly, and buyers may need to be prepared to act quickly and make a competitive offer. However, the increase in median days is a positive sign for buyers, as it indicates that homes are staying on the market for longer.

For sellers, the Sacramento housing market is still a good place to sell a home. Homes are selling quickly and for top dollar. However, it is important to price your home competitively in order to attract buyers.

Overall, the Sacramento housing market is still a seller's market, but there are signs that it may be starting to balance. This is good news for buyers, who may have more options to choose from in the coming months. However, it is still important to be prepared to act quickly and make a competitive offer if you see a home that you like.

5 Tips for First-Time Homebuyers

Buying your first home is a major milestone, but it can also be overwhelming as this is one of the biggest decision and investment of your lifetime. With a little planning, guidance and preparation, you can navigate the process smoothly. Here are five essential tips to help you as you navigate through your homebuying journey:

1. Get Your Finances in Order: First step on this journey

• Check your credit score: A good credit score can help you secure a better interest rate on your mortgage as lenders will have more trust based on your credit history.
• Save for a down payment: Manage your expenses and Aim to save at least 20% of the home's purchase price, but many lenders offer options with lower down payments.   
• Create a realistic budget: Determine how much you can comfortably afford for a monthly mortgage payment, including property taxes and homeowners insurance.

2. Get Pre-approved for a Mortgage

• Shop around for lenders: Compare interest rates and terms from different lenders. A Mortgage Broker can help you with your application with different lenders.
• Understand mortgage options: Explore different loan types, such as fixed-rate or adjustable-rate mortgages, to find the best fit for your financial situation. 
• Gather necessary documents: Be prepared to provide income, employment, and asset information to the lender. Pre-approval letter is required, when submitting your purchase offers.

3. Define Your Home Needs and Wants

• Prioritize features: Determine which features are essential (e.g., number of bedrooms, location, neighborhoods, school districts, proximity to parks or shopping centers) and which are nice-to-haves.
• Consider long-term plans: Think about your future needs, such as growing family or potential job relocations. 
• Research neighborhoods: Explore different areas to find a community that aligns with your lifestyle and preferences. Check out our blog posts about different neighborhoods in Sacramento Area.

4. Find a Reliable Real Estate Agent

A good real estate agent can be invaluable in the homebuying process as they will be your guide throughout your Homebuying adventure.

• Interview multiple agents: Look for an agent with experience in your desired area and who understands your needs.
• Effective communication: Choose an agent who is responsive and keeps you informed throughout the process. Helps you to understand the implications of including contingencies in your offer.
• Leverage their expertise: Take advantage of an agent's knowledge of the local market and negotiation skills.

5. Be Prepared for the Homebuying Process

Finding your dream home in your ideal location at your desired price point is unlikely. Be prepared to compromise on certain aspects.

• Expect competition: In competitive markets, be prepared to act quickly and potentially make your best offers. This will increase your chances of getting the offer accepted.
• Understand closing costs: Factor in additional expenses beyond the down payment, such as closing costs, property taxes, and homeowners insurance.
• Home inspections: Schedule a thorough home inspection to identify any potential issues before purchasing. This is a vital step in the process as it will uncover any hidden problems that might be expensive to fix in the future.

Be Prepared to Act Quickly, In competitive housing markets, homes can sell fast. So be ready to make an offer & Have your financing in place and be prepared to move quickly.

Remember, buying a home is a big decision, probably the biggest one of your life. Take your time, do your research, and don't hesitate to ask questions. With careful planning and the right guidance, you'll find the perfect home to start your new chapter.

Do you have any specific questions about buying a home? Comment below!

Do Interest Rates Really Matter When Buying or Selling a House?

You're ready to take the plunge into the world of homeownership, or maybe it's time to move on from your current place. But with all the talk about interest rates, you might be wondering: should I wait for a better rate, or is now the right time?

The answer, like most things in real estate, is a bit of a "yes, but..." situation. Interest rates absolutely impact the buying and selling process, but they're just one piece of the puzzle. Here's a breakdown of how rising and falling rates can affect you:

The Interest Rate Rollercoaster

Interest rates and home prices tend to have an inverse relationship. When interest rates go up, buying power goes down. This means fewer people can afford those expensive mortgages, which can lead to a cooling off of the housing market and potentially even a dip in home prices. 

The opposite happens when rates are low. Suddenly, everyone can qualify for a bigger loan, driving up demand and potentially pushing home prices higher leading to bidding wars.

Want an estimate of your monthly mortgage payment and learn how much you can afford, use our easy to use Mortgage Calculator.

So, When is the Right Time?

Here's the catch: the housing market is a complex beast, and interest rates are just one piece of the puzzle. There's also competition, inventory levels, and even your own financial situation to consider.

Buying in a High-Rate Environment

There are some advantages to buying when interest rates are high. Here are a couple:

• Less Competition: With fewer qualified buyers out there, you might face less competition for your dream home. This could mean you snag it at a closer-to-asking-price offer, and higher chances of getting your offer accepted.
• Refinancing Potential: If you buy strategically and lock in a fixed-rate mortgage, you can always refinance down the line if rates drop significantly, which is a possibility as market cools down.

Selling in a High-Rate Environment

Selling when interest rates are high can be a bit trickier. Here's why:

• Smaller Pool of Buyers: Fewer people will be pre-approved for those big loans, which could limit your pool of potential buyers, and even the ones are ready to buy may not go through the transaction if interest rates gets higher.
• Price Adjustments: You might need to be more flexible with your asking price to attract serious offers.

The Bottom Line: Do Your Research

Ultimately, the decision of whether to buy or sell based on interest rates depends on your specific circumstances. Here are some tips for navigating the market:

• Talk to a mortgage lender: Get pre-approved for a loan to understand your budget and buying power in any interest rate environment.
• Consider the long game: While rates might be high now, they might not stay that way forever. Factor in your long-term plans when making a decision.
• Work with a realtor: A good realtor can advise you on current market trends and help you strategize the best approach for buying or selling your home.

Remember, there's no one-size-fits-all answer. By doing your research and considering all the factors, you can make an informed decision about whether to jump into the market or wait for a better time.

Sacramento Housing Market Update - June 2024

The Sacramento housing market continues to be a seller's market in June 2024. Here are some of the key points from the update:

• Months of inventory: 1.82 months
• List to sold price ratio: 100.7%
• Median days in RPR: 11 days
• Median sold price: $563,000

Compared to May 2024, the median sold price increased by 1.44%, and the list-to-sold price ratio increased slightly by 0.63%. There was a slight decrease in median days in RPR  from 11.63 days in May to 11 days in June. Months of inventory also decreased slightly from 1.88 months in May to 1.82 months in June.

Overall, the Sacramento housing market remains competitive, with homes selling quickly and for close to asking price. If you are thinking about selling your home in Sacramento, now is a good time to do so. However, if you are a buyer, be prepared to act quickly and make an offer that is close to the asking price.

Ready to Make Your Move?

Staying informed is key, and we're here to help! Whether you're buying, selling, or simply curious, let's connect to discuss your real estate goals in this evolving market.

Sacramento Housing Market Update - May 2024

The Sacramento housing market is currently in a seller's market, according to the recent data for May, 2024. This means that there is more demand for homes than there are homes available for sale. This can lead to higher prices and homes selling quickly.

• Months of Inventory: 1.59 months
• List to Sold Price Ratio: 101.4%
• Median Days in RPR: 9 days
• Median Sold Price: $555,000

The list to sold price ratio is up 3.92% from last month, which means that homes are selling for above asking price. The median days in RPR is down 0.15% from last month, which means that homes are selling even faster than they were before. The median sold price is up 12.5% from last month, which means that home prices are rising quickly.

Overall, the Sacramento housing market is a good place to sell a home if you are a seller. However, it may be a challenging market to buy a home in if you are a buyer.

If you are considering buying or selling a home in the Sacramento area, reach out to me today and I can help you understand the current market conditions and make the best decisions for your needs.

Sacramento Homes For Sale: Unlock Your Dream Home

Sacramento's calling! Are you ready to find your perfect haven in this vibrant city? Looking for Sacramento Homes For Sale.

Our interactive map is the key.

Search smarter, not harder. Explore active listings across the city and filter by price, size, or must-have features. Craving a bustling downtown condo or a spacious suburban home? We've got you covered.

Neighborhood niche? We speak it. Discover hidden gems or explore established favorites with our school district filter. Find a place that perfectly complements your lifestyle.

Stay ahead of the curve. Our map showcases the latest Sacramento homes for sale, ensuring you don't miss a beat.

Easy to use, powerful results.  This user-friendly map empowers your search, putting the power of Sacramento real estate at your fingertips.

Don't wait!  Unlock the door to your dream home today. Click the below map and Start your Sacramento home search now!

Sell Your House Fast in Sacramento County

Planning to Sell your House Fast in Sacramento? Current housing scene calls for a smart approach to selling your home. Look no further than our interactive home value map – your key to unlocking top dollar!

This innovative tool empowers you to:

• See the Sacramento Market Landscape:  Explore how home values shift across different neighborhoods. This valuable insight helps you determine a competitive listing price for your property.
• Spot Top-Dollar Neighborhoods:  Identify areas where similar homes are selling at a premium. Leverage this data to inform your selling strategy and potentially maximize your profit.
• Sell with Confidence:  Our interactive map equips you with the knowledge and confidence to navigate Sacramento's hot market to sell your house fast. Make informed decisions and get the most out of your home sale.

Stop wondering and start winning!  Explore our interactive home value map today and transform your Sacramento sale into a success story!

Don't Get Stuck with a Lemon: How to Avoid Buying a Bad House

Buying a house is an exciting step, but it's also a big investment in your future and you need to make sure you're getting a place you'll love for years to come. The last thing you want is to discover hidden problems after the moving truck pulls away. Here's how to steer clear of a bad house and find your perfect home:

Enlist the Help of Professionals:

• Real Estate Agent: A good agent knows the market and can guide you through the process. They'll help you find houses that meet your needs and negotiate a fair price.
• Home Inspector: Don't skip this crucial step! A qualified inspector will uncover any major structural, electrical, or plumbing issues that could cost you big bucks down the road.

Do Your Research:

• Neighborhood: Check crime rates, school quality, and future development plans for the area. Talk to neighbors to get a feel for the community. Walk or drive around at different times to get a feel for the vibe.
• Property History: Find out how long the house has been on the market, past renovations, and if there have been any major issues. Look for past inspections, permits, and ownership changes. You can often find this information online or through the seller's agent.

Look Beyond the Surface:

• Don't be Blinded by Staging: Fresh paint and decluttering can mask a multitude of sins. Look for signs of water damage, foundation cracks, and outdated electrical systems.
• Trust Your Senses: Pay attention to strange smells, uneven floors, or drafts. These could be indicators of hidden problems.

Consider the Future:

• Long-Term Needs: Think about your long-term plans. Will this house be big enough for a growing family? Does it have the features you'll need as you age?
• Maintenance Costs: Factor in potential repairs and ongoing maintenance costs. An older house might have a lower price tag, but upkeep could be expensive.
• HOA Fees: If the house is in a homeowners association (HOA) community, factor in monthly fees and restrictions.

Don't Get Emotionally Attached:

• Make Offers Based on Facts: It's easy to fall in love with a house, but don't let emotions cloud your judgement as it's a business decision too. Base your offer on the property's condition and market value.
• Walk Away If Necessary: Don't feel pressured to buy a house that isn't perfect for you. There will always be other options on the market.

Bonus Tip: Don't be afraid to ask questions! Your agent is there to get you all the information. The more you know, the better equipped you'll be to make a sound choice.

By following these tips, you'll be well on your way to finding a house that's a solid investment and a wonderful place to call home. Remember, buying a house is a marathon, not a sprint. Take your time, do your research, and don't be afraid to walk away from a bad deal.

Unearthing Gems: A Guide to Top-Rated Neighborhoods in Citrus Heights, California

Citrus Heights, California offers a suburban lifestyle with convenient access to the Sacramento area. Whether you're a young family, professional, or retiree, Citrus Heights has a neighborhood to suit your needs. But with so many options, choosing the right one can be overwhelming. Don't worry, we've got you covered! Here's a breakdown of some of the most popular neighborhoods in Citrus Heights, each with its own distinct charm:

For Families:

• Sunrise Ranch: Known for its quiet streets, spacious homes, and excellent schools, Sunrise Ranch is a favorite among families. The neighborhood boasts parks, community centers, and plenty of green space for kids to play.
• Greenback Estates/Heritage Manor: This vibrant neighborhood puts you in the heart of the action. Greenback Estates offers a variety of apartments and condos, close to trendy shops, restaurants, and nightlife. You'll enjoy the walkable streets and easy access to all that Citrus Heights has to offer.
• Larchmont Northridge: This established neighborhood offers a mix of single-family homes and townhomes, perfect for families of all sizes. Larchmont Northridge is close to shopping centers, restaurants, and family-friendly entertainment options.

For Young Professionals:

• Chase: This suburban neighborhood offers a good mix of affordability and convenience. Chase has a variety of housing options, from apartments to single-family homes, and is close to major employers and highways.
• Stock Village: This charming neighborhood offers a mix of historic bungalows and newer developments. It's close to freeways for an easy commute to Sacramento.
• Wildwood Estates: This desirable neighborhood features beautiful tree-lined streets, well-maintained homes, and a strong sense of community. Wildwood Estates/Oak Creek is popular for its family-oriented atmosphere and convenient location.

For Retirees:

• Mariposa Estates/Skycrest Terrace: This peaceful neighborhood features stunning views, quiet streets, and a relaxed atmosphere. Skycrest Terrace/Mariposa Estates is perfect for retirees who want to enjoy their golden years in a tranquil setting.
• Dunmore Estates/Larkspur Meadow: This established neighborhood offers beautiful homes, mature trees, and a strong sense of community. Dunmore Estates/Larkspur Meadow is popular among retirees for its peaceful atmosphere and convenient location.
• Sylvan Park/Park Van Maren: This friendly neighborhood boasts beautiful parks, walking trails, and a variety of senior living communities. Sylvan Park/Park Van Maren is a great choice for retirees who want to stay active and social.

Before You Move

Remember, this is just a starting point! Consider your priorities – commute time, access to amenities, housing style, and budget – to narrow down your search. Research schools (Read our Blog Post about Citrus Heights Schools Here) and safety ratings for specific neighborhoods, and don't forget to visit them in person to get a feel for the vibe. With a little research, you're sure to find your perfect place to call home in Citrus Heights!

Additionally Consider:

Community involvement: Does the neighborhood have a strong homeowners association or community center?

Proximity to nature: Do you enjoy spending time outdoors? Look for neighborhoods with parks or easy access to hiking trails.

Happy house hunting!