Are you looking to make a move in 2019, but you’re not sure if it’s the right time? Today we’re here to give you a quick market update that should help you decide.
Right now in Sacramento County, we’re seeing about 25% more homes on the market than we saw a year ago. In fact, this is the highest level of inventory we’ve had this early in the year in five years.
What does that mean for sellers? It means that you’ll want to contact a real estate agent (preferably us) to help you price your home correctly and form a competitive marketing plan so that your listing reaches as many buyers as possible. The more buyers who see it, the more offers you’ll get, and potentially the more money you’ll get for your sale.
For buyers, this means that there are more homes in the market, allowing you a broader range to choose from in the pursuit of your dream home. This also means that you have more options in the way of adding concessions to your offer. If you meet with us, we can discuss how to write that offer for you so you’re able to get the best deal for your home.
The Sacramento area has seen more buyers getting into the market recently. We believe this influx has come earlier than expected due to our lower interest rates. For buyers, these rates allow you to get a better deal on your mortgage with regard to your monthly rate. Waiting to buy could land you in a higher-rate environment, meaning you’ll have to pay a higher tax rate later on.
“Don’t get us wrong—it’s still a seller’s market, but buyers may find market conditions amenable to their goals if they act quickly.”
For sellers looking to list their homes right now, these rates mean there are a ton of buyers in the market at the moment who are looking to purchase. Again, it is critical that you price your home correctly and that your home is in market-ready condition if you want to maximize the outcome of your sale.
In Sacramento County, we’re not seeing aggressive price gains anymore. Over the last couple years, we’ve seen an average 7% to 10% increase in prices, but from 2018 to 2019, it’s only been closer to a 2% or 3% increase.
Overall, we’re beginning to see a softening of the market, moving us from a strict seller’s market to a more neutral one. Don’t get us wrong—it’s still a seller’s market, but buyers may find market conditions amenable to their goals if they act quickly.
Homeowners looking to sell: Right now may be the best time to list your home in order to get your optimal gains.
Homebuyers in the market: You don’t have to worry about seeing homes that will probably sell for $30,000 to $40,000 over list price, like we have seen in years past. We expect more homes to sell close to or at list prices.
If you’re looking to buy or sell a home and would like more specific information about your home and the neighborhood you live in, go ahead and reach out to us. We’re happy to provide that information to you and to help you meet your goals.