homes in sacramento
Don’t believe the news. Or at least don’t believe a majority of it. You might think real estate is going the way of Blockbuster or disco if you watch the news these days. I can tell you with full certainty that it is not. In May, 1,556 homes went into escrow and that is 98% of the inventory that was available in Sacramento County in April 2020. The turnover rate in our area is incredible! Overall, pendings are up 46% from April 2020 and new listings are up 12.1% according to the May 2020 Housing Report for Sacramento County.
Closing escrows on homes in Sacramento lately has not been easy, but they are closing. Repairs have been complicated as have the requests for repairs. During Covid19, some buyers are asking for repairs. Depending on the property, some sellers with motivation to close are being more patient by offering to complete some repairs and / or offer credits.
Of course, credits are the preferred way for a seller; however, some things cannot be fully diagnosed without opening up the ground, such as a septic inspection and repair in Sacramento rural real estate. Also, pest inspections requiring further inspections can go on and on without fully definitive answers.
March 2020 housing statistics for Sacramento County is certainly welcome news, per Josh Amolsch, who wrote this blog. Josh is an exclusive buyer’s agent on our team. He really brings to light the numbers and how you can apply them to your situation if you are buying or selling. Enjoy, it’s a great read. — JaCi Wallace
The first thing I noticed about the new March 2020 Housing Statistics for Sacramento County was that the median sales price for single-family homes reached $400,000. This is a 9.6% increase over March 2019. Going back to 2004 shows that this is an all-time record. The last time we were this high, besides last month, was August 2005 when the median reached $395,000. But, $400,000 may seem like a bargain when you consider the median sales price for the four-county region in March 2020 reached $440,000. Wow.
Submitting home buying offers in Sacramento 2020 should be well-thought out with a strategic plan. The market is very competitive as inventory is down by a third in many areas. What does this mean for homebuyers? Perseverance is the answer. Understand your priorities. Be willing to compromise and invest in sweat equity. When buyers cling to very stringent criteria, it is a challenging journey. To have “it all,” you will pay dearly and may have to build a custom home, which is not inexpensive. However, when you buy a resale home, you are not paying top dollar for upgrades.
Looking for homes south Sacramento county can be daunting. That is unless you are flexible. If you are looking for acreage that is in tip top shape with a stellar location and a discount price, not going to happen. The numbers never lie. The prices have gone up while the inventory has gone down.
A needle in a haystack may happen, but it could take years. If you have to sell in order to buy then it could take up to a decade. If you do not have flexibility within your needs and wants, then the right property could repeatedly be out of reach. Great properties wait on no one. If you are looking for homes in south Sacramento county, the rural areas, get ready to spend. There are no deals here unless you want to put in sweat equity.