sacramento home buying
The February 2020 Sacramento Area Housing Report, everyone is talking about it. Wall Street is in meltdown, toilet paper doesn’t exist at Costco and my friend just in a panic bought three firearms. Whoa! The majority of us are handling this current COVID-19 virus pretty well. Others, are of course being impacted on a variety of levels. There will always be different ranges of reactions. When isolated, it is often challenging to know the reality of the housing market. This blog serves to be a source of information. So let’s talk about interest rates. Yes, they spiked up slightly (still under 4%) a week after they dropped to a record low 3.13%. This is in part to a backlog of loan applications (up 55%) that lenders cannot keep up with.
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.
Agent confidential remarks in Sacramento MLS is the best-kept secret because many agents do not read them. Why do you ask? Well, the idea is the comments are not for public viewing. They might consist of an alarm code, information about offer submission, whether someone died in the property, and so on. Metrolist only lets agents put marketing comments in the MLS for the general public. We cannot insert disclosure comments or title company information and, of course, tenant information is not on public display.
Unauthorized entry into a home for sale was a message I received yesterday from an agent at another company. He had reported the incident to the Department of Real Estate but they said this was not something they governed.
The listing had MLS instructions to call for an appointment. There was a Metrolist lockbox on the property. The MLS instructions contain the parameters of how agents can enter. To enter any other way is an ethics violation and this agent can be subject to a complaint filed at our local Sacramento Associations of Realtors board. This was the instruction I gave the complainant.
The September 2019 Sacramento homes for sale, sold and pended graph above shows some trends to keep in mind this fall. The pendings are higher than they have been all year. Inventory has stayed close over the last six months. Closings were a little down, but that could be longer duration escrows. The September closed sales numbers will answer if this is relevant.
Inventory is significantly lower than a year ago. There does not seem to be an impression that pricing is going down in Sacramento as demand is high and inventory is down. Buyers write your highest and best offer, or you may not be in a home this fall. September 2019 Sacramento homes for sale, sold and pended shows a continuing seller’s market. Pendings show trending up for the last 90 days.