November 2020 Sacramento Area Housing Market Update
November 2020 Sacramento area housing market update is a real eye-opener and a must-read written by our very own Josh Amolsch. Enjoy — JaCi Wallace. The daily chatter I hear in the Sacramento area real estate trenches is that prices are too high. This conversation will likely be the same in a year, supplemented with regret of not buying a home when the opportunity was available. Prices are going to get higher, inventory will remain excruciatingly low and rates are not expected to go any lower than they are now. If I were buying a home to replace the one I have now, I would focus on the 80% of things that matter to me most instead of focus on the 20% that don’t suit me. That latter is the mindset of scarcity. While inventory is low, there are opportunities all over the place. The buyers that are out there buying homes and driving prices up are persistent and nimble. It only has ever taken me 4 offers to get someone a home. Sometimes it is the very first offer.
December usually sees a growing number of Cumulative Days on the Market since buying activity usually slows around Christmas time. But check it out, the numbers are inverted versus last year. Homes are selling 48.5% faster in November 2020 versus November 2019 and for 3.1% more. Merry Christmas, sellers! Also, if you are 55 or over, severely disabled, or had a property damaged by wildfires or contamination. You can carry-over that lower tax basis to a replacement property anywhere in California per Prop 19 that passed on Nov 3rd. This goes into effect next year but really is just an extension of prop 60/90 that has been law since 1986.
It’s tough out there. I totally get it. But just as a White Christmas in Sacramento would require a miracle, so too would a significant decrease in home prices be a dream. It’s sad to say, but for many, owning a home in Sacramento won’t be happening. The median price in Sacramento County increased by 15.3% from Nov 2019 to Nov 2020. The good news is that with products like renovation loans and down payment assistance, buyers can get into a home and update it. It is just a matter of effort. The longer a buyer waits, the more effort and less comfortable they will be in their newly purchased home.
November 2020 Sacramento area housing market update is a clear explanation that you need the Exclusive Buyer’s Agents at Weintraub & Wallace Realtors with RE/MAX Gold. We have many years of experience and are in touch with the seller’s markets. You probably won’t find anyone more motivated and persistent in helping you find homes to purchase. Reach out to us anytime if you are hitting a wall, we have ropes to get over. We can be reached at 916-233-6759.
Weintraub & Wallace Team
RE/MAX GOLD | Sacramento, CA.
joshamolsch.com | p. 916.224.2756 #01926016