Why October is a Good Month for the Sacramento Housing Market
At first I had intended to show you a graph of the Sacramento housing market but the real information to be gleaned is not contained in the graph of the housing market in Sacramento, it’s actually in the numbers. Simply put, we do not have enough inventory, not enough homes for sale in Sacramento to satisfy demand. I noticed this in my own real estate business because all of my listings are selling. At any given time, I generally carry a couple dozen listings of one type or another, and at one point in 2011 my inventory was up to 75 listings or so. I’m selling them all now within about 30 days.
I checked the stats on other top producers, and their inventory is reduced, too. For the last 12 months in Sacramento, Elizabeth Weintraub ranks as the #7 agent in the area. If you’ve ever thought about putting your home on the market in Sacramento, now is the time to do it. Are you worried that you might not find another home to buy? No problem, you can sell your home contingent on finding another home, and most buyers will wait for you. This is the market to move up in. We’ve got a big group of entry-level home buyers itching to get into a home.
Interest rates are still low and not expected to rise until maybe December. If you wait to buy when everybody else under the sun is buying, you’ll have too much competition for the home you want to buy. Warren Buffet is the guy credited with saying that you should buy when nobody else is buying and sell when nobody else is selling. Our Sacramento housing market is a perfect example of that wisdom.
Look at the statistics in the UPPER RIGHT. Sales have fallen 75% the first week of this month as compared to the first week of last month. Our pending sales are down for the same time period by 35%. This is an excellent time to sell your home in Sacramento. You have the best of all worlds. The median sales price has remained pretty much steady at $290,000 for the past 4 or 5 months. That hasn’t happened in years. I can’t remember the last time that happened. I also can’t remember the last time my inventory of listings dropped below 10 homes for sale.
We’re not gonna see a big uptick in pricing next spring. If you want to sell a home, right now you should be on the market. We have fewer than 2 months of inventory.
Call your top producer Sacramento Realtor today, Elizabeth Weintraub, at 916.233.6759.
Sacramento housing market statistics, Trendgraphix.