Now that we are near the tail-end of spring, what is going on in the Sacramento real estate market? What do buyers and sellers need to know? Today I will fill you in.
We are still firmly in a seller’s market. In fact, we have roughly 1.2 months of inventory, which is roughly 40 days or so. That means it would take 40 days to sell all of the inventory we currently have on the market, providing no new homes were listed. A balanced market has around six months of inventory, so you can see how drastic this seller’s market is.
What is driving the market in this direction? Well, right now, the job market in Sacramento is doing great. The vacancy rate has continued to drop over the last seven years. Additionally, big companies like Amazon just moved in recently, which has boosted employment. On top of that, while Sacramento is the sixth largest city in California, it is the most affordable. All these fundamental factors are driving prices up.
If you are a buyer in our market, there are two tips I would like to give you. First, you need to position yourself to buy. That means you should be pre-qualified with a great lender before you look at homes. We recently had Nick Street from Mountain West Financial here to tell us about the many programs available for working professionals like doctors or teachers, as well as zero-down programs. Whatever financing you choose, having that pre-qualification letter ready for sellers will put you in a better competitive stance.
My second bit of advice for buyers in the market is to have a Realtor on your side. Navigating the market without an agent’s help would be like going to court without a lawyer. If you have a seasoned professional with you, they can use their knowledge and expertise to help you get your dream home with as little hassle as possible—this is especially helpful if you’re a first-time homebuyer.
If you are a seller in our market, I recommend that you check out my video about the top five things you should renovate before marketing your house. Like buyers, you should also enlist the help of a Realtor to market your home for you—a quality Realtor is worth their weight in gold.
If you have any questions for me or are looking to buy or sell your home, please feel free to reach out to me. We promise that we will take excellent care of you.