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Sacramento Real Estate News
Guest Post
Sacramento Real Estate Update: Late 2011
By Kala Bell
This fall has been an odd time
for the Sacramento Real Estate market. Inventory has been down for the most part of the early fall, continuing a full drop from the levels recorded in fall
2010. In fall 2010, the Sacramento area had about 5,700 homes for sale, as opposed to the 3,900 ball park number for sale
right now.
For regular
home sales, the Sacramento market has also continued a decline from 2010 numbers. Right now there are around 1,700 traditional
homes for sale in the area, down a few percent from the available homes in fall 2010. Outside of traditional home sales, short
sales and bank owned foreclosures have also gone down throughout the past year.
Luckily, there has been some good news for buyers. Mortgage interest rates continue to stay at a record low in fall 2011, hitting numbers never seen before. Right now a 30 year fixed rate mortgage
has an APR of 4.378 percent, down from nearly 5 percent in late July.
Even though the area experienced major decreases with the rest of the
nation back in 2008, median sale price has continued to stay steady for the better part of three years and continuing in 2011.
The median price has hovered around $190,000 for the better part of two to three years, while sale prices have stayed steady
as well. Even though the median prices for homes have stayed steady, the fact that Sacramento apartments continue to experience
rate jumps, could sway those buyers who are on the fence.
In many areas throughout the nation, some real estate experts have claimed that real estate resurgence could
be possible in the first half of 2012. While anything is certainly possibly, it’s probably a little too hard to give
a good prediction, especially with the statistics that have come in recently, that have been both steady and a bit declining.
Even though the recent trends
in the real estate market haven’t been exactly telling, potential buyers should realize that a decision will always
be based off the situation and not the recent statistics. A set of important factors to each individual buyer will most likely
be the determining reasons behind the choice to purchase a home. Even though numbers can often dictate an initial look at
the real estate market, they don’t often do much more to influence buyers.
So while the Sacramento market continues to remain steady
for the most part, any chance of resurgence will likely come early in 2012. The winter months are usually slow for the real
estate market, however unpredictability is always a possibility. Buyers are starting to realize more than ever that a universal
buying time doesn’t really exist, shining even more of a spotlight on their own needs and desires during the home buying
process.
Editor
Note:Kala Bell is a creative writer from the University of Michigan who contacted me recently to ask if she could write
the above guest article.You can contact Kala Bell at kalabell86@gmail.com.
Call or Email Julie today
Cell: 916 276-6883 or Office: 916 290-9339
Email: julie@jalone.com
