I had the pleasure of giving my opinion of the 2013 Sacramento real estate market along with eleven other Realtors on Ryan Lundquist’s blog, Sacramento Appraisal Blog.
I think Ryan’s graph to the right is a great visual showing just how Sacramento real estate market reacted in 2013. I asked Ryan if I could share this graph with my readers.
Sacramento real estate has been on a steady rise where you can see the median price increased from $198,000 to $245,000 with low inventory but appears to have increased while at the same time cooled off starting in September.
I don’t know about you, but I’m a visual and this graph, Ryan put together, I think speaks volumes and makes for easy understanding especially for those who are not real estate professionals. I hope you find it easily understood.
As Realtors we all saw multiple offers with home buyers willing and able to pay the difference in the appraisal amount and the accepted contract price. Investors dominated the Sacramento real estate market making it difficult for home buyers to compete with all cash offers and low inventory of homes for sale during the most of the year. Towards the end of the year there were more homes for sale on the market for sale with cash investors on the decline and home prices leveling off.
I think in 2014 we will see more homes for sale increasing the Sacramento inventory steadily with an increase in median price but at a much slower pace. Home buyers will see changes in qualifying for a mortgage with interest rates going slightly higher which means home buyers may need to re-adjust their expectations in what they can afford to buy.
If you are a homeowner considering selling your house, give me a call and let’s make an appointment to talk about what you can expect when selling your house. And if you are a home buyer, give me a call and let’s discuss what you need to know in 2014 before buying a house.
Have a safe New Year’s and enjoy the fireworks in Old Sacramento with a longer show of 15 minutes at the 9 pm time and a bit shorter time at midnite for 8 minutes. There are surprises in store with 4 different launch sites and a waterfall effect of fireworks from the Tower Bridge. Happy New Year!!
See you in 2014!!