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So is the Sacramento market currently a buyer’s market or a seller’s market?
Actually, it’s still a seller’s market, contrary to much of what we’ve been hearing in the news about market trends around the country. Now, the market has softened a little bit, but we still have an inventory that would reflect a seller’s market. What is challenging, however, is that we’re not seeing as much of a hot seller’s market as we had been earlier in 2018.
As far as inventory goes, since we’re in a seller’s market, it means that we have less than six months of supply available at the moment. We have seen inventory drop a little bit due to the current season, but we’ve also seen the number of sales go down in proportion to that, as well, meaning that home prices have softened also—but not a lot.
What do interest rates look like at the moment?
Interest rates are still historically low; as of the time that this video was taken, we’re still in the 4% range, which is crazy low. I remember when an old roommate of mine was excited to have a 9% interest rate on a condo that he had purchased!
However, we don’t know for sure what the future will bring for the market, so it’s important to act on what we currently know, not what could possibly happen. Interest rates may creep back up a little, but since we don’t have a crystal ball, we can’t say with certainty what will happen.
So what does this mean for buyers and sellers as a whole?
With inventory lower than it was and because of the season, there’s actually less competition for homes currently on the market, which is great for both buyers and sellers. Sellers have little competition, and there are also fewer buyers to compete with since the only ones likely to be out bidding on homes this time of year are the ones who are serious and motivated about buying.
Right now, we know what interest rates are like, but come springtime—who knows? That’s why it’s important for anyone thinking of buying or selling to act quickly.
If you have any questions or need more information, please feel free to reach out to me. Let’s lock something down for you right now and get you into a home ASAP.