Good day, Sacramento! Justin Vierra here with the Vierra Group at Keller Williams Realty coming to you with your monthly market update for the Sacramento real estate market update as we do every month delivering you the most valuable and important information in today's market. This month, I want to bring you the two most important features of today's market that are affecting every buyer and seller in this market. So, let's jump right into it! The big, number one thing is inventory. Inventory is up month-over-month 8% and it's up 20% year-over-year. So, that means increased competition amongst sellers for those buyers in the market. That's one of the reasons you're seeing some of those price reductions, homes sitting on the market just a little bit longer than a couple days. Now it might take a couple weeks to sell your home, assuming it's priced and presented very well. So, inventory is a key feature of today's real estate market. I think though, it's probably more of an effect rather than a cause. The cause of the increased inventory is because of feature number two that is very very important for every home buyer and seller, and that's understanding affordability, or the lack thereof, really. There's a lot of pressure on affordability whether it's increased home prices, or on the buyer side, increased cost of purchasing a home, whether it be mortgage financing or the cost of the home itself. So, what you see are home prices going up, sellers recognizing that opportunity, inventory going up because it's a good time to sell. Then, because of the higher cost to acquire the home through the price or the financing there, you see the market expanding in time just a little bit more than it had in the earlier part of the year. That's why you see a little bit of a market slow down here, so I think the cause is affordability and the effect of the increased inventory. What does this mean for you? Well, if you're a seller, you have to remember that you're in a competition. Earlier in the year when there was very little competition, your margin for error was pretty low and with increased competition, your margin becomes much higher. So, it's super important for you to understand that you're entering into a competition and you also want to understand your pricing strategy really, really well, your marketing strategy really well. The number one thing you have to do as a seller is not take any shortcuts: no shortcuts on marketing, preparing your home for sale. Those Investments are really key to standing out amongst competition in your market in order to get your home sold well. Of course, remember, if it's not compelling, it's not selling. For my buyers, now might be one of the best times of the year to buy a home because there are more homes to choose from and the sellers are competing with one another for your offer. So, you have less competition going in amongst other buyers and you have more homes to choose from, which is nice. By more homes, I mean maybe 5 to 10, whereas earlier in the year, I was lucky if I could show you a home or maybe show you one to three homes that really met your criteria and were actual, viable options for you. So those are the two most important features of today's market: inventory and affordability. The keys to success as a seller are preparing your home for sale very well with that marketing strategy and doing all the things that you need to do to clean it up and present it very well. For my buyers, get out there in the market because there are more homes to choose from than there have been in quite a while. I'm Justin Vierra; thanks for tuning in. I really appreciate all the comments and feedback. Last month, I had a lot of phone calls, texts, and emails about the market update, and I'm happy to go further in-depth on any of these topics and support you in your real estate needs. So, thanks a lot for tuning in and your feedback. Much appreciated; see you soon!