WELCOME BACK TO THE #MARKETMINUTE
This month, we cover the three hottest trends in the Sacramento real estate market!
#1 Median home prices are up $5,000.
Month over month, the median home price rose from $370,000 to $375,000. This increasing trend in appreciation doesn't seem to be stopping in the near term.
#2 Interest rates are also climbing...
I called one of my favorite mortgage brokers to see what interest rates were if you were to finance your home today and the numbers are in! Current interest rates range from 4.5-5.0%.
#3 Inventory is going up!
The Sacramento area's market inventory has risen from 1.3 months to 1.5 months! This is great news for buyers looking to see a larger variety of homes. Sellers need to be aware of increased competition.
What does this mean to you?
Buyers, even though you may have more homes to look at, don't hesitate to make your move! With both prices and interest rates rising, now may be the best time to get into the neighborhood of your choice. Always have backup options as these two factors can affect your purchase price going forward.
Sellers, pay careful attention to marketing and pricing when considering selling your home. As a general rule of thumb, "if it is not compelling, it's not selling".
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