Greater Sacramento Area Real Estate Market Update Fall 2013

Welcome to my video blog. Every few weeks, I will be posting relevant information about the Sacramento area market and update you from time to time. The market is still favoring the sellers due to limited inventory and it's taking less than two months to sell homes. There’s a metric called “days on the market” or “months of inventory.” Days on the market could be different for each house, however, months of inventory pertains to all the homes listed throughout the area and how long it would take to sell them all if no new homes were being listed.

Even though the market has slowed dramatically since the spring, there is still less than two months’ supply; making for a strong seller’s market. There was almost a mini-bubble caused by the lack of inventory and when interest rates rose in May, it caused a disruption for buyers as they could not purchase the homes they wanted.

Historically, interest rates are the lowest they’ve been in 40 years. However, the issue is the lack of confidence in the overall market and uncertainty of what else could happen with the economy. For buyers that are committed to move and are planning to stay in a home for more than five years, this is an awesome time to buy. Interest rates are low and prices are down, but sellers are still weary of the market.

Thanks for watching my video blog and if you have any real estate needs, don’t hesitate to call me at (916) 316-3810 or email me at forth@thehoytgroup.com.