Sacramento Real Estate Market Update Summer 2014

There are many great Folsom and Sacramento area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (916) 248-7777 for a FREE home buying or selling consultation to answer any of your real estate questions.

Sacramento Real Estate Market Update Summer 2014

  The Sacramento real estate market is both diverse and complex. It's hard for one person to stay on top of everything happening, so I have brought Evangeline Scott from Big Valley Mortgage to help explain some of the goings on in the Sacramento real estate market.

•  From an interest rate perspective, the market has pretty much remained the same. Generally for homeowners, we are looking at interest rates in the low 4%'s! 
• Qualified mortgage is in full effect. A qualified mortgage is a type of loan that has certain, more stable features that make it more likely for you to afford the loan. To qualify for this type of mortgage, a lender first needs to determine that you have the means to repay the mortgage before you take it out.
• According to Evangeline, things in the market have tightened significantly. There are a lot of home buyers in Sacramento, especially first time home buyers who are looking for down payment assistance programs.  There are programs for all those who need it, not just first-time home buyers. Plans that cover your entire down payment on an FHA loan. 
• Refinances have spiked significantly in the last few months. Appreciation values on homes have gone up  to where homeowners are comfortable refinancing on their homes.
• These low interest rates and appreciation values won't last forever, however. If you were thinking of waiting a few years to buy your next home, that may not be such a good idea.  In the next three years, both myself and Evangeline agree that interest rates are going to increase dramatically. If you buy now, we guarantee that you won't pay as high a price or interest rate as you will if you wait 3 years. 

Making a good long term decision on your home is important, and we would love to help you. If you have any questions at all about the housing market or refinancing your home, please give myself or Evangeline a call so that we can take care of all the work for you.