Sacramento Real Estate Market Update for Fall 2014

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Sacramento Real Estate Market Update for Fall 2014

Thanks for joining us again. We are here today with Evangeline Scott, of Partners Mortgage to give you the latest market update for the Sacramento Metro area. This is the time of year that we are always looking forward to what next year will bring. However, this year we are seeing some surprising trends take hold, in both the lending and real estate worlds, that we are excited to share with you. 

One of the biggest surprises right now in the financial world is interest rates on mortgages. Most people thought, based on where we were last year, that interest rates would be higher than they are right now. We are still seeing historic lows for interest rates, near 4%. We are even seeing rates in the high 3%'s for 30-yr fixed mortgages. We are seeing a shift in the market and are recommending that people, instead of checking out now, take advantage of these interest rates while there is still activity in the market. 

Another important happening in the mortgage market is the fact that Fannie Mae recently adjusted the amount of time a person has to wait to purchase a new home after a short sale. It used to be 2 years, but now the minimum is 4 years. 

As far as real estate goes, typically at this time of year we see less buyers and less sellers out there. This year, however, we are seeing a ton of sellers in our market. There are fewer buyers as well, so with less competition and increased inventory, buyers can get great deals right now.  Everywhere you look, there are more homes being put on the market. It's an awesome time to be buying.

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