We are clearly seeing optimism in the local real estate market. Although one the hardest hit areas in the housing and foreclosure crisis, the Sacramento area housing market is seeing better days and buyers and sellers are feeling it.
Faced with tight inventories of homes for sale, buyers are realizing they may have to bend a little in order to get the home they want What I am seeing, is buyers are willing to pay more for a home compared to last summer and they are more flexible on the features they must have. This combined with more homes coming on the market is making my job as an agent easier and more fun.
With upward pressure on home prices and low interest rates, buyers and sellers are much more upbeat about the Sacramento housing market.
According to a recent survey by the California Association of Realtors, 69 percent of sellers purchased another home after selling, up from 47 percent in 2012 and 12 percent in 2011. According to the survey the top reason for selling in 2013 was a desire to trade up. In 2012, the top reason for selling was due to financial difficulties.
Sellers are having an easier time selling their homes.
According to the CAR survey most sellers are reporting they received more than one offer on their home and 45 percent of those surveyed said they had above asking price offers. CAR President Kevin Brown summed up the survey by saying, “Much-improved housing market conditions in the last year have given sellers more confidence to own a home rather than to rent one.”
