Sacramento CA Real Estate Podcast with Thomas March - Where's the Market Heading and What Does It Mean For You?

Where's the Market Heading and What Does It Mean For You?

12/08/14 • -1 min

Sacramento CA Real Estate Podcast with Thomas March

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It's that time of year again! The holidays are upon us and the new year is right around the corner, making now a perfect time to stop and take a look at what's happening in the Sacramento market.

Currently, there are 3,522 homes for sale, which is a 2.1% increase over last month and a 25.2% increase over last year. A total of 1,354 properties sold last month, which is a 5.6% decrease from last month and a 4.1% decrease over last year. These numbers are nothing to worry about, however, because the number of pending homes is up 11% over last year and we have 1,489 homes pending, which is a slight 1.4% increase since last month.

Where is the market heading and what does it mean for you

What this tells us is we currently have a pretty stable market. There is still under three months of inventory here in Sacramento, which is technically a seller's market, but low interest rates make it a good time to buy as well. As we head into the winter market, many people think the market will slow down, as people are pulling out of the market for the holidays. Right now, if you're a buyer, you should take advantage of the fact that many buyers are pulling out of this very competitive market.

We hear from many buyers that they would rather wait until spring to look for a home because there is a higher inventory. While that's true, there will also be a lot more buyers out there to compete with. We truly believe that the current market is one of the best ones to buy a home in. Interest rates are expected to rise sometime next year, so now may be the most ideal time to buy a home for years to come.

Rising interest rates also affect sellers. When rates go up next year, many buyers are going to realize they can no longer afford homes they were initially interested in, or may find out that they are no longer eligible for financing. Since buyers are likely to leave the market in droves next year, now is also the time to sell, while buyers are still clamoring for homes. It's probably not in your best interest to wait until spring next year.

These are just a few things to think about as the year comes to an end. If you would like to discuss what these conditions mean for you, or if you have any general questions...

Where's the Market Heading and What Does It Mean For You?

It's that time of year again! The holidays are upon us and the new year is right around the corner, making now a perfect time to stop and take a look at what's happening in the Sacramento market.

Previous Episode

What You Need to Know as a First-Time Home Buyer

What You Need to Know as a First-Time Home Buyer

The Sacramento real estate market has changed dramatically in the past year. We are seeing a lot more inventory on the market, as well as historically low interest rates. This surge in market activity has had us talking to a lot of first-time home buyers lately. Deciding to purchase your first home is a big step, and there is a lot of information you should be aware of. That is why we are joined today by our preferred lender Doug Jones. Doug is going to talk to us about some great programs that are out there, designed for first-time home buyers.

There are some great programs out there right now for first time home buyers in the finance world. A lot of programs that require little down payments. There are a lot of reasons to put a small down payment on a home, but for first time home buyers, it's because you don't quite have the cash reserves to put $20,000 down on a home.

There are 2 primary options that offer low down payment plans for 30-year fixed mortgages. FHA financing allows you to get into a home with just a 3.5% down payment. Conventional financing requires a minimum 5% down payment.

The other 2 options are a little more complex. With VA financing, you aren't required to pay any down payment, but the catch is you will need to be either active-duty or retired military or national guard. If you have a document called the DD214, you are all but guaranteed a VA loan with 0% down.

Another program is USDA. This is a rural program for unincorporated areas such as Lincoln, Loomis, and parts of Auburn. Those allow a small down payment as well.

Another question that we get a lot from first time home buyers is what kind of down payment assistance we can offer. We can offer some great down payment assistance programs through CHDAP, or the California Housing Down Payment Assistance Program. This program is designed to be combined with an FHA loan to bring down the payment to between 1/2% and 1%.

For conventional financing, while CHDAP doesn't lower the down payment from 5%, it allows you to use 3% of that 5% to cover closing costs. There are definitely a lot of great programs out there for first time home buyers.

Next Episode

What Do Our Past Clients Think of Us?

We do everything we can to make sure your buying or selling experience goes as smoothly as possible. We strive to exceed expectations and ensure all your real estate goals are accomplished. Don't believe us? Check out what a valued past client had to say about us!

Sanjay Varshney:

"I moved here 10 years ago from Syracuse, New York. When I moved here, it was a very interesting time - the market was climbing very quickly and homes were selling very fast. We had less than a day to figure out the market and find a home. We were very lucky to meet Thomas March. He was our guy - in one weekend he took us all over the place. We found a home in Folsom and bought it. Thomas was instrumental in helping us find a home because he knew the market and was able to execute a deal in a short amount of time."

"To find the right home was imperative, as the move from Syracuse to Sacramento was a huge task. My wife and I had a large home filled with many things we have collected over the years, so the move would not have been easy without the help of Thomas March. After a year at our home in Folsom, we decided we wanted to move into a bigger home. The first person we thought to call was Thomas March because he did such a great job the first time. We were truly amazed by how he was able to help us."

"The market has come a long way since 2004, homes aren't selling now like they were then. The prices, while they have come back quite a bit, are still tough for sellers. In order to sell in the market we sold in, we had to do all the right things in order to achieve our selling goals in a short period of time. Thomas March was fantastic - he had the right marketing plan, was very knowledgeable about the market, understood the key pricing concepts, and had the sophistication to figure out what the market was willing to bare and act quickly."

"I'm very business driven. I didn't want to waste my time looking at the wrong people, chasing the wrong things, and being promised things that will never be delivered. I told him what I wanted from my home sale and what I was willing to do to make it happen. I found Thomas March to be very honest and sincere about his effort. He staged our home to make it look stunning and helped us accomplish our selling goals."

"We had a very professional experience in an industry that is not always professional. We were very pleased - you don't see people use the same Realtor® twice very often, but we did. If I had to use someone a third or fourth time, I would call Thomas March!"

Sanjay isn't the first person we've helped accomplish their buying and selling goals, and he won't be the last. If you want a professional experience with an agent you can trust to get the job done for you, give us a call! We would love to help you make the most of ...