Hello, fellow Sacramento residents! It’s Eduardo from the Partners in Real Estate team. Today, I want to provide you with a snapshot of the Sacramento real estate market, specifically focusing on the month of October. If you’re considering buying or selling a home and have reservations due to the current high prices and interest rates, let’s explore the opportunities within this dynamic market.
Check out my video below or continue reading as I share a quick run down on the real estate market in Sacramento for October 2023.
Understanding the Inventory vs. Demand Balance
One crucial aspect to keep an eye on in the real estate market is the balance between inventory and demand. The number of new listings, representing inventory, versus the number of homes going pending, which signifies demand, can shed light on the market’s dynamics.
Here’s the fascinating part: Sacramento’s inventory is down by a significant 40% compared to last year. In other words, 40% fewer homes are available on the market this year. Despite this decrease, the number of pending sales is 13% below last year’s figures. What does this tell us? Buyers are still active and eager, even in the face of rising interest rates and limited options.
The Market’s Resilience
Now, you might have heard rumors of a looming market crash, but the reality is, no one can predict the future with certainty. However, if we look at the data and trends, the market appears poised for stability. While we may not experience the aggressive price surges seen in 2020 and 2021, real estate is still on the rise.
This market resilience suggests that, as a potential buyer or seller, you have opportunities to explore. It’s crucial not to sit on the sidelines and instead engage in conversations that can help you make informed decisions.
Crafting a Strategy for Success
If you’re contemplating buying or selling a home, now is the time to strategize. Waiting for a market crash might not be the wisest choice. Instead, let’s talk about how you can navigate the current landscape to your advantage. Whether you’re looking to buy at a reasonable interest rate, considering selling your property, or even exploring investment opportunities, we’re here to guide you.
Feel free to reach out to us at 916.507.0493 or at [email protected]. We’re eager to start a conversation and assist you in understanding the best timing and approach for your real estate goals.
The Sacramento real estate market may have its challenges, but it also presents opportunities for those who take action strategically. By staying informed, engaging in conversations, and making thoughtful decisions, you can navigate the market confidently. Thank you for reading, and we look forward to assisting you on your real estate journey. Stay tuned for more valuable insights!