Here are my thoughts and advice about what’s going on in our market.
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What a crazy year we’ve had! The market is almost like an auction—I’ve never seen it as hot as it is right now.
Before the pandemic, the market was trending normally, but once it hit, many people decided to take their homes off the market. Inventory plummeted, and so too did interest rates. That has put the market on steroids, so to speak. In fact, Sacramento has been rated the No. 1 hottest real estate market in the country based on statistics from Realtor.com.
This is very exciting news for those who have been thinking of selling their homes. Because inventory is so low, sellers can take advantage of the multiple offers they’re likely to receive in order to get top dollar for their properties. If you’re thinking of selling, there are a few things to keep in mind:
1. Make sure your home is staged properly
2. Utilize great marketing and photos
3. Be ready for a lot of showings and offers
While selling your home can be stressful, we offer a concierge service that is tantamount to pushing the ‘easy button’ for your sale. With this service, we’ll sit down with you to assess your needs and wants to figure out how we can best serve you. We also offer staging, cleaning, and handyman services to help you take care of minor repairs and get your home ready to put on the market quickly.
"Sacramento has been rated the No. 1 hottest real estate market in the country."
On the buying side, many have been thinking that now is the time to act because interest rates are low, meaning their purchasing power has increased. However, inventory is so low that there aren’t many options available. If you’re in the market to buy a home, here are three key tips to help you find success:
1. Seek the help of a real estate professional
2. Get pre-approved before you search for homes
3. Be ready to take action at a moment’s notice
Regarding tip No. 2, make sure that you get a pre-approval, not just a pre-qualification. A pre-qualification is when a lender does a quick credit report and gives you an estimation of how much you could qualify for based on that information. A pre-approval is when you have actually been pre-approved by the lender’s underwriting department, meaning that the loan is all but ready to go. Sellers will have to sift through multiple offers to make a decision quickly, and a pre-approval letter sends them a signal that you as a buyer have your financial ducks in a row.
When looking for homes, I also like to encourage buyers to use the 80-10-10 Rule: 80% of your consideration should be what you want in that home, 10% should be what you’re willing to give up to get that home, and another 10% should be what you’re willing to change. Another key tip is simply to be patient; this process may take some time, and you may have to look at and make offers on multiple homes before you get one.
Back in terms of the general market, many are wondering what we can expect to happen in the next few months. On the whole, I don’t think we’ll see too much change from where we are now, although inventory has seen a slight uptick for the first time in a year. Additionally, interest rates have also risen by a small percentage, but that won’t have a major impact on the market. It’ll still be a hot seller’s market where sellers are able to get top dollar for their homes and buyers can take advantage of low interest rates.
If you have any questions about buying and selling homes or anything to do with real estate in general, don’t hesitate to reach out to me. I’d love to speak with you.
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