Last time we wrote to you, we discussed home prices trending down. But as of this writing, we are seeing the market pick back up.
Is it like 2021 and early 2022? No, definitely not. Pending sales—meaning a Seller has accepted on offer on their home—in the greater Sacramento area are down 29% compared to this time last year.
While it's still too early for the data to reflect the change we're seeing by being active in the market, we're seeing very busy open houses, multiple offers, waived contingencies, and Buyers paying over the asking price.
The same is true in the Bay Area as well, with some open houses attracting over 100 groups a weekend!
While this is somewhat typical as we head into Spring, the busiest selling/buying season of the year, many felt that the unknowns surrounding interest rates and the economy would keep activity relatively flat.
Don't be fooled though. Buyers are much more picky, so pricing is more important than ever, along with the condition of your home.
That being said, we're still often able to negotiate credits for our Buyer clients to either buy down their rate or to help alleviate the costs of expected repairs or closing costs.
Planning a move this year? Let's talk about putting you in the best position in this roller coaster of a market.
Not Sure How to Upgrade?
"How do I buy my next house if I need to sell my current one first?"
Make an offer contingent upon selling your existing home. You won't finalize the purchase of your new home until you've sold your house. Less attractive to Sellers but this is an option in this new market!
Use a bridge loan. This comes with a few extra costs, but allows you to move into your new home before your existing home goes up for sale. Consider the extra costs a "convenience fee."
Use a home equity line of credit (HELOC). If you have a nice chunk of equity in your existing house, this option also allows you to move into your new home and then sell.
Sell your home and let us negotiate a rent back for you. This option is for those who are really serious about making a move. We'll negotiate time for you to stay in your home after closing, either for an agreed upon price, or maybe even for free, while we find your new home together.
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