Is This a Good Time to Sell a Home in Sacramento?

Right now is a good time to sell a home in Sacramento.

The thing about selling a home in Sacramento is if it is urgent to sell, whether now is a good time to sell a home in Sacramento is not a question some sellers ponder. If there is no urgency, though, a seller is more likely to ask that question, and with good reason. There are good times and not so good times to sell a home, but none of those situations make the sale impossible, unless you’re underwater and don’t want to do a short sale.

Over the past decade, we have weathered a horrific time in Sacramento real estate and throughout the nation. From 2005 through 2011, sales were depressed and prices fell. Now, much of the turbulence has passed and the market has been on an upward motion ever since. The big price increases are pretty much over for a while, and not every seller is out from underwater, but many who bought in 2007 and forward are making out OK.

The National Association of Realtors just released the REALTORS Confidence Index for July 2015. I participated in that survey so I received an advance copy prior to publication. Although all real estate is local, the story is pretty much the same across the country:

• low inventory
• harder for buyers to qualify for a loan
• problematic appraisal issues
• delayed closings, and
• the looming interest rate increase on the horizon gives buyers pause.

Here are some of the facts released in the Realtor Confidence Index report, which I hope you will find interesting:

• The days on market for May to June in California are mostly under 30, whereas the days on market in Maine are over 90.
• The outlook for the next 6 months in California for selling single family homes, townhouse or condos is strong.
• Buyer traffic in California is strong; whereas seller traffic is weak. This is one sign for a seller that it’s a good time to sell. Easier to sell, but harder to buy. Contingent sales may be more prevalent in California as a result.
• The median price change over the next 12 months in California is forecast at 3% to 4%. The two states predicted to see the highest median price changes are Colorado and Florida, from 5% to 6%.
• Regarding distressed sales, nationally, foreclosures made up 5% of the market and short sales dropped to 2% of all sales.
• Cash sales are still strong at 23% of all buyers, but an interesting fact is 75% of those cash investors are foreign internationals. My mother learned to speak several Chinese dialects, and I wish she were around now.
• The rental market is on a strong upswing, and it’s cheaper to buy a home than it is to rent. Good time to buy and hold.

Overall, I’d say this is an excellent time to sell a home in Sacramento, especially since we are heading into our second strongest season in the area, which starts right after Labor Day. As long as interest rates don’t jump, the market will remain fairly steady into next year.

We desperately need more homes to sell. Call Elizabeth Weintraub at 916.233.6759, if you’re thinking about selling a home in Sacramento. I am a top producer with more than 40 years of experience.