2024 Fall Sacramento Area Market Update
- Sep 12, 2024
- 2 min read
The real estate market is indeed in a unique place right now. Mortgage rates have recently gone down, which has excited the real estate community. However, buyers haven't fully shared this enthusiasm just yet. It seems like we're in a "wait and see" period where potential buyers are patient, picky, and cautious about price, condition, and location.
In conversations with industry peers across the country, the term "weird" is frequently used to describe the current housing market. You might have heard things like, “It was priced to the comps, but nobody is even coming to look at it,” or observed the market swinging between multiple offers and complete silence. Buyers are hypersensitive to price points and the ongoing uncertainty about who will bear the buyer’s agent commission due to the NAR lawsuit.
Key Observations
Buyer Sentiment: There’s an uptick in mortgage refinances, but purchase applications remain flat. Buyers are waiting for more affordability and stability before making moves.
Market Activity: In Sacramento, we've seen slightly more closed sales this year compared to last year. However, the increase is marginal, indicating a cautious approach by buyers.
Seller Concessions: Concessions are becoming more common, especially in the second half of the year. This can be seen in nearly half of recent transactions in Sacramento County.
Price Trends: Despite low inventory and increased competition, price metrics have shown only a modest uptick. This is attributed to fewer sellers listing their properties, which has kept prices relatively stable.
Staying Informed & Engaged
I understand that each market affects everyone differently, and I am always here to help you understand how these changes impact you specifically. Whether you’re considering selling, buying, or simply curious about the current market trends, I’m happy to schedule a call to discuss your unique situation.
Feel free to reach out to me directly at 916.838.6110 to set up a time that works best for you.
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