Spring real estate market update & first-time buyer expo

How’s the Spring Real Estate Market?

The main theme for this year is that more sellers have come to market, but the number of buyers is similar to last year. In recent years, many owners locked into sub-3% mortgages didn’t want to buy their next home at higher rates. It seems like some of them are deciding it’s time to move anyway, so new listings are up in the region about 20% compared to last year. But the number of sales is almost the same as last year, so inventory is growing. What does this mean for you?

If you’re a buyer: The competition with other buyers isn’t as high as recent years, and it’s easier to get an offer accepted. More homes are available to consider, and it’s also possible to find some bargains, especially on homes that have lingered on the market for a few months or more. We just got a buyer into contract this week for well below the asking price, with a seller credit to help with closing costs. Deals are happening.

If you’re a buyer: The competition with other buyers isn’t as high as recent years, and it’s easier to get an offer accepted. More homes are available to consider, and it’s also possible to find some bargains, especially on homes that have lingered on the market for a few months or more. We just got a buyer into contract this week for well below the asking price, with a seller credit to help with closing costs. Deals are happening.

If you’re a seller: You’ll need to price your home with a realistic view of the local market. Are there homes near you that are lingering on the market? If they’re similar to your home’s size and condition, you probably need to set a lower price than them. The market is swinging towards buyers, but it’s not totally a buyers’ market yet. Homes that are priced reasonably, with inspections and repairs made before listing, cleaned up, maybe painted, and presented well are still selling quickly. We just helped a seller get into contract after only four days on market because they did all of those things.

Here are some charts, courtesy of our friend and data guru, appraiser Ryan Lundquist from his Sacramento Appraisal Blog. Note the increase in months of supply (a measure of the inventory of homes available), the trend of listings rising faster than sales, and also how the sales trend isn’t uniform across all price ranges — some price ranges are selling better than last year, and some are slower:

First-Time Homebuyer Expo on April 26th

The Sacramento Association of Realtors is holding its third annual first-time homebuyer expo, “Find Your Path to Homeownership,” on Saturday, April 26th, from 10:00 AM to 2:00 PM at the Mack Powell Event Center (2003 Howe Avenue, 95825). It’s a community event, open to anyone looking for guidance on their journey to homeownership. Attendees will gain expert insights into the real estate market, essential homebuying steps, financial planning, and Down Payment Assistance programs.

If you’re thinking of buying, check it out. If you’d like us to meet you there, let us know. Or maybe you have friends or adult kids who are considering buying their first home – share this with them.