There are several factors affecting the local housing market, including migration from California to other states with a lower cost of living, including Idaho, Arizona and Oregon. Another big factor
Market Snapshot of Sacramento and beyond
Dated: November 4 2020
There are several factors affecting the local housing market, including migration from California to other states with a lower cost of living, including Idaho, Arizona and Oregon. Another big factor is 50% of the workforce now works permanently from home (MIT Research study)and is no longer constrained by job location defining where they live. Interest rates have hit a new low 9X in 2020 (Tim Lucas, The Mortgage Report), averaging 2.86%, giving buyers more buying power than ever before and creating pent up demand, exacerbated by an historic inventory shortage, now close to 19% drop year-over-year (NARS Existing Home Report). One factor in the inventory shortage is the average time sellers remain in their homes has increased from 6 years in 2008 to 13 years today and that shortage is keenly felt by first time home buyers looking to buy.
If you are thinking of leaving CA, https://youtu.be/N5obS81_LTs, I can help you through the process of selling your home, refer you to a great local Realtor for your next purchase and ensure a smooth transaction.You've got options, let's talk. Call/text me at 916-549-7196
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Inventory's down, demand is high, so pricing your home to sell should be simple. Yes , most listings have at least 2 or more offer's and that drives the price up( supply & demand) right?