April Real Estate Market Update - Greater Sacramento - California - National Trends

The Market is always changing, and I want to make sure my inner circle has the best information at their fingertips to share with their friends and family.      Quick Market Update: The market feels like a sellers market across the board, but there are hot and cold areas and homes. Even since the release of this video I have competed on multiple offers on most worthy homes both in higher prices ranges and starter prices ranges. I have also had listings that have hit the market and have not gone pending right away. This shows buyers are cherry picking the right homes, and have less desire to compete on homes that need work or are not priced well.    Sellers:  Now is the time to get your home on the market if you’re thinking of selling in 2024. The Sacramento Market peaks out in May / June each year and then prices begin to drop until the bottom out in Jan / Feb of the following year.    Buyers:  Getting in sooner is better than waiting. We are going to see the prices grow the fastest in the coming months and peaking out around July. Interest rates have also been on the rise which plays a much larger role in monthly payment than purchase price.   Interest Rates Interest rates provided here are only provided as a national average, and can vary from person to person, and lender to lender. I can help you find a lender with exceptional service who does not charge points or fees when you’re ready. A no fee, low interest rate lender, will keep your costs down, improve your experience, and help you to qualify for more houses with a smaller payment. They can beat other lenders because of how compensation for lenders is calculated. Smaller companies have less overhead, thus are able to outcompete larger companies.  By my calculation 7.42% - Historical Median Interest Rate from 1971 - 2023   In RED below, you will see more recently we broke 7% interest rates for the 3rd time, with rates trending upward.  Detailed Sacramento Market as of the last published report: The Sacramento County (including City of West Sacramento) data below: Median Price Month / Month- grew 2.8% vs last month 3.9% Median Price Year / Year - Is up 9.9%, March was 7.2%, showing stronger sellers market Housing Inventory - Inventory is keeping pace with demand, down about 0.2% from last month.  Current Median Price - as of the end of March 2024 is $550,000 up from Feb $535,000.  Median price is on an upward trajectory but lower than the all-time high price of $575,000 in May of 2022, 2022 was notably before interest rates continued to drastically increase. Though all signs point to us potentially reaching the all time high this year or at least very nearly, despite interest rates.    California Market: Redfin data shows: California year over year growth of 10.3% Sacramento County Only (not including City of West Sac) to be 9.0% growth year over year Placer County is up 3.3% El Dorado County is took a huge jump up from 10.2% from last months numbers of 3.2%  Note: County Data is vast with numerous rural areas. If you want specific data on your Zip Code please let me know and we can discuss your specific needs.  Nationwide: We are seeing growth across all regions year over year nationwide, albeit, slower than Ca and slightly down to 4.8% from last month's 5.7%. I feel interest rates and concerns about the stock market playing a bigger role is creating a more sluggish month in March going into April.  Sources: https://www.nar.realtor/blogs/economists-outlook/latest-existing-home-sales-data-graphs https://www.redfin.com/state/California/housing-market https://sacrealtor.org/housing-statistics/ https://fred.stlouisfed.org/series/MORTGAGE30US https://www.car.org/marketdata/data/ftbhai/

Greater Sacramento March Market Update

This is an example of the data I study consistently and share with my clients one on one. Do you think this type of data is helpful? If you’d like to see more of this please let me know.    Quick Market Update: The market is moving quickly this year. Even since the release of this video I have competed on multiple offers on most worthy homes. Particularly those with pools or that are perfect as well as priced well seem to sell for quite a bit above asking right now.    Sellers:  Now is the time to get your home on the market if you’re thinking of selling in 2024.    Buyers:  Getting in sooner is better than waiting. We are going to see the prices grow the fastest in the coming months and peaking out around July.    Detailed Sacramento Market as of the last published report: The Sacramento county real estate market median price, including the city of west sacramento is growing month over month by 3.9%.  The year over year growth is 7.2% for the median price.  Currently housing inventory is keeping pace with demand. Finally, the current median price as of the end of February 2024 for the greater Sacramento area is $535,000. This is on an upward trajectory but lower than the all-time high price in the area of $575,000 in May of 2022 notably before interest rates continued to drastically increase through 2022. Though all signs point to us potentially reaching the all time high this year or at least very nearly, despite interest rates.  California Market: Redfin data shows California year over year growth of 11.2% and shows Sacramento County only (not including City of West Sac) to be 9.4% growth year over year, which feel about right with the competition I’m seeing. Though it shows Placer and El Dorado have lower year over year growth, keep in mind these are vast counties with numerous rural areas. If you want specific data on your Zip Code please let me know. As in the cities, you’ll find it closer to the State or Sacramento Averages.     Nationwide: We are seeing growth across all regions year over year nationwide, albeit, at a lower rate of growth around 5.7%. This goes to show the seller’s market is National and not just a California problem.

Closing Cost Most Home BuyersDon't Know About in California

Most buyers, particularly first time home buyers, only budget and save for their down payment. Whether you're a cash buyer or buying with a loan, there are always additional costs in the process of buying a home and I'll outline them below. There are even more costs and fees when a buyer is using a loan; hopefully, they chose a lender who offers excellent service with little or no fees and low interest rates, to save on their total closing costs, but if there's a loan involved and a buyer has less than 20% down they will be required to pay upfront for property taxes. Prepaid Property taxes typically amount to several thousand and into the ten of thousands depending on what time of year it is how expensive a home is. Another upfront cost with a loan that will need to paid for is prepaid homeowners insurance. It's worth noting that as of 2024, many insurance companies in California and around the Sacramento area have increased or are going to increase their rates at least 30% going forward.   Here are examples of expenses a home buyer should budget for in addition to their Deposit: -Escrow Fee -Owners Title Insurance Policy -Transfer Taxes -Natural Hazards Disclosure -Home Warranty -Inspection Costs   Buyers Using Lenders: -Prepaid Taxes -Prepaid Insurance -Appraisal Fee -Lenders Fees (Vary by Lender) -Lender Interest Rate Buydown Points (are negotiable to further reduce interest rate or allow for a larger lender credit to buyer)   #realtor #realestate #homebuying #homeselling #homesweethome #california #sacramento #successmindset   For a 60 second or less version of this article, check out the "This Short Video"Check out More Home Buyer information  Check out More Home Seller information 

NOT about Real Estate - Are there less fortunate who you know who need help?

          My mission is to serve my community by sharing my God given blessings. This time I'm specifically looking to serve those who are less fortunate and need help. I'm not above doing manual labor, in fact, I enjoy it when it's helping people in my community. I'm part of and have connections with communities that can help pay bills for those in dire need. I have helped with small project for the elderly. I've helped folks with small odds and ends projects. I'm looking for more ways to give back and need your help. My heart has always been that of a servant, and though Real Estate is how I make a living, I want to make sure as a human being I'm there for my community. You know, I had a hard time finding the words and courage to put this out there. I felt it could come off as disingenuous, even though I know it came from a thoughtful giving place, after a couple of months of going back and forth I felt I was called to send this out and let my community, you or anyone in your life, know exactly what my mission is. The offer doesn't only go for you, think of your Grandparents, or families in your life. My heart goes out to the elderly and struggling families the most. So please be thoughtful, and share or connect me with someone you feel could benefit from a helping hand and I will do my best to help in any way myself and my community can. God bless you and thank you for your time and trust.   If you enjoyed this video and want to learn more please subscribe to my Youtube channel. #home #firsttimehomebuyer #sacramento #california   For a video version of this article, check out the "This Video"   Check out More Home Buyer information  Check out More Home Seller information