Homeowners in and around Sacramento have had a heck of a year (well, so has everyone). People who were planning to move may have put their plans on hold while others lost their job and had problems making their house payment on time. Ah, COVID. Real estate trends haven’t been as predictable as you might hope. As the economy begins to rebound, what does the reopening of the world look like for real estate?
There are a few real estate trends to keep in mind for the coming months. Should you sell your home? Is now a good time to refinance? Let’s talk about Sacramento real estate trends for summer 2021… and probably beyond.
Record Low Interest Rates
Interest rates are really low right now (as low as 2.53% as of late April, 2021). While they may increase a little this summer, they are likely to remain really good for the rest of the year. If you were thinking about refinancing, summer 2021 wouldn’t be the worst time to do it. It’s also a good time to consider buying a new home if you’ve been fortunate enough to remain employed. Most homes in Sacramento are selling within 40 days on the market. Or, you can sell to California Family Homebuyers and close in just a few weeks (sometimes faster!).
Higher Than Asking Sale Prices
According to Realtor.com, Sacramento homes were selling for 3.1% over asking price as of March, 2021. Given that things will remain a seller’s market, you may be able to sell your home for over asking well into the summer. Of all Sacramento real estate trends, this one might be the most exciting for sellers who are open to moving. You should still price smart. You want to remain aligned with comps in your area. If you upgrade a few amenities in your home, such as countertops and HVAC, you can sell for even more. Remember that niche upgrades like adding a hot tub or bright red cabinets may not yield the return you were hoping for.
Increased Median Home Values
Year over year between spring 2020 and spring 2021, home values in Sacramento increased by more than 13%. Some experts say that home values in the area will continue to increase until at least the 3rd quarter of 2021. Again, if you were already thinking of selling, summer 2021 might be a great time to do it. Sacramento is in the top 10% of real estate appreciation nationally. While real estate trends can sometimes change on a dime, we think summer 2021 will continue to be a seller’s market.
More Available Inventory
During COVID-19 (and, really, before that) there was a lack of available inventory in Sacramento. As things open up and people begin to move about the world, we predict that there will be an increase in home up for sale this year. But that doesn’t mean you have to rush to sell your house to the first offer. Given the great increase in home values, you can still expect things to remain a seller’s market. What more inventory means is that you’ll have to work a little harder to market your place. You might even want to put some extra effort into curb appeal and staging to make sure your home still stands out.
Real estate trends for summer 2021 are looking up for sellers. If you have repairs you’re unable to make or you just want to get out fast, consider selling to an in-person investor. At California Family Homebuyers, we buy homes in Sacramento in all sorts of conditions. You set the closing date and we will negotiate a move out date together. Give us a call today to see if we can help you sell your Sacramento area home fast today!