September 24, 2022

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Home prices are dropping in Sacramento, along with these northern cities

Home prices are dropping in Sacramento, along with these northern cities

It may not seem like it’s abroad, but the housing heat wave is starting to cool off in parts of California. “I think it’s ironic because a few years ago Sacramento was the hottest market ever, and now we’re putting the other side of the list,” said housing analyst Ryan Lundquist, “in that list compiled by Redfin, Sacramento ranks second in the country to be the fastest market in the country.” For housing cooling. Other Northern California cities include Oakland in third place, Stockton in fifth, and San Francisco in tenth. “The market has been on fire a lot in the past few years and with prices going up, we are seeing a change in the market,” said Audrey Chaney, agent at eXp Realty. The change is good news for buyers. Options, do not include new construction projects. There are now 4,000 homes for sale, Lundquist said, about half of which have seen price drops. “Last month, for the first time in 17 months, average buyers were 1% less than the list price,” Lundquist said. For all sales, buyers paid an average of 4% last year above list price. | Video below | Groveland, Tracy On the list of California ZIP codes where home values ​​have risen, mortgage rates have doubled in the past few months to 6%. Chaney said that even with lower housing prices, it can be difficult to make mortgage payments due to the high interest rate. “A lot of people might get frustrated but the bright side is knowing our numbers get us to a plan, figuring out what’s financial and the cooling market means going back to reality,” Chaney said. “The reality check is that the honeymoon is over,” Lundquist said. “We spent this two-year period in the most aggressive market ever and now the market has turned into something else.” As for sellers, Chaney said they need to adjust expectations for the price they are asking for because the market is changing. | Related | Explanation: Balancing the real estate market means different things for sellers and buyers

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It may not feel like it’s outside, but the housing heat wave is ebbing in parts of California.

“I think it’s ironic because a few years ago Sacramento was the hottest market ever, and now we’re taking the other side of the list,” said residential analyst Ryan Lundquist.

On that list I compiled RedfinSacramento is the second fastest-cooled housing market in the country. Other Northern California cities include Oakland in third place, Stockton in fifth, and San Francisco in tenth.

“The market has been on fire a lot in the past few years and with prices going up, we are seeing a change in the market,” said Audrey Chaney, agent at eXp Realty.

The change is good news for buyers.

They have more choices, not including new construction projects. There are now 4,000 homes for sale, Lundquist said, and of those homes, about half have fallen in price.

“Last month, for the first time in 17 months, average buyers were paying 1% below the list price,” Lundquist said. For all sales, buyers paid an average of 4% last year above list price.

| Video below | Groveland, Tracy on the list of California ZIP codes where home values ​​have risen

Not good for buyers, mortgage rates have doubled in the past few months to 6%. Chaney said that even with lower housing prices, it can be difficult to make mortgage payments due to the high interest rate.

“A lot of people can get frustrated, but the bright side is knowing our numbers come with a plan, knowing your financial situation and knowing what works for you,” Chaney said.

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And the cooling market means a return to reality.

“The reality check is that the honeymoon is over,” Lundquist said. “We’ve had two years in the busiest market ever and now the market has turned into something else.”

As for sellers, Chaney said they need to adjust their expectations about the price they are asking for because the market is changing.

| Related | Explanation: Balancing the real estate market means different things for sellers and buyers