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For this Inside Scoop, I wanted to address market conditions and inventory in Gold River. We hear a lot in the news cycle about the real estate market and not all of it is accurate. I also regularly get the question "so how's the real estate market?" Even with higher interest rates and less Buyers, demand still far exceeds supply. If you look at the historic sales data, it's not hard to see that we are still missing about 50% of the market:
What does this mean for pricing? Is the market dropping? Did you miss the boat by not selling in 2021? Here's a quick look at average sales price for the same years:
We do see a small drop in average pricing, but I would argue this is also related to inventory. In 2023, most of the sales were forced - meaning Sellers were moving because life demanded it, not because they wanted to. With debt, divorce and death (the top 3 reasons for sale), homes are often in need of some TLC. If you follow the Gold River market, you know that there is often a big swing in value between an updated home and a home in need of repairs. Following this logic, the decrease in average pricing is connected to the quality of inventory.
What does this mean for you? If you want to know the value of your home or are concerned that you have lost equity, poke me. I would be happy to send you a Comparative Market Analysis (CMA) to give you an idea of what your home is worth. Even if you are not planning to sell, it's always nice to have a snapshot of the market and track your investment. This also helps quiet the panic that the real estate market is crashing.
If you are hoping to purchase a new home in Gold River this year, make sure you connect with me sooner rather than later. With low inventory, the off-market sales are more valuable than ever. If I know you are looking, I can poke you when I get leads about off-market properties and help you get ahead of the game. There are a lot of predictions about the market this year, but what I hold to be true - we are not going to see a drop in the market. Any decrease in interest rate, will push the prices up. So let's work together to figure out what you can do before the house you love hits the market.
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1610 R St Suite 280, Sacramento, CA 95811