How would you describe the housing market? I asked a handful of real estate professionals to explain market trends in Sacramento in July 2013 by using ONLY one sentence. This is first-hand insight in “Twitter-sized” chunks.
Barbara Lebrecht – Realtor/Broker: “Despite rising interest rates and a promising yet small increase in inventory, buyers and investors continue to duke it out for well priced properties.”
Erin Newington – Realtor: “Buyers are starting to get more leverage during negotiations, and Sellers now have to come down off the cloud and get back to reality!”
Eric Peterson – Managing Director Praxis Capital: “The Sacramento market has gone from red hot to whatever temperature is just above luke warm in the last 30 days.”
Jeff Grenz – Realtor/Broker: “Mostly corrected and on its way back to a normal end-user (an employed owner occupant with financing) driven and balanced market.”
Brandy Salazar – VP Folsom Asset Management: “In July, we experienced an increase in inventory and a shift to a more buyer-friendly market.”
Estella Drake – Realtor: “Sellers want to make a killing, buyers want a good deal, valuations all over the map, lending is more challenging, flipping deals are running dry, and on a happy note interest rates are still fantastic.”
Erin Stumpf – Realtor: “Many Sacramento home buyers were shocked into paralysis around the beginning of the July due to the sharp increase in mortgage interest rates, only to be reinvigorated to aggressively search for homes again by the month’s end since they realize rates won’t dip so low again any time soon; supply of homes for sale is still relatively low and demand is still high.”
Ray Henson – Realtor: “There is high demand for a very limited supply of homes in Sacramento and the few homeowners that are selling have little incentive to sell as prices continue to rise month over month”.
Steve Ostrom – Roseville Realtor: “Still hot, but with signs of settling into normal market”.
Any thoughts, questions or stories to share? I’d be curious to hear your take on the market in the comments below.