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A tale of two markets & pivoting when the housing market changes

May 17, 2023 By Ryan Lundquist 9 Comments

Builders are having a moment. New home sales are glowing right now in the midst of depressed volume in the resale market. It’s like there are two different markets happening at the same time. Today I want to share some stats for new construction, but let’s also talk about pivoting.

UPCOMING (PUBLIC) SPEAKING GIGS:
5/22/23 Yolo YPN event (only for YAR members)
5/25/23 TBD
6/1/23 DJ Lenth Event TBA
6/07/23 SAFE Credit Union event for agents (sold out)
6/08/23 Made 4 More event TBA
7/20/23 SAR Market Update (in-person & livestream)

NEW HOMES REBOUND

The past three months have shown a rebound of new home sales in the Sacramento region, and this dynamic is starting to show up in many markets across the country. Anyway, after a sharp downward change in volume for the second half of 2022, this year is starting out strong. It was the second-highest March since 2005 and second-highest April since 2006. These stats ONLY show brand new homes (data from North State BIA).

And here’s a chart to show builder confidence from NAHB. The increase we’ve seen lately shows the market has been improving. Let’s keep watching.

THE REST OF THE MARKET ISN’T GLOWING

Now let’s look at the resale market (older existing homes). The trend is completely different as we’ve basically seen the lowest volume ever. This is a great reminder that the market isn’t the same in every segment. Or a fancier way of saying it is we have a bifurcated market.

Granted, the new home market is so much smaller, but still, it’s a stark contrast to compare new vs existing homes. In recent years we’ve had anywhere from 4,200 to 5,300 annual new home sales in the wider region, but in 2020 and 2021 there were 7,000+ sales. In contrast, the resale market locally tends to have somewhere around 28,000 or so sales in a normal year (not including condos).

BUYERS PUMPED THE BRAKES LAST YEAR

Buyers backed off the new home market last year when mortgage rates changed (see yellow line). For many months in a row contract volume was basically cut in half from the previous year. To be fair, the previous year was a freakishly strong year, but still, the contrast was really sharp.

THE X-FACTOR

Why are builders rebounding? The x-factor is offering concessions to buyers. Credits for closing costs (or upgrades) and rate buydowns have been a tractor beam for buyers. Also, sellers are NOT coming to the market lately as we’ve seen about 40% fewer new listings in 2023. This helps shift the focus for buyers on where homes are popping up – new construction.

By the way, would these properties padded with concessions be selling for that amount without the concessions? This is where appraisers are going to have to carefully analyze the market. The truth is concessions can inflate prices, which is something to watch.

THIS ISN’T THE BEST VOLUME EVER

Is new home volume today outpacing what we saw in 2005? Nope. New home construction was expanding rapidly during that time, and we’re not seeing volume on those levels today. And for the record, new home volume is sorely needed right now in light of sellers sitting, but we have a labor shortage, so builders can’t build fast enough to make up for sellers not listing.

IT’S TIME TO PIVOT

Builders are pivoting at the moment. They’ve basically changed their strategy to stay alive. I realize not everyone can do what builders are doing with offering rate buydowns and credits, but shifting strategy is still key in the resale market. If you are a real estate professional, what do you need to do to pivot in the midst of depressed resale volume? What can you do differently today? What segments of the market do you need to start focusing on? How can you increase the size of your network right now? Who do you need to start getting in front of? What relationships do you need to build? What knowledge do you need to gain? Who are the gatekeepers to getting more business? If you’ve only been focused on attracting one type of business, what other avenues can you focus on? (vacant land, 2-4 units, investors, probate, divorce, second homes, first-time buyers, acreage, leaving California, moving up, moving down, retiring from the state, financial hardship, etc…).

IS OPENDOOR PIVOTING?

Right now Opendoor owns 63 units in the Sacramento region. Before the market shifted last year, Opendoor had about 300 to 330 units, so there has been a significant change. Some think Opendoor is heading toward failure, but for now they are still acquiring properties (7 since April). If anything, it looks like they’re pivoting to survive. Will they be successful? Only time will tell.

I hope this was helpful.

MARKET STATS: I’ll have lots of market stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

Questions: What are you seeing builders offer consumers? What are you seeing them do with their prices?

If you liked this post, subscribe by email (or RSS). Thanks for being here.

The housing market went from an ice bath to a bloodbath

May 9, 2023 By Ryan Lundquist 20 Comments

The housing market went from an ice bath to a bloodbath. That’s a good way to describe the contrast between the dull fall season and the spring. In today’s post I want to highlight national vs local stats, a dead cat bounce, and dive deeply into local trends. I hope this is helpful.

Scroll by topic or digest slowly.

UPCOMING (PUBLIC) SPEAKING GIGS:
5/10/23 Empire Home Loans event TBA
5/22/23 Yolo YPN event (only for YAR members)
5/25/23 TBD
6/1/23 DJ Lenth Event TBA
6/07/23 SAFE Credit Union event for agents (register here)
6/08/23 Made 4 More event TBA
7/20/23 SAR Market Update (in-person & livestream)

HOT NATIONAL STATS & CAPPUCCINOS PER CAPITA

Before getting into the blazing spring, here’s something on my mind… I like to hear what’s happening with national real estate stats, but numbers on the bigger level might not mean anything at all for the local market. It’s sort of like national stats for cappuccinos per capita. That could be interesting, but also totally meaningless locally.

A NATIONAL PREDICTION I’M SEEING SOME TALK ABOUT

Over the past month I’ve kept hearing about 117 housing experts who say prices are going to climb in 2024. After seeing this a few times on social media, I wanted to find the source of the information, which ended up being a poll by Zillow. Here’s the gist. A poll from December 2022 interviewed 117 housing market experts and economists, and they basically predicted a lackluster 2023 and a rebound in 2024 for the national market.

I LIKE POLLS, BUT WHAT WOULD 117 BARISTAS SAY?

I’m intrigued with polls, and I use them in my own practice, but I’m also aware that 117 people looking into the future may not have it right either. I am not diminishing the expertise of anyone polled, but the future hasn’t happened either. I always wonder what these same people predicted last year and what they’ll say one year from now. Moreover, what type of results would we get if we polled 117 surfers, baristas, or teachers? Somebody please do this.

THE NATIONAL MARKET COULD BE DIFFERENT

Okay, back to the national vs local issue. This Zillow poll focuses on the national market, which is not always the same as the local trend. For instance, the Sacramento market had definitive price declines in the early 1990s, but Zillow’s press release described the national trend as “relatively stable from 1987 to 1999.”

THE BIG TAKEAWAY

I’m not trying to be a killjoy, but let’s be careful about forming a local housing outlook from national stats or what experts think might happen nationally. I’m not trying to throw shade on this poll either. It’s interesting. But it might not be meaningful at all for the local market.

——————— big market update below ———————

7% MEDIAN PRICE GROWTH THROUGH APRIL

The spring started out more subdued, but it’s really become competitive. When looking at median price change from January to April, we’ve seen about 7% growth so far in the region. This is pretty decent for the time of year (slightly lower than normal). Based on what I’m seeing in the pendings, we should see some standard if not strong growth ahead in May closed sales. Keep in mind this does NOT mean prices are up 7% for every property. Please look to the comps. The median price does NOT translate rigidly to every parcel or area.

NOTE: Prices rise in the spring almost every year (even in a declining cycle).

And here’s Sacramento County, which is more subdued. Keep in mind the median price was a little higher than usual in January, which is maybe causing the trend to look minimal. I know it sounds like I’m trying to be ultra-positive about prices, but I’m not. I’m only trying to explain why this stat is a bit more subdued.

SHARING POLICY

I welcome you to share some of these images on your social channels or in a newsletter. In case it helps, here are 6 ways to share my content (not copy verbatim). Thanks.

IS THIS A DEAD CAT BOUNCE?

A dead cat bounce is a temporary or short-lived recovery in the price of a declining stock (Wikipedia). The idea is even a dead cat would bounce if you thew it off a building. Sorry, I know that’s graphic. Please send your hate mail to whoever invented the phrase. In real estate we had a dead cat bounce in 2009 when the federal tax credit was introduced. The housing market was declining at the time, but then it got really hot while the tax credit was here. Yet, as soon as the credit ended, we saw prices continue to decline in Sacramento. Well, in today’s market, some onlookers are wondering if the spring season is a dead cat bounce. In other words, the idea is we’re in a declining cycle, and this spring is simply an expected seasonal uptick, and we’ll see declines persist after the hot season subsides. On the positive narrative side of things, some would say this is NOT a dead cat bounce at all. The idea is we’ve bottomed out and we’re going to increase from here on out. Look, I wish I could tell you what will happen, but here’s what I know. The market is not affordable in Sacramento for many people. During a declining cycle we normally see prices drop for 5 to 6 years. Keep in mind what happened in the past isn’t automatically the new template for the future though. Moreover, we’re in a weird spot with sellers sitting, and what happens with inflation, mortgage rates, the economy, and Fed policy can change the feel of things. On a practical note, I’m way more interested in the second half of 2023 after we get through the glowing spring. I do want to say I’m not a fan of saying the market has recovered in Sacramento. That’s the wrong sentiment in my opinion. I think it’s best to say we are seeing a decent to strong spring seasonal market in 2023, and we need to keep watching to understand how the market is going to unfold.

Okay, here’s an awkward analogy. Honestly though, I think it’s perfect.

STILL SEEING FREAKISHLY LOW LISTINGS

We still have more pendings than listings in the region and Sacramento County. This is a lopsided dynamic as a normal market should have a much higher selection of actives. It’s been so tight out there lately, and I feel for buyers. It’s basically a situation where we’ve seen low demand meet low supply. It’s not that we’ve returned to normal.

WATCH FOR THE SEASONAL PEAK

Normally prices peak in June, which really means there was a peak in late April or May (and those pendings close in June). In short, be on the lookout for a seasonal peak because that’s typically what happens around this time of year. Leading indicators will be the percentage of multiple offers, the number of pending contracts, open house traffic, and the word on the street from real estate professionals. Of course, one thing to watch is whether the peak changes this year in light of sellers sitting out of the market.

HOUSINGWIRE PODCAST:

If you need some background noise, here’s a podcast I did with HousingWire last week to talk about the spring market.

HALF THE PRICE GROWTH CAME IN APRIL

Prices felt a bit flat for the first couple months of the year, but March to April was strong. I like this visual because it helps show change over the past two decades. It’s striking to see a higher percentage this year, but it makes sense since the market hit an inflection point in mid-March. This isn’t just about the Dream For All program, but that’s part of it. My sense is we hit a point where supply was so anemic that it changed the feel of the market. Imagine how different the housing market would feel if we weren’t missing 4,400+ new listings over the past few months.

LIFESTYLE IS WHAT MATTERS

Lifestyle. That’s what today’s market is about. Lots of people are sitting and cannot move, but who has incentive to buy and sell regardless of what prices and rates are doing? That’s the question that matters for real estate professionals. My advice? Buckle up, cut expenses, put people first, diversify the types of business you focus on, get in front of people every week, increase the size of your network, add new skills through education, put out helpful content, and focus heavily on people who have incentive to buy and sell due to lifestyle changes. Moving up, moving down, inheriting a property, having a change in family status, letting go of a second home, financial hardship, selling an investment, buying from a landlord, looking for acreage, buying a first home, etc… I know this market has been brutal. Stay focused. Expect to hear NO more than YES. And don’t lose hope. Keep moving forward. One step at a time.

GAINING BACK SOME OF THE LOST GROUND

We are NOT back to peak levels from 2022, but prices in some counties are flirting with late 2021 or very early January 2022 generally. Remember, the trend could be different in each neighborhood, so look to the comps.

IT’S NOT JUST ABOUT PRICES

If we obsess too heavily about prices, we’re going to miss a significant issue in real estate. Volume. Like I keep saying, volume is what pays the bills for real estate professionals – not prices. How many transactions are happening? Typically, we see the number of sales rise between March and April, but that didn’t happen this year. Other than 2020, lower volume in April happened a few times during the prior decade, but it hasn’t happened since 2012 locally. Before calling this a trend, let’s watch the next couple of months.

EXPLAINING WHY VOLUME IS LOW:

The market has felt like a bloodbath in terms of competition, but it’s been really weak in terms of volume. One thing on my radar is whether we start to see more subdued volume because of a lack of listings (or maybe we’re already there). The main culprit with lower volume for so many months has been buyers stepping back due to affordability struggles (rates rising), but if we start to see even more subdued volume ahead, we’ll have to ask if it’s also about a lack of listings. The temptation for some is to blame it all on a lack of listings, but that glosses over the affordability issue. But we may not be able to blame it all on affordability either. Time will tell.

WE’RE MISSING 3,000 SALES THIS YEAR

I keep saying the market feels like 2020 in terms of competition, but it’s 2007 vibes in terms of the number of sales happening. We’re missing about 3,000 sales from the pre-pandemic normal in the region so far in 2023. In Sacramento County, monthly levels have actually been worse than 2007 levels for six months in a row. On the positive side, there have been over 4,900 closed sales in 2023. My advice for real estate friends? Know the stats better than anyone, and focus on the part of the market that is happening.

THE TREND ISN’T THE SAME EVERYWHERE

The market isn’t the same in every price range and neighborhood. Case-in-point. Check out volume by county in March and April. These images compare 2023 with the pre-pandemic average.

Okay, this post is getting long. Some recap visuals.

YEAR-OVER-YEAR

MONTH-TO-MONTH

OTHER VISUALS:

I hope this was helpful.

MARKET STATS: I’ll have lots of market stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

SHARING POLICY: I welcome you to share some of these images on your social channels or in a newsletter. In case it helps, here are 6 ways to share my content (not copy verbatim). Thanks.

Thanks for being here.

Questions: Do you think this is a dead cat bounce? Or have we bottomed out? What are you seeing right now in the trenches of escrow?

If you liked this post, subscribe by email (or RSS). Thanks for being here.

The housing market is hot again (sort of)

April 5, 2023 By Ryan Lundquist 14 Comments

The market is hot again. Sort of. We’ve been seeing a spring seasonal market for a few months, but we seemed to hit an inflection point locally a few weeks ago, and it’s getting REALLY competitive out there. Let’s talk about it. This is a longer post, so scroll by topic or digest slowly.

UPCOMING (PUBLIC) SPEAKING GIGS:
4/12/23 Q&A at Moksa Barrel House (details coming)
4/13/23 Realtist Meeting
5/4/23 Event with UWL TBA
5/10/23 Empire Home Loans event TBA
5/22/23 Yolo YPN event TBA
7/20/23 SAR Market Update (in-person & livestream)

ICE BATH TO BLOODBATH

The housing market was an ice bath in the fall of 2022, but now it feels like a bloodbath with the level of competition. I was expecting the market to heat up for the spring, but seeing 45% fewer new listings so far in 2023 in the Sacramento region has changed the trend. This meme is the best way I can describe the market right now (images from Captain America).

BUT VOLUME IS STILL WORSE THAN 2007

The market is starting to feel like 2020 competition, but we have 2007 vibes in terms of sales volume. That’s what is so weird about today. In fact, since late 2022 monthly volume has been worse than 2007 levels in the Sacramento region. Thus, when someone says the market is blazing hot right now, there’s a major asterisk next to that statement.

LOW DEMAND & LOW SUPPLY HAVE MET

The issue today is we’ve had lower demand since buyers have stepped back from the market due to affordability. But now sellers have also stepped back, and it’s caused low demand and low supply to meet. If we had a normal number of listings right now, the market would feel way different. It’s frankly striking to see competition like this in the midst of a market with so many missing buyers.

ACTIVES & PENDINGS

Here’s one of my favorite ways to show the market right now. I find it’s key to look at the number of listings and pendings by price range to get a sense of competition. Do you see how tight the market is in some price ranges? At the moment there are more pendings than actives in every price range under $700,000. It’s especially lopsided under $500,000 though. This dynamic is exactly why we are seeing bidding wars.

And here’s a snapshot of actives vs pendings. This doesn’t have any context, which is a weakness, but I think it’s important to get a quick glance at the numbers. I’ll share this here and there if you like it (let me know). In short, having more pendings than actives is a freakish trend for Sacramento County, and that sort of dynamic is not normal (it happened in portions of 2020 through 2022 when the market was blazing).

BELOW ONE MONTH AGAIN IN SACRAMENTO COUNTY

We dipped below one month of housing supply in Sacramento County again. This means there is less than one month worth of active listings available to buyers. It’s making it tight to have fewer listings hit the market.

And a few different counties… Basically, every local county has seen inventory drop lately, but only Sacramento County is below one month so far (the entire region is close though at just under 1.2 months).

BRO, I PREDICTED THIS…

Lots of people are acting like it was so expected to see sellers step back from the market like this. I get it because it makes logical sense since the math doesn’t work for sellers. But it’s also okay to be surprised that we’ve seen a whopping 45% fewer new listings in the region in 2023. And it’s no problem to change our narrative when the stats change. For me, the trend right now makes logical sense, but I’m still shocked to see nearly half of all local sellers sitting out. That’s a stunning trend, and it’s made all the difference today. Here’s a tweet from yesterday to tie in predictions too.

TAME PRICE APPRECIATION THROUGH MARCH

We’ve since a spring bounce with prices in the Sacramento region. This is normal to see, and it’s something that happened even in 2007. We’ll see what the future holds as current pending contracts start closing. I’m definitely seeing a higher percentage of multiple offers among pendings in recent weeks, and there are some really lopsided stories about buyers paying above the asking price too. More on that in time.

Anyway, price appreciation through March has been modest at best (county and regional level). In other words, it’s been a slight uptick, and we haven’t seen explosive price growth like early 2022. Pending price data looks pretty modest technically, but we never know how much properties have gone above the asking price until they actually close, so there is a lag in tracking the trend. This is why on the neighborhood level it’s so important for appraisers to talk to agents to understand what current pendings are in contract for. Keep in mind the trend can be way different at the bottom half of the market, so it’s important to look at each neighborhood and price point separately rather than imposing a county-wide trend on every neighborhood.

All that said, one thing I’m hoping to communicate here is the importance of recognizing that intense competition doesn’t automatically mean early 2022 rapid appreciation. We are in such a weird market right now with subdued supply and subdued demand, and we’re going to have to wait to see what happens with prices. One thing that likely isn’t helping is the extra steroid of the Dream for All program. Lower rates lately can bring some buyers back too. Ultimately, the market will figure it out… Well, and Fed and governmental policy will probably be the x-factor in shaping things.

Let’s keep watching.

SELLERS STILL NEED TO PRICE CORRECTLY

It’s really expensive to overpay in today’s market, so overpricing is a glaring mistake. The properties that are getting bid up are units that check all the boxes and/or homes that are priced lower to generate interest. We are NOT seeing overpriced properties getting 10 offers. I’m also not seeing properties with 30 offers when priced at market value either.

THE MARKET IS NOT NORMAL

On the rosy side of the real estate narrative, it’s easy to say the market is back, but that’s not true. It’s still not affordable for a big chunk of buyers, which is why sales volume has been lousy for so many months. Granted, if we start to see fewer listings over time, then sales volume could also be down because of a lack of listings. I find a “hot” market with rising prices is the preferred narrative among many real estate professionals, but the last thing we need right now is higher prices. Moreover, it’s volume that pays the bills. Not prices. Personally, I’d rather see prices go down so more buyers can participate. That seems healthy to me. But I don’t get to make the rules.

NOT ADMITTING THE MARKET IS HOT

I’m finding some doomers are struggling to talk about fewer new listings changing the dynamic lately. My observation is some who perpetuate a doom narrative are so fixated on the idea of the market imploding that it’s hard to admit that it’s getting hot again. I don’t say this as a guy who is a part of the rosy real estate club. I’m on team data, and my goal is to form perspective based on the stats. I’m just saying it’s felt disingenuous lately with social media conversations where some people are so tied to their dark narrative that they can’t seem to be able to talk about a shifting dynamic. Look, we are not affordable, and it would be really healthy for prices to go down. We’ll see what the future holds in this regard. But let’s not miss out on market analysis and conversations right now.

THE DECLINING BOX

Appraisers need to consider which box to check in appraisal reports right now. The market is a mixed bag for sure, and the trend is going to vary by neighborhood. But if we are market experts, we need to be on top of this and let the stats lead us. If the market has changed in recent weeks and months, this means older sales might need upward adjustments if pendings are now higher. I saw an appraisal report this past week where comps from November and December were used without any adjustments, and that seemed off when looking at neighborhood stats. The appraiser said the market was declining, but the trend has changed lately. I would have at least said the trend was flat with some brewing upward pressure. In my mind, the most important thing right now is to really understand what is happening with the listings and pendings rather than waiting for these properties to close in coming months to see the trend then. I’m really against appraisers saying the market is stable if it is declining. Seriously, I despite that. But I’m also against saying it’s declining if it’s not.

I spoke at the ACTS conference this week, and here’s an example of some language I used recently to describe the market.

By the way, it was really nice to meet so many new friends at the ACTS conference. I’m looking forward to being connected.

I hope this was helpful.

MARKET STATS: I’ll have lots of market stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

Questions: What are you seeing happen with prices? Up, down, flat? I’d love to hear your take.

If you liked this post, subscribe by email (or RSS). Thanks for being here.

The housing market will get worse before it gets better

November 29, 2022 By Ryan Lundquist 14 Comments

It’ll get worse before it gets better. That’s pretty much true in lots of ways in life. Going through the teenage years, recovering from injury, remodeling a kitchen… and enduring a housing downturn. Today I have a few things to share, and I hope this will be helpful (especially #3 as you look to 2023).

UPCOMING (PUBLIC) SPEAKING GIGS:
12/5/22 SAFE Credit Union market update on Zoom (register here (free))
1/18/23 WCR Market Update in Cameron Park (register here)
1/19/23 Big market update at SAR on Zoom (details TBD)
1/23/23 Residential RoundUP on Zoom (register here (free))
5/22/23 Yolo YPN (details TBD)

Three quick things:

1) THE MARKET ISN’T THE SAME EVERYWHERE

The housing market is NOT the same in every part of the country, or even every sliver of the local market. Here are two images from John Burns Real Estate Consulting to show what I mean. Read their original post here.

Does anything surprise you on the list? It’s not a shocker that Sacramento made the falling list along with some of the usual suspects we’ve been reading about in media stories.

DIPPING PRICES IN SACRAMENTO

Here’s a look at the preliminary median price for November in the Sacramento region. I’ll solidify this visual in a week when we have more November stats collected. But do you see how the median price this year (black line) is officially below last year (orange line)? As I mentioned a few weeks back, 40% of pandemic price gains have been wiped away over the past six months. That’s not always easy to digest, but it is exactly what sellers need to hear right now. And again, the median is not a perfect metric as it doesn’t rigidly translate to every price range and location.

2) GETTING WORSE BEFORE IT GETS BETTER

Back to my blog title. It’ll get worse before it gets better. Someone saw this visual during a presentation last month and had an epiphany that closed sales volume got really ugly for a couple of years during the previous housing crash, but volume eventually returned to the market. I think the takeaway for this person was to hold on tightly right now, and hope for eventual recovery too. Of course, there isn’t any template for how a housing market needs to correct, so we don’t want to think of 2007 as the formula. But it does make sense to see some volume vanish for a season until the housing market starts to heal by becoming more affordable. It’s impossible to say how long volume will be subdued ahead, but we’ll get more buyers back as affordability increases and market confidence grows.

Worst November in Two Decades: I know this sounds super sensational, but it’s what the stats show. As of now it looks like we’re going to have the worst November in over two decades in the Sacramento region. It’s possible we could slightly surpass 2007 if an unexpected number of sales close over the next week, but November volume looks like it’ll be down about 43% from the pre-pandemic average, and down 49% from last year (Sacramento County is 46% and 50%). No matter how we look at it, nearly half the market is missing. Or we could say half the market is happening. Both trends are accurate.

November Rain: On a side note, all this talk of change reminds me of a classic Guns ‘N Roses song, November Rain.

Nothin’ lasts foreverAnd we both know hearts can changeAnd it’s hard to hold a candleIn the cold November rain

3) EXPECT A SPRING VOLUME UPTICK IN 2023

This might be helpful as you plan ahead for the spring market. It’s important to note that seasonal volume changes can still exist even in a downward market. Check out the visual below where the dark bars represent sales from January to June each year. Even in 2007, one of the worst years on record, we still saw a spring seasonal uptick in volume. This shows it’s really difficult to erase the seasonal trend in real estate – even when prices are plummeting. Granted, we don’t technically know what is ahead for the market, so if rates spike unexpectedly, all bets are off. For now, I would expect to see some seasonality ahead. This makes sense in light of stories from the trenches too where I’m hearing buyers waiting for better inventory in the spring, and some sellers will wait to list in the new year instead of December.

I hope this was helpful.

MARKET STATS: I’ll have lots of market stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

FREE WEBINAR ON DECEMBER 5TH:

I’m doing a deep dive into the Sacramento market on December 5th at 12pm. There is so much to talk about, and I’ll have about an hour. Thanks to SAFE Credit Union for making this FREE EVENT happen. Register here.

Thanks for being here.

Questions: What stands out to you above? What did I miss?

If you liked this post, subscribe by email (or RSS). Thanks for being here.

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