"Half of the sales that went into contract did so in 10 days or less."

First of all, people nowadays value the concept of “home” more than ever have before. They’re working at home, eating all their meals at home, schooling their kids at home, and finding refuge from the world’s craziness at home. With all that time spent at home, it’s no wonder that some of us have had to come face to face with the deficiencies of our living spaces. We want more space and more features that can bring us both functionality and peace. 

Second, thanks to record-low interest rates, housing is more affordable than it’s been in recent years despite rising prices. Demand is high, and any properly priced homes in good condition that hit the market are being snatched up almost immediately. 

Why, exactly, is inventory so low? Amid lingering uncertainty, people are likely scared. Plenty of would-be sellers held off on listing because they didn’t want to risk COVID-19 exposure via showings, and many more have major concerns about the future of our economy. For others, opportunity is the driving factor; they see prices skyrocketing and assume that if they wait a little longer, they’ll be able to fetch an even higher price for their home. It’s important to point out, however, that even before COVID-19 hit, we knew that the average homeowner was choosing to stay in their home longer than ever before. 

Throw all these factors into a pot and you get the No. 1 hottest market in the county, according to Realtor.com—that’s right, Sacramento is outpacing every other market! Right now, you’re probably asking yourself, “Should I wait till spring to put my home on the market?” Well, here’s something that may come as a surprise: I believe the spring market is already underway; the supply and demand equations that describe a typical springtime market are present. It’s a fantastic time to put your home on the market. 

I hope you found this update helpful; if you have questions about the market or want more information on a specific real estate topic, don’t hesitate to give us a call. We look forward to hearing from you.