Today, we recap what we saw in real estate market in the Greater Sacramento area in 2014 and what you can expect to see over the next 12 months.
When asked how the market is doing, we tell people the answer is dependent on three key questions:
- Which area?
- What kind of property?
- What price range?
There are huge differences in market conditions once all three of those factors are considered. To get an idea of what our market looked like in 2014, we took a look at Central Sacramento, Folsom, Elk Grove, Roseville, and Granite Bay to get a general idea of the trends we've seen.
Broadly, we saw an increase in inventory, ranging anywhere from 12% to 33%. Homes that were on the market sat for a longer time, anywhere from 25% to 45%. Homeowners typically accepted offers 3% to 8% below the original asking price. However, there was an increase in the final selling price, as we saw values rise between 4% and 8%.
After looking at those numbers, what can we expect in 2015? Well, we don't expect the market to get more forgiving any time soon. In fact, if interest rates increase, homes are going to be more expensive even if prices stay the same. To save yourself time and money moving forward, you need to adopt an effective strategy when entering the market.
If you're trying to sell in the coming year, you don't want to be one of the people who has their home on the market 25% longer and accepts 8% less money. But how can you avoid this fate? For starters, you can work with a real estate professional who has the necessary resources to get your home sold quickly and for top dollar.
Whether you're selling or buying, you want to take a look at each individual property and really assess it correctly. We can help you make the right decisions by giving you access to helpful information. If you have any questions about the market going forward, or would like our assistance making moves in our market, give us a call. We would love to help you accomplish your buying or selling goals!