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Is the Housing Market going to Crash?

Looking at the Roseville and Sacramento subway area

Roseville, Calif.- I keep being asked, “Will the market collapse?” The housing market I am writing about to answer this question is for Sacramento, Place, and El Dorado counties.

I have looked at the statistics for each county and here is my update on what the market does.

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Listings

There are just over 1,100 listings on the market. A total of 1,639 pending listings and over 1,400 were recently closed. The driving forces for our market are low interest rates, high demand and low supply. Now we see interest rates rising, but they are still historically high.

Most experts believe that it will continue to grow during the rest of the year. The effects of the pandemic may be the reason we have high demand and low stock. Now that many of us can work from home, we see Gulf buyers moving to the greater Sacramento area where prices are lower.

Demand

In addition, we see families wanting to have bigger homes to provide space for work and study stations. Along with the increase in demand, the number of sellers decreased. Often the reason is that sellers do not want people in their homes and perhaps because if they sell, they have to find another place to live in a difficult buyer market.

Inventory

At the moment we have only less than a month in stock. Anything less than three months is a seller’s purchase, four to five months is considered balanced, and anything longer than five months is a buyer’s purchase. Our market is right now sellers dominate.

Based on my experience, what is happening in the market and what experts say on the economy, I do not predict a crash, but it will be a long time before we see our housing market slowing down and moving towards equilibrium.

Julie Jallone

Broker Julie Jalone

If you or someone you know is a homeowner, this is a good time to redeem shares, perhaps more than you think. For buyers, interest rates are still very attractive and if you can find the right home, it’s a good time to buy. If you have any questions, do not hesitate to contact me at MagnumOne Realty Office in Roseville at (916) 899-6571 via email at [email protected] I will be happy to answer your questions.

We specialize in catering to the needs of home buyers and sellers in the Sacramento area, including Sacramento, Placer, El Dorado, Sater and Yuba counties.

Is the Housing Market going to Crash? Source link Is the Housing Market going to Crash?

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