Sacramento residents remain hopeful but skeptical of the potential market downturn in the coming months. Plus some words of warning from a local home inspector.
The Sacramento housing market is fairly calm, for now. There is data to suggest that many buyers and sellers are still unafraid to make deals but they're cautious. Homes in the Sacramento County inched up in August to $377,000, up from $371,000 the month before. With inflation factored in, the highest ever valuation (2007) would equal $506,000 today according to the Federal Bureau of Labor statistics.
"We're busy. The market is strong and there are buyers out there," says Kim Macini-Hauch, who sells high-end homes. "[Buyers] are picky... but it feels robust right now."
With the current climate of the housing market being fairly stable, however, some aren't so comfortable. In an interview with the Sacbee, Brent Wilson, a mortgage strategist in Folsom with Finance of America Mortgage, said that "people should be willing to buy a house as long as they aren't over-reaching on their mortgage, they feel their job is secure and plan to hold onto the house for a while in case the value drips.
But there is still much uncertainty, with many who have apprehensions related to the great recession of 2007-2008.
Kurtis Lane of Clarity Home Inspectors has watched the ups and downs of the housing market and says that "if you plan to buy or sell, full disclosure is important to both parties. This is especially apparent when someone needs a buyer's inspector. In some unfortunate cases, previous inspections may have misrepresented or understated work that needs to be done on a home before a salw. Which can be a huge 'gotchya' down the road. So getting all the information from a third party who doesn't stand to gain anything from the transaction of the home or the repairs is one of the best ways to make sure you're getting the most value for you dollar in today's uncertain housing climate."
More from Clarity Home Inspectors: https://www.clarityinspectors.com/
While prices in Sacramento are nowhere near those of the Bay Area, which has a median average value of $900,000, many are forecasting that residents will be priced out of the Bay Area and move into the Sacramento market.
While everything is speculative, some things are certain, "always know the current, real value of your home, and that of any home you're getting serious about purchasing" says Lane. "This includes looking at everything, from the possibility of termites and mold, to roof and gutter inspections."
