If you have been considering buying a home in the greater Sacramento area, now is the time to act. That's because the upward momentum of skyrocketing home prices has begun to slow, The Merced Sun-Star reports. For the first time in two years, the median home price in Placer, Sacramento and El Dorado counties appreciated less than 10 percent over a 12-month period.
According to real estate research firm DataQuick, between July 2012 and July 2013, the median home price in Sacramento County rose by 45 percent. Between 2013 and 2014, however, growth had slowed to about 8 percent. That's good news for buyers who want to get the most bang for their buck while also making a strong investment. Chairman of the North State Building Industry Association, David Ragland, says it's important that homeowners and shoppers do not confuse the decelerating growth with that of a flattening market.
"Year over year the price appreciation may have slowed, but it is still well above the 3 percent-4 percent appreciation rate of a 'normalized' market," Ragland told the Merced Sun-Star.
Another factor working in buyers' favor is the number of homes for sale. The Sacramento Business Journal reports that the inventory figure was up 50 percent in July over the same month the previous year.
If you are interested in buying California homes for sale in El Dorado, Placer or Sacramento County, contact me, top real estate agent Jon Hesse. With more than $100 million in completed transactions and a decade working in the local market, I have the experience necessary to help you find your dream home at a price that works for your budget!