A recent report from real estate research firm Zillow reveals that the number of Sacramento area homeowners who were considered "underwater" — meaning they had a higher balance on their mortgage than what their property was worth — decreased significantly from the fourth quarter of 2012 to the fourth quarter of 2013.
According to the Sacramento Business Journal, only 20.5 percent of residences in the Greater Sacramento area had negative equity at the end of 2013, compared to 41.7 percent the previous year.
"[This is] good news for Sacramentans whose homes lost so much value during the Great Recession their mortgage surpassed their home equity," states the source. "Negative equity slid by a remarkable amount over the last year in the region, and thousands more homeowners who still owe more on their homes than they're worth could see the equation flip in the next year."
The news outlet reports that this will likely lead to more housing inventory in the Golden State capital and the surrounding area, as homeowners who are "freed from an underwater mortgage" will finally have a good opportunity to put their properties on the market.
If you're interested in selling your Sacramento, Placer or El Dorado County real estate in the coming months, you need an experienced Sacramento real estate agent who can ensure that this process goes as smoothly as possible. Jon Hesse is one of the most successful real estate brokers in and around the Sacramento area, and he and his team can assist you with all of your real estate needs. Contact Jon today to schedule an appointment.