Sacramento California Home Purchase
This Article On Sacramento California Home Purchase Was Written By Arlene Di Sessa
Sacramento is the capital of California and is located in the northern-most point of California’s Central Valley. Being the sixth largest city in California, and home to the Sacramento Kings and the Sacramento River Cats, Sacramento is a very desirable place to live. There are plenty of activities in Sacramento, whether it be kayaking down the beautiful American River, shopping in Old Sacramento, or enjoying a concert at the well-known Cesar Chavez Plaza. Sacramento’s historical culture can be re-experienced through it’s many art and history museums such as the Crocker Art Museum, California State Railroad Museum, and Sutter’s Fort. For those that like a nice weekend getaway every now and then, Sacramento is proximal to beautiful Lake Tahoe where visitors can enjoy skiing and boating, dinner cruises on the lake, or fine dining and dancing in the evening. For those that love the ocean, San Francisco is less than two hours away. Anyone looking to buy a new home or relocate should definitely consider Sacramento.
Thinking about Sacramento California Home Purchase? With a population of approximately 467,467, the median age in Sacramento is 33.4 with 42.8% married and 11.87% divorced, and 23.46% have children but are single. The average household size is 2.61 people.
Median household income in Sacramento is $50,661 and median family income is $56,810. Only 12% of households have income in excess of $100,000. A large segment of the population in Sacramento works in Management, business, finance, sales, and administrative support.
Current statistics suggest job growth to be 1.31% with expected future job growth at 34.20%.
What Are The Current Housing Trends For Sacramento County?
Rent prices are increasing at fast paces in Sacramento County. Median rent prices have surged from $1,350 for May 2015 to $1,550 for May 2016. Increased rent squeezes renters’ savings accounts and also makes it difficult to save up for a down payment for a home purchase.
For those looking to relocate to Sacramento, the real estate market is hot! Home values are still recovering from the housing market collapse in the prior decade. Median home prices are approaching $300,000, which is an 11% increase over last year. Consumer demand is high and inventory is low. It is very common for sellers to receive multiple offers, often times far above list prices. Further, market predictions speculate that home values will continue to rise by as much as 4% in the next year. For those of you waiting on the sidelines, experts explain that the current housing prices are still far off from the housing bubble peak of August 2005, where the median home price in Sacramento was $372,000.
Definitely Not A “Soft Market”
What is a soft market? A soft market, as defined by Investopedia.com, is where prices rapidly drop and sellers compete to find buyers. Prices fall as inventory surpluses create a decrease in supply and demand. This leads to longer days on the market for sellers, lower or lesser offers, and more concessions to buyers. Definitely not the case for the Sacramento real estate market today as a shortage of inventory leaves sellers with the upper hand. Most open houses are crowded and buyers are rewarded with multiple offers on homes that are far above their asking price.
If you are looking to buy a home in Sacramento now is a great time to buy. Real estate industry experts suggest that current trends in real estate point to a return to normalcy, which a is a far cry from the rocky shifts we have experienced throughout the last decade.
About The Author: Arlene Di Sessa
This article on Sacramento California Home Purchase was Arlene Di Sessa is a senior writer for Gustan Cho and Associates. Arlene Di Sessa is the branch manager of the Rocklin, California branch of The Money Store and her territory will be the Sacramento, California area. Arlene Di Sessa is a seasoned tax and accounting professional with over 20 years of experience in taxation. Arlene Di Sessa is a senior writer for Gustan Cho Associates and an accounting professional with advanced experience in individual taxation and California business tax laws. Arlene Di Sessa has extensive experience in setting up accounting and financial records for new business start-ups. Experience includes seven years of audit work, 20 years of income tax preparation, and three years in tax debt settlement and negotiation. Arlene Di Sessa’s passion is helping others and being armed with her extensive accounting experience and being an expert in real estate and finance. Arlene Di Sessa will be partnering up with Gustan Cho Associates and will be a full service mortgage banker specializing in FHA Loans, VA Loans, USDA Loans, Conventional Loans, FHA 203k Loans, Reverse Mortgages, Jumbo Mortgages, Non-Conforming Loans, and Commercial Loans. Arlene Di Sessa’s specialty will be originating mortgage loans with no lender overlays. Arlene will be a direct full eagle mortgage banker. If you have any mortgage lending questions and are considering a Sacramento California Home Purchase and like to go over case scenarios and know more about the area, feel free to contact Arlene Di Sessa at 530-813-0661.