What’s the Scoop on the Housing Market?
Have you been thinking about building an ADU on your property?
Since 2020, the housing market has been more interesting then ever. Demand has been very high and supply has been very low; pushing home prices up at record rates. However, we are now starting to see some supply normalcy with the economic, stock market and interest rate fluctuations. Spring and Summer 2022 has seen an increase in inventory, which provides buyers with more housing options to choose from. The result is a much slower increase in home prices, fewer multiple offer situations and homes selling for over asking.
Where are we now:
- Its taking slightly longer to sell, but still faster than the historical average of 30 days or so.
- Buyers are more sensitive to price and some buyers have backed off due to declining affordability.
- Some buyers that were going to purchase by selling their stocks, have backed off.
- Buyers have more power than they have in the recent past and as such sellers need to be prepared to negotiate (they aren’t entirely in the drivers seat any more).
- Sellers that are priced high are doing price reductions to attract buyers.
Click here for a Market Report on a specific city like Auburn, Rocklin, Meadow Vista. These reports will provide you with current inventory numbers, median price, days on market, etc.
If you are looking to purchase or sell a home in the Sierra Foothills of Placer and Nevada County, contact me. I would be honored to help you.
