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Seasoned real estate agents feel the ups and downs in their cyclical patterns each year. Realtors in Sacramento, CA know that regional home prices tend to take a dip during the summer. For this reason, opportunistic home buyers tend to look for deals during this season, and they are quick to bring up environmental or climate factors that may bolster their bargaining power.
House hunters are not shy about mentioning high temperatures or drought conditions in connection with home improvements related to paint, resurfacing, lawn irrigation, etc.; essentially, anything that they can use in their favor to reduce the sales price.
A Great Summer for Home Sellers in Sacramento
For the summer of 2016, realtors in Sacramento aren’t seeing the traditional price drops. In fact, the current market trend has favored sellers over the last 12 months with an increase of $22K in terms of median home sales. A recent report from the local public radio affiliate indicates that single-family homes and condominium units in Sacramento have experienced increases not only in value but also in sales activity.
One promising factor for the Sacramento housing market this summer is the availability of down payment assistance programs for first-time home buyers. Savvy real estate agents will be assisting house hunters to qualify for these programs, which can offer savings of up to $78,539 in the Sacramento metro area.
It is almost safe to say that Sacramento will be a seller's market this summer; however, homeowners who would like to receive bids near or above the seller’s asking price should stay competitive by doing the following:
1. Improving curbside appeal: This includes making sure that the lawn looks nice, green and welcoming to buyers.
2. Preserving structural integrity: House hunters these days are known to demand a home inspection in the early negotiating stages.
3. Energy efficiency: An aging air conditioning unit that has not received maintenance this year is likely to be noticed by home buyers in a hot summer day.
To get an idea of how the local market will hold up during the summer, it helps to consider the April CoreLogic report on median prices, which went from $270K to $295K in just 12 months. In other words, Sacramento home prices have bounced back to their 2007 level, before the real estate bubble burst.
About the Author:
This article is written by Eagle Realty. Owner/broker Shaun Alston is a member of the Masters Club, which means he is in the top 10% in Real Estate Sales in the state of California.