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Local Market Conditions


Sacramento, California Still Selling Real Estate Despite Election Woes

Sacramento, California is the capital of California and the hotseat of local government where a recall of its governor is in progress. But that hasn't slowed the housing market, say local Realtors.

"Sacramento is a prime place to live-and it's still close to recreational attractions, such as Lake Tahoe, ski resorts, the Mother Lode and Napa Valley, that make weekend getaways a breeze," says Realtor Don Hipp. "Of course, Sacramento has always had its own attractions. Right here, we have enough natural delights and cultural events to keep your weekly planners filled year-round. There are a thousand miles of Delta waterways to play on, the American River Parkway bike trail to ride on, and annual events like the world-famous Sacramento Dixieland Jazz Jubilee. Recently, the River Cats minor league baseball franchise built the family-friendly Raley Field in West Sacramento and set attendance records, and Sacramento is home to one of today's hottest NBA teams -the Sacramento Kings."

About the market, Hipp says, "Sacramento continues to experience a seller's market with strong price appreciation. The trend is for houses to stay on the market a bit shorter. The average market time for homes sold in April was 33 days, compared to 36 days in March and 42 in February. Recently I have been seeing lookers turn into buyers as they watch interest rates rise and fear they will be left out if they don't find a home and lock in an affordable interest rate. I expect the market to settle down a bit this year. Homeowners will still see good appreciation, but probably not at the rates that we have seen over the last two years.My overall projection for the market: Still a seller's market, with an upward price trend, but more realistic appreciation."

Says Realtor Randy Hawley, "Sacramento is a thriving real estate market to start with: Sacramento is in a central location to a variety of great things to do in surrounding areas like Reno, Tahoe, River rafting, boating, fishing and the list goes on. In the nearby foothills, there is a great variety of wineries and Old Sac with its early western style is the center point of Sacramento's attractions."

He explains, "Our multiple listing service shows daily activity, example: 300 new listings and 310 that sell daily. Some days are a little different; however, this is the norm. Low supply, high demand. Many buyers are finding that although the interest rates are low, prices keep going up, and they are. You can still find affordable housing here in Sacramento, but, of course, different areas get different prices. The growth in Sacramento has not stopped or even slowed down. Since 2000 and even through 2001 and 2002, Sacramento has set record highs in sales and new building permits every quarter."

Hawley advises, "A lot of people listen to or rely on statewide or national news media statistics, but once you see what's going on here in Sacramento it doesn't look like all this building and expansion in these areas and surrounding Counties point to a suffering or bad economy. Just the opposite. Many home owners and buyers still have an opportunity to take advantage of this market before it gets out of touch. However, a lot of people that could have bought a year or so ago that wanted to wait until prices went down, can no longer sell and buy up or buy their first home.

"In my opinion the Sacramento real estate market is not slowing down," he says. "New listings that are priced right are still experiencing multiple offers and in some cases a multitude of multiple offers. The residential income 1-4 unit properties are a hot commodity and don't last long."

Published: August 25, 2003

Use of this article without permission is a violation of federal copyright laws.




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Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68.


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In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.

     

Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans.


Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR

"The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors

Coverage from WSMV, Nashville - 8-14-2007

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Blanche's fireside chat with Jeremy Conaway, HAR - Click here.

For more articles by Blanche, click here.




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