For the first time in recent memory, our local real estate market did not experience a slow down over the winter. The limited inventory of available homes ensured that prices continued to climb and days on the market remained brief.
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Taking a look at Sacramento County, the current median price for a detached single family home during the past six months is $440,000. The median statistics for our generic Sacramento County property is 3 bedrooms, 2 full bathrooms, and a little more than 1,600 square feet of living space with a decent sized yard (0.16 acres). Rental rates in Sacramento will vary depending on where the property is located within the county. For general purposes, I estimate rent to be $1.25 per square foot of living space and in this example, a 1,600 square foot home would generate $2,000 a month in rent.
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Home values are up, interest rates are down, and your neighborhood is highly sought after. Any one of these factors could lead a home owner to consider selling. With so many contributing factors working in concert, they have created a great real estate market and sellers are taking advantage of it. As the air gets crisp, the leaves start to change their colors, and kids are back in school (sort of) is now still a great time to sell?
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