I think its about time for another real estate update. We're at the end of summer here in 2018, the kiddos are back in school now. What can we expect the housing prices to do in Placer county for the rest of this year and next? It certainly seems like we're in the mist of uncertainty. It's like we're in a holding pattern right now and more inventory keeps coming. The market has shifted from a sellers market in the spring, to a buyers market now. The demand is lower than the inventory. Interest rates also have influenced buyers and investors in Roseville & Rocklin area. Historically 5% is really good, but people got used to rates in the 3's then 4's. I'm in escrow buying an income property and I've locked my rate at 5.25%. The numbers work with me putting down 25%. It's a house in citrus heights that I'll be able to cash flow $400 a month. I couldn't think of a better place to park some cash.
I have 5 listings on the market right now that are all priced well. One in cirby ranch in Roseville, one in Fair Oaks, one in Rancho Cordova and a condo in Rocklin. With several more listings coming soon we're wondering where the buyers are. The condo shows like it's a brand new model. 3 bed 2 bath for 227,000 and we have nada. We hope that this dip is more indicative to the time of the year because this is normal and not a precursor to a market correction that we're due for. Your guess is as good as any. My advise would be to buy and hold as long as the numbers make sense. If it's for your primary then make sure you're comfortable with the payments because you might be looking to stay put for a while. Let's not use our houses as penny banks and refi out the equity. As you can probably guess, I'm pretty conservative, much more so than some of the investors I work with. Until next time... Feel free to call me with your roseville real estate needs.
Chad Phillips - Re/Max Gold