2020 placer county real estate market

01-10-2020 I like to do quarterly updates and here we are in the new year.  Currently we're seeing low inventory which is contributing to the rise in prices.  Supply and demand, simple concept but of course there's more to the story.  Interest rates are near record lows and it's an incentive to keep the market going.  What we're seeing though is more folks refinancing and staying put.  Usually I advise folks that are thinking about selling to wait until early spring to list; however, this year is different.  I have several clients that are getting ready to sell and I'm advising the sooner the better.  For example, I have a house coming soon in Orangevale at 375K.  Currently there are only 2 houses on the market between 350 - 375K and one of them just hit the market.  It's likely that a seller will make more right now than waiting for spring.  If you're looking to sell this year, contract me to come formulate a game plan.  It's just as important to know what not to do for preparing your house for sale. Below are some info about the market as a whole.  This is your Roseville real estate agent signing out.  I'll have a more in depth quarterly review come April.

BUSY '20?

The U.S. housing market is poised for a brisk year. In CoreLogic's latest Home Price Insights report, Chief Economist Dr. Frank Nothaft said, “The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer. The decline in mortgage rates has supported a rise in sales activity and home prices.” CoreLogic predicts home prices will rise 5.3% year-over-year by November.

RATE RANGE

Mortgage interest rates have hovered in a limited range for the last two months according to Freddie Mac. In its Primary Mortgage Market Survey for the week ending January 2, Freddie dubs the activity "welcome news after the interest rate turbulence of the last year, which caused a slowdown in the housing market," and declared that "the low mortgage rate environment combined with the red-hot labor market is setting the stage for a continued rise in home sales and home prices."

RISING RENTS

Average rent rose nationwide according to January's National Rent Report from Zumper. Rent for a one bedroom rose .4% in December to $1,217 per month, while average rent for a two-bedroom increased .1% to $1,440. In its survey of over 1 million active rental listings, Zumper says the majority of large rent growths nationwide occurred in the mid to lower tiered markets.

INS & OUTS

Idaho and New Jersey got top billing in United Van Lines' 43rd Annual National Movers Study. Idaho had the highest number of people moving in, followed by Oregon and Arizona. New Jersey saw the most outbound immigration, followed by New York and Connecticut. United Van Lines has been tracking U.S. migration trends since 1977.

   

Chad Phillips Real Estate Broker Associate  RE/MAX GOLD 916-390-1476 | 2998 Douglas Blvd #125 Roseville CA.  95661 |chad.remaxgold@gmail.com | www.RealEstate-Roseville.com

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