If you’ve lived in or around Sacramento for a decade or more, you remember the housing bubble of the mid-2000s. The market was saturated with new homes being built while irresponsible lenders, “easy credit” practices, and rampant speculation led to a massive increase in the Sacramento housing market’s home values. The bubble grew and grew until finally, it popped, sending home prices plummeting.
Thankfully, those days are long behind us now, and Sacramento has been enjoying a steady increase in home values for years now. Will the trend continue though, or is the Sacramento housing market slowing down?
Will the Sacramento Housing Market Crash Again?
Don’t be afraid, nothing like the mid-2000s fiasco appears to be on the horizon for the Sacramento housing market. The loose financial practices of the previous decade have, for the most part, been replaced by more responsible approaches to loans and mortgages.
While home prices have skyrocketed over the last two years, the probability of an all-out crash is unlikely. We are starting to see signs of the Sacramento housing market cooling off though, so now may be the best time to sell your home as-is for cash to get the most you can out of it fast.
Home prices in the Sacramento region were growing steadily throughout 2018 until mid-June when they began to slow. Since then prices have fluctuated but remained relatively steady at a median of about $360,000, which is still a healthy number.
The all-time median sales price high in Sacramento County was $387,000 at the height of the 2005 bubble, although compared to a year ago, today’s prices have fallen off a bit. More concerning is the fact that home sales have decreased more significantly than home values, meaning it’s going to start taking a lot longer to sell your home through traditional listings.
Gone are the days of twelve potential buyers aggressively vying for every single house on the market. Most experts are warning that while they don’t expect a sudden, drastic dropoff in real estate prices, that the market is starting to turn towards favoring buyers. This is good news for anyone who’s been standing on the sidelines waiting until they see the Sacramento housing market cooling down to make their move. For sellers though, this is an ominous sign that may be saying, “Get out now!”
What Should Sellers Do?
For years now, Sacramento-area sellers have been in a tremendous position profiting from the booming housing market. All signs are pointing to a downturn though as we’ve seen in recent months. With that in mind, if you’re contemplating selling your home now or in the near future, it may be wise to consider selling it as-is for cash. The traditional process for selling a home is long and expensive even in a seller’s market.
If your home needs significant repairs, is an inheritance you don’t want to keep, is a rental property you are tired of maintaining, or if you’re simply behind on payments, now may be your best opportunity to walk away with cash-in-hand and avoid the headache of dealing with a regular real estate listing. Otherwise, the process will be difficult, time-consuming, and depending on how long it takes to finalize, more costly. What you need is an honest, reputable cash home buyer in the Sacramento area, and 800-Buy-Kwik is the perfect fit!
Our cash for homes buyers are ready to give you a free quote for your house in under 24 hours. Call us today or request a cash offer online now and avoid the regret that comes with hanging on too long and losing money on your home.