Wednesday, October 10, 2012

Home Prices on the Rise...

I'm going to refrain from calling it an all out, "housing market RECOVERY," but truth be told, there are some GREAT things happening in the REAL ESTATE world right now...

In a recent report by CoreLogic, a property and financial analyst company, "home prices in August rose 4.6% over a year ago, making it the biggest annual leap in prices since July of 2006."

For any Realtors, or any one that bought or sold real estate in the summer of 2006, you remember, this was the PEAK of the market, right before the down turn... So for the housing market to see its biggest "leap in prices since July of 2006" is a GREAT thing!

Now I have some even better news for us in the Greater Sacramento area... CoreLogic's analysis of a 4.6% rise in home prices is based on a NATIONAL level...



If you look at the above graphic from TrendVision, a company that calculates trends in the area, home prices in the Greater Sacramento area are up 10.5% from this time last year! In translation, if you sold your home this time last year you may have received 200K... If you would have waited until this year, you would have received 220K! I don't know about you, but an extra 20K sounds nice to me!!!

Looking at my own research, I can tell you that pending home sales are also up in our area... These are homes that have excepted offers, but all the paperwork and filings take about 30-45 days before they are actually, SOLD.

So, with all this information: August home sales up, Pending sales up... I can tell you that next month's home sales will continue to rise!! All good news for Real Estate as a whole!!

And remember... If you or someone you know has been thinking about buying or selling your home - Me and my team at CapWest are always here for you! Give me a call for a free current market analysis on your property!

916-834-7003