As the real estate market keeps increasing and growing, some cities have been consistently making the list of the hottest markets for the real estate business. One of such cities that has been overtaking its peers in recent times is Sacramento, California’s capital.
The city owes his success story to inside developments, but mainly to the external forces controlling the market. The Southeastern neighbors of Sacramento, San Francisco, and San Jose have been giving the capital a reason to be reckoned with in the real estate market, especially in 2020.
The affordability of the houses in Sacramento, when compared with the prices of the housing market of its neighbors, is the principal reason behind the influx of interest in the city over the last few months. The state’s capital has now become a safe haven to many seeking affordable refuge, while still desiring quality.
This has made the demand for houses in Sacramento on the all-time high, while the listings are also increasing daily.
Sacramento jumped five steps to be the 19th hottest real estate market in the country according to the 2019 statistics, and it keeps getting closer to the top every passing month of 2020. The short distance between Sacramento and its neighbors has also helped buyers to be able to leverage on this.
Working families and other interested buyers in San Jose and San Francisco do not have to drive long from their place of abode.
This is also a positive sign for real estate investors as they can leverage on the current hike in demand in putting their resources in the real estate market with the hope of making a profit from it in the long run.
Boasting an average real estate price of about $115,000 higher than the nation’s average, Sacramento still has a considerably lower housing price than its neighbors do. The average prices of San Francisco and San Jose are almost twice as much like that of Sacramento.
With the arrival of the pandemic, however, the housing industry and the real estate, market has been experiencing marked variations in a number of listings as well as prices of houses.
Several cities have experienced a great decline in inventory listings, and the price fluctuations are dependent on locations.
California has been trying to balance this problem of fluctuation in the real estate market since the COVID-19 pandemic started. Although there was a reduction in price and listings in March and early April, this later became buffered, and what is now seen is the market regulating and normalcy taking shape.
This implies that, soon, Sacramento can continue to enjoy the increase in the market’s value and housing supply. Real estate investors can use this opportunity to invest in the real estate market, especially in a location like Sacramento, which has several factors in its favor.
In truth, no one can say in particular when the pandemic will be over; one sure thing is that some sectors of the economy are beginning to adapt to the situation. Soon, normalcy might return, while we all wait for the pandemic to end.https://www.fortunebuilders.com/sacramento-real-estate-and-market-trends/