Why the high demand when millions are out of work and thousands of businesses closed? I would think there would be a housing glut - a buyer’s market.
>> I would think there would be a housing glut - a buyer’s market.
Me too, which is why I have never made any money in real estate so far...
...thought for sure when covid hit and airbnb’s were out of business for months and months that there was going to be a glut of investment homes coming onto the market.
Boy was I wrong.
Low interest rates and stimulus checks.
BTW, the time to buy is when interest rates are high. People buy a payment, not a price. And with high interest rates you get lower prices and the ability to refinance when rates come down.
What we are seeing now is the result of low rates - higher prices.
“Why the high demand when millions are out of work and thousands of businesses closed? I would think there would be a housing glut - a buyer’s market.”
SACRAMENTO
How buyers can take advantage of a bustling Sacramento housing market
Even if a buying a home isn’t in the cards for some families now, advocates say it’s about getting the process started.
Author: Van Tieu (ABC10)
Published: 11:16 PM PDT April 11, 2021
Updated: 11:16 PM PDT April 11, 2021
SACRAMENTO, Calif — The Sacramento housing market might be bustling, but advocates for first-time homebuyers say there’s no need to be intimidated by it.
Andrea Vasquez’s house hit the market on Thursday and by Tuesday, it was gone.
“So, it was really fast,” Vasquez said.
Vasquez said her family received more than 20 offers in the span of six days on their Natomas home in October. Many of them were cash offers over asking price from Bay Area transplants.
“We accepted an offer right away,” she said. “It was someone that really seemed to be kind of an underdog in the fight for real estate right now.”
She said the keys were handed over to a single mother who serves underprivileged children in Sacramento.
“We’re very connected to Sacramento and dedicated to the success of it! “ Vasquez said. “And part of that is making sure the people in the community care (about) the community!”
Despite the competitive housing market fueled by an influx of buyers searching within a low supply of homes, there are opportunities, advocates say.
“Don’t let fear be the reason why you don’t take advantage of home ownership,” said Tanisha Broadway, president of the Sacramento Realtist Association.
They say first-time homebuyers, and those who have historically faced barriers to homeownership, should not be deterred.
“Even though the market pressures are real, help is real!” said Tyrone Roderick Williams, deputy executive director of Sacramento Housing and Redevelopment Agency.
The Sacramento Community Home Ownership Initiative is a partnership between the Sacramento Housing and Redevelopment Agency and the Sacramento Realist Association, a minority trade organization committed to increasing homeownership opportunities.
They’ve partnered with two banks to offer up to $22,000 in down payment assistance to qualified families.
“It’s a sellers market so to speak, but this a buyer’s opportunity to get connected to information and resources that will help propel them into home ownership when they’re ready,” Williams said.
Even if a buying a home isn’t in the cards for some families now, advocates say it’s about getting the process started. Their mission is to help families ready themselves for homebuying and walk them through that process.