Three Important Facts About Sacramento Real Estate
Are you concerned about soaring California real estate prices? Do you worry that you will eventually be priced out of the Sacramento housing market?
Don’t fret! Experts predict that higher interest rates will drive down housing prices in the next few months.
Consequently, 2022 could be the best year to buy a place in Sacramento.
So, what do you need to know before you purchase a property in the Sacramento area?
We have gathered three important facts about the Sacramento real estate market. Hopefully, this information will prepare you for making this huge purchase.
1. Sacramento Has a Great Cost of Living
It’s no secret that real estate in California is expensive. The state holds 70% of America’s priciest zip codes, which can be a deterring factor to potential buyers.
Sacramento, however, offers way better housing prices than other big cities, like San Francisco and Los Angeles.
While Bay Area buyers can expect to spend $1.4 million on a home, the median housing price in Sacramento is a more reasonable $450,000.
But isn’t the quality of life in San Francisco better than in Sacramento? Not necessarily.
Sacramento offers many of the benefits of living in a big city, including active theaters and diverse dining experiences. Its proximity to Lake Tahoe also provides easy access to nature.
All of these fun activities make Sacramento an awesome place to live in terms of price/quality.
2. You Can Save on Foreclosed Properties
Nobody plans on foreclosing on their house. However, it is important to research a city’s foreclosure trends before buying.
The reason? You can save a lot of money by buying a previously foreclosed property.
In Sacramento, foreclosed properties have an average worth of $449,000. They generally spend around five weeks on the market.
The most common neighborhoods for foreclosed properties are East Sacramento, Meadowview, Parkway, Pocket, and South Natomas.
Keep your eye on these areas as you shop around. The best SAC homes might also be the cheapest ones. You might find something great at an even better price!
3. Sacramento Real Estate is Booming
Buying a house is great in terms of achieving a certain lifestyle. However, more importantly, it is a great investment.
Experts believe that property in Sacramento will increase in price as more and more people are ditching San Francisco.
Thanks to the absurdly high prices in the Bay Area, many families are looking to settle down in a different part of northern California.
Sacramento is an ideal option for many of these people due to the more cost-friendly environment.
As a result, Sacramento is projected to grow in the next few years. If you invest in the city now, there’s a good chance that you will watch your property value increase in the long-term.
Learn More About Investing in Real Estate
If you want to learn more about the current real estate market, don’t hesitate to check out our other blog posts!
Read our pieces on mortgage scams and realtors. That way, you can feel prepared as you explore the Sacramento real estate market.