NorCal housing market ‘competitive’ even as interest rates rise

Sacramento-area buyers and sellers brace as interest rates spike after years of relief. “Instead of seeing multiple offers, five, six or more, we get a few offers,” said local real estate agent Ahrash Zamanian. Zamanian explained that fewer offers are finally giving buyers a chance, but the overall real estate market is not cooling down. “We just had a little 2 month old baby…hoping to get a bigger space for her play area and stuff like that, but let’s see how it goes,” said a potential buyer visiting a doors day opened in Folsom with Zamanian. “The housing market has been completely bananas for the start of the year, unreal and really price growth over the past month or so we’ve seen the market start to change temperature” , Sacramento appraiser and housing analyst Ryan Lundquist said t year. , but Lundquist notes that even at this lower rate, the number of offers is still significantly higher than one a decade ago.According to the Federal Home Loan Mortgage Corporation, fixed-rate mortgage averages are the most bred since 2009. beautiful suddenly people think they’re going to keep going up, but nobody really has a crystal ball on that,” Lundquist said. Local property experts are advising against buying a home at this time due to market pressure and current interest rates. Experts say a general rule of thumb is to spend 28% or less of your gross monthly income on a mortgage.

Sacramento-area buyers and sellers brace as interest rates spike after years of relief.

“Instead of seeing multiple offers, five, six or more, we get a few offers,” said local real estate agent Ahrash Zamanian.

Zamanian said fewer offers are finally giving buyers a fighting chance, but the overall real estate market isn’t cooling.

“We just had a little 2 month old baby…hoping to get a bigger space for her play area and stuff like that, but let’s see how it goes,” said a potential buyer visiting a doors day opened in Folsom with Zamanian.

“The housing market was completely wiped out at the start of the year with unreal price growth and really over the last month we’ve seen the market start to change temperature,” said valuation and analyst Ryan Lundquist. housing in Sacramento.

According to regional analyzes by Lundquist, the Sacramento area is in its 11and year of growth, with house prices up about 15% compared to the same period last year.

Seventy percent of properties over the past two years have received multiple offers, that percentage has dropped to 55% in recent weeks, but Lundquist notes that even at this lower rate the number of offers is still significantly higher. higher than ten years ago.

Fixed-rate mortgage averages are the highest since 2009, according to the Federal Home Loan Mortgage Corporation.

“No one predicted that mortgage rates were going to get closer to 5.5%, so I think in terms of the future, a lot of people think they will continue to rise, but no one really has a ball. crystal clear in that regard,” Lundquist said.

Local property experts are advising against buying a home at this time due to the pressure being felt by the market and current interest rates.

Experts say a general rule of thumb is to spend 28% or less of your gross monthly income on a mortgage.

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