Increasing interest rates & more empty houses... Where is this market going?
As a local agent I have seen the market in Rocklin, Roseville and Sacramento take its plunges and reach its highs. But, recently, I have noticed a larger number of homes on the market with price reductions and despite the discount, are still sitting there empty. As of now, there are a total of 64 homes on the local real estate market and 7 price reductions just today.
The average price per square foot for Rocklin was $174, an increase of 28.9% compared to the same period last year. The median sales price for homes in Rocklin for May 13 to Jul 13 was $372,000 based on 306 home sales. Compared to the same period one year ago, the median home sales price increased 28.3%, or $82,000, and the number of home sales increased 11.3%. There are currently 147 resale and new homes in Rocklin real estate listings, including 154 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Rocklin was $411,661 for the week ending Aug 07, which represents a decrease of 2%, or $8,393, compared to the prior week.
What will happen next?
The Real Estate Market has officially changed. Interest rates went up a full point in the last month alone and buyers are waiting on the sidelines for another drop in rates. A drop that may never come, or rates that will just keep rising. I've never seen anything quite like it before.
I like to call it like it is.... Scary.
Let's see what happens in the next couple months. Hopefully like every other spike or plunge this market makes it will even itself out, but if you plan on buying, selling or investing in Real Estate in the near future, it's always best to stay informed and prepare when you know you'll be traveling those waters.
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