Slow but Steady
The Folsom October home sales numbers are in, and one thing is clear; sales remain soft, but prices are rising, as limited inventory means the buyers who can afford to, are stepping up, and prices are rising.
Experts are predicting that the recent trend toward lower rates will continue in 2024.
While that is good news for borrowers, many homeowners are holding out, enjoying low rates, and won’t sell without a compelling reason.
There are many homeowners who would like to downsize, move closer to family, or get out of dodge, but the idea of trading a 3% mortgage for a 7% isn’t too appealing.
Still, people will only endure inconvenient or undesirable living situations for so long, and we may see some bite the bullet and sell in spite of rates.
Check out the inventory of Homes for sale in Folsom shows virtually the same as last year, with a slight bump in closed sales, shortened days on market and rising prices.
If rates do indeed continue to fall, it may be easier for homeowners to make their moves and list their properties.
As always, time will tell.
Any questions? Drop me a line.
Steve Heard – eXp Realty of Northern Ca, Inc – DRE#01368503
916 718 9577 – firstname.lastname@example.org