What Do We Know About the Shifting Market?

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Over the last few months, we have seen prices stabilize and sales decrease. We are in the midst of a shift, from a strong seller's market to a more normal, balanced market that you would expect to see this time of year. In our opinion, there are two major reasons for the shift.

The first is affordability. The housing affordability index has gone from 67% to 44% in Roseville, and we've seen similar shifts in communities across the area. The housing affordability index refers to the percentage of people that can afford a medium priced home within a county. The drop in index really means that there are fewer buyers on the market than there have been.

The second cause of the shift is the increase we've seen in new construction. In Roseville alone, we have 8 major builders and 18 new home communities. This new construction is competing for buyers with resale homes, which will cause prices to flatten out and remain stable.

With all that being said, let me tell you right now that the sky is not falling and it's not time to panic. The economy is good, interest rates are still low, and current lending practices are fundamentally sound.

The decision to buy or sell should be based on your personal needs and wants vs. what the market is actually doing. If there is anything we can do to help you out, or any questions we can answer, don't hesitate to reach out.

How Are International Markets Affecting Rates in Roseville?

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It's time again for another Mortgage Minute Update for the Roseville area market.

Due to struggling international markets, the threat of rising interest rates has been put on hold. They remain stable, and will likely remain stable, until markets around the globe begin to recover. It looks like there is now only a 40% chance that rates will begin to slowly rise.

Right now, 30-year fixed-rate mortgages are in the low 4% range, 15-year fixed rates are in the high 3% range, and VA and FHA loans are about .5% lower than conventional rates. We'll probably see a bit of a rise by the end of the year, but nothing significant enough to worry about.

In the past, conventional loan interest rates have been very sensitive to a person's credit score. So, if you have a low score you get a higher rate, if you have a high score you get a lower rate. With FHA and VA, it used to be that everyone over a certain score got the same interest rate, but that's now changing. Soon, FHA and VA rates will be far more sensitive to your credit score, much like conventional loans are.

If you have any questions about the mortgage world, you can reach our preferred lender, Marc Brinitzer, at (916) 761-3760 or MCBrinitzer@APMortgage.com.

Of course, if you have real estate questions, don't hesitate to reach out to us. We're always available to help!

What's Happening in the Roseville Real Estate Market?

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Today I just wanted to provide you with a brief real estate market update for Roseville and Sacramento. I want you to know that it's been a fantastic year so far, and we're looking to continue onward with this momentum. 

Currently, inventory is very tight in the lower price points below $500K. This is pushing up prices, which is creating a move-up market. This is actually creating more demand in our higher price brackets because people are selling with a lot of equity left that they can use to move into bigger and better homes. 

This is causing prices to increase across the board, but this increase is very gradual right now. If you've been looking to buy a home, then now would be the time to do so because prices will only continue to increase. 

If you're trying to sell your home, I need to know what you expect out of a home sale in order to pinpoint what you can expect. 

If you need any help buying or selling in Roseville or Sacramento, please don't hesitate to contact me. I'm always willing to help you!

How's the Roseville Market Doing?

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The most common question we get here at the DeMattei Team is "How is the market doing?" There's no easy answer to this question because it depends on three factors:

• Location: The better the location, the better the market.
• Condition: The better the condition, the faster the home will sell and for more money.
• Price points: This is the most important factor, as market conditions vary greatly among the different price points. 

In our market right now, the under $300,000 market is red hot because there isn't a lot of available inventory. In the $300,000-$500,000 price point, we had about 1,500 homes for sale and we closed 843, which equates to an inventory of 1.8 months of inventory (a strong seller's market). Prices in this price range are stable right now and homes are selling.

The next range is the $500,000-$750,000 price range. In this range, we have 740 homes for sale, and last month we closed 227 homes, for a supply of 3.3 months. This is a neutral market where neither buyers nor sellers have a distinct advantage. If you're a seller in this price range, you really need to price your home in relation to what the comparable sales say it should be priced at. 

We start to see a very dramatic change in the $750,000-$1 million price range. Last month, there were 258 homes for sale and we closed 43, making this a buyer's market. There is a lot to choose from in this price point.

Finally, there is the $1 million+ price range, in which we had 249 homes for sale last month and only closed 12. This equates to a 20-month supply of homes and a distinct advantage for buyers in the luxury market.

The good news is that pending sales are up in every price range! This means we're moving more toward a seller's market in the higher price ranges. In the lower price ranges, it means prices are being pushed up slowly, and homeowners in that price range are building more and more equity. 

If you have any questions about market conditions in your specific area, or if you need real estate assistance of any kind, give me a call or shoot me a quick email. I would love to hear from you!

What Do Rising Mortgage Rates Mean for You?

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Today's blog comes to you from Big Valley Mortgage, the preferred lenders of the DeMattei Team. We're pleased that our good friend, Marc Brinitzer, is here to give us a quick update on the state of the mortgage market!

In the last week or two, rates have been getting better. This is largely because the European central banks have been easing credit. They're injecting about one trillion dollars into the eurozone in an effort to boost the various economies there. Many investors have elected to come to the US because US treasuries are yielding higher amounts, which has effectively lowered our rates a bit.

This means that conventional interest rates are hovering around 4%, and FHA and VA rates are between 3.5% and 4%. According to recent economic reports, job growth has been steady, and lower gas prices have increased the spending power of most consumers. All of this bodes well for the US economy, but there is a constant fear that the Fed will be raising interest rates soon. No one is certain, but it's generally expected that rates will rise sometime this summer.

If you have any questions about the mortgage market, you can reach Marc at (916) 761-3760. For your real estate needs, give us a call or shoot us an email at any time. We would love to help you take advantage of these low rates while they're still around.

We look forward to hearing from you soon!

Where Can You Get the Best Sandwich in Roseville?

There are many great Roseville area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 916-788-8822 for a FREE home buying or selling consultation to answer any of your real estate questions.

 
Today, I'm going to do something a little different. I want to show you one of my favorite places to eat, The Sandwich Spot on the corner of Roseville Parkway and Pleasant Grove.

The Sandwich Spot is owned and operated by Charisse and Mike, who pride themselves on providing a laid back atmosphere in both the front of the house and behind the counter. The key to their success is keeping their employees happy and friendly so they can give excellent service to their clientele. 

Charisse and Mike feel that consistency is crucial when making sandwiches. They want every person to have the same incredible experience. They order a special parbaked bread from Boudin Bakery in San Francisco, giving the sandwiches an irresistibly unique flavor. Charisse's favorite sandwich is the #12, which has hot pastrami, roast beef and salami. My personal favorite is called The Viking, which has hot turkey, sliced avocados, and special sauce. Just thinking about it is starting to make me hungry!

Another cool thing about The Sandwich Spot is they don't use prepackaged products. The meats and cheeses are sliced in the restaurant every day, and the avocado is fresh out of the husk. It's a community restaurant - they call regulars by name and will often have local sports playing on television. Mike and Charisse are hoping to get to the point where people associate Roseville with the Sandwich Spot, and I would say they're well on their way!

The DeMattei Team really appreciates the Sandwich Spot. We encourage you to check them out - order a sandwich, play some shuffleboard, and just enjoy the atmosphere. We really love it, and we think you will too! 

What Are Our 4 Main Reasons to Live in Roseville?

There are many great Roseville area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 916-788-8822 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we're going to share a few reasons why people really enjoy living in the Roseville and Sacramento region. We've put together a list of the top 4 reasons why our area is a great place to live! Let's dive right in:

1. Location: In one direction, we are only 2 hours from Lake Tahoe. In the other direction, we are only 2 hours from San Francisco! 

• Tahoe is one of the most beautiful lakes in the world. Located high in the Sierra Mountains, the Lake Tahoe area has world-class skiing, camping, fishing, boating, and sailing, among many other activities. 
• San Francisco: If you go the other direction, you can expose yourself to the cultural vibrancy of the Bay Area. Drive across the beautiful Golden Gate Bridge and experience the many cultural and historical landmarks this great city has to offer! 

2. Recreation: Within a 30-minute drive from the Roseville/Sacramento area, there are numerous recreation options. 

• Folsom Lake is within 10 minutes of our office. It's a great place to fish, water-ski, sail, or just enjoy the many trails around the lake.
• American River Bike Trail features over 30 miles of bike trails that run from Folsom Lake to Old Town Sacramento. It runs along the American River, so you can enjoy incredible views and wildlife on your journey.
• Sacramento River is a great place to enjoy boating, fishing, or spending an evening at one of the many restaurants overlooking the scenery of the river. Mountain and road cycling are also available. 

3. History and Culture: There's no shortage of culture and history in the area!

• The Gold Rush of 1849 started right here in the Sacramento area, and it has left behind many old mining towns in its wake. Some of these mining towns have sprouted up into major cities, such as Folsom, Sacramento, and Auburn. Many of these areas have original boardwalks you can walk along and see some of the original structures that were built in the gold rush days. 
• The Transcontinental Railroad started here in Sacramento, not in San Francisco as most people think.
• Arts: We have the Crocker Art Museum, the Railroad Museum, the Governor's Mansion, the Capitol Building, as well as a wide assortment of art from the local area. 
• Shopping: The Roseville Galleria Mall is the premier shopping center in the region, and just across the street you can find the Fountain Square, a very attractive shopping mall with many interesting things to see.

4. Overall Quality of Life: People love to work and play here!

• Affordability: Living in this wonderful area is completely affordable, especially when compared with the nearby Bay Area. You can get a nice size home, on a nice lot, with many features and amenities, and you don't have to deal with the traffic congestion you'll find in metropolitan areas.
• Quality education: You'll find some of the best high schools in the state of California in Placer County. 

 
There are many reasons why we think our area is one of the best places to live in California. If you have any questions about our list, or if you would like us to show you around the area, give us a call or shoot us an email. There are many benefits to setting up shop in our area, and we would love to prove it to you!

What Can You Expect from Roseville Real Estate in 2015?

There are many great Roseville area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 916-788-8822 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hello, and welcome to 2015! Today, we take a look at recent trends in real estate so you can get an idea of what to expect in the coming months.

Inventory

In December, there were 4,000 homes for sale in the Roseville area. That number was substantially lower than what we saw in September of 2014, when we had 5,871 available homes. This substantial drop in inventory is common - many people take their home off the market before the holidays. As we get closer to the spring months, we will see inventory increase.

Prices

Prices have been stable since April 2014, as they've only fluctuated between $178 and $183 per square foot. We expect the stability of prices to continue; interest rates are still incredibly low and will continue to draw buyers into our market. At the same time, there are going to be a lot of sellers putting their homes on the market, and builders continue to add new inventory to the market as well. These two factors will counterbalance each other, and prices will remain stable.

All these statistics are based on our three county area: Placer, El Dorado, and Sacramento counties.  Each neighborhood, in each county, has different buying and selling conditions. If you want specific data for the area you're interested in, don't hesitate to give us a call. We're here to be your real estate resource! 

We look forward to talking with you, and we wish you a very happy and prosperous 2015!

Roseville/Sacramento Area Real Estate Snapshot for August

There are many great Roseville area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 916-788-8822 for a FREE home buying or selling consultation to answer any of your real estate questions.

Recently, we've seen some interesting trends in Eldorado, Placer, and Sacramento counties. We've moved from a seller's market to a neutral market, which means neither the buyer nor the seller has a particular advantage. Here are the current numbers:

• Inventory of available homes is up 31% compared to August of last year.
• Number of homes sold during that same time is down 12%.
• Price per square foot is about $181 over the last four months. 

What does this balanced market mean for you? We think the reason buying activity has slowed down is many institutional investors who were buying in our area a year ago have left. This means prices are no longer appreciating.

If you are selling, you need to make sure your home shows in its best light, that it stands out from the competition. To do this you need to market and price it aggressively to attract the right buyer. If you are a buyer, you have a lot of fantastic homes to choose from and interest rates are still at historic lows. So now is a great time to lock in a great rate for a great home.

As you know, real estate is local. Because this information may not apply to your specific neighborhood, we invite you to give us a call or shoot us an email. We would love to discuss market conditions in your area and help you determine your options. Thanks for stopping by our blog - have a great day!