Local Realtors: Housing Market Starting to Bottom Out
The Sacramento Association of Realtors released its October sales numbers this week, and the average price of a new home continued to drop. But local realtors say supply is going down – and they think now is a good time to buy.
Friday, November 23, 2007
To the credit of Sacramento Association of Realtors President Tracey Saizan, she did not use the “light at the end of the tunnel” cliché. But she does think the slumping housing market will soon start to turn around.
Saizan: “There’s no bell that rings when the bottom hits. And right now, prices are down and interest rates are down. And buyers just have to remember that when they purchase a home, they need to look at it for the long term, not thinking that they’re going to turn around in a year or two and make a bunch of money.” (0:16)
Saizan thinks neighborhoods where new homes are still being built – like Natomas and Elk Grove – will see their prices continue to drop. But, she says, landlocked areas like Carmichael, Land Park and Fair Oaks will likely stay close to where they are right now.
In October, the median price for a single-family Sacramento County home fell to about $306,000.