Friday, February 14, 2025
58.5 F
Roseville

Will 2008 be better?

C.A.R says NO in their 2008 Housing Market Forecast

The Sacramento Real Estate market will not perform as well in 2008 as most of the state, so says the California Association of Realtors in their Housing Market Forecast for 2008. C.A.R. believes the more affordable markets, Sacramento, Central California and the Inland Empire will experience greater softness in the resale market because of the large number of new homes coming onto the market in recent years.

For the less upper end markets, C.A.R. Chief Economist Leslie Appleton-Young said, “Higher priced regions of the state, such as the San Francisco Bay Area and parts of San Diego, Los Angeles, and Orange counties will react more to affordability constraints.”

Overall C.A.R is projecting home prices to decline 4 percent from their projected median price to $553,000 in 2008 with sales down 9 percent to 334,500 units sold. The forecast was not broken down by region.

“Tighter credit standards, affordability concerns, and a continued standoff between buyers and sellers will contribute to continued weakness in the market going into next year,” said C.A.R. President Colleen Badagliacco. “Now is not the time for homeowners to test the waters, only serious sellers should put their homes on the market in what will continue to be a challenging sales environment.”

The report went on to say the lower priced markets including Sacramento will continue to face fallout from the subprime crisis, tighter underwriting standards and competition from new home developments where price-cutting has been severe. The higher price range markets, especially those with over $1 million median prices will experience less stress.

Overall the report, which is to be released today at the C.A.R. trade show in Anaheim, is not good news for our Sacramento real estate market. One of the strengths or our market, the relative affordability of homes compared to other urban areas of California may be the driving factor in another difficult year for home sellers. The key line in the report and even more important here than most other parts of the state is only serious sellers should put their homes on the market.



Brighter Side

Trending

Find the lowest gas prices in Roseville, Rocklin, & Lincoln

Roseville, Calif. - Gas prices continue to hover around the $5 per gallon mark at many locations around South Placer County.

Open: Auburn Library’s temporary location

Auburn, Calif. - The Auburn Library has opened its new temporary location with modified services and the same helpful, friendly staff to help patrons navigate materials and lead library programming.

❤️Valentine’s or a Scam? Roseville PD reminds you to protect yourself against romance fraudsters

Roseville, Calif.- It's a new year. Are you or a family member looking for that someone special in 2025? Now, more than ever, people are using their smart phone for almost everything, including finding their soul mate

IICA Speech in Roseville

Our knowledgeable and compassionate team provides speech, language, cognitive, social, and feeding services to enhance the quality of our clients’ lives while empowering their caregivers through our unique team approach.

Sierra College President Willy Duncan earns international recognition for economic development efforts

In recognition of his efforts on the team to bring BOSCH to Placer County and his leadership with the Greater Sacramento Economic Council, Sierra College Superintendent and President Willy Duncan has been named the recipient of the 2024 Community Partner Award

Topics

Find the lowest gas prices in Roseville, Rocklin, & Lincoln

Roseville, Calif. - Gas prices continue to hover around the $5 per gallon mark at many locations around South Placer County.

Open: Auburn Library’s temporary location

Auburn, Calif. - The Auburn Library has opened its new temporary location with modified services and the same helpful, friendly staff to help patrons navigate materials and lead library programming.

❤️Valentine’s or a Scam? Roseville PD reminds you to protect yourself against romance fraudsters

Roseville, Calif.- It's a new year. Are you or a family member looking for that someone special in 2025? Now, more than ever, people are using their smart phone for almost everything, including finding their soul mate

IICA Speech in Roseville

Our knowledgeable and compassionate team provides speech, language, cognitive, social, and feeding services to enhance the quality of our clients’ lives while empowering their caregivers through our unique team approach.

Sierra College President Willy Duncan earns international recognition for economic development efforts

In recognition of his efforts on the team to bring BOSCH to Placer County and his leadership with the Greater Sacramento Economic Council, Sierra College Superintendent and President Willy Duncan has been named the recipient of the 2024 Community Partner Award

PCWA Hell Hole Reservoir project approved to increase storage

Auburn, Calif. - At its Thursday meeting, the Placer County Water Agency (PCWA) Board of Directors approved a $5.8 million contract for the Hell Hole seasonal storage increase project, adding to the capacity of the Hell Hole Reservoir so it can

🍀Clover Valley’s long history predating Rocklin

According to Sierra College Geology Professor Dick Hilton, the valley started to form five million years ago as the Sierra range lifted and tilted westward. Runoff streams wore down millions of years of rock and gravel deposits

❤️ 7 wonderfully fun spring break destinations in California

Roseville, Calif. - We ♥ California! Exploring the breadth and length of the magnificent Golden State is life's never ending journey. With exciting travel opportunities and variety in all directions, Roseville enjoys a premium and convenient location to fuel those adventures.

Related Articles

Local Spotlight

Paul Black’s Window Cleaning serving Roseville and South Placer County for over 30 years

Paul Black’s Window Cleaning Inc. has been serving Placer County’s commercial and residential window cleaning needs since 1990.

Paul Black’s Solar Panel Cleaning in Roseville serving the region for over 30 years

Roseville, Calif. - Money-saving solar panels in Roseville, Rocklin and throughout South Placer County have become ubiquitous From new residential solar communities continue to big business and after market installation, solar seems to be a smart choice to shred those high monthly electric costs.

Mobley Pest Services in Roseville serving the community and region for over 20 years

Roseville, Calif.- Fully licensed and bonded, Mobley Pest Services in Roseville has been providing reliable pest control services for well over 20 years. Serving residents and businesses in the greater Placer and Sacramento region, Mobley Pest Services is locally owned and operated in Roseville.