Inventory, demand and price reduction update
Roseville, Calif. – Local Roseville Realtor, Julie Jalone continues to hear from my buyer clients that the current Sacramento housing market is overpriced. They point out that they are seeing price reductions to prove their point. Are the listings in our area overpriced?
Although some listings appear to be selling for more than their asking price, in my opinion the overall housing market is not overpriced. Because of the pandemic this is not a normal year in real estate. Because of the high demand and low inventory, sellers and their agents have aggressively priced their listings, but I don’t believe it is fair to say the market is overpriced.
Recently I read an article that 28 percent of listings in the Sacramento area have seen a price reduction. Many of these sellers are referring to their reduction as a discount. Even in an aggressive market sellers should understand a price reduction is just getting closer to where the price should have been to start.
An issue in real estate is to think whatever we are seeing with a few properties is what the entire market is experiencing.
If you or someone you know is considering buying, I would happily answer questions. I am available at the MagnumOne Realty office in Roseville at (916) 899-6571 and email at [email protected].
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