Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling your Silicon Valley home, IT IS TIME TO LIST YOUR HOME!
How did we finish 2017?
- New-home sales were at their highest level in a decade.
- Sales of previously owned homes were at their highest level in more than a decade.
- Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.
And Bloomberg Business just reported:
“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”
And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.
The only challenge to the market is a continued severe lack of inventory – which is a boon for Bay Area home sellers. A balanced market would have a full three-month supply of homes for sale. Currently, there is less than a one- to two-month supply of inventory in the Greater Sacramento area. The Bay Area is significantly lower and it’s expected to stay that way, even with higher interest rates.
Fortunately, in the Roseville | Sacramento area housing market, we have new construction to take on some of the burden of the housing shortage. Although, we’re still expecting to see a squeeze on home buyers this year as inventory continues to decline and prices continue to rise. There’s a concern of a housing shortage in Roseville, which is astonishing when I look around and see so much new construction.
The effects of the Bay Area housing shortage is being felt in the Roseville housing market as Silicon Valley residents relocate north at a rapid rate.
Seniors have a benefit in El Dorado Hills that may run out this year if the California Association of Realtors is unsuccessful in getting the one million signatures they need to get Prop 13 tax advantages expanded throughout the state.
Currently the County of El Dorado Hills is the only county in the Greater Sacramento area where seniors can purchase a home and keep their current tax base. Which is a good thing if you’re interested in 55+ housing. There are some beautiful options.
Heritage, El Dorado Hills will ultimately be a community of 1,006 homes. They’ve completed Phase 1 of approximately 400 homes and have begun Phase 2.
Also available in El Dorado Hills is the Four Seasons community.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.