The world of economics is a bittersweet place. As people strive for success, challenges often accompany them at every step of the way. For example, regarding the newest developments in the Sacramento housing market, there’s a low supply of available homes and this means more people are coming out of the mortgage debt slump and looking to buy. The problem is, as demand increases, so do the prices. According to an article on the Sacramento Bee:
Demand is outstripping supply, and that’s pushing up prices.
On Thursday, DataQuick reported that Sacramento County’s median home price rose from $230,000 in January to $245,000 in February, a 6.5 percent increase in one month. February’s median home price in the county was 29 percent more than the median price of $190,000 in February 2013, the San Diego-based real estate information service said.
Other counties in the region, including Placer and Yolo counties, saw similar gains.
A big part of the median increases is a shift in the mix of homes sold. More move-up buyers are purchasing higher-priced properties, while sales of lower-priced homes favored by investors and entry-level buyers are drying up.
In Sacramento County last month, the number of homes that sold for less than $300,000 dropped by nearly a third from February 2013. The number of homes that sold for $300,000 or more increased 47 percent, DataQuick reported.
While this may be bad news for buyers, it’s certainly a positive for sellers. A realtor was quoted as saying, “This is a solid seller’s market. End of story.” This means that those who made investments in improving their homes in the past are now reaping the benefits.
Homes in higher price ranges don’t usually start out that way; most upscale residences started out as middle-class homes that got improvements done through the years. Roofing contractors, for example, will always talk about how a new and sturdier roof design will raise the value of a home significantly. It’s a win-win situation for residents to make changes because they become direct benefits in both home functionality and as a future investment.
Thus, if you want to take advantage of this current wave of opportunity, Sacramento roofing contractors like Yancey Home Improvements can help you get started. Don’t miss this chance to make a good profit – and even if you don’t want to sell, a new roof will always be a great addition to your home because of all the benefits you can get from it. For instance, did you know that a cool roof can reduce your air-conditioning expenses by up to 30%?
(Article excerpt from “Sacramento-area Home prices rise in February amid low inventory”, March 13, 2014)