Mo Hadid

California REALTOR®

Archives for January 2023

Happy February Sacramento!

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There are so many fun things to do in Sacramento, CA. Keep reading for some of the fun events happening this February.

Event list for February

Northern California Home & Landscape Expo

When: 2/3-2/5/2023

Where: 1600 Exposition Blvd Sacramento, CA 95815

“For 28 years, the Northern California Home & Landscape Expo has brought people from Sacramento and five surrounding counties to enjoy over 800 inspiring exhibits, featuring more than 400  companies along with DIY features, a Landscape Showcase, interior design ideas, and many special features. Whether you are planning to build, remodel, redecorate, or just need some fresh inspiration to make your home a haven, please plan to join us!” Learn more here. 

 

Firefighters Foundation Crab Feed

When: 2/4/2023

Where: 10427 E. Stockton Blvd Elk Grove, CA 95624

“Our annual crab feed dinner will be February 4th, 2023. We will have another great night of good food and better company at the SES hall in Elk Grove. Hope to see you there for the food, drink, and raffle!

Firefighters Foundation Crab FeedTickets are now on sale for our 2023 Crab Feed. This event sells out each year. Please get tickets from our online store at www.firefoundation.net/shop” Learn more here. 

 

Sactown’s Finest Market

When: 2/5/2023

Where: 2003 Howe Ave, Sacramento, CA 95825

“Help Sactown’s Finest Market celebrate their one year anniversary and first event of the year! They’re excited to be back at a location for a better vendor and shopper experience! Check out vintage clothes, food, jewelry, crystals, and hand crafted goods.” Learn more here.

 

Sacramento Kings vs. Dallas Mavericks

When: 2/10/2023

Where: Golden 1 Center, Sacramento, CA

“Watch the Sacramento Kings take on the Dallas Mavericks during a can’t miss Basketball game at the Golden 1 Center.” Learn more here.

 

Elk Grove Native Tree Planting

When: 2/11/2023

Where: 6400 Whitelock Parkway Elk Grove, CA 95757

“Join us to plant over 100 native seedlings along the Franklin Creek Trail. Not only will these trees provide critical wildlife habitat, they will also shade the trail, clean the air, and make the space more beautiful for all to enjoy. We provide all the necessary tools and supplies to care for trees. Participants will receive a short, hands-on training on site. After learning the tools and techniques, participants will split up into groups and begin planting trees throughout the site. Register now! The week before this event, we will send a logistics and directions email with detailed information about how to get to the site. You will receive this email ONLY if you are signed-up for this planting.” Learn more here.

 

Valentine Run/Walk: Race for Justice

When: 2/11/2023

Where: 2310 Watt Avenue, Sacramento, CA 95825

“Join the 20th annual Valentine Run/Walk- Race for Justice! Compete in the Kids Fun Run (1/4-mile), 1.8-mile, or 4-mile races through the picturesque Arden Park neighborhood. The event is accessible and open to racers of all ages and abilities, including participants needing wheelchair and/or stroller access. Make sure to bring along your canine friends on a leash!” Learn more here. 

 

City of Trees Parade

When: 2/18/2023

Where: 1300 7th Street, Capitol Mall, Sacramento, CA 95814

“After the success of last year’s event, Krewe of Trees is excited to announce the second annual City of Trees Parade! It will be a dazzling showcase of Sacramento’s rich diversity and culture through the format of Mardi Gras. Local partners help pull off the massive parade this year include Louisiana Sue Presents/Fleur De Lis Charities and Sacramento Valley Spark. The Krewe (the paraders) will include 1,000 people, featuring Sacramento’s culturally diverse performance and art communities. Together we will illuminate Sacramento with floats, art cars, marching bands, poi spinners, brass bands, dancers, beads, and so much more! So grab all your purple, green, and gold (the traditional Mardi Gras colors!), and come join for all the Sacramento Mardi Gras festivities!” Learn more here.

 

Swan Lake with Live Orchestra

When: 2/18/2023

Where: SAFE Credit Union Performing Arts Center • Sacramento, CA

“Artistic Director Anthony Krutzkamp who has performed the work across the US and around the world, stages Tchaikovsky’s iconic Swan Lake with everything you expect from this incomparable performance plus more mystery, athleticism, and majesty. A must see show!” Learn more here.

 

International Wedding Festival

When: 2/26/2023

Where: 1600 Exposition Blvd Sacramento, CA 95815

“You’re engaged! It’s time to plan your wedding! The International Wedding Expo at Cal Expo will be the perfect opportunity to meet with wedding professionals for one day, at one location who are there to answer all of your wedding planning questions and plan a beautiful wedding day. At the wedding show, you will see a combination of wedding professionals, wedding planners, florists, entertainment, photo booths, venues, wedding photographers, and more. It’s time to plan the perfect SACRAMENTO Wedding! Get your tickets for the Sacramento Wedding Festival, the all-in-one event to visualize, plan and execute the wedding of your dreams.” Learn more here.

 

Midtown Farmers Market

When: Every Saturday, 9:00 am – 1:00 pm

Where: 20th Street between J & L streets and K Street between 19th and 21st streets

“Owned by the Midtown Association, this free, family-friendly market takes place year-round, every Saturday, on 20th street between J and L streets and on K Street between 19th and 21st streets. The Midtown Farmers Market showcases local agriculture, prepared foods, and artisans and crafters while providing an opportunity for Midtown residents and business owners to discover regionally grown foods.” Learn more here.

 

Folsom Farmers Market

When: Every Saturday, 8 a.m. to 1 p.m., year-round!

Where: Located in the Historic District Plaza.

“Saturday Farmers Market around the Historic Railroad Turntable and Public Plaza in Historic Folsom every Saturday, 8 a.m. to 1 p.m., year-round! Over 40+ farmers/vendors represented. Local Produce & Live Music. Located in the Historic District Plaza. Certified farmers’ locally grown seasonal fruits and vegetables. Freshly made baked goods, fresh eggs and dairy items, live music and so much more! PUBLIC PARKING: Please park in the parking structure located at 905 Leidesdorff Street at the corner of Reading Street and Leidesdorff Street.” Learn more here.

*event times and dates are subjected to change*

Should You Wait For Mortgage Rates To Go Back Down To 3%?

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Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares:

“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”

That’s potentially great news if you’re a buyer aiming to jump back into the housing market. Any drop in mortgage rates helps boost your purchasing power by bringing down your expected monthly mortgage payment. This means the lower mortgage rates experts forecast this year could be just what you need to reignite your homebuying goals.

While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrate, explains:

“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”

It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert real estate advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers.

Bottom Line

The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with Mo Hadid at Quest Real Estate to explore the options in your area and learn how today’s rates impact your goals.

What Would a Recession Mean For the Housing Market?

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It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Two-in-three economists are forecasting a recession in 2023 . . .”

As talk about a potential recession grows, you may be wondering what a recession could mean for the housing market. Here’s a look at the historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession could mean for the housing market today.

A Recession Doesn’t Mean Falling Home Prices

To show that home prices don’t fall every time there’s a recession, it helps to turn to historical data. As the graph below illustrates, looking at recessions going all the way back to 1980, home prices appreciated in four of the last six of them. So historically, when the economy slows down, it doesn’t mean home values will always fall.

What Past Recessions Tell Us About the Housing Market | Keeping Current Matters

Most people remember the housing crisis in 2008 (the larger of the two red bars in the graph above) and think another recession would be a repeat of what happened to housing then. But today’s housing market isn’t about to crash because the fundamentals of the market are different than they were in 2008. According to experts, home prices will vary by market and may go up or down depending on the local area. But the average of their 2023 forecasts shows prices will net neutral nationwide, not fall drastically like they did in 2008.

A Recession Means Falling Mortgage Rates

Research also helps paint the picture of how a recession could impact the cost of financing a home. As the graph below shows, historically, each time the economy slowed down, mortgage rates decreased.

What Past Recessions Tell Us About the Housing Market | Keeping Current Matters

Fortune explains mortgage rates typically fall during an economic slowdown:

“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”

In 2023, market experts say mortgage rates will likely stabilize below the peak we saw last year. That’s because mortgage rates tend to respond to inflation. And early signs show inflation is starting to cool. If inflation continues to ease, rates may fall a bit more, but the days of 3% are likely behind us.

The big takeaway is you don’t need to fear the word recession when it comes to housing. In fact, experts say a recession would be mild and housing would play a key role in a quick economic rebound. As the 2022 CEO Outlook from KPMG, says:

“Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . .

 More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.”

Bottom Line 

While history doesn’t always repeat itself, we can learn from the past. According to historical data, in most recessions, home values have appreciated and mortgage rates have declined.

If you’re thinking about buying or selling a home this year, you can make the best decision by working with Mo Hadid at Quest Real Estate. That way, you have expert advice on what’s happening in the housing market and what that means for your homeownership goals.

 

Ask the Experts: What to Expect of the Housing Market in 2023?

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If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

An article from HousingWire offers this perspective:

“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”

This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.

The 2023 forecast from the National Association of Realtors (NAR) says:

“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”

Danielle Hale, Chief Economist at realtor.com, adds:

“. . . buyers will not face the extreme competition that was commonplace over the past few years.”

Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Mark Fleming, Chief Economist at First American, says:

“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.” 

Bottom Line

If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to contact Mo Hadid with Quest Real Estate.

Mo Hadid
Broker & CEO

(916) 804-0039|Contact Mo
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