Current mortgage rates are still below the historical norm. Let’s connect to explore your options.
Early October is the Sweet Spot for Buyers
Are you looking to buy a home? If so, we’ve got good news for you.
While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall.
According to realtor.com, the sweet spot for buyers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years. When applied to the current market, experts determined the ideal week to buy a home this year. The research says:
“Nationally, the best time to buy in 2021 is the week of October 3-9. This week historically has shown the best balance of market conditions that favor buyers.”
So, what’s that mean for you? If you’re looking to buy a home, there’s a golden window of opportunity coming. Here’s what you can expect from that week.
Increased Housing Supply
The number of homes available for sale should increase. According to realtor.com, you can expect to see more new listings come to market the week of October 3. The findings estimate we’ll see roughly 17.6% more homes available than we saw at the start of the year.
This means you’ll have more options to choose from which should be a welcome relief in a market with tight housing supply.
Fewer Bidding Wars
With more homes available, you should also see a slight decline in the number of bidding wars. Having more options means buyers may not be competing as intensely for the homes on the market because there are more choices to go around.
This means when you write an offer, you may have less competition and a better chance of being the top bid. Just remember, it’s still important to come in with a strong offer.
Adjusted Homes Prices
As we move into the end of the year, the findings from realtor.com note this week may also be one of the peak weeks for price reductions in 2021. Historically the data shows an average of 7.0% of homes have a price reduction that week. Why? When housing supply ticks up, sellers need to look for other ways to make their house stand out.
This means, while home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers. The process of closing a house takes time. To close before end of year, sellers may be more motivated this October.
Bottom Line
If you’re in the market for a home, don’t lose steam now. Data shows early October may give you the long-awaited opportunity to find the home of your dreams. Let’s connect so you have a trusted ally and advisor to help keep you motivated so you can find the perfect home for you.
As Home Equity Rises, So Does Your Wealth
Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity.
Equity is the difference between what you owe on the home and its market value based on factors like price appreciation.
The best thing about equity is that it often grows without you even realizing it, especially in a sellers’ market like we’re in now. In today’s real estate market, the combination of low housing supply and high buyer demand is driving home values up. This is giving homeowners a significant equity boost.
According to the latest data from CoreLogic, the amount of equity homeowners have has continued to grow as home values appreciate. Here are some key takeaways from the Homeowner Equity Insights Report:
- The average homeowner gained $51,500 in equity over the past year
- There was a 29.3% increase in national homeowner equity year over year
To give you an idea of what that looks like in your area, the map below shows the average equity gains by state.
What does all of that mean for you?
If you’re already a homeowner, you likely have more equity in your house than you realize. The numbers in the map above reflect year-over-year growth. If you’ve been in your home for longer than a year, you’ll likely have even more equity than that. That equity can take you places. You can use the equity you’ve gained to fuel your next move, achieve other life goals, and more.
On the other hand, if you haven’t purchased a home yet, understanding equity can help you realize why homeownership is a worthwhile goal. Homeowners across the nation gained an average of over $50,000 in equity this year. Don’t miss out on this chance to grow your net worth.
Bottom Line
If you want to learn more, let’s connect. Mo Hadid can help you understand where home prices are today, how they contribute to a homeowner’s net worth, and the impact equity can have when you own a home.
Things to do in Sacramento this October
Happy October!
There are so many fun things to do in Sacramento, CA. Keep reading for some fun events happening this October.
Pumpkin Patch at Gibson Ranch
When: Friday-Sunday of October
Where: Gibson Ranch
“The annual Pumpkin Patch at Gibson Ranch is back! Join us Fri-Sunday each week in October for fall fun for the whole family. over a dozen types of pumpkins to choose from!!! 30 types of pumpkins, up to 125 lb!!! Hay Rides, Petting zoo and Farm animals, Face Painting, BBQ and Food Trucks, Live music! Come on out with the whole family.” Click here for more information.
Midtown Farmers Market
When: Every Saturday in September, 8:00 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.
Sacramento Greek Festival
When: October 1 and 2, 12-10pm
Where: 616 Alhambra Blvd
“Celebrate Greek culture with homemade Greek food and desserts, Greek dancing and live music, Specialty shops in the Greek marketplace and much more to enjoy.” Click here for more information.
Elk Grove Giant Pumpkin Festival
When: Saturday & Sunday, October 2 – 3 10 am – 5 pm
Where: Elk Grove Park, 9950 Elk Grove-Florin Road
“The Pumpkin Show Will Go On… With Modifications
We missed you, pumpkin! This year, we are focusing on the heart of the Elk Grove Giant Pumpkin Festival: hometown connections and community traditions. The scaled-back event will feature pumpkin themed attractions, carnival rides, delicious treats, and more!” Click here for more information.
Fall Festival
When: October 9th, 11 am-3pm
Where: Arden Park, 1000 La Sierra Dr. Sacramento, CA 95864
“The Fall Festival at Arden Park is going to be one autumn-filled adventure that you won’t want to miss! Fun for the whole family, there will be a Kid Zone with petting zoo, bounce house and face painter. We will also have craft vendors, a beer/wine garden, food trucks, live music, and even a pumpkin patch!” Click here for more information.
Wild West Film Festival
When: Oct 09, 2021, 9am- 10pm
Where: 905 Leidesdorff St, Folsom, CA 95630
“Join us for the Wild West Film Festival in Historic Folsom. Now in its 3rd year, we are excited to host this nostalgic festival for the first time right here, where the West came and stayed! The event will be held in and around the Zittel Family Amphitheater. ” Click here for more information.
Capitol Beer Fest 2021
When: October 16th, 3-7pm
Where: Capitol Mall, Sacramento, CA 95814, United States
“Come out and help us celebrate 11 YEARS of the Capitol Beer Fest!! Expect the same high-quality event you’ve come to know and love that includes four hours of some of the nation’s best brewers, food trucks, and live music!” Click here for information.
Spirits, Brews & Bites 2021
When: Saturday, October 23, 2021 at 2pm-5pm
Where:The Train Depot
“Historic Folsom’s spookiest tasting event! Enjoy local spirits, brews and bites while exploring the hidden gems of Historic Folsom. Live music on every block from local musicians. Proceeds support local breweries, restaurants and the Folsom Historic District Association.” Click here for more information.
Homeowners Today Have Tremendous Equity
You may have more home equity today than you realize. Contact Mo Hadid with Quest Real Estate to plan how you can leverage that equity in your next move.
Expert Quotes on the Fall Housing Market
Experts agree that the housing market is still strong this fall and gives both buyers and sellers unique opportunities. Contact Mo Hadid at Quest Real Estate if you’re ready to make a move this season.
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