Three Good Reasons to Keep Your Head During These Crazy Times in Sacramento Real Estate
December 10th, 2008 Categories: Real Estate News, Real Estate Trends, Sacramento RE Stats, Sacramento Real Estate
Why is it that our market keeps chugging along, with Sales in the Sacramento region making their 7th consecutive month of strong year-over-year gains with sales 68% higher than in October 2007 and only 4% below very strong September numbers.
It is almost as if they are blind to what is going on… Yet it is so understandable. Here’s three reason,s why:
1. Homes are affordable; Sacramento leads the state with 71 percent of the working population able to afford an entry level home. This is considerably higher than the 46 percent it recorded in the third quarter of 2007.
2. In Sacramento, that entry-level home was $180,170, with a monthly payment of $1,170, requiring a minimum qualifying income of $35,100.
3. Mortgage rates are near a 35 year low and may be headed lower!
Regular people; Policemen, Mechanics, Physical Therapists, Nurses, Teachers, County Workers can all buy houses now in Sacramento!
No matter how bad the news gets, how bad the job losses are, how deep the recession turns, people want to be homeowners! Our market is nearly as busy as the first quarter of 2006! People are still buying houses!
