Home Not Selling in Rocklin or Roseville??
Maybe There’s Something Your Agent Doesn’t Know…
In the last 6 months, homes have been staying on the market for significantly longer than they have been in the last 6 years.
Single stories, homes with pools, views or other popular amenities are still selling pretty quickly but what about the others?
Is the Market Slowing?
From Nov. 2017 to Nov. 2018, home sales are down 9.8% in Rocklin and 9.2% in Roseville. This has lead to an increase in the number of homes for sale. In Rocklin, the number of homes for sale has doubled and in Roseville it’s gone up 32.7%.
What’s driving this is affordability. Home prices have far outpaced wages and salaries over the last few years.
Where it’s going is a tougher guess. We had a similar slowdown in 2014 but that was just 2 years into the housing recovery in the Sacramento Region. Now it’s been 7 years since the market turned, it seems it could be a bit more than just a slowdown.
This is vital information when pricing a home to sell. If you or your agent aren’t aware of this, it could cost you thousands and far too much time to sell. The longer a home sits on the market, the less it tends to sell for.
When sales slow and inventory for sale increases, we could see price declines. While I think it will be modest if this happens, more inventory on the market is going to give buyers more choices then it will be about which home provides the higher value. That translates to lower sales prices.
Year over year, Rocklin and Roseville home prices have increased but you’ve got to ask yourself how long that can last given sales have decreased and inventory is going up.
If you’re looking for more info, check this post over at Ryan Lundquist’s Sacramento Appraisal Blog. Great info!
Buying or selling a home in Rocklin, Roseville or Lincoln? If so, I’d like to help you. Please call or text me directly at 916-532-7653 or click here, for my contact page.
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