Ah, The Princess Bride . Lets talk real estate through one of the greatest Rom-Com story lines of all time.
Home prices everywhere have been rolling down a steep hill recently. After hitting an all-time high in May 2022 at $575,000, Sacramento’s median home price dropped over 15% by the end of the year.
But now we’re starting to see things improve. January actually had a month-over-month increase in prices, and February is seeing that trend continue.
What does this mean for the future of home prices? After experiencing a violent roll downhill, no one is ready to sprint back to the top right away. The market will likely lay idle at this level, catching its breath and finding its footing.
Later this year, it could be a treacherous journey through the real estate “fire-swamp,” as the three terrors of inflation, recession, and R.O.U.S. (Rates of Unusual Size) stand to spook possible buyers & sellers from re-entering the market.
Bottom line…finding bottom is very different from being in recovery. We’ll keep you updated as the market heats up approaching the spring buying season.