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Real estate website Zillow recently listed Sacramento as the third hottest sellers’ market in the country, right behind San Francisco. San Jose was listed number one.
FOX40 visited with Nathan Sherman of Dunnigan Realtors in Sacramento, who confirmed what the Zillow ranking suggests.
“There is not nearly enough inventory, and buyers are struggling to get a home under contract,” Sherman said of the Sacramento market.
Year-over-year detached resale home prices in Sacramento County have been consistently positive over the past six months, according to DataQuick. The median price in November was $185,000. That is 17-percent higher than the price in November of last year. Potential buyers are finding themselves in bidding wars.
Sherman also said it is not uncommon these days to call a listing agent when a house comes on the market, and learn that the agent already has ten offers in.
People waiting for the right time to buy a home might be well advised to start looking soon, before things heat up even more.
As Sherman put it, “People were waiting for the bottom of the market. That has come and gone.”