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The Bright Side of Sacramento Real Estate: Affordability Returns
Crosby, Stills and Nash once sung that the darkest hour is always just before the dawn. With all the dark news about Sacramento real estate and the economy in general, I am always looking for signs that that final hour has arrived.
Chris DeMattei over at Keller Williams Realty and I have talked a lot in recent months about the return to more affordable real estate prices. Like a junkie kicking the habit, this process is agonizing. But the sooner we get it over with the better. The other day I was talking with Brian Gardner at Metro Appraisals, and he pointed to a spot of light on the horizon.
The Entry Level Market
There was a time not that long ago that first-time buyers had to spend $300k to $400k to buy a home in South Placer County. The same thing was true in varying degrees all over the Sacramento real estate market. And under $250k? Forget it. Even condo prices had risen to the point that apartment building owners got condo-conversion fever. And Sacramento was never a strong condo market in terms of appreciation.