• ON THE MARKET
HOT OR NOT?
The local real estate market doesn’ t look the same at all price points
BY Ryan Lundquist
ILLUSTRATION: SHUTTERSTOCK
EVERYWHERE I LOOK LATELY, THERE’ S ANOTHER PIECE IN THE NEWS ABOUT SACRAMENTO’ S RISING RENTS, skyrocketing home values or how desperate buyers feel in the midst of a housing shortage. It seems like our real estate market is on fire, to the benefit of property owners and home sellers. But is the market really that hot throughout the Capital Region?
Let’ s talk about this, because there’ s more to the story. The truth is the market really isn’ t doing the same thing in every price range or neighborhood.
Think of the market like a Russian nesting doll. Just as there are many little dolls within one large doll, there are many sub-markets within the larger market. Or if I borrow an analogy from my college years, I’ d say the real estate market is like a Hot Pocket taken out of the microwave a tad too soon. Some portions are blazing hot while others remain only warm— or even frozen. Like a Hot Pocket, we can say the real estate market is hot overall, but it’ s definitely not the same temperature in every area or price range.
Consider some examples of the current market in the Sacramento region:
32 comstocksmag. com | November 2017