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Sacramento region's housing market is competitive despite the pandemic

The housing market can be confusing especially during this pandemic and the Sacramento region is getting competitive.

SACRAMENTO, Calif. — Cat and Nik Davis started a new adventure after their daughter, Eloise, was born.

They decided to purchase a new home and sell their home in East Sacramento, but that happened right when the stay-at-home order was issued.

"It took a while to sell," Cat said.

Nik, agreeing, said, "Three months, I think. It was pending after two days."

"Which was amazing," Cat said.

"And then everything cracked down," Nik added.

The stay-at-home order issues in March to slow the spread of the coronavirus changed the real estate market. California realtors couldn't hold open houses because there were restrictions on showings.

There was a dip in the market, because of the unknown. But things are changing. The number of pending sales and listings in the Sacramento region is actually increasing, according to appraiser Ryan Lundquist.

"Over the past six-plus weeks, we've seen sellers and buyers get more comfortable with the market, and so we’ve seen a lot more listings," Lundquist said.

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Lundquist has been tracking the numbers in the greater Sacramento region for years. 

Not only are the number of listings and pending sales starting to climb, it's getting competitive, too, especially for homes under $430,000, Lundquist said.

However, he says based on the numbers he's seen, if priced right, some homes will have multiple offers since there's low inventory of homes on the market.

Tim Collom, of the Tim Collom Realtor Group, echoed those words.

"There's gonna be five to ten other buyers just like you looking to get that property that's priced really well and you have to make sure you stand out," Collom said.

If you want to buy a home, make sure you're pre-qualified first and then find the right agent. Also be prepared to be flexible with the seller.

Tina Suter, a real estate agent with the Tim Collom Realtor Group, said if a person is selling right now, then it's likely for a good reason.

"Things are different. If that seller needs something special, or they need a rent back or if they need a quick close or if they need all inspections to be done in one day — those are important things to know before you make an offer," Suter said.

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If you’re interested in selling, especially during pandemic, be prepared for price changes, Collom said.

"We've seen anywhere from a 5 to 10% dip in values of what things are actually selling for compared to the comps three to four months ago," Collom said.

However, with low inventory, if your home is priced just right, it could sell quickly and get multiple offers like Cat and Nik Davis.

They worked with a real estate agent through the entire process, and they said eventually the offer they chose had a thoughtful and very personal letter to them.

"I'm not in the real estate business," Cat said. "I wouldn't know how to get my home sold, so I think having someone in the industry that knows what they’re doing and has a pulse on the market."

Follow the conversation on Facebook with Ananda Rochita.

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