With rising housing prices in the Bay Area, more people are being priced out by the day and heading to nearby Sacramento, reports RealtyTrac.
In turn, Sacramento has become a sellers market, as a low supply of homes for sale is paired with strong demand from local buyers and “Bay Area refugees” flush with cash.
But there are some early indications that the ground below this fundamentally sound market foundation is slowly beginning to shift, according to local market observers.
“Before we could get away with an overpriced home; the market would catch up with it quickly. But we can’t get away with that now,” said independent Sacramento broker Brent Gove, a real estate author and host of a weekly real estate show on local radio station KFBK. “What’s moving is the stuff that’s priced properly.”