REAL ESTATE NEWS

Spring Home Buying Guide:
Will the Hot Housing Market Finally Chill Out?

Spring is always a hot time for housing — and this year will be no different, at least at the start.

According to industry experts, home prices will rise, demand will be strong and bidding wars, unfortunately, will yet again be the norm.

“I think that early spring is shaping up to be as hot, perhaps even hotter than last year, which I know is hard to believe,” says Danielle Hale, chief economist at Realtor.com.

They’re strong words considering last year’s sizzling market. With COVID-19 vaccines widely available and mortgage rates below 3%, buyers were out in droves in spring 2021. Last April, nearly two-thirds of offers faced a bidding war.

We’re a year out from those days, but market conditions are largely the same. While mortgage rates are higher (by more than a full percentage point), demand is still incredibly strong, and homes are selling at record-setting speeds — 10 days faster than a year ago.

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3 Tips for Buying a Home in Spring of 2022

Hoping to become a homeowner soon? Here’s what you need to know.

Key points

• We could see an uptick in property listings this spring.
• If you’re hoping to buy within the next few months, set a budget, get pre-approved, and be open to compromise.

Homebuyers have faced their share of challenges over the past year and change. There’s been an extreme shortage of available homes on the real estate market, forcing buyers to duke it out over the same homes and sending home prices higher on a national level.

But things could take a turn for the better-come spring. Most years, the spring season is when we see the most substantial increase in property listings. While spring inventory was sluggish last year due to pandemic-related and economic concerns, that could change this year.

If you’re hoping to buy a home this spring, there are steps you can take to make the process go smoothly. Here are three key moves to make.
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How 4 Experts Say You Can Prepare Now for a Busy Housing Market This Spring

The 2022 real estate market is shaping up to be something closer to normal.

As we approach the busy spring homebuying season, homebuyers are still likely to face an uphill battle, but it shouldn’t feel anything like 2021.

Home values skyrocketed by nearly 20% in 2021, according to the most recent data by the S&P Case-Shiller national index of home prices. While housing prices aren’t expected to drop this year, the increasing rate of prices should slow down. Many experts believe home values will increase at roughly half the rate (single-digit increases) we saw during the peak of 2021.

Buyers may still face bidding wars, but they aren’t likely to be as intense or as frequent. That means sellers may not be as selective when choosing between offers. In 2021, all-cash offers and conventional loan offers with appraisal contingencies waived were often needed to win the bid. This year as a buyer, you may be able to be more flexible with the terms of your purchase contract, even if you aren’t necessarily getting a deal on the price.

If you’re planning on buying or selling a home during the spring 2022 homebuying season, here’s what four experts forecast the market to look like and what you can do about it.

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Ralene Nelson, REALTOR®

FOR SALE – 30 S 2nd St. Rio Vista, Residence and Commercial Building

Asking $699,500 – Are you looking for a home and in need of a business space? Or perhaps a home with a possibility of in-law quarters? This home might meet those requirements. Victorian style home with partial wrap-around porch provides a cozy place for morning coffee or afternoon beverage. 2 bedrooms up with 1.5 baths on the main floor. The possible room upstairs to add at a minimum 1/2 bath. Laminate flooring on the main floor with carpeted stairway & in bedrooms. HVAC & tankless water heater with inside laundry. 2nd building has been used as a commercial, however, could be added onto & remodeled to be ADU/2nd unit. READ MORE

FOR SALE – 2259 Revival Ln, Rio Vista, 2bd/2bth/1837sf

Located in the new active adult community, Summit at Liberty, the Lincoln model is bright & cheery, shows like a model home. Professionally landscaped with drip system & low maintenance, so just bring your furniture. Very private for the lot is fenced. The Lincoln model is a 3 bedroom 2 bath home with a room that can be used as formal dining, den or as seller, combo den/office. Laminate flooring throughout, blinds & custom paint. Granite kitchen counters, stainless sink & appliances with bar for dining. The pantry is large so will delight your chef. The seller has replaced ceiling fans and has installed a ceiling fan in the patio area. Comes with paid solar. The amenities are beautiful, pool, large spa, bocce ball courts, pickleball & tennis courts & even a wine bar area. READ MORE

FOR SALE – 13 Amador Cir, Rio Vista, 4bds/2.5bths/1,989sq.ft.

Asking $725,000 – Your beautiful dream home is on the market!! This remodeled home has a newer kitchen & baths, saltwater pool, spa, and gorgeous bbq kitchen with bar/firepit, refrigerator, ice maker & more. RV parking for 2, so your ski boat & RV will fit in the RV garage. The garage is equipped with sewer connection & electricity. Sliding doors open up to the pool area. Home is 3 bedroom, can be 4, & 2.5 baths. The master sitting area was the 4th bedroom, so can be closed off. The Master bath has double sinks, a walk-in shower, and a bidet & master bedroom have a large deck with views of the N hills. A spiral staircase off deck takes you to the pool area. The family room has an entertainment bar w/refrigerator & sink. Step out to the backyard to a swimming pool with solar heating, BBQ kitchen with all the amenities, an outdoor shower w/tankless water heater, and a stage for a band. No rear neighbors. The home also has a double-car garage as well, with indoor laundry. READ MORE

Events in Northern California this Week-End

Sacramento Dog Show, Sat Apr 15 – Sun, Apr 17