Sacramento Predicted to Sell Big in 2016
Predictions are out for which markets are set to see substantial growth next year and Sacramento is near the top of the list. According to Realtor.com, ten markets are primed to see high demand from buyers and quick sales (inventory that sells 16 days faster than the U.S. average). Sacramento ranked fourth.
“Some markets have been hot and are remaining hot (San Diego, Sacramento, Boston, Atlanta),” says Jonathan Smoke, Realtor.com’s chief economist. “Some are just now seeing signs of recovery based on substantially better economic conditions forecasted for next year (Providence, New Orleans, Virginia Beach, St. Louis). Some are spillover markets from very hot markets (Providence, Sacramento), and most have one or more key demographic driving demand.”
Who’s expected to be buying in Sac? Of the three prominent groups in the buying force (millennials, young gen-Xers, and retirees), Realtor.com forecasts (in a separate study) that retirees will help boost buying activity in the Sacramento-Roseville-Arden-Arcade area. Many individuals and couples between the ages of 65 and 74 will be looking to relocate and retire, as well as downsize.
“They will likely put their home up for sale at the start of the home-buying season in March or April, and aim to make a home purchase following the sale of their home,” Realtor.com’s report notes. “This age cohort has a very strong preference for newly constructed homes and puts the most weight on their ability to customize their home.”