Jimmy Steele, Realtor - DRE #02088294 - Keller Williams Elk Grove

03/02/2023

Reminder: Homebuyers Class tomorrow at 5:30pm at the Keller Williams Elk Grove Office.

Even though it may not be the best time to purchase a home right now because home prices are high and interest rates are high (i.e., affordability is low). This is a great class to attend because it will help to prepare your finances and provide you with the strategies to formulate a plan for when the housing market becomes more affordable to purchase a home.

Register via the QR code. Seats are limited. Thanks

https://drive.google.com/file/d/1gq8WrPy_v6jHzMFNIOZVsoJWacok3zed/view?usp=sharing

02/26/2023

Here are some key points from the most recent California Association of Realtors home sales and price report:

• At the regional level, all major regions recorded year-over-year sales drops of more than one-third. The Central Valley dropped the most of all regions at -43.3 percent as eight of the 12 counties in the region registered sales drops of more than 40 percent year-over-year in January.
• At the regional level, median home prices dropped from a year ago in all major regions.
• Housing inventory in California continued to rise in January to reach the highest level in 32 months.
• Weak housing demand continued to create carryover and elevate inventory on the surface, as 48 of the 51 counties tracked by C.A.R. registered an increase in active listings from January 2022.
• The median number of days it took to sell a California single-family home was 33 days in January and 12 days in January 2022.

California home sales inch up in January for second straight month as prices moderate further.

02/04/2023

https://drive.google.com/file/d/1gq8WrPy_v6jHzMFNIOZVsoJWacok3zed/view?usp=sharing

02/04/2023

Hi Friends! Have you or someone you know thought about buying a home this year? If so, please join us on March 2nd at 5:30 pm for a happy hour free homebuyers class (with complimentary wine and appetizers!). We will be sharing important information if you’ve set a goal to buy a home. RSVP today. The link is in the comments. You won’t want to miss it!
https://drive.google.com/file/d/1gq8WrPy_v6jHzMFNIOZVsoJWacok3zed/view?usp=sharing

Send a message to learn more

02/03/2023

Fannie Mae – which is a leading source of mortgage financing in the US – recently revised their economic forecast for 2023 and 2024. Fannie Mae projects further home price declines over the next two years. The Chief Economist for Fannie Mae states that the “markets that saw the most rapid appreciation are seeing the most rapid decline.” As many of us know, California cities had some of the highest home appreciation throughout the country. As previously mentioned in my latest post, the Sacramento region has already seen a 16% decrease in median home prices from May to December 2022. The housing market is one of the most interest rate sensitive sectors in our economy. Yesterday, the Federal Reserve increased the fed funds rate by 25 basis points and expressed that they will continue to hike interest rates until inflation is under control.
Expect some more home price declines this year. If you need assistance navigating this market to determine when is the best time to buy, please reach out. Thanks

This year is expected to manifest an ongoing correction in housing market affordability as we expect household incomes and housing costs to gradually approach a more sustainable relationship.

01/30/2023

The following two charts provide a visual of the Sacramento region median home price trends: (1) over the last 3 years and (2) for 2022. This data was sourced from the latest California Association of Realtors market stats release.

The 3 year chart shows that the median home price has increased by 53% or by $201K from January 2020 to May 2022. This rapid rise in homes prices was the result of a combination of factors including the low interest rate environment, low inventory, bidding wars, and COVID-related considerations such as preferences for more space and the ability to work remotely which allowed people to move from high-cost cities such as the bay area to lower cost Sacramento. In addition, the Federal Reserve ramped up quantitative easing (i.e., money printing) in response to the pandemic to lift up the economy and increase liquidity. The result was much higher than expected inflation.

To combat inflation, the Federal Reserve had to raise interest rates to slow the economy. The higher interest rates have reduced home affordability and the housing prices have been decreasing rapidly. In Sacramento, the median home price has decreased by $95k or 16% from May to December 2022.

I expect that home prices will continue to decrease into 2023 if interest rates remain elevated and housing supply rises. In the Sacramento region, new construction is happening in all areas in the region from Elk Grove to Roseville which will increase housing supply. In addition, many economic experts predict that a recession is looming which will increase unemployment, consumer debt, and bankruptcies. A deeper recession will also lead to higher supply.

If you have been waiting on the sidelines to purchase a home, I think summer 2023 will be a good entry point. Please contact me with any questions and further analysis about the state of the market and/or any way I can help you with your real estate needs.

Thanks

01/25/2023

The California Association of Realtors released their December Home Sales and Price Report. The takeaway from the report is that home prices have declined, home sales have declined, and active listings have increased on a year-to-year basis.

The median home price in the Sacramento region has declined by 5.8% from Dec21 to Dec22, and interestingly, the median home price has reduced by $25K ($510K to $485K) over the course of a month from Nov22 to Dec22.

Feel free to contact me anytime for questions about the state of the market.

Interest rate reprieve helps bolster December home sales.

12/09/2022

I am hosting an open house this Sunday December 11th from 1-4pm. Come check out this beautiful home located in the prestigious Laguna Estates gated community. The home has 10kw of solar and 6 Tesla Powerwall batteries that keep this home self-sufficient and green (36kwh per day + up to 10,000 miles of driving) and includes Starlink which provides uninterrupted internet...all paid off.

This home has one of the most sought-after floor plans in the neighborhood with 4 large bedrooms upstairs plus an office and 2 full size 2 car garages. The home has an open concept kitchen with granite counters and includes a huge butler pantry right off the formal dining room. The outside is just as beautiful as the inside and the home sits on an oversized lot. The backyard is complete with multiple sitting areas/patios, built in bbq and fruit trees – which is perfect for backyard entertaining and camp outs with the little ones.

4 bedrooms plus office
3 bath
4 car garage
3,707 sq. ft
Listed at $1,000,000

Please contact me with any info, a private showing, and/or any way I can assist you with this home. Thanks for viewing 9653 Peller Way, Elk Grove 95757.

Jimmy Steele
DRE #02088294
916-524-1807
Keller Williams Elk Grove

12/04/2022

According to a recent report from the California Association of Realtors, "California home sales are bearing the brunt of higher interest rates".

For the Central Valley, home sales declined 36.4% on a year-to-year basis. The unsold inventory in the Central Valley is increasing with an estimated 3.2 months of supply. For Sacramento County, the number of active listings has increased by approximately 80% on a year-to-year basis. While the median home sales price in Sacramento County show a 0.5% increase on a year-to-year basis, the month-to-month (Sept to Oct) median home sale price shows a decrease of 1.4% (Annualized at this rate would result in -16.8% sales price by next October).

From what I gather, the negative home price trend looks like it will continue, especially if inventory continues to increase due to weakening buyer demand.

California home sales bear brunt of higher interest rates in October.

09/16/2022

Come check out this open house I am hosting on Sunday 9/18 from 11am – 3pm in . This stunning Taylor Morrison home has so many features & upgrades it will wow you when you check it out! From artificial grass in front/back, outdoor built in BBQ, kegerator, sitting area, fire pit, shed, custom backsplash, granite countertops, stainless steel appliances, newer water heater, tiled floor, downstairs bedroom/bath …. The list goes on!!!
4 Beds
3 Baths
3 Car Garage
3,199 Sq Ft

Close proximity to Franklin High, Toby Johnson middle & Carroll Elementary School, shopping, i5 & 99 freeway & more. Please contact me with any info, a private showing, and/or any way I can assist you with this home. Thanks for viewing 6213 Jefjen Way, Elk Grove 95757. $799,999

Jimmy Steele
DRE #02088294
Keller Williams Elk Grove

08/28/2022

Don’t forget tomorrow starts the new Facebook (aka...new name, META) rule where they can use your photos. Don't forget the Deadline is today!!! I do not give Facebook or any entities associated with Facebook permission to use my pictures, information, messages or posts, both past and future. With this statement, I give notice to Facebook it is strictly forbidden to disclose, copy, distribute, or take any other action against me based on this profile and/or its contents. The information: The violation of privacy can be punished by law NOTE: Facebook is now a public entity. All members must post a note like this.

If you prefer, you can copy and paste this version. If you do not publish a statement at least once it will be tacitly allowing the use of your photos, as well as the information contained in the profile status updates.

DO NOT SHARE. Copy and paste.
Their new algorithm chooses the same few people - about 25 - who will read your posts.

Therefore:
Hold your finger down anywhere in this post and "copy" will pop up. Click "copy". Then go to your page, start a new post and put your finger anywhere in the blank field. "Paste" will pop up and click paste. This will bypass the system.

08/20/2022

Hosting an open house Saturday 8/20 and Sunday 8/21 from 11am-3pm in . This beautiful home is on a corner lot, 4-5 bed, 3 bath, 3,067 sq.ft. located in Quail Ridge and within the highly sought after Elk Grove Unified school district. Full bed/bath downstairs and nice loft upstairs. Kitchen with full island opens up into family room and is perfect for entertaining. Master bedroom and bath with oversized spa like tub is perfect for relaxing and retreating to a quiet place. Home is conveniently located close to shopping centers and easy access to both Fwy 99 and Fwy 5. Please contact me with any info, a private showing, and/or any way I can assist you with this home. Thanks for viewing 10360 Jennick Way, Elk Grove 95757. $779,000

Jimmy Steele
DRE #02088294
Keller Williams Elk Grove