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Mortgage Applications Up
42% Increase Over Last Year
The Mortgage News Daily reported yesterday that there has been a significant increase in mortgage applications as compared to the same time last year with a 2.3% increase alone last week. Mortgage applications increasing during this time of year isn’t a surprise but a significant increase over last year’s numbers is notable. While a good percentage of these were refinances, there is significant buyer activity in the Sacramento real estate market this year over last year with multiple offer situations on most homes available for sale.
My hope is it’s a sign that the perception among buyers is changing and that we’ll have more activity as the number of homes for sale in the Sacramento and Placer county real estate market increases over the summer as it has been predicted to do.
Why Is This Important To The Sacramento Real Estate Market?
The inventory, number of homes for sale, is going to go up over the summer. When or by how much no one can say. Currently, the number of homes for sale in El Dorado, Placer and Sacramento Counties is just over 7000 whereas last year at this time we had between 14,000 to 16,000 homes available.
I don’t feel that we’ll see that many homes for sale this year but I do know that the available homes for sale will increase. With more buyers in the market, the effect of an increase in homes for sale could be less dramatic than it has been over the last year. This could help to preserve values or minimize further valuation loss.
What do you think? Do you see the market tanking further or do you think we’re coasting at the moment with little value loss in the coming months OR have we already hit bottom?
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