Something happened in the real estate market that got the crickets chirping. After the mad and crazy days of hyper-inflationary prices – good for sellers, not so great for buyers, the market has pulled back. It’s not dead, but it’s quiet. More so than the normal seasonality at this time of year. The GOOD news for buyers is that there’s more inventory than we’ve had in a long time and the prices are starting to level out. The not-so-good news is that interest rates are continuing their climb which means less house for your money. Sellers are entering an arena of increasing competition. The days on market is trending up but not drastically. It’s taking an average of 30 days to get into contract now. Price drops are becoming more common sometimes caused by sellers who don’t understand the season and that the market is adjusting.
Here’s the data through September 2018 which shows that seasonality isn’t the only culprit for the slowdown. We’re down over 17% from September 2017 units sold. It could be a good time to buy!
Doors to Retirement
For those of you who were following my rental purchase, the rehab is nearing completion and there’s a little open house with some light refreshments. I’ll have some information on hand to show how a person can purchase real estate in their retirement account although, there will be no sales pitches. The contractor who did the work will be on hand. This is more a little celebration of “my first door” in the lingo of real estate investors.
This rental will be cash flowing for my retirement and ahem, I’m not retired yet, but that’s good! It has years to generate some positive cash flow.
OPEN HOUSE PARTY DETAILS
Location 2644 Dawes Street, Rancho Cordova, CA 95670
When Oct 12 Friday 4-7pm
Hope to see you there!