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My wife and I just closed on our first home in Sacramento. There are definitely some deals to be had out there, and we are very happy where we ended up.
That said, I'm not expecting our home to appreciate much over the next 3 years. The 40% drop in median pricing is more indicative of the bank owned discounting than willingness of sellers to accept the realities of the market.
The house we ended up buying was the first my wife and I had seen in three months that was not bank owned, yet priced competitively. The entry level market is going to continue to be much more active for a while, the move-up market is going continue to struggle because potential move-up buyers will be unable to get out from under their current mortgages.
I'm optimistic the next round of loan resets won't have too large an impact because the public builders have essentially stopped building. I'm also of the camp that the state budget concerns is more posturing to get higher taxes than anything else. Here's hoping, right?
