Change is expected in the greater Sacramento area
Sacramento is an ideal location for people who are focused on achieving professional success and starting to look for a home for their growing family. Real estate in Sacramento is returning to a more positive market. Foreclosure rates are down, property values are slowly increasing and home sales are improving. With such positive news, it is no surprise that potential homebuyers are measuring the local economic waters to determine if now is a good time to buy.
Here are potential economic factors that could impact property buying:
Population growth predicted
According to population projections by the U.S. Conference of Mayors, the Sacramento-Arden Arcade-Roseville area is expected to grow to 3.4 million people by 2042 – a 55.4 percent increase. The city was ranked as number three out of the top 15 metros expected to increase in population. This rapid progression could positively impact the success of the population if metro leaders appropriately ensure the right infrastructures are in place.
Commercial properties on the rise
As new commercial properties begin to be built in the Sacramento area, businesses will flock to fill the empty spaces and hire more area workers. Consequently, the more companies that start moving into Sacramento and begin developing business ventures in the area, the more prosperous the region for residents, the Sacramento Business Journal reports.
Foreclosure rates fall
The metro’s foreclosure rates fell in April 2012 compared to the same time one year earlier, according to data from CoreLogic. Area foreclosures decreased 2.64 percent, down from 3.05 percent in April 2011, the Sacramento Business Journal reports. The decreased number of homes in distress in the city will help the metro bounce back from the housing bust. Foreclosures rates decreased in comparison to the metro's own figures, and also in retrospect to national foreclosure rate, which was 3.41 percent in April 2012.
These figures account for properties in distress for at least 90 days.
If new or local residents wish to purchase a new home, they should consider checking out the MLS listings for Sacramento. The improving economy and local real estate strides could make buying a home a smart financial move for the future.