All Forum Posts by: Mike Esposito

@Sonny Dhillon how could you say no one wants to live in San Francisco or Oakland? That is completely untrue. There’s a reason why San Francisco is the most expensive city in the United States. San Fran has it’s issues but it’s demand is not going to change long term.

What are these new business opening up you speak of? Working from home will never be widely accepted long term, productivity will drastically decrease. Some people will opt out of major cities short term but I don’t see that becoming a massive trend unless COVID lockdowns continue indefinitely. 

@Chris John My thought process is to wait and see what happens in the coming months. I’d rather save some money on a purchase, thinking that prices will not skyrocket in the next 6 months even if I’m wrong.

I have placed a few offers this month but people have still been willing to pay top dollar, I am not.  

@Derek Jones definitely not there yet and absolutely on the increased equity point. I’m not expert but I’m still in the camp that the market will become more buyer friendly in coming months. I’d be more willing to bet it’s a combination of more home sales due to lost jobs and foreclosure. I guess we will find out soon enough. 

Just wanted to get a sense of what people are seeing in Sacramento and the immediate surround areas. What does everyone think will happen over the next 6-12 months? I am anticipating a softening market but I’d like to see if I’m being too negative. 

The reason I see around 5-10% drop by March 2021:

1. Increase in foreclosures after forbearance and unemployment money ends. 

2. Lack of business reopening due to extended COVID lockdowns.

3. Crime/poverty increases.

4. Decrease in rent prices in the Bay Area encouraging people to stay and causing slower growth in surrounding areas.
 

DJ thanks a lot man! I’ve been looking in the pocket, that’s my preferred location if I could find something that needs some work or updating. I can tell the pocket is a hot area, homes go quick!

I’m moving to Sacramento in a few months and I’m hoping someone can give me some insight on up and coming areas in Southern Sacramento.