Real estate reality check: 'The honeymoon is over!

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Real Estate



It may not feel like it outside, but the housing heat wave is cooling off in parts of California.

"I think it’s ironic because a few years ago Sacramento was the hottest market ever and now we’re making the opposite side of the list," said housing analyst Ryan Lundquist.

"The market has been on fire so much the past few years and with rates going up, we are seeing a change in the market," said Audrey Chaney, an agent with eXp Realty.

The change is good news for buyers.

They have more options, not including new construction projects. Lundquist said there are now 4,000 homes for sale and of those, nearly half have had price drops.

"Last month for the first time in 17 months, the average the buyers paid was 1% below the list price," Lundquist said. "For all sales, last year on average buyers paid 4% over the list price."

Ross & Royce Real Estate Team