In January, 2009, the highest number of sales were recorded ever for a January. The median selling price was $169,000, which is 57% below the high of August, 2005. Sacramento's home prices have been dropping steadily for the last two years, and now is affordable for many more buyers.
I bought my first house in 1970 for $34,000. The prices remained steady for many years, and even twenty years later, the median home price was around the $100,000 mark. Prices started escalating in early 2000, and steadily climbed to a high in August of 2005. The median home price in August, 2005 was $392,750. Since then, there has been a steady decline to the present.
With the loan rate at a comfortable 5%, an investor can actually have a positive cash flow on investment property. A first-time home buyer can actually afford to buy.
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