Increase in Property Inventory Adds to the Appeal of Elk Grove

Increase in Property Inventory Adds to the Appeal of Elk Grove

 

 

 

By Cindy Trillo

Since its incorporation as a city in 2000, Elk Grove has flourished. As well as boasting a proud heritage, the city continues to look to the future and has further plans to revitalize its Old Town. Entertainment spaces, civic amenities and restaurants will bring business opportunities to the historic district while a new 90-unit apartment building will help to increase housing stock in the city. A shortage of properties has been a problem in the past but, although last year the lack of inventory pushed prices up, the number of homes for sale is now increasing and prices dropping slightly.

A Good Time to Buy

By August this year, median house prices in Sacramento County dropped by an average of $5,000 to a median price of $370,000. With the cost of living and house prices already lower than the Californian average, the reduction makes Elk Grove even more attractive to new buyers. Home owners not looking to move might be thinking about renegotiating the financial commitment of their mortgage, fixing to a different deal to offset any loss in value. However, house sales in Elk Grove have shown a steady rise each year since 2012, so for a long term investment in a family home, any small fluctuations within a few months become immaterial.

Freeing Up More Homes

One of California’s ballot propositions for November could help to increase the supply of family homes further. Proposition 5, sponsored by the California Association of Realtors, would offer a tax break for empty nesters to encourage them to move on and free up family homes. CAR estimates an additional 43,000 house could be added to California’s property market as a whole. However, some opponents to the proposition believe that a tax break for older affluent residents could take money away from local government and schools.

A Place to Raise a Family

Given that the high quality of schools is such a strong attraction for families moving to the area, any cuts to funding would be a blow. Elk Grove Unified School District is one of the top performing districts recognized throughout the States as a leader in education. This achievement contributed to Elk Grove being named as one of the country’s top cities to raise a family. As well as schooling, it was ranked within the top 20 out of 300 cities based on the affordability of a first home, low levels of crime in the city and a large percentage of young families in the population.

As the fastest growing city in California, Elk Grove offers new opportunities for business, some of the top performing schools in the country and a safe place to live. Despite small fluctuations in the property market, the overall affordability of its housing makes it a great place to buy a home.

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